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Statements of Consolidated Operations (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
REVENUES $ 30,303 $ 20,583 $ 16,872
COSTS AND EXPENSES:      
Cost of sales (a) 27,007 18,251 14,739
Operating expenses 1,495 1,474 1,469
Selling, general and administrative expenses 237 242 221
Depreciation and amortization expense 417 422 426
Loss on asset disposals and impairments 67 54 74
OPERATING INCOME (LOSS) 1,080 [1],[2] 140 [1],[2] (57) [2]
Interest and financing costs (177) (157) (130)
Interest income 2 3 4
Foreign currency exchange gain (loss) (2) 2 (5)
Other income (expense) 2 (13) 0
EARNINGS (LOSS) BEFORE INCOME TAXES 905 (25) (188)
Income tax expense (benefit) 342 [3] 4 [4] (48)
NET EARNINGS (LOSS) 563 [5] (29) [5] (140)
Less net income attributable to noncontrolling interest 17 0 0
NET EARNINGS (LOSS) ATTRIBUTABLE TO TESORO CORPORATION 546 (29) (140)
NET EARNINGS (LOSS) PER SHARE:      
Basic $ 3.86 [6] $ (0.21) [6] $ (1.01)
Diluted $ 3.81 [6] $ (0.21) [6] $ (1.01)
WEIGHTED AVERAGE COMMON SHARES:      
Basic 141.4 140.6 138.2
Diluted 143.3 140.6 138.2
DIVIDENDS PER SHARE $ 0.00 $ 0.00 $ 0.35
SUPPLEMENTAL INFORMATION:      
(a) Includes excise taxes collected by our retail segment $ 376 $ 330 $ 283
[1] Includes impairment charges related to the change in scope of a capital project at our Los Angeles refinery of $48 million and $20 million, for the three months ended June 30, 2011 and March 31, 2010, respectively. Also includes a $48 million gain for the three months ended June 30, 2010, from the elimination of postretirement life insurance benefits for current and future retirees.
[2] Includes a $48 million gain for the year ended December 31, 2010, from the elimination of postretirement life insurance benefits for current and future retirees.
[3] The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from corporate subsidiaries, but does include the tax effect of the corporate partners' share of partnership income.
[4] The income tax expense (benefit) reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.
[5] Includes $37 million and $67 million in insurance recoveries related to the April 2, 2010 incident at our Washington refinery for the three months ended June 30, 2011 and December 31, 2010, respectively.
[6] The sum of four quarters may not equal annual results due to rounding or quarterly number of shares outstanding.