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SAN ANTONIO, Texas -- Tesoro Corp. reported a 21 percent increase in net earnings for the third quarter of 2006 as its refineries set a new record for crude oil throughput -- 574,000 barrels per day -- 15,000 barrels more than that recorded in the previous quarter, the San Antonio Business Journal reported.
Net earnings for the company topped $274 million, and revenues totaled $5.2 billion for the third quarter, compared to last year's third quarter of $226 million in net earnings and $5 billion in revenue.
"Over the past 12 months, five or six refineries have recorded quarterly record throughput rates," Bruce A. Smith, chairman, president and chief executive of Tesoro, told the San Antonio Business Journal. "This is just one of many improvements that have contributed to our strong financial performance and allowed us to surpass in the third quarter many of our 2005 annual records."
For the first nine months of 2006, net earnings have totaled $643 million, compared to $438 million for the same time in 2005.
In other news, Tesoro's board of directors has approved a quarterly cash dividend of 10 cents per share, payable to shareholders Dec. 15.
Tesoro refines and markets petroleum products through its six refineries in the U.S. In addition, the company operates more than 450 Tesoro and Mirastar branded retail stations, 200 of which are company owned and operated.