Killajoules

Tesoro Corporation Closes the Sale of the Anacortes Rail Unloading Facility to Tesoro Logistics
Tesoro Corporation (NYSE:TSO) and Tesoro Logistics LP (NYSE:TLLP) today announced that Tesoro Corporation ("Tesoro") closed the sale of the Anacortes Rail Unloading Facility owned by Tesoro's subsidiary, Tesoro Refining and Marketing Company, to Tesoro Logistics LP (the "Partnership") for total consideration of $180 million.

Tesoro Refining and Marketing: Black Wax and Yellow Wax Processing Project
Tesoro Refining and Marketing Company (Tesoro) proposes to construct and operate a "black wax" crude and "yellow wax" crude processing project at their existing refinery located in Salt Lake City, Salt Lake County, Utah. The project involves the addition of expanded crude unloading, additional crude storage tanks, miscellaneous upgrades in pumps and heat exchangers to handle heavier crude feedstock, and several upgrades at the crude unit, fluid catalytic cracking unit (FCC), vapor recovery unit (VRU) and distillate desulfurization unit (DDU). Tesoro requested changes will result in an increase of actual emissions from the increased utilization of existing equipment as well as the potential emissions from the proposed new equipment. Tesoro has not requested to increase their existing permit cap limits which will remain in place.

Tesoro Corporation to Purchase BP's Fully Integrated Southern California Refining and Marketing Business
Tesoro Corporation (NYSE:TSO) announced today that its Board of Directors has approved agreements for the Company to purchase BP's integrated Southern California refining and marketing business. The purchase price of BP's assets is $1,175 million, plus the value of inventory at the time of closing. At current prices, the inventory is valued at approximately $1,300 million. The transaction is subject to regulatory approval and is expected to close before mid-2013. The purchase price is expected to be financed initially through a combination of cash and debt with proceeds from the subsequent sale of the associated logistics assets to Tesoro Logistics LP (NYSE: TLLP) generating an estimated $1 billion of cash proceeds in the first year. Earnings per share accretion is expected to be about 24% in each of the first and second year of operations.

Tesoro Completes Negotiations at Its USW-Represented Locations
Tesoro Corporation (NYSE:TSO) today announced the successful conclusion of contract negotiations at its Golden Eagle (Martinez, California) refinery. Golden Eagle was the last of Tesoro's six United Steelworkers (USW) represented refineries to complete negotiations.

Tesoro Corporation Contributes Martinez Crude Oil Marine Terminal To Tesoro Logistics
Tesoro Corporation (NYSE:TSO) and Tesoro Logistics LP (NYSE:TLLP) today announced that Tesoro Corporation ("Tesoro") has contributed the Martinez Crude Oil Marine Terminal located in Martinez, California to Tesoro Logistics LP ("the Partnership") for total consideration of $75 million, effective April 1, 2012.

Tesoro Announces Plan To Sell Hawaii Operations
Tesoro Corporation (NYSE: TSO) today announced its plan to sell its Hawaii operations, including the 94 thousand barrel per day (mbpd) Kapolei refinery, operations at 32 retail stations and all associated logistical assets.

Tesoro Corporation Announces Fourth Quarter Update
Tesoro Corporation (NYSE:TSO) today announced that the Company expects to report a net loss per diluted share in the range of $0.55 to $0.80 for the fourth quarter 2011. Contributing to the net loss was an extremely weak margin environment in California and the collapse of the West Texas Intermediate (WTI) to Brent crude oil spread.

Tesoro Corporation Announces the Salt Lake City Expansion and Feedstock Advantage Project
Tesoro Corporation (NYSE:TSO) today announced its intention to invest approximately $180 million on a capital project at the Salt Lake City, Utah refinery that will expand crude oil throughput capacity by 7%.

Tesoro Releases TOP Report on 2010 Incident at Anacortes Refinery
Tesoro Corporation (NYSE:TSO) today announced the release of the TOP (Triangle of Prevention) Investigation Team Report on the April 2, 2010, incident at the Anacortes Refinery in Washington State. The incident occurred when a heat exchanger in the refinery's Naphtha Hydrotreater unit ruptured, causing an explosion and fire that fatally injured seven employees.

Tesoro Corporation Announces Plans to Supply Bakken Crude Oil from North Dakota to its Anacortes, Washington Refinery
Tesoro Corporation (NYSE:TSO) today announced its intention to supply crude oil by rail from the prolific Bakken Shale/Williston Basin area in North Dakota to its refinery in Anacortes, WA. The Company currently takes delivery of one to two thousand barrels per day of Bakken crude oil into the Washington refinery. Upon completion of the project, which includes loading and unloading facilities and dedicated rail cars called a unit train, the Company expects to deliver up to 30 thousand barrels per day of Bakken crude oil into the refinery. The high quality, cost advantaged crude oil will allow the Company to decrease dependence on foreign water born feedstocks and declining Alaska North Slope production.