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Tesoro’s net earnings show 20% rise for the year

SHARE Tesoro’s net earnings show 20% rise for the year

Tesoro Petroleum Corp. announced net earnings of $88 million, or $2.10 per diluted share, for 2001, a 20 percent increase over net earnings a year earlier.

The San Antonio-based refiner said operating profit during 2001 hit a record $249.4 million, a result of improved operating performance and higher refined product margins.

Fourth quarter net earnings at $4 million were sharply down from the previous year's $24.4 million. The drop was partly blamed on unseasonably warm weather and an overall weak economy.

Operating expenses increased in 2001 over the previous year due to the company's addition of two refineries, eight terminals, 130 company-owned retail sites and 1,100 miles of pipelines.

Tesoro Refining and Marketing Co. has opened 31 new stores in Salt Lake City.

As part of its grand opening, the company will give away prizes, including a trip to Mexico, ski passes and tickets to the Olympic Winter Games. Customers may enter to win at participating Tesoro stores.

The company will culminate its grand opening with a ribbon cutting ceremony at 11:30 a.m. Friday, Feb. 1, at its 965 N. Beck St. store.