TESORO CORPORATION ANNUAL REPORT 2010
TESORO CORPORATION ANNUAL REPORT 2010
| ITEM 6. | SELECTED FINANCIAL DATA |
The following table sets forth certain selected consolidated
financial data of Tesoro as of and for each of the five years in
the period ended December 31, 2010. The selected
consolidated financial information presented below has been
derived from our historical financial statements. The following
table should be read in conjunction with Management’s
Discussion and Analysis of Financial Condition and Results of
Operations in Item 7 and our consolidated financial
statements in Item 8.
| Years Ended December 31, | ||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007(a)(b) | 2006(b) | ||||||||||||||||
| (Dollars in millions except per share amounts) | ||||||||||||||||||||
|
Statement of Operations Data
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|
Total Revenues
|
$ | 20,583 | $ | 16,872 | $ | 28,416 | $ | 21,976 | $ | 18,061 | ||||||||||
|
Net Earnings (Loss)(c)
|
$ | (29 | ) | $ | (140 | ) | $ | 278 | $ | 566 | $ | 801 | ||||||||
|
Net Earnings (Loss) Per Share:
|
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|
Basic
|
$ | (0.21 | ) | $ | (1.01 | ) | $ | 2.03 | $ | 4.17 | $ | 5.89 | ||||||||
|
Diluted
|
$ | (0.21 | ) | $ | (1.01 | ) | $ | 2.00 | $ | 4.06 | $ | 5.73 | ||||||||
|
Weighted Shares Outstanding (millions):
|
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Basic
|
140.6 | 138.2 | 136.8 | 135.7 | 136.0 | |||||||||||||||
|
Diluted
|
140.6 | 138.2 | 139.2 | 139.5 | 139.8 | |||||||||||||||
|
Dividends per share
|
$ | 0.00 | $ | 0.35 | $ | 0.40 | $ | 0.35 | $ | 0.20 | ||||||||||
|
Balance Sheet Data
|
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|
Current Assets
|
$ | 2,928 | $ | 2,223 | $ | 1,646 | $ | 2,600 | $ | 2,811 | ||||||||||
|
Property, Plant and Equipment, Net
|
$ | 5,170 | $ | 5,190 | $ | 5,081 | $ | 4,780 | $ | 2,687 | ||||||||||
|
Total Assets
|
$ | 8,732 | $ | 8,070 | $ | 7,433 | $ | 8,128 | $ | 5,904 | ||||||||||
|
Current Liabilities
|
$ | 2,496 | $ | 1,889 | $ | 1,441 | $ | 2,494 | $ | 1,672 | ||||||||||
|
Total Debt(d)
|
$ | 1,995 | $ | 1,841 | $ | 1,611 | $ | 1,659 | $ | 1,046 | ||||||||||
|
Stockholders’ Equity
|
$ | 3,215 | $ | 3,087 | $ | 3,218 | $ | 3,052 | $ | 2,502 | ||||||||||
|
Current Ratio
|
1.2:1 | 1.2:1 | 1.1:1 | 1.0:1 | 1.7:1 | |||||||||||||||
|
Working Capital
|
$ | 432 | $ | 334 | $ | 205 | $ | 106 | $ | 1,139 | ||||||||||
|
Total Debt to Capitalization(d)
|
38 | % | 37 | % | 33 | % | 35 | % | 29 | % | ||||||||||
|
Common Stock Outstanding (millions of shares)
|
143.2 | 140.4 | 138.4 | 137.0 | 135.8 | |||||||||||||||
|
Book Value Per Common Share
|
$ | 22.45 | $ | 21.99 | $ | 23.25 | $ | 22.28 | $ | 18.42 | ||||||||||
|
Cash Flows From (Used In)
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Operating Activities
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$ | 385 | $ | 663 | $ | 716 | $ | 1,322 | $ | 1,139 | ||||||||||
|
Investing Activities
|
(295 | ) | (436 | ) | (610 | ) | (2,838 | ) | (430 | ) | ||||||||||
|
Financing Activities(d)
|
145 | 166 | (109 | ) | 553 | (163 | ) | |||||||||||||
|
Increase (Decrease) in Cash and Cash Equivalents
|
$ | 235 | $ | 393 | $ | (3 | ) | $ | (963 | ) | $ | 546 | ||||||||
|
Capital Expenditures
|
$ | 287 | $ | 401 | $ | 619 | $ | 789 | $ | 453 | ||||||||||
| (a) | Our financial results include the results of our Los Angeles refinery and Shell and USA Gasoline retail stations since acquisition in May 2007. | |
| (b) | Share and per share amounts have been adjusted to reflect our May 2007 two-for-one stock split. | |
| (c) | Net earnings (loss) included the following pre-tax items that affect the comparability of the periods presented. During 2010, we recorded approximately $67 million from insurance recoveries and $27 million in charges directly related to the April 2, 2010 incident at our Washington refinery and a $48 million gain from the elimination of postretirement life insurance benefits for current and future retirees. During 2009, we incurred a $43 million goodwill write-off in our refining segment and reduced inventories resulting in a last-in-first-out (“LIFO”) liquidation or reduction in cost of sales of $69 million. During 2008, we incurred a $91 million bad debt charge, reduced inventories resulting in a LIFO liquidation or reduction in cost of sales of $138 million and received net refunds of $50 million from the Trans Alaska Pipeline System associated with our protest of prior year intrastate rates. During 2006, we incurred charges of $28 million for termination of a delayed coker project at the Washington refinery. | |
| (d) | During 2009, we issued $300 million in senior notes for general corporate purposes and during 2007 we issued $500 million in senior notes primarily to fund the acquisition of the Los Angeles refinery. Total debt includes capital lease obligations. |
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