Tesoro Corp /new/ 8-k (events Or Changes Between Quarterly Reports) 2009-02-20
This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA
Overview
Download & View Tesoro Corp /new/ 8-k (events Or Changes Between Quarterly Reports) 2009-02-20 as PDF for free.
More details
- Words: 3,720
- Pages: 12
Processed and formatted by SEC Watch - Visit SECWatch.com
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 20, 2009
Tesoro Corporation (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation)
1-3473 (Commission File Number)
300 Concord Plaza Drive San Antonio, Texas (Address of principal executive offices)
95-0862768 (IRS Employer Identification No.)
78216-6999 (Zip Code) (210) 828-8484 (Registrant’s telephone number, including area code) Not Applicable (Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.): o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Processed and formatted by SEC Watch - Visit SECWatch.com
Item 7.01 Regulation FD Disclosure. Tesoro Corporation (or the “Company”) held a conference call on February 20, 2009 at 8:00 a.m. CDT, regarding the 2008 fourth quarter and full year results, including information presented in a slide presentation (the “Slide Presentation”) that is available at www.tsocorp.com. The Slide Presentation is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The Slide Presentation is being furnished, not filed, pursuant to Item 7.01 of Form 8-K. Accordingly, the information in Item 7.01 of this Current Report, including the Slide Presentation, will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference. Item 9.01 Financial Statements and Exhibits. (d) Exhibits. 99.1 Slide Presentation dated as of February 20, 2009. 2
Processed and formatted by SEC Watch - Visit SECWatch.com
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: February 20, 2009
TESORO CORPORATION By:
/s/ GREGORY A. WRIGHT Gregory A. Wright Executive Vice President, Chief Financial Officer
3
Processed and formatted by SEC Watch - Visit SECWatch.com
Index to Exhibits Exh ibit Nu m be r
99.1
De scription
Slide Presentation dated as of February 20, 2009. 4 Exhibit 99.1
Fe br ua r y
20,
2008
4Q 2008
Ea r n i n g s
Processed and formatted by SEC Watch - Visit SECWatch.com
F o r wa r d L o o k i n g S t a t e m e n t s T h i s P r e s e n t a t i o n i n c l u d e s f o r wa r d - l o o k i n g s t a t e m e n t s wi t h i n t h e m e a n i n g o f t h e P r i v a t e S e c u r i t i e s L i t i g a t i o n Re f o r m Ac t o f 1 9 9 5 . T h e s e s t a t e m e n t s r e l a t e t o , a m o n g o t h e r t h i n g s , p r o j e c t i o n s o f r e f i n i n g m a r g i n s , d e b t r e d u c t i o n , c a s h f l o ws a n d c a p i t a l e x p e n d i t u r e s . W e h a v e u s e d t h e wo r d s " a n t i c i p a t e " , " b e l i e v e " , " c o u l d " , " e s t i m a t e " , " e x p e c t " , " i n t e n d " , " m a y " , " p l a n " , " p r e d i c t " , " p r o j e c t " , " s h o u l d " , " wi l l " a n d s i m i l a r t e r m s a n d c o u l d p r o v e t o b e i n a c c u r a t e a n d t h e f o r wa r d - l o o k i n g s t a t e m e n t s b a s e d o n t h e s e a s s u m p t i o n s c o u l d b e i n c o r r e c t . Ou r o p e r a t i o n s i n v o l v e r i s k s a n d u n c e r t a i n t i e s , m a n y o f wh i c h a r e o u t s i d e o u r c o n t r o l , a n d a n y o n e o f wh i c h , o r a c o m b i n a t i o n o f wh i c h , c o u l d m a t e r i a l l y a f f e c t o u r r e s u l t s o f o p e r a t i o n s a n d wh e t h e r t h e f o r wa r d - l o o k i n g s t a t e m e n t s u l t i m a t e l y p r o v e t o b e c o r r e c t . Ac t u a l r e s u l t s a n d t r e n d s i n t h e f u t u r e m a y d i f f e r m a t e r i a l l y f r o m t h o s e s u g g e s t e d o r a t t r i b u t a b l e t o u s o r p e r s o n s a c t i n g o n o u r b e h a l f a r e e x p r e s s l y q u a l i f i e d i n t h e i r e n t i r e t y b y t h e p r e v i o u s s t a t e m e n t s . W e u n d e r t a k e n o o b l i g a t i o n t o u p d a t e a n y i n f o r m a t i o n c o n t a i n e d h e r e i n o r t o p u b l i c l y r e l e a s e t h e r e s u l t s o f a n y r e v i s i o n s t o a n y f o r wa r d - l o o k i n g s t a t e m e n t s t h a t m a y b e m a d e t o r e f l e c t e v e n t s o r c i r c u m s t a n c e s t h a t o c c u r , o r t h a t we b e c o m e a wa r e o f , a f t e r t h e d a t e o f t h i s P r e s e n t a t i o n .
