Tesoro announces name change to Andeavor, following Western Refining acquisition
Following the completion of its acquisition of Western Refining this month, Tesoro Corporation and Tesoro Logistics LP announced that they will change their names to Andeavor and Andeavor Logistics LP, respectively, effective 1 August 2017. The companies, which are headquartered in San Antonio, Texas, U.S.A., also unveiled new logos and ticker symbols.
“We are announcing a new name to reflect the company’s ongoing transformation,” said Greg Goff, chairman, president and CEO. “The change to Andeavor acknowledges the significant progress we’ve made in becoming a premier refining, marketing and logistics company, and signals our aspiration to continue creating greater value for our stakeholders.”
Tesoro was founded in the 1960s as a company primarily engaged in petroleum exploration and production. It built and commenced operating its Kenai, Alaska, refinery in 1969 and began shifting its focus to refining and marketing in the late 1990s. Since 2010, through strategic growth, financial discipline, strong execution and the commitment of its employees, the company has become one of the leading independent refining, marketing and logistics companies in the United States.
“While our name is changing, our strategic priorities, financial discipline, guiding principles and the foundational elements of how we operate remain the same,” Goff said. “We will continue to focus on optimising our highly integrated refining, marketing and logistics system, caring for the communities where we operate, aiming to achieve the best safety and environmental performance in the industry and investing in our people and assets.”
On 1 August, Andeavor common shares will begin trading on the New York Stock Exchange (NYSE) under the ticker symbol ANDV, and Andeavor Logistics LP common units will begin trading on the NYSE under the ticker symbol ANDX. At that time, the TSO and TLLP ticker symbols will be retired.
Andeavor will continue to license the Tesoro brand to retail stations that currently utilise it. The company does not intend to make the Andeavor name part of its retail portfolio, which will include approximately 3,000 locations, following the Western Refining acquisition.
