Through name change, Andeavor takes Tesoro over

By Luke Geiver | June 13, 2017

Starting in August, Tesoro Corp. and Tesoro Logistics LP will be operating under a new name. The oil refining, marketing and logistics companies are changing their names to Andeavor and Andeavor Logistics LP, respectively. The publicly-traded, San Antonio-based companies will change their ticker symbols to ANDV and ANDX. Retail fuel stations currently operating under the Tesoro brand will continue to do so.

The name change for the company comes at a pivotal moment in Tesoro’s history. The billion-dollar-plus acquisition of Western Refining supplants the company as a major refiner in the U.S. “We are announcing a new name to reflect the company’s ongoing transformations,” said Greg Goff, chairman, president and CEO. “The change to Andeavor acknowledges the significant progress we’ve made in becoming a premier refining, marketing and logistics company.”

In March, Western Refining told investors it was negotiating with Permian oil producers regarding the construction of new oil gathering lines. In 2016, WRL acquired assets in Minnesota capable of handling or processing Bakken crude.

Tesoro currently owns and operates two Bakken-based refineries.

The company started as an exploration and production firm focused in Alaska in the 1960s. In the 90s, Tesoro shifted its focus to refining and marketing of crude. Although the name of the company is changing, Goff said the team will still follow its same strategies and guiding principles. “We will continue to focus on optimizing our highly integrated refining, marketing and logistics system,” he said.

According to the company, the word Andeavor was custom-created and reflects the transformational journey of Tesoro and its hopes to continue evolving.