p h r a s e s t o i d e n t i f y f o r wa r d - l o o k i n g s t a t e m e n t s i n t h i s P r e s e n t a t i o n . i m p l i e d b y t h e f o r wa r d - l o o k i n g s t a t e m e n t s d e p e n d i n g o n a v a r i e t y o f
Al t h o u g h we b e l i e v e t h e a s s u m p t i o n s u p o n wh i c h t h e s e f o r wa r d - l o o k i n g f a c t o r s wh i c h a r e d e s c r i b e d i n g r e a t e r d e t a i l i n o u r f i l i n g s wi t h t h e
s t at em ent s ar e S E C. Al l f u t u r e
bas ed ar e r eas onabl e, any of t hes e as s um pt i ons wr i t t e n a n d o r a l f o r wa r d - l o o k i n g s t a t e m e n t s
Processed and formatted by SEC Watch - Visit SECWatch.com
1Q 2009
Gu i d a n c e
Pa c i f i c
No r t h we s t
M i d- Pa c i f i c
M i d - Co n t i n e n t
Ca l i f o r n i a
Th r o u g h p u t
( m bpd)
110- 120
65- 75
95- 105
250- 260
Op e x
( $/ bbl )
$
5. 00
$
2. 90
$
3. 45
$
7. 20
$
i n
m i l l i ons ,
unl es s
not ed
Co r p o r a t e / S y s t e m
Re f i n i n g
De p r e c i a t i o n
$
85
Co r p o r a t e
Ex p e n s e
$
45
I nt er es t
Ex p e n s e
Be f o r e
I nt er es t
I ncom e
$
25
M ar gi nal
Ta x
Ra t e
( % )
39%
Processed and formatted by SEC Watch - Visit SECWatch.com
Ne t
I ncom e
2Q 2007
3Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
200
47
- 82
4. 464
259
97
Ne t
I ncom e
1Q 2008
2Q 2008
3Q 2008
4Q 2008
- 0. 6
0. 03
1. 86
0. 7
2003- 2006
Av e r a g e
$
i n
m i l l i ons ,
except
per
s har e
am ount s
1Q 2008
2Q 2008
3Q 2008
4Q 2008
Re f i n i n g
$
( 87)
$
85
$
476
$
153
Re t a i l
( 28)
( 11)
34
51
Co r p o r a t e
and
Un a l l o c a t e d
( 43)
( 47)
( 58)
( 54)
I nt er es t
and
Fi na nc i ng
Co s t s
( 24)
( 29)
( 30)
( 28)
I nt er es t
I ncom e
and
Ot h e r
47
5
3
2
Ne t
For e i gn
Cu r r e n c y
( Lo s s )
/
Ga i n
( 3)
( 5)
-
20
I ncom e
Ta x
( Pr ovi s i on)
/
Be n e f i t
56
6
( 166)
( 47)
Ne t
I ncom e
$
( 82)
$
4
$
259
$
97
E P S ( Di l u t e d )
$
( 0. 60)
$
0. 03
$
1. 86
$
0. 70
E P S ( Di l u t e d )
Processed and formatted by SEC Watch - Visit SECWatch.com
4Q 2008
Se gm e nt
Op e r a t i n g
I ncom e
Br i d g e
3Q 2008
M ar ket
En v i r o n m e n t
LI F O I m p a c t
W hol es al e
and
Re t a i l
M ar ket i ng
Ot h e r
4Q 2008
Op
I ncom e
510
336
260
224
204
204
Br i d g e
174
76
36
20
$
i n
m i l l i ons
Processed and formatted by SEC Watch - Visit SECWatch.com
2008
Ca s h
F l o w Av a i l a b l e
Ca s h
Ca p e x
Re v o l v e r
and
De b t
Re p a y m e n t
Di v i d e n d
and
Ot h e r
En d i n g
Ca s h
Ca s h
Fl ow 23
129
73
20
20
716
650
56
53
As s e t
Sa l e s
40
Be g i n n i n g
Ca s h
23
Op e r a t i n g
Ca s h
Fl ow 716
As s e t
Sa l e s
40
$
i n
m i l l i ons
Processed and formatted by SEC Watch - Visit SECWatch.com
