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San Antonio-based Tesoro's retail division achieved net profits that nearly doubled for its fiscal second quarter, which ended June 30. The oil company earned $74 million in its retail division -- home to its convenience stores -- compared to a $38 million profit during the same time period last year.
Companywide, Tesoro earned a second-quarter profit of $387 million, a huge increase vs. the $218 million net profit it achieved last year.
"Despite significant planned turnaround activity, we delivered a solid operating performance capturing attractive market conditions and building cash by more than $600 million during the quarter," said Tesoro CEO Greg Goff.
Western Refining also reported strong second quarter results. The operator of GIANT, Mustang, Sundial and Howdy's convenience stores saw its merchandise sales increase to $62.4 million, compared to $49.47 million during its 2011 second quarter.
El Paso, Texas-based Western Refining's fuel sales also improved significantly in its latest quarter. The company sold $265.67 million worth of fuel, vs. $192.72 million in its same quarter last year.
Western Refining's overall earnings also pleased Wall Street analysts. In fact, its earnings more than doubled. It earned a net profit of $238.5 million, compared to $101.1 million in its 2011 fiscal second quarter.
The company also announced that strong cash generation in its latest quarter allowed it to retire the remaining $292 million balance on its term loan.