Frequently Asked Questions
The Frequently Asked Questions pertain to Tesoro's name change and the acquisition of Western Refining.
Name Change QuestionsWhat is the new Company name and what does it mean?
Our new Company name, Andeavor, is a custom-created word that acknowledges the transformational journey we've been on. It benefits from similarity to the word "endeavor" - making it easy to say and remember, but it has been evolved to reflect the upward direction and aspiration.
Andeavor acknowledges the significant progress we have made and signals our aspiration to further establish our Company as a premier refining, marketing and logistics company.
Andeavor evokes our journey toward making a difference. Andeavor is also a promise to keep improving, keep evolving and keep delivering ever-greater value to all our stakeholders. We aim to be better in every way - for our people, our customers, our shareholders, our business partners and our communities.
As part of adopting a new name, the Company will have a new logo, new colors, new business cards, and new office/facility signs, among other changes. Beyond these physical changes, we believe our new name is an opportunity to evolve in a way that captures the spirit of how far we have come and how far we still have to go.
On Aug. 1, Tesoro Corporation will officially change its name to Andeavor, and Tesoro Logistics LP will officially change its name to Andeavor Logistics. The new Company name will not be used in our retail portfolio where we will continue with our successful multi-brand strategy.
Our new Company name is distinct from our retail brands and will not be part of our retail portfolio. We will continue with our successful multi-brand retail strategy.
While our name is changing, there is no change in our commitment to being a safe, responsible operator, caring for the communities where we operate and investing in our people and our assets.
Andeavor's ticker symbol will be ANDV. The ticker symbol for Andeavor Logistics will be ANDX. Both tickers will begin trading on the New York Stock Exchange on Aug. 1.
Acquisition QuestionsWhy did Tesoro acquire Western Refining?
The addition of Western Refining's operations creates a premier, highly integrated and geographically diversified refining, marketing and logistics company.
Together, we have a strong multi-brand marketing and convenience store portfolio of more than 3,000 locations in growing regions under premium and value brands that will serve a broad customer base. The combination allows us to leverage our brand portfolios to better serve customers in these growing geographies.
Bringing together our refining and logistics platforms creates a powerful, integrated distribution network with significant marketing and logistics growth opportunities in key areas in the Western U.S.
Our increased scale and diversity will enable us to leverage and enhance in-house technical capabilities, which we expect will result in cost efficiencies, the ability to drive more growth and increase productivity.
The transaction is another step forward for Tesoro's ongoing commitment to creating significant value for employees, customers, communities, shareholders and other key partners.
Tesoro is considering a potential acquisition of Western Refining's MLP, Western Logistics (WNRL), but we are quite early in the process and cannot provide any further information. If we do decide to move forward, this transaction would be is subject to several conditions, including regulatory approval.
Yes, all current offers of employment are still valid. Please contact your recruiter/company contact with questions.
We are committed to being a valued member of the communities where we operate. We will continue to be active, involved neighbors - both as a company and as individuals. Investing in our people and assets is core to who we are. We intend to maintain an ongoing dialogue to keep you informed of any changes that may impact your jurisdiction or relationship with Tesoro.
We do not anticipate any immediate changes to community initiatives. Our Company remains committed to working with our neighbors to support the local communities in which we operate. In fact, we hope that being a larger combined organization will provide us opportunities to further our efforts.
We will continue to maintain an ongoing dialogue [with our communities, elected officials and regulators] to keep you informed of any changes that may impact you, [jurisdiction] or relationship with Tesoro.
There is no immediate change for our retail community. With the integration of Tesoro and Western Refining, we are creating a strong, multi-brand marketing and convenience store portfolio of premium and value brands with more than 3,000 locations in growing regions to better serve our customers. We do not expect any change to the retail brands in the Western Refining portfolio.
Our focus on delivering the highest quality services and products to our customers and maintaining strong partnerships will not change. By expanding our geographic footprint and leveraging our new brand portfolio, we can better serve you. This transition will continue to be seamless. Please feel free to contact your company representative if you have any questions. We thank you for your business and continued support.
Our relationships with suppliers and vendors have always been and will remain critical to our success. In the very near term, you will see virtually no changes to our business with you. If we do make any transitions going forward, we will inform you as quickly as possible.
With the acquisition of Western Refining complete, Tesoro is a larger, stronger organization that will generate new growth opportunities for all of us. As always, please feel free to reach out to your company contact if you have any questions. We thank you for your continued support.
Tesoro will report 2Q 2017 earnings with partial earnings from Western Refining and fully consolidated earnings from 3Q 2017 onwards.
We expect to host our next investor day in December 2017.