Tesoro's 2000 earnings set a company record

SAN ANTONIO -- Tesoro Petroleum Corp. had record earnings in 2000, the company said Feb. 13.

The Texas-based corporation owns a refinery in Nikiski and a network of service stations across Alaska. In recent years it added refineries in Washington state and Hawaii.

Profits totaled $73 million last year, or $1.75 a share. That was more than double 1999’s $32 million.

Bruce Smith, Tesoro’s chairman, president and chief executive, said improved cash flow allowed the company to pay down debt and improve its balance sheet to pay for future expansion.

Last spring, the company considered selling the refinery in Nikiski, but in May executives decided to keep it.

For the fourth quarter, Tesoro earned $24 million. In the disappointing fourth quarter of 1999, the company lost the same amount.

02/24/2001 - 8:00pm