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Tesoro Petroleum Corp. which operates 110 convenience stores and has a retail marketing alliance with Wal-Mart, said second-quarter per share should double the 35 cents recorded for the second quarter last year. Based on quarter-to-date results, Tesoro expects earnings to near 75 cents per share.
"Overall, this has been an exceptional quarter despite the dramatic decline in market conditions the industry experienced during June. Strong gasoline prices, driven primarily by concerns over tight inventory levels, led to refining margins for the first two months of this quarter that were higher than the prior year's corresponding period," said Bruce Smith, Tesoro's chairman and CEO.
"As a consequence, refiners maximized gasoline production causing inventories to increase to the high-end of their five-year range by mid-June. As a result, gasoline prices in the Pacific Northwest markets have fallen more than 30 percent during June causing refining margins to soften considerably."