Processed and formatted by SEC Watch - Visit SECWatch.

com

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 20, 2009

Tesoro Corporation
(Exact name of registrant as specified in its charter)

Delaware 1-3473 95-0862768

(State or other jurisdiction (Commission File Number) (IRS Employer Identification No.)
of incorporation)

300 Concord Plaza Drive

San Antonio, Texas 78216-6999
(Address of principal executive offices) (Zip Code)

(210) 828-8484
(Registrant’s telephone number,
including area code)

Not Applicable
(Former name or former address, if
changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2.):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 Processed and formatted by SEC Watch - Visit SECWatch.com

Item 7.01 Regulation FD Disclosure.

Tesoro Corporation (or the “Company”) held a conference call on February 20, 2009 at 8:00 a.m. CDT, regarding the 2008 fourth quarter and full
year results, including information presented in a slide presentation (the “Slide Presentation”) that is available at www.tsocorp.com. The Slide
Presentation is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The Slide Presentation is being furnished, not filed, pursuant to Item 7.01 of Form 8-K. Accordingly, the information in Item 7.01 of this Current
Report, including the Slide Presentation, will not be incorporated by reference into any registration statement filed by the Company under the
Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.
99.1 Slide Presentation dated as of February 20, 2009.

2
 Processed and formatted by SEC Watch - Visit SECWatch.com

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.

Date: February 20, 2009

TESORO CORPORATION

By: /s/ GREGORY A. WRIGHT

Gregory A. Wright
Executive Vice President, Chief Financial Officer

3
 Processed and formatted by SEC Watch - Visit SECWatch.com

Index to Exhibits

Exh ibit Nu m be r De scription

99.1 Slide Presentation dated as of February 20, 2009.

Exhibit 99.1

Fe br ua r y 20, 2008 4Q 2008 Ea r n i n g s

 Processed and formatted by SEC Watch - Visit SECWatch.com

F o r wa r d L o o k i n g S t a t e m e n t s T h i s P r e s e n t a t i o n i n c l u d e s f o r wa r d - l o o k i n g s t a t e m e n t s wi t h i n t h e m e a n i n g o f t h e P r i v a t e S e c u r i t i e s L i t i g a t i o n Re f o r m Ac t o f 1 9 9 5 . T h e s e s t a t e m e n t s r e l a t e t o , a m o n g o t h e r t h i n g s , p r o j e c t i o n s o f r e f i n i n g m a r g i n s , d e b t r e d u c t i o n , c a s h f l o ws a n d c a p i t a l e x p e n d i t u r e s . W e h a v e u s e d t h e wo r d s " a n t i c i p a t e " , " b e l i e v e " , " c o u l d " , " e s t i m a t e " , " e x p e c t " , " i n t e n d " , " m a y " , " p l a n " , " p r e d i c t " , " p r o j e c t " , " s h o u l d " , " wi l l " a n d s i m i l a r t e r m s a n d p h r a s e s t o i d e n t i f y f o r wa r d - l o o k i n g s t a t e m e n t s i n t h i s P r e s e n t a t i o n . Al t h o u g h we b e l i e v e t h e a s s u m p t i o n s u p o n wh i c h t h e s e f o r wa r d - l o o k i n g s t at em ent s ar e bas ed ar e r eas onabl e, any of t hes e as s um pt i ons
c o u l d p r o v e t o b e i n a c c u r a t e a n d t h e f o r wa r d - l o o k i n g s t a t e m e n t s b a s e d o n t h e s e a s s u m p t i o n s c o u l d b e i n c o r r e c t . Ou r o p e r a t i o n s i n v o l v e r i s k s a n d u n c e r t a i n t i e s , m a n y o f wh i c h a r e o u t s i d e o u r c o n t r o l , a n d a n y o n e o f wh i c h , o r a c o m b i n a t i o n o f wh i c h , c o u l d m a t e r i a l l y a f f e c t o u r r e s u l t s o f o p e r a t i o n s a n d wh e t h e r t h e f o r wa r d - l o o k i n g s t a t e m e n t s u l t i m a t e l y p r o v e t o b e c o r r e c t . Ac t u a l r e s u l t s a n d t r e n d s i n t h e f u t u r e m a y d i f f e r m a t e r i a l l y f r o m t h o s e s u g g e s t e d o r i m p l i e d b y t h e f o r wa r d - l o o k i n g s t a t e m e n t s d e p e n d i n g o n a v a r i e t y o f f a c t o r s wh i c h a r e d e s c r i b e d i n g r e a t e r d e t a i l i n o u r f i l i n g s wi t h t h e S E C. Al l f u t u r e wr i t t e n a n d o r a l f o r wa r d - l o o k i n g s t a t e m e n t s
a t t r i b u t a b l e t o u s o r p e r s o n s a c t i n g o n o u r b e h a l f a r e e x p r e s s l y q u a l i f i e d i n t h e i r e n t i r e t y b y t h e p r e v i o u s s t a t e m e n t s . W e u n d e r t a k e n o o b l i g a t i o n t o u p d a t e a n y i n f o r m a t i o n c o n t a i n e d h e r e i n o r t o p u b l i c l y r e l e a s e t h e r e s u l t s o f a n y r e v i s i o n s t o a n y f o r wa r d - l o o k i n g s t a t e m e n t s t h a t m a y b e m a d e t o r e f l e c t e v e n t s o r c i r c u m s t a n c e s t h a t o c c u r , o r t h a t we b e c o m e a wa r e o f , a f t e r t h e d a t e o f t h i s P r e s e n t a t i o n .
 Processed and formatted by SEC Watch - Visit SECWatch.com

