SAN ANTONIO -- Tesoro Corp. has announced that it has completed the purchase of the USA gasoline brand and 138 operating gas stations from Thousand Oaks, Calif.-based USA Petroleum Corp.
Tesoro assumed operational control of the retail assets effective yesterday.
The company used cash on hand to fund the $273 million purchase price, which included $6.5 estimate million for inventories.
The 138 operating retail stations include 130 stations in California, six stations in the Pacific Northwest and two truckstops [image-nocss] in New Mexico. These high-volume stations average 185,000 gallons per month, and most include the underlying real estate, contributing to the high value of the sites.
Also, Tesoro's board has approved a two-for-one stock split, payable by means of a stock dividend on the company's common stock. The stock split is for shareholders of record as of May 14, 2007, and shares will be distributed on or about May 29, 2007. Holders of record of the company's common stock on the record date will receive one additional share of common stock for each share of common stock they own.
San Antonio-based Tesoro is an independent refiner and marketer of petroleum products that operates six refineries in the western United States with a combined capacity of approximately 560,000 barrels per day. Tesoro's retail-marketing system includes more than 600 branded retail stations, of which more than 325 are company owned and operated under the Tesoro, Mirastar and USA brands.
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