XML 61 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Statements of Consolidated Operations and Comprehensive Income (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Income Statement [Abstract]        
REVENUES (a) $ 8,105 $ 7,963 $ 15,925 $ 14,489
COSTS AND EXPENSES:        
Cost of sales (a) 6,885 6,985 14,053 12,720
Operating expenses 377 372 724 743
Selling, general and administrative expenses 47 27 109 122
Depreciation and amortization expense 109 106 212 209
Loss on asset disposals and impairments 6 54 12 57
OPERATING INCOME 681 [1] 419 [1] 815 [1] 638 [1]
Interest and financing costs (34) (60) (70) (103)
Other expense, net (18) [2] 0 [2] (17) [2] 0 [2]
Foreign currency exchange loss (1) (2) (1) (1)
EARNINGS BEFORE INCOME TAXES 628 357 727 534
Income tax expense 235 [3] 135 [4] 272 [4] 205 [3]
NET EARNINGS 393 222 455 329
Less net income attributable to noncontrolling interest 6 4 12 4
NET EARNINGS ATTRIBUTABLE TO TESORO CORPORATION 387 218 443 325
NET EARNINGS PER SHARE:        
Basic (dollars per share) $ 2.77 $ 1.54 $ 3.18 $ 2.29
Diluted (dollars per share) $ 2.75 $ 1.52 $ 3.14 $ 2.26
WEIGHTED AVERAGE COMMON SHARES:        
Basic (shares) 139.6 142.6 139.5 142.1
Diluted (shares) 140.5 144.4 141.2 144.2
COMPREHENSIVE INCOME        
Total comprehensive income 393 222 455 329
Less noncontrolling interest in comprehensive income 6 4 12 4
COMPREHENSIVE INCOME ATTRIBUTABLE TO TESORO CORPORATION 387 218 443 325
SUPPLEMENTAL INFORMATION:        
(a) Includes excise taxes collected by our retail segment (excluding credits) $ 112 $ 92 $ 211 $ 183
[1] Includes $37 million in business interruption and property damage recoveries for the three and six months ended June 30, 2011.
[2] Includes accruals related to certain legal matters partially offset by receipts associated with the settlement of a pipeline rate proceeding for the three and six months ended June 30, 2012.
[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 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.