1Q 2009 Gu i d a n c e Pa c i f i c No r t h we s t M i d- Pa c i f i c M i d - Co n t i n e n t Ca l i f o r n i a Th r o u g h p u t ( m bpd) 110- 120 65- 75 95- 105 250- 260 Op e x ( $/ bbl ) $ 5. 00 $ 2. 90 $ 3. 45 $ 7. 20 $ i n m i l l i ons , unl es s not ed Co r p o r a t e / S y s t e m Re f i n i n g De p r e c i a t i o n $ 85 Co r p o r a t e Ex p e n s e $ 45 I nt er es t Ex p e n s e Be f o r e I nt er es t I ncom e $ 25 M ar gi nal Ta x Ra t e ( % ) 39%
 Processed and formatted by SEC Watch - Visit SECWatch.com

Ne t I ncom e 2Q 2007 3Q 2007 1Q 2008 2Q 2008 3Q 2008 4Q 2008 200 47 - 82 4. 464 259 97 Ne t I ncom e 1Q 2008 2Q 2008 3Q 2008 4Q 2008 - 0. 6 0. 03 1. 86 0. 7 2003- 2006 Av e r a g e $ i n m i l l i ons , except per s har e am ount s 1Q 2008 2Q 2008 3Q 2008 4Q 2008 Re f i n i n g $ ( 87) $ 85 $ 476 $ 153 Re t a i l ( 28) ( 11) 34 51 Co r p o r a t e and Un a l l o c a t e d ( 43) ( 47) ( 58) ( 54) I nt er es t and Fi na nc i ng Co s t s ( 24) ( 29) ( 30) ( 28) I nt er es t I ncom e and Ot h e r 47 5 3 2 Ne t For e i gn Cu r r e n c y ( Lo s s ) / Ga i n ( 3) ( 5) - 20 I ncom e Ta x ( Pr ovi s i on) / Be n e f i t 56 6 ( 166) ( 47) Ne t I ncom e $ ( 82) $ 4 $ 259 $ 97 E P S ( Di l u t e d ) $ ( 0. 60) $ 0. 03 $ 1. 86 $ 0. 70 E P S ( Di l u t e d )
 Processed and formatted by SEC Watch - Visit SECWatch.com

4Q 2008 Se gm e nt Op e r a t i n g I ncom e Br i d g e 3Q 2008 M ar ket En v i r o n m e n t LI F O I m p a c t W hol es al e and Re t a i l M ar ket i ng Ot h e r 4Q 2008 Op I ncom e 510 336 260 224 204 204 Br i d g e 174 76 36 20 $ i n m i l l i ons
 Processed and formatted by SEC Watch - Visit SECWatch.com

2008 Ca s h F l o w Av a i l a b l e Ca s h Ca p e x Re v o l v e r and De b t Re p a y m e n t Di v i d e n d and Ot h e r En d i n g Ca s h Ca s h Fl ow 23 129 73 20 20 716 650 56 53 As s e t Sa l e s 40 Be g i n n i n g Ca s h 23 Op e r a t i n g Ca s h Fl ow 716 As s e t Sa l e s 40 $ i n m i l l i ons