4 Q 2 0 0 8 Gr o s s M a r g i n Re c o n c i l i a t i o n $ / b b l , u n l e s s n o t e d Re p o r t e d Gr o s s i n wh i c h t h e b a r r e l s a r e r e c e i v e d . * * Re p o r t e d g r o s s m a r g i n p e r b a r r e l
M a r g i n L I F O He d g e * adj us t ed t o excl ude
Re v i s e d Gr o s s M a r g i n * * Ca l i f o r n i a Ca l i f o r n i a W C 3 - 2 - 1 * * * $ 1 1 . 0 3 $ 1 1 . 0 3 Ca p t u r e Ra t e * * * * 1 2 4 % 8 5 % Gr o s s M a r g i n $ 1 3 . 6 6 $ 1 . 6 6 $ 2 . 6 4 $ 9 . 3 6 P a c i f i c No r t h we s t P a c i f i c No r t h we s t P NW 5 - 3 - 1 - 1 * * * $ 9 . 1 5 $ 9 . 1 5 Ca p t u r e t h e i m p a c t s o f o u r 2 0 0 8 4 t h Qu a r t e r L I F O i m p a c t s a n d g a i n s o n d e r i v a t i v e p o s i t i o n s . * * * F o r m o r e i n f o r m a t i o n a n d d e t a i l o n t h e b e n c h m a r k c r a c k s p r e a d s , p l e a s e s e e t h e 'I n d u s t r y Di f f e r e n t i a l s ' d o c u m e n t i n t h e
Ra t e * * * * 2 0 % ( 6 ) % Gr o s s M a r g i n $ 1 . 8 3 $ 1 . 5 4 $ 0 . 8 8 I n v e s t o r s s e c t i o n o f www. t s o c o r p . c o m * * * * Am o u n t s
$( 0. 59) M i d- Pa c i f i c m ay not r ecal cul at e
M i d - P a c i f i c P NW due t o r oundi ng.
5- 3- 1- 1***
$9. 15
$9. 15
Ca p t u r e
Ra t e * * * *
253%
346%
Gr o s s
M ar gi n
$23. 14
$( 9. 81)
$1. 28
$31. 67
M i d - Co n t i n e n t
M i d - Co n t i n e n t
G3
3- 2- 1***
$6. 27
$6. 27
Ca p t u r e
Ra t e * * * *
268%
270%
Gr o s s
M ar gi n
$16. 82
$( 0. 72)
$0. 59
$16. 95
*
He d g e
gai ns
and
l os s es
ar e
r ecor ded
pr i m ar i l y
i n
t he
r egi on
Processed and formatted by SEC Watch - Visit SECWatch.com
Th r o u g h p u t
By
Re f i n i n g
Re g i o n
4Q 2007
4Q 2008
Gu i d a n c e
4Q 2008
Ac t u a l
2007
Pl a nne d
180
150
138
Pa c i f i c
No r t h we s t
M i d- Pa c i f i c
M i d - Co n t i n e n t
Ca l i f o r n i a
4Q 2007
4Q 2008
Gu i d a n c e
4Q 2008
Ac t u a l
2007
Pl a nne d
111
110
100
4Q 2007
4Q 2008
Gu i d a n c e
4Q 2008
Ac t u a l
2007
Pl a nne d
74
65
66
4Q 2007
4Q 2008
Gu i d a n c e
4Q 2008
Ac t u a l
2007
Pl a nne d
274
260
251
Processed and formatted by SEC Watch - Visit SECWatch.com
Op e r a t i n g
Ex p e n s e
By
Re f i n i n g
Re g i o n
4Q 2007
4Q 2008
Gu i d a n c e
4Q 2008
Ac t u a l
2007
Pl a nne d
7. 01
7. 15
6. 13
Pa c i f i c
No r t h we s t
M i d- Pa c i f i c
M i d - Co n t i n e n t
Ca l i f o r n i a
4Q 2007
4Q 2008
Gu i d a n c e
4Q 2008
Ac t u a l
2007
Pl a nne d
2. 9
2. 85
3. 52
4Q 2007
4Q 2008
Gu i d a n c e
4Q 2008
Ac t u a l
2007
Pl a nne d
3. 55
4. 05
4. 19
4Q 2007
4Q 2008
Gu i d a n c e
4Q 2008
Ac t u a l
2007
Pl a nne d
3. 32
3. 45
3. 5
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 20, 2009
Tesoro Corporation (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation)
1-3473 (Commission File Number)
300 Concord Plaza Drive San Antonio, Texas (Address of principal executive offices)
95-0862768 (IRS Employer Identification No.)
