Tesoro Drops "Petroleum" From Name

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Tesoro Drops "Petroleum" From Name

11/09/2004
SAN ANTONIO -- Tesoro Petroleum Corp., an independent refiner and marketer of petroleum products, has changed its name to Tesoro Corp., effective immediately.

This name change is symbolic of the company's transformation from a diverse, non-integrated petroleum company into a business focused solely on refining and marketing, according to a company release.

This transformation began with the divestiture of Tesoro's exploration and production assets in the late 1990s, and subsequently its marine services operations in 2003. Tesoro's growth in refining and marketing has been achieved through a series of acquisitions combined with internal financial and operating initiatives targeted to optimize systems and processes.

In announcing the name change, Bruce A. Smith, Tesoro chairman, president and CEO, said, "Our new name is an important symbol of the new Tesoro -- a more dynamic and competitive company, focused on our shareholders, our employees, our customers and the communities in which we live and work."

The company also announced that, in conjunction with the name change, its Web site address is being changed to www.tsocorp.com.