December 3, 1999 |
The new Exxon Mobil Corp. said it agreed to sell 1,740 service stations to Tosco Corp. for $860 million. The move came just two days after Exxon Corp. and Mobil Corp. agreed to a Federal Trade Commission demand that they sell 2,431 stations over the next year as a condition of their merger. Separately, Exxon Mobil said it might eliminate more than the 9,000 jobs the companies had estimated when they announced their merger plans last December.
July 14, 2000 |
Tosco Corp. agreed to buy the Alliance refinery in Louisiana from BP Amoco for $660 million. The refinery can process 250,000 barrels of oil a day into fuels. Tosco, an oil refiner that also operates Circle K convenience stores, expects that Alliance's ability to make cleaner-burning gasoline will boost earnings by 35 cents a share next year. The purchase allows Tosco to replace the Avon refinery near San Francisco, which it agreed to sell last week.
August 15, 1997 |
It's not all cutthroat competition out there. 76 Lubricants Co. says it now gets its basic motor oil supply from Exxon Corp. When it was owned by Unocal, the Costa Mesa-based lubricants company got its raw materials from Unocal refineries. But New Jersey refinery and convenience store operator Tosco Corp. acquired the refineries as part of its $2-billion purchase of Unocal 76 Products Co. and has changed the mix of things being refined.
March 23, 1999 |
Tosco Corp., an oil refiner and the nation's largest operator of company-owned convenience stores, said it has sold about 320 gas stations and convenience stores in the Midwest, Texas, Utah and Colorado for about $125 million to an undisclosed buyer. Tosco, owner of the Circle K chain, said in a statement that the facilities did not meet company rate-of-return criteria and that it will be focusing on those outlets producing the best returns. Tosco, based in Stamford, Conn.
February 8, 2000 |
Oil refiner Tosco Corp. agreed to buy all of Nuevo Energy Co.'s California crude oil production for 15 years to supply its four refineries in the state. Nuevo Energy, a Houston-based oil and natural-gas exploration company, said it expects Tosco to pay about 72% of the New York Mercantile Exchange price for the first four years. Tosco owns Circle K convenience stores and operates gas stations in California under the 76 and BP brands. It will receive about 48,000 barrels of crude oil a day.
October 30, 1997 |
Tosco Corp. is urging the state Air Resources Board to move quickly toward eliminating a smog-reducing gasoline additive because of concerns it could cause widespread contamination of drinking water supplies. The plea by Tosco to stop oil industry usage of methyl tertiary butyl ether, or MTBE, could rock an industry that has invested billions in formulating fuel with the additive to make a federally required "cleaner-burning gasoline."
August 5, 1999 |
Cal/OSHA, the state's worker safety agency, said Wednesday that Tosco Corp. failed to correct hazards that resulted in a fatal fire at its Northern California refinery, and it hit the oil company with record penalties of $810,750. The agency, formally known as the California Department of Industrial Relations' Division of Occupational Safety and Health, said it is still conducting a separate criminal investigation into the Feb.
March 31, 1997 |
Union workers at the four California refineries being acquired by Tosco Corp. have ratified a contract that eliminates more than 100 jobs, ending contentious negotiations but fueling a new round of divisiveness. Representatives of the Oil, Chemical & Atomic Workers union said many of the people being dismissed are either union activists or are in poor health. About 900 union members work at the refineries in Wilmington, Carson, Santa Maria and San Francisco.
November 19, 1996 |
Tosco Corp., formerly a small-time California oil company that nobody wanted but which has since wowed Wall Street by buying money-losing refineries and squeezing profit from them, agreed Monday to buy Unocal Corp.'s refining and marketing operations for more than $1.8 billion. If completed, the deal will instantly make Tosco a big-time player in California and nationally.
March 26, 1997 |
Tosco Corp. had threatened to shut down a refinery near San Francisco if an oil workers union did not accept a contract calling for layoffs of nearly 20% of the union's workers at three refineries that Tosco is buying from Unocal Corp., union leaders said Tuesday.