Tesoro and its petroleum logistics assets MLP Tesoro Logistics LP reported earnings above analysts estimates late Wednesday.
Message Posted: May 1, 2014 11:39:05 AM
Tesoro said first-quarter EPS fell 2.7% to 71 cents per share.
The refiner's operating income fell 11% to to $264 million on weaker margins.
Weaker margins have been a theme for refiners as new pipelines have eased the oil backup in Cushing, Okla., sending more crude flowing to the Gulf of Mexico and making crude more expensive.
Earlier Wednesday Phillips 66 Q1 EPS fell 33% to $1.47...The company cited tightening margins as a reason for the decline in earnings. Phillips 66 shares fell 0.6% Wednesday. Refining giant Valero and U.K. oil major BP also cited narrowing refining margins earlier this week.
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