Tosco earns $286.4 million in second quarter

Refiner and marketer Tosco Corp., Old Greenwich, Conn., said second quarter net income was $286.4 million on total sales of $6.8 billion. In the second quarter 2000, Tosco earned net income of $145 million on sales of $5.6 billion.

July 19, 2001

By the OGJ Online Staff

HOUSTON, July 19 -- Refiner and marketer Tosco Corp., Old Greenwich, Conn., said second quarter net income was $286.4 million on total sales of $6.8 billion.

In the second quarter 2000, Tosco earned $145 million on sales of $5.6 billion.

Special items for the second quarter 2001 include a pretax restructuring charge of $10.5 million and a pretax charge of $35.3 million as a result of the company's pending merger with Phillips Petroleum Co.

Thomas D. O'Malley, Tosco's chairman and CEO, said, "We are extremely pleased to report record earnings in a quarter that may represent our last full quarter as an independent company. ... Refining margins for the first 2 months of the second quarter 2001 were strong, but in June fell rapidly primarily due to a build-up in oil product inventories in the United States."

Tosco expects to complete the merger in the third quarter.