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Over the past 11 years, Tosco has transformed itself, through the acquisition of 8 refineries and 6,300 retail gasoline stations.
Tosco wanted to reintegrate the end customer so it could offer products with a higher margin than gasoline.
Tosco, for example, buys $10 billion worth of crude every year, which is subject to market price shifts; at a single refinery, operating costs can run $100 million per year, or one-fourth of its pretax earnings.
The acquisition will give Tosco a refining capacity of 950,000 barrels of petroleum products daily and retail fuel sales of 12 million gallons daily.
Prior to the 1995 Tosco lease agreement, CWE, through Brown Bear, contributed to over 200 charities and community causes each year and sponsored the Brown Bear exhibit in the award winning Northern Trail section of the Woodland Park Zoo.
Tosco also operates a refinery in the New York area, has offered tugboats to assist in the rescue and cleanup efforts, and members of the facility's rescue squad have volunteered to go to the scene to assist in the search and rescue efforts.
The remaining terms of the original Tosco indentures are otherwise unchanged, and the terms of the debt securities are unaffected by the addition of the Phillips guarantees.
The Tosco acquisition is positive from an operational viewpoint as Phillips' upstream presence complements Tosco's strong downstream operations.
Holders of Trust Preferred Securities have the right to convert any or all of their Trust Preferred Securities into Common Stock of Tosco Corporation at the conversion price of $32.
Nimbley currently is senior vice president of refinery operations for Tosco Refining.
Completion of the Tosco acquisition, which will position the
Tosco Corporation said today that it supports the new requirements for massive sulfur reductions in on-road diesel fuel announced December 21, 2000 by the Environmental Protection Agency (EPA).