Tesoro’s profits soar

SAN ANTONIO — Tesoro Corp. reported record profit Wednesday for third quarter, as earnings jumped 91 percent.

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.

Favorable margins and high utilization of its plants aided the results. Margins on Tesoro’s products rose to $15.57 a barrel compared with $11.82 for the third quarter of last year.

“We reported very strong results for the third quarter,” CEO Greg Goff said, attributing the results in part to “strong performance across all business segments.”

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