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SAN ANTONIO -- While an official earnings report will be released on October 29th, Tesoro Corp. expects its third quarter to be positively impacted, in part, by a decline in crude and natural gas prices, the company said.
The company reported light product margins expanded as rack and retail prices widened vs. the spot price. Due to industry inventory reductions, heavy product margins for bottom-of-the-barrel products, including fuel oil and coke, increased compared to the second quarter, according to the company.
Tesoro also reported its Chief Executive Officer, President and Chairman Bruce Smith will file a Form 4 with the Securities and Exchange Commission reporting Goldman Sachs sold 251,100 shares of company stock owned by Smith. The shares were sold in accordance with an existing margin agreement to meet a margin call, the report stated. Depending on the direction of Tesoro’s common stock price, further sales may be required.