78216-6999 (Zip Code) (210) 828-8484 (Registrant’s telephone number, including area code) Not Applicable (Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.): o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Processed and formatted by SEC Watch - Visit SECWatch.com
Item 7.01 Regulation FD Disclosure. Tesoro Corporation (or the “Company”) held a conference call on February 20, 2009 at 8:00 a.m. CDT, regarding the 2008 fourth quarter and full year results, including information presented in a slide presentation (the “Slide Presentation”) that is available at www.tsocorp.com. The Slide Presentation is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The Slide Presentation is being furnished, not filed, pursuant to Item 7.01 of Form 8-K. Accordingly, the information in Item 7.01 of this Current Report, including the Slide Presentation, will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference. Item 9.01 Financial Statements and Exhibits. (d) Exhibits. 99.1 Slide Presentation dated as of February 20, 2009. 2
Processed and formatted by SEC Watch - Visit SECWatch.com
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: February 20, 2009
TESORO CORPORATION By:
/s/ GREGORY A. WRIGHT Gregory A. Wright Executive Vice President, Chief Financial Officer
3
Processed and formatted by SEC Watch - Visit SECWatch.com
Index to Exhibits Exh ibit Nu m be r
99.1
De scription
Slide Presentation dated as of February 20, 2009. 4 Exhibit 99.1
Fe br ua r y
20,
2008
4Q 2008
Ea r n i n g s
Processed and formatted by SEC Watch - Visit SECWatch.com
F o r wa r d L o o k i n g S t a t e m e n t s T h i s P r e s e n t a t i o n i n c l u d e s f o r wa r d - l o o k i n g s t a t e m e n t s wi t h i n t h e m e a n i n g o f t h e P r i v a t e S e c u r i t i e s L i t i g a t i o n Re f o r m Ac t o f 1 9 9 5 . T h e s e s t a t e m e n t s r e l a t e t o , a m o n g o t h e r t h i n g s , p r o j e c t i o n s o f r e f i n i n g m a r g i n s , d e b t r e d u c t i o n , c a s h f l o ws a n d c a p i t a l e x p e n d i t u r e s . W e h a v e u s e d t h e wo r d s " a n t i c i p a t e " , " b e l i e v e " , " c o u l d " , " e s t i m a t e " , " e x p e c t " , " i n t e n d " , " m a y " , " p l a n " , " p r e d i c t " , " p r o j e c t " , " s h o u l d " , " wi l l " a n d s i m i l a r t e r m s a n d c o u l d p r o v e t o b e i n a c c u r a t e a n d t h e f o r wa r d - l o o k i n g s t a t e m e n t s b a s e d o n t h e s e a s s u m p t i o n s c o u l d b e i n c o r r e c t . Ou r o p e r a t i o n s i n v o l v e r i s k s a n d u n c e r t a i n t i e s , m a n y o f wh i c h a r e o u t s i d e o u r c o n t r o l , a n d a n y o n e o f wh i c h , o r a c o m b i n a t i o n o f wh i c h , c o u l d m a t e r i a l l y a f f e c t o u r r e s u l t s o f o p e r a t i o n s a n d wh e t h e r t h e f o r wa r d - l o o k i n g s t a t e m e n t s u l t i m a t e l y p r o v e t o b e c o r r e c t . Ac t u a l r e s u l t s a n d t r e n d s i n t h e f u t u r e m a y d i f f e r m a t e r i a l l y f r o m t h o s e s u g g e s t e d o r a t t r i b u t a b l e t o u s o r p e r s o n s a c t i n g o n o u r b e h a l f a r e e x p r e s s l y q u a l i f i e d i n t h e i r e n t i r e t y b y t h e p r e v i o u s s t a t e m e n t s . W e u n d e r t a k e n o o b l i g a t i o n t o u p d a t e a n y i n f o r m a t i o n c o n t a i n e d h e r e i n o r t o p u b l i c l y r e l e a s e t h e r e s u l t s o f a n y r e v i s i o n s t o a n y f o r wa r d - l o o k i n g s t a t e m e n t s t h a t m a y b e m a d e t o r e f l e c t e v e n t s o r c i r c u m s t a n c e s t h a t o c c u r , o r t h a t we b e c o m e a wa r e o f , a f t e r t h e d a t e o f t h i s P r e s e n t a t i o n .
