Tesoro profit jumps
Tesoro Petroleum Corp., operator of Hawaii's largest oil refinery, said its first-quarter profit rose to about 70 cents a share as margins on refined fuels widened and interest expenses declined.
Included in the 70 cents was 2 cents a share in costs for a consent solicitation on $300 million in notes, Texas-based Tesoro said. The company was expected to report first-quarter profit of 43 cents a share, the average estimate from 13 analysts surveyed by Thomson Financial.
The company reported per-share net income of 32 cents in last year's first quarter.
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