8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 2, 2011

Tesoro Corporation

(Exact name of registrant as specified in its charter)

Delaware	1-3473	95-0862768
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

19100 Ridgewood Pkwy San Antonio, Texas	78259-1828
(Address of principal executive offices)	(Zip Code)

(210) 626-6000

(Registrant’s telephone number,

including area code)

Not Applicable

(Former name or former address, if

changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.

Financial information supplemental to the fourth quarter earnings conference call is available on the Company’s website at www.tsocorp.com. The conference call is scheduled on February 3, 2011 at 7:30 a.m. CST.  The financial information supplemental to the conference call is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information above is being furnished, not filed, pursuant to Item 7.01 of Form 8-K. Accordingly, the information in Item 7.01 of this Current Report, including the Slide Presentation, will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.

Item 9.01 Financial Statements and Exhibits.

     (d)   Exhibits.

99.1 Supplemental conference call financial information dated as of February 2, 2011.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 2, 2011

TESORO CORPORATION
By:	/s/ G. SCOTT SPENDLOVE
	G. Scott Spendlove
	Senior Vice President, Chief Financial Officer and Treasurer

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Index to Exhibits

Exhibit Number	Description
99.1	Supplemental conference call financial information dated as of February 2, 2011.

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EX-99.1

Exhibit 99.1

4th Quarter and Full Year 2010

Earnings Slides

February 3, 2011

Forward Looking Statements

This Presentation includes forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements relate to, among other things,
projections ofrefining margins, debt reduction, cash flows and capital expenditures. We
have used the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may,"
"plan," "predict," "project," “should,” "will" and similar terms and phrases to identify
forward-looking statements in this Presentation.

Although we believe the assumptions upon which these forward-looking statements are
based are reasonable, any of these assumptions could prove to be inaccurate and the
forward-looking statements based on these assumptions could be incorrect. Our operations
involve risks and uncertainties, many of which are outside our control, and any one of which,
or a combination of which, could materially affect our results of operations and whether the
forward-looking statements ultimately prove to be correct.

Actual results and trends in the future may differ materially from those suggested or implied
by the forward-looking statements depending on a variety of factors which are described in
greater detail in our filings with the SEC. All future written and oral forward-looking
statements attributable to us or persons acting on our behalf are expressly qualified in their
entirety by the previous statements. We undertake no obligation to update any information
contained herein or to publicly release the results of any revisions to any forward-looking
statements that may be made to reflect events or circumstances that occur, or that we
become aware of, after the date of this Presentation.

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1Q 2011 Guidance

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	Pacific Northwest	Mid- Pacific	Mid- Continent	California
Throughput (mbpd)	125-135	65-75	100-110	245-255
Opex ($/bbl)	$4.30	$3.30	$3.65	$6.55

$ in millions, unless noted	Corporate/System
Refining Depreciation	$95
Corporate Expense Before Depreciation	$38
Interest Expense Before Interest Income	$42

Net Income/(Loss)

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EPS (Diluted)

$ in millions, except per share amounts	4Q 2009	1Q 2010	2Q 2010	3Q 2010	4Q 2010
Refining	$(213)	$(169)	$150	$146	$128
Retail	41	24	30	32	11
Corporate and Unallocated	(50)	(57)	(37)	(49)	(69)
Interest and Financing Costs1	(28)	(37)	(36)	(39)	(43)
Interest Income (Expense) and Other2	1	-	-	4	(14)
Income Tax (Expense) / Benefit	70	84	(40)	(38)	(10)
Net Income / (Loss)	$(179)	$(155)	$67	$56	$3
EPS (Diluted)	$(1.30)	$(1.11)	$0.47	$0.39	$0.02

1 Interest and financing costs include foreign currency gains and losses.

2 Represents net amount of interest income and other expense, as reported.

4Q 2010 Gross Margin Reconciliation

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	$/bbl, unless noted	Reported Gross Margin	LIFO	Hedge1	Revised Gross Margin2
California
	WC 3-2-13	12.77			12.77
	Capture Rate4	96%			97%
	Gross Margin	12.24	-	(0.11)	12.35
Pacific Northwest
	PNW 5-3-1-13	12.79			12.79
	Capture Rate4	114%			119%
	Gross Margin	14.58	-	(0.62)	15.20
Mid-Pacific
	PNW 5-3-1-13	12.79			12.79
	Capture Rate4	37%			40%
	Gross Margin	4.79	-	(0.27)	5.06
Mid-Continent
	G3 3-2-13	9.22			9.22
	Capture Rate4	161%			167%
	Gross Margin	14.88	-	(0.55)	15.43

1 Hedge gains and losses are recorded primarily in the region in which the barrels are received.

2 Reported gross margin per barrel adjusted to exclude the impacts of our 2010 4th Quarter gains/(losses) on derivative positions.

3 For more information and detail on the benchmark crack spreads, please see the ‘Industry Differentials’ document in the Investors section of www.tsocorp.com.

4 Amounts may not recalculate due to rounding.

4Q 2010 Cash Flow

$ in millions

1 Includes $150 million borrowed on the TPSA revolving credit facility, utilized to fund TPSA inventory build during the quarter.

2 Interest paid is net of capitalized interest.

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2

Throughput by Refining Region

Pacific Northwest

Mid-Pacific

Mid-Continent

California

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Operating Expense by Refining Region

Pacific Northwest

Mid-Pacific

Mid-Continent

California

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Stock-Based Compensation

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$ in millions	Q1	Q2	Q3	Q4
Stock options	2	2	1	1
Restricted stock and units	3	5	3	3
Performance units	-	-	1	-
Stock appreciation rights	5	(4)	6	19
Phantom stock	3	(2)	3	7
Total Stock-Based Compensation Expense	13	1	14	30
Change in Tesoro stock price during quarter	$0.35	$ (2.23)	$1.69	$5.18