Touting more integration and geographic diversity with the completion of its $5.8 billion purchase of Western Refining Inc., Tesoro Corp. and Tesoro Logistics LP (TLLP) are becoming Andeavor and Andeavor Logistics LP, respectively, effective Aug. 1.
Tesoro CEO Greg Goff, who would continue to head the company, noted the new name reflects the company's “ongoing transformation."
Andeavor and the master limited partnership (MLP) will trade on the New York Stock Exchange (NYSE).
Andeavor would operate as an independent refiner/marketer of petroleum products while the MLP as a logistics company would operate primarily in the western and Midcontinent regions.
The revamped company is expected to be the sixth largest U.S. refiner, with slightly more than 1 million b/d of refining capacity. In the most recent U.S. rankings, Tesoro was ranked seventh (844,160 b/d) and Western Refining was ranked 11th (242,500 b/d).
"While the name is changing, our strategic priorities, financial discipline, guiding principles and the foundational elements of how we operate remain the same,” Goff said.
Western Refining Chairman Paul Foster, who founded the company, and CEO Jeff Stevens also were elected to the board.
The rebranded headquarters would remain in San Antonio, TX, where Tesoro is based, and the Tesoro brand for retail stations would continue. The Andeavor name would not be part of the company’s retail portfolio, which now includes about 3,000 locations with the Western Refining acquisition.