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SAN ANTONIO — Tesoro Corp. and Tesoro Logistics LP will change their names to Andeavor and Andeavor Logistics LP, respectively, on Aug. 1. New logos and ticker symbols will accompany the name change.
"We are announcing a new name to reflect the company's ongoing transformation," said Greg Goff, chairman, president and CEO of Tesoro. "The change to Andeavor acknowledges the significant progress we've made in becoming a premier refining, marketing and logistics company, and signals our aspiration to continue creating greater value for our stakeholders."
The name change follows the May 25 announcement that the waiting period for Tesoro's $4.1 billion acquisition of El Paso, Texas-based Western Refining Inc. under the Hart Scott Rodino Act had expired, clearing the way for a June 1 closing date. The total deal is valued at $6.4 billion and includes the assumption of approximately $1.7 billion of Western Refining's net debt and the $605-million market value of non-controlling interest in Western Refining Logistics LP, as CSNews Online reported.
Tesoro was founded in the 1960s and primarily engaged in petroleum exploration and production. It opened a refinery in Kenai, Alaska, in 1969 and began shifting its focus to refining and marketing in the late 1990s.
"While our name is changing, our strategic priorities, financial discipline, guiding principles and the foundational elements of how we operate remain the same," Goff said. "We will continue to focus on optimizing our highly integrated refining, marketing and logistics system, caring for the communities where we operate, aiming to achieve the best safety and environmental performance in the industry and investing in our people and assets."
On Aug. 1, Andeavor common shares will begin trading on the New York Stock Exchange (NYSE) under the ticker symbol ANDV, and Andeavor Logistics LP common units will begin trading on the NYSE under the ticker symbol ANDX. The TSO and TLLP ticker symbols will be retired the same day.
Following Aug. 1, Andeavor will continue to license the Tesoro brand to retail stations that currently utilize it. The company does not plan to make the Andeavor name part of its retail portfolio, which will include approximately 3,000 locations following the closing of the Western Refining deal.
San Antonio-based Tesoro, soon to be Andeavor, is an independent refiner and marketer of petroleum products. Tesoro, through its subsidiaries, operates seven refineries in the western United States and has ownership in a logistics business. Its retail-marketing system includes more than 2,500 retail stations under the ARCO, Shell, Exxon, Mobil, USA Gasoline, Rebel, and Tesoro brands.