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San Antonio-based refiner Tesoro said it’s buying all of Flint Hills’ wholesale fuel marketing contracts in Alaska, along with a terminal in Anchorage with 580,000 barrels of storage, a truck rack and rail-loading capability.
The results slightly missed analysts’ estimates that Pioneer would post a loss of 24 cents a share.
The San Antonio-based refiner’s earnings from continuing operations jumped to $759 million, or $6.13 a share, compared with earnings of $397 million, or $3.06 a share, for the same period a year ago.
Brandon Seale, president of Howard Energy Mexico, said there is “strong interest from Eagle Ford producers” in the pipeline because at present the natural gas they produce must take an indirect route from Texas coastal ports to Mexico.
Tesoro’s project, the Uinta Express Pipeline, was to have shipped thick waxy crude oil from Utah’s Uinta Basin to the company’s plant in Salt Lake City.
The results handily beat analysts’ estimates that the San Antonio-based refiner would earn $1.72 a share.
Refiner Tesoro Corp. said Tuesday it will spend almost $400 million on two projects at its Anacortes, Washington, refinery.
Valero attributed the results to wider discounts for crude oils relative to the international benchmark crude and stronger gasoline margins in most regions.
According to the Texas Petro Index, oil production in Texas rose almost 20 million barrels.
The 302,700 workers estimated to work for services and exploration and production companies marked the first time employment in the industry has exceeded 300,000 since his Texas Petro Index began tracking the numbers in 1995, said its developer, economist Karr Ingham.