p h r a s e s t o i d e n t i f y f o r wa r d - l o o k i n g s t a t e m e n t s i n t h i s P r e s e n t a t i o n . i m p l i e d b y t h e f o r wa r d - l o o k i n g s t a t e m e n t s d e p e n d i n g o n a v a r i e t y o f
Al t h o u g h we b e l i e v e t h e a s s u m p t i o n s u p o n wh i c h t h e s e f o r wa r d - l o o k i n g f a c t o r s wh i c h a r e d e s c r i b e d i n g r e a t e r d e t a i l i n o u r f i l i n g s wi t h t h e
s t at em ent s ar e S E C. Al l f u t u r e
bas ed ar e r eas onabl e, any of t hes e as s um pt i ons wr i t t e n a n d o r a l f o r wa r d - l o o k i n g s t a t e m e n t s
Processed and formatted by SEC Watch - Visit SECWatch.com
1Q 2009
Gu i d a n c e
Pa c i f i c
No r t h we s t
M i d- Pa c i f i c
M i d - Co n t i n e n t
Ca l i f o r n i a
Th r o u g h p u t
( m bpd)
110- 120
65- 75
95- 105
250- 260
Op e x
( $/ bbl )
$
5. 00
$
2. 90
$
3. 45
$
7. 20
$
i n
m i l l i ons ,
unl es s
not ed
Co r p o r a t e / S y s t e m
Re f i n i n g
De p r e c i a t i o n
$
85
Co r p o r a t e
Ex p e n s e
$
45
I nt er es t
Ex p e n s e
Be f o r e
I nt er es t
I ncom e
$
25
M ar gi nal
Ta x
Ra t e
( % )
39%
Processed and formatted by SEC Watch - Visit SECWatch.com
Ne t
I ncom e
2Q 2007
3Q 2007
1Q 2008
2Q 2008
3Q 2008
4Q 2008
200
47
- 82
4. 464
259
97
Ne t
I ncom e
1Q 2008
2Q 2008
3Q 2008
4Q 2008
- 0. 6
0. 03
1. 86
0. 7
2003- 2006
Av e r a g e
$
i n
m i l l i ons ,
except
per
s har e
am ount s
1Q 2008
2Q 2008
3Q 2008
4Q 2008
Re f i n i n g
$
( 87)
$
85
$
476
$
153
Re t a i l
( 28)
( 11)
34
51
Co r p o r a t e
and
Un a l l o c a t e d
( 43)
( 47)
( 58)
( 54)
I nt er es t
and
Fi na nc i ng
Co s t s
( 24)
( 29)
( 30)
( 28)
I nt er es t
I ncom e
and
Ot h e r
47
5
3
2
Ne t
For e i gn
Cu r r e n c y
( Lo s s )
/
Ga i n
( 3)
( 5)
-
20
I ncom e
Ta x
( Pr ovi s i on)
/
Be n e f i t
56
6
( 166)
( 47)
Ne t
I ncom e
$
( 82)
$
4
$
259
$
97
E P S ( Di l u t e d )
$
( 0. 60)
$
0. 03
$
1. 86
$
0. 70
E P S ( Di l u t e d )
Processed and formatted by SEC Watch - Visit SECWatch.com
4Q 2008
Se gm e nt
Op e r a t i n g
I ncom e
Br i d g e
3Q 2008
M ar ket
En v i r o n m e n t
LI F O I m p a c t
W hol es al e
and
Re t a i l
M ar ket i ng
Ot h e r
4Q 2008
Op
I ncom e
510
336
260
224
204
204
Br i d g e
174
76
36
20
$
i n
m i l l i ons
Processed and formatted by SEC Watch - Visit SECWatch.com
2008
Ca s h
F l o w Av a i l a b l e
Ca s h
Ca p e x
Re v o l v e r
and
De b t
Re p a y m e n t
Di v i d e n d
and
Ot h e r
En d i n g
Ca s h
Ca s h
Fl ow 23
129
73
20
20
716
650
56
53
As s e t
Sa l e s
40
Be g i n n i n g
Ca s h
23
Op e r a t i n g
Ca s h
Fl ow 716
As s e t
Sa l e s
40
$
i n
m i l l i ons
