Tesoro Continues Downsizing

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Tesoro Continues Downsizing

12/12/2002
SAN ANTONIO -- Tesoro Petroleum Corp. said it completed two of the three separate transactions for the sale of the company's 70 Northern California retail outlets.

Yesterday's deals involved the sale of 47 stores in separate deals to USA Petroleum Corp. and Green Valley Gasoline LLC. Proceeds from the sales, more than $44 million, will be used to pay down term debt, the company said in a statement.

The company expects to close the third transaction for the California retail sites as well as the recently announced sale of the Northern Great Plains Product Pipeline by the end of the month.

Tesoro, which maintains a lucrative marketing alliance with Wal-Mart Stores Inc. on the West Coast, is an independent refiner/marketer, operates six refineries in the United States with a combined capacity of nearly 560,000 barrels per day and 600 convenience stores under the Tesoro and Mirastar brands.