 Processed and formatted by SEC Watch - Visit SECWatch.com

4 Q 2 0 0 8 Gr o s s M a r g i n Re c o n c i l i a t i o n $ / b b l , u n l e s s n o t e d Re p o r t e d Gr o s s M a r g i n L I F O He d g e * Re v i s e d Gr o s s M a r g i n * * Ca l i f o r n i a Ca l i f o r n i a W C 3 - 2 - 1 * * * $ 1 1 . 0 3 $ 1 1 . 0 3 Ca p t u r e Ra t e * * * * 1 2 4 % 8 5 % Gr o s s M a r g i n $ 1 3 . 6 6 $ 1 . 6 6 $ 2 . 6 4 $ 9 . 3 6 P a c i f i c No r t h we s t P a c i f i c No r t h we s t P NW 5 - 3 - 1 - 1 * * * $ 9 . 1 5 $ 9 . 1 5 Ca p t u r e Ra t e * * * * 2 0 % ( 6 ) % Gr o s s M a r g i n $ 1 . 8 3 $ 1 . 5 4 $ 0 . 8 8 $( 0. 59) M i d- Pa c i f i c M i d - P a c i f i c P NW 5- 3- 1- 1*** $9. 15 $9. 15 Ca p t u r e Ra t e * * * * 253% 346% Gr o s s M ar gi n $23. 14 $( 9. 81) $1. 28 $31. 67 M i d - Co n t i n e n t M i d - Co n t i n e n t G3 3- 2- 1*** $6. 27 $6. 27 Ca p t u r e Ra t e * * * * 268% 270% Gr o s s M ar gi n $16. 82 $( 0. 72) $0. 59 $16. 95 * He d g e gai ns and l os s es ar e r ecor ded pr i m ar i l y i n t he r egi on
i n wh i c h t h e b a r r e l s a r e r e c e i v e d . * * Re p o r t e d g r o s s m a r g i n p e r b a r r e l adj us t ed t o excl ude t h e i m p a c t s o f o u r 2 0 0 8 4 t h Qu a r t e r L I F O i m p a c t s a n d g a i n s o n d e r i v a t i v e p o s i t i o n s . * * * F o r m o r e i n f o r m a t i o n a n d d e t a i l o n t h e b e n c h m a r k c r a c k s p r e a d s , p l e a s e s e e t h e 'I n d u s t r y Di f f e r e n t i a l s ' d o c u m e n t i n t h e I n v e s t o r s s e c t i o n o f www. t s o c o r p . c o m * * * * Am o u n t s m ay not r ecal cul at e due t o r oundi ng.
 Processed and formatted by SEC Watch - Visit SECWatch.com

Th r o u g h p u t By Re f i n i n g Re g i o n 4Q 2007 4Q 2008 Gu i d a n c e 4Q 2008 Ac t u a l 2007 Pl a nne d 180 150 138 Pa c i f i c No r t h we s t M i d- Pa c i f i c M i d - Co n t i n e n t Ca l i f o r n i a 4Q 2007 4Q 2008 Gu i d a n c e 4Q 2008 Ac t u a l 2007 Pl a nne d 111 110 100 4Q 2007 4Q 2008 Gu i d a n c e 4Q 2008 Ac t u a l 2007 Pl a nne d 74 65 66 4Q 2007 4Q 2008 Gu i d a n c e 4Q 2008 Ac t u a l 2007 Pl a nne d 274 260 251
 Processed and formatted by SEC Watch - Visit SECWatch.com

Op e r a t i n g Ex p e n s e By Re f i n i n g Re g i o n 4Q 2007 4Q 2008 Gu i d a n c e 4Q 2008 Ac t u a l 2007 Pl a nne d 7. 01 7. 15 6. 13 Pa c i f i c No r t h we s t M i d- Pa c i f i c M i d - Co n t i n e n t Ca l i f o r n i a 4Q 2007 4Q 2008 Gu i d a n c e 4Q 2008 Ac t u a l 2007 Pl a nne d 2. 9 2. 85 3. 52 4Q 2007 4Q 2008 Gu i d a n c e 4Q 2008 Ac t u a l 2007 Pl a nne d 3. 55 4. 05 4. 19 4Q 2007 4Q 2008 Gu i d a n c e 4Q 2008 Ac t u a l 2007 Pl a nne d 3. 32 3. 45 3. 5