Processed and formatted by SEC Watch - Visit SECWatch.com
4 Q 2 0 0 8 Gr o s s M a r g i n Re c o n c i l i a t i o n $ / b b l , u n l e s s n o t e d Re p o r t e d Gr o s s i n wh i c h t h e b a r r e l s a r e r e c e i v e d . * * Re p o r t e d g r o s s m a r g i n p e r b a r r e l
M a r g i n L I F O He d g e * adj us t ed t o excl ude
Re v i s e d Gr o s s M a r g i n * * Ca l i f o r n i a Ca l i f o r n i a W C 3 - 2 - 1 * * * $ 1 1 . 0 3 $ 1 1 . 0 3 Ca p t u r e Ra t e * * * * 1 2 4 % 8 5 % Gr o s s M a r g i n $ 1 3 . 6 6 $ 1 . 6 6 $ 2 . 6 4 $ 9 . 3 6 P a c i f i c No r t h we s t P a c i f i c No r t h we s t P NW 5 - 3 - 1 - 1 * * * $ 9 . 1 5 $ 9 . 1 5 Ca p t u r e t h e i m p a c t s o f o u r 2 0 0 8 4 t h Qu a r t e r L I F O i m p a c t s a n d g a i n s o n d e r i v a t i v e p o s i t i o n s . * * * F o r m o r e i n f o r m a t i o n a n d d e t a i l o n t h e b e n c h m a r k c r a c k s p r e a d s , p l e a s e s e e t h e 'I n d u s t r y Di f f e r e n t i a l s ' d o c u m e n t i n t h e
Ra t e * * * * 2 0 % ( 6 ) % Gr o s s M a r g i n $ 1 . 8 3 $ 1 . 5 4 $ 0 . 8 8 I n v e s t o r s s e c t i o n o f www. t s o c o r p . c o m * * * * Am o u n t s
$( 0. 59) M i d- Pa c i f i c m ay not r ecal cul at e
M i d - P a c i f i c P NW due t o r oundi ng.
5- 3- 1- 1***
$9. 15
$9. 15
Ca p t u r e
Ra t e * * * *
253%
346%
Gr o s s
M ar gi n
$23. 14
$( 9. 81)
$1. 28
$31. 67
M i d - Co n t i n e n t
M i d - Co n t i n e n t
G3
3- 2- 1***
$6. 27
$6. 27
Ca p t u r e
Ra t e * * * *
268%
270%
Gr o s s
M ar gi n
$16. 82
$( 0. 72)
$0. 59
$16. 95
*
He d g e
gai ns
and
l os s es
ar e
r ecor ded
pr i m ar i l y
i n
t he
r egi on
Processed and formatted by SEC Watch - Visit SECWatch.com
Th r o u g h p u t
By
Re f i n i n g
Re g i o n
4Q 2007
4Q 2008
Gu i d a n c e
4Q 2008
Ac t u a l
2007
Pl a nne d
180
150
138
Pa c i f i c
No r t h we s t
M i d- Pa c i f i c
M i d - Co n t i n e n t
Ca l i f o r n i a
4Q 2007
4Q 2008
Gu i d a n c e
4Q 2008
Ac t u a l
2007
Pl a nne d
111
110
100
4Q 2007
4Q 2008
Gu i d a n c e
4Q 2008
Ac t u a l
2007
Pl a nne d
74
65
66
4Q 2007
4Q 2008
Gu i d a n c e
4Q 2008
Ac t u a l
2007
Pl a nne d
274
260
251
Processed and formatted by SEC Watch - Visit SECWatch.com
Op e r a t i n g
Ex p e n s e
By
Re f i n i n g
Re g i o n
4Q 2007
4Q 2008
Gu i d a n c e
4Q 2008
Ac t u a l
2007
Pl a nne d
7. 01
7. 15
6. 13
Pa c i f i c
No r t h we s t
M i d- Pa c i f i c
M i d - Co n t i n e n t
Ca l i f o r n i a
4Q 2007
4Q 2008
Gu i d a n c e
4Q 2008
Ac t u a l
2007
Pl a nne d
2. 9
2. 85
3. 52
4Q 2007
4Q 2008
Gu i d a n c e
4Q 2008
Ac t u a l
2007
Pl a nne d
3. 55
4. 05
4. 19
4Q 2007
4Q 2008
Gu i d a n c e
4Q 2008
Ac t u a l
2007
Pl a nne d
3. 32
3. 45
3. 5
