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Statements of Consolidated Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 12 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Income Statement [Abstract]          
REVENUES (a) $ 6,463 $ 9,933 [1] $ 40,633 $ 37,601 $ 29,809
COSTS AND EXPENSES:          
Cost of sales (a) 5,340 8,948 [1] 35,691 34,085 26,045
Operating expenses 509 591 [1] 2,402 1,911 1,405
Selling, general and administrative expenses 91 31 342 337 297
Depreciation and amortization expense 179 130 562 489 418
(Gain) loss on asset disposals and impairments 4 (5) 4 24 23
OPERATING INCOME 340 238 [1] 1,632 755 1,621
Interest and financing costs, net (55) [2] (77) [2] (235) [3] (149) [3] (165) [3]
Equity in earnings of equity method investments     10 11 0
Other income (expense), net (1) (1) 57 [4] 63 [4] (26) [4]
EARNINGS BEFORE INCOME TAXES 284 160 1,464 680 1,430
Income tax expense 96 56 547 [5] 246 [6] 527 [7]
NET EARNINGS FROM CONTINUING OPERATIONS 188 104 [1] 917 434 903
Earnings (loss) from discontinued operations, net of tax 0 (1) [1] (29) 20 (133)
NET EARNINGS 188 103 [1] 888 454 770
Less: Net earnings from continuing operations attributable to noncontrolling interest 43 25 45 42 27
NET EARNINGS ATTRIBUTABLE TO TESORO CORPORATION 145 78 [1] 843 412 743
NET EARNINGS (LOSS) ATTRIBUTABLE TO TESORO CORPORATION:          
Continuing operations 145 79 872 392 876
Discontinued operations 0 (1) (29) 20 (133)
Total $ 145 $ 78 [1] $ 843 $ 412 $ 743
NET EARNINGS (LOSS) PER SHARE - BASIC:          
Continuing operations $ 1.17 $ 0.60 $ 6.79 $ 2.90 $ 6.28
Discontinued operations 0.00 (0.01) (0.23) 0.15 (0.95)
Total $ 1.17 $ 0.59 [1],[8] $ 6.56 [8] $ 3.05 [8] $ 5.33 [8]
Weighted average common shares outstanding - Basic 125.2 131.3 128.5 135.0 139.4
NET EARNINGS (LOSS) PER SHARE - DILUTED:          
Continuing operations $ 1.15 $ 0.59 $ 6.67 $ 2.85 $ 6.20
Discontinued operations     (0.23) 0.15 (0.95)
Discontinued operations 0.00 (0.01)      
Total $ 1.15 $ 0.58 [1],[8] $ 6.44 [8] $ 3.00 [8] $ 5.25 [8]
Weighted average common shares outstanding - Diluted 126.9 133.8 130.8 137.3 141.5
DIVIDENDS PER SHARE $ 0.425 $ 0.250 $ 1.10 $ 0.90 $ 0.27
SUPPLEMENTAL INFORMATION:          
(a) Includes excise taxes collected by our marketing segment $ 140 $ 141 $ 581 $ 567 $ 467
[1] The amounts shown above may differ from those previously reported in our quarterly reports on Form 10-Q for the quarter ended March 31, 2013 due to the sale of the Hawaii Business in September 2013 as discussed in Note 4. The results of operations of the Hawaii Business have been presented as discontinued operations for all periods presented.
[2] Includes charges totaling $31 million for premiums and unamortized debt issuance costs associated with the redemption of the 5.50% Senior Notes due 2019 during the three months ended March 31, 2014.
[3] Includes charges totaling $31 million and $10 million for premiums and unamortized debt issuance costs associated with the redemption of the 2019 Notes and 2020 Notes, respectively, during the year ended December 31, 2014.
[4] Includes $59 million in refunds and settlements approved by the CPUC related to rates charged on the crude products pipeline network for the year ended December 31, 2014. Also includes $54 million in refunds from a settlement of a rate proceeding from the CPUC, and the release of a $16 million legal reserve as a result of the favorable settlement of litigation for the year ended December 31, 2013 and accruals related to certain legal matters partially offset by receipts associated with the settlement of a pipeline rate proceeding for the year ended December 31, 2012.
[5] 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.
[6] 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.
[7] 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.
[8] Includes earnings (loss) attributable to Tesoro from continuing and discontinued operations. The sum of four quarters may not equal annual results due to rounding or the quarterly number of shares outstanding.