“We are announcing a new name to reflect the company’s ongoing transformation,” said Greg Goff, Tesoro chairman, president, and chief executive officer.
Tesoro was founded in the 1960s as a company primarily engaged in petroleum exploration and production. It built and commenced operating its Kenai, Alas., refinery in 1969 and began shifting its focus to refining and marketing in the late 1990s.
Tesoro expects to close its acquisition of Western Refining Inc. on June 1 (OGJ Online, Mar. 24, 2017). Following the merger, Tesoro will own 10 refineries with a combined refining capacity of more than 1.1 million b/sd (1.05 million b/cd).
After Aug. 1, Andeavor will continue to license the Tesoro brand to retail stations that currently utilize it. The company does not intend to make the Andeavor name part of its retail portfolio, which will include 3,000 locations following the Western Refining purchase.