ANCHORAGE -- Tesoro Petroleum Corp. reported record profits of $88 million for 2001, up 32 percent from the previous year.
The San Antonio, Texas-based oil refining and retailing company said revenue reached $5.2 billion, up 2 percent.
The company said the higher earnings were due to better profits on its refined products -- mainly gasoline, diesel fuel and jet fuel -- more refining throughput and improved operating performance.
In the fourth quarter, profit fell to $4 million from $24.4 million a year earlier, a decline attributed in part to the Lower 48 recession and warm weather.
Fourth-quarter revenue was $1.3 billion, down 11 percent. Tesoro has refineries in Nikiski as well as in Hawaii and three Lower 48 locations. Its Alaska refinery handles almost 51,000 barrels of product a day, 14 percent of the company's production.
Its gasoline is sold through more than 600 branded stations, including about 130 in Alaska.
