XML 48 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Statements of Consolidated Operations (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Income Statement [Abstract]        
REVENUES (a) $ 11,104 $ 8,897 $ 21,037 $ 16,244
COSTS AND EXPENSES:        
Cost of sales (a) 9,867 7,909 18,815 14,472
Operating expenses 598 441 1,189 809
Selling, general and administrative expenses 92 64 123 175
Depreciation and amortization expense 135 111 265 216
(Gain) loss on asset disposals and impairments 2 8 (3) 15
OPERATING INCOME 410 364 648 557
Interest and financing costs, net (41) [1] (33) [1] (118) [1] (63) [1]
Other income, net 3 [2] 56 [2] 2 [2] 56 [2]
EARNINGS BEFORE INCOME TAXES 372 387 532 550
Income tax expense 132 138 188 196
NET EARNINGS FROM CONTINUING OPERATIONS 240 249 344 354
Loss from discontinued operations, net of tax 0 (11) (1) (12)
NET EARNINGS 240 238 343 342
Less: Net earnings from continuing operations attributable to noncontrolling interest 16 11 41 22
NET EARNINGS ATTRIBUTABLE TO TESORO CORPORATION 224 227 302 320
NET EARNINGS (LOSS) ATTRIBUTABLE TO TESORO CORPORATION        
Continuing operations 224 238 303 332
Discontinued operations 0 (11) (1) (12)
Total 224 227 302 320
NET EARNINGS (LOSS) PER SHARE - BASIC:        
Continuing operations $ 1.73 $ 1.75 $ 2.33 $ 2.44
Discontinued operations $ 0.00 $ (0.08) $ (0.01) $ (0.09)
Total $ 1.73 $ 1.67 $ 2.32 $ 2.35
Weighted average common shares outstanding - Basic 129.3 135.8 130.3 136.4
NET EARNINGS (LOSS) PER SHARE - DILUTED:        
Continuing operations $ 1.70 $ 1.72 $ 2.29 $ 2.39
Discontinued operations $ 0.00 $ (0.08) $ (0.01) $ (0.09)
Total $ 1.70 $ 1.64 $ 2.28 $ 2.30
Weighted average common shares outstanding - Diluted 131.5 138.2 132.7 138.9
DIVIDENDS PER SHARE $ 0.25 $ 0.20 $ 0.50 $ 0.40
SUPPLEMENTAL INFORMATION:        
(a) Includes excise taxes collected by our retail segment (excluding credits) $ 152 $ 143 $ 293 $ 272
[1] Includes charges totaling $31 million for premiums and unamortized debt issuance costs associated with the redemption of the 2019 Notes during the six months ended June 30, 2014.
[2] Includes $54 million in refunds from a settlement of a rate proceeding from the California Public Utilities Commission for the three and six months ended June 30, 2013.