EXHIBIT 99.1
![(TESORO PETROLEUM CORPORATION)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d957601.gif)
Howard Weil Energy Conference Tesoro Petroleum Corporation April 9, 2002 New Orleans, LA Bruce A. Smith |
![(TESORO TRANSFORMATION)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d957602.gif)
TESORO TRANSFORMATION – Over past 12 months, Tesoro has been transformed by its growth strategy |
![(TESORO TRANSFORMATION - APRIL 2001)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d957603.gif)
TESORO TRANSFORMATION [MAP] |
![(TESORO TRANSFORMATION - APRIL 2002)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d957604.gif)
TESORO TRANSFORMATION [MAP] |
![(TESORO TRANSFORMATION - CONTINUED)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d957605.gif)
TESORO TRANSFORMATION | |||||
Core Market Refining Capacity(a) (Thousand of Barrels Per Day) | |||||
Chevron Texaco | 584 | ||||
Tesoro(c) | 558 | ||||
Golden Eagle 2001 UT & ND 1998 HI & WA AK | |||||
Phillips Conoco | 505 | ||||
BP Amoco | 483 | ||||
Shell(b) | 467 | ||||
Koch | 290 | ||||
Valero(c) | 235 | ||||
Williams | 210 | ||||
Exxon Mobil | 207 | ||||
Frontier | 146 | ||||
(a) Includes PADD V, PADD IV, ND, SD, NE, KS, NM, MN | |||||
(b) Includes Equilon assets | |||||
(c) Reflects Golden Eagle transaction | |||||
SOURCE: Base data derived from Oil and Gas Journal, December 21, 2001 |
![($1.125 BILLION FINANCING SUMMARY)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d957606.gif)
$1.125 BILLION FINANCING SUMMARY – Increased common shares outstanding by 23 million shares to a total of 64 million |
![(CAPITALIZATION)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d957607.gif)
CAPITALIZATION |
BEFORE | NEW | AFTER | ||||||||||
REVOLVER | $ | — | 54.3 | 54.3 | ||||||||
TERM LOAN A | 175.0 | 75.0 | 250.0 | |||||||||
TERM LOAN B | 450.0 | 300.0 | 750.0 | |||||||||
SR. SUB NOTES | 512.6 | 450.0 | 962.6 | |||||||||
OTHER | 9.3 | — | 9.3 | |||||||||
TOTAL DEBT | 1,146.9 | 879.3 | 2,026.2 | |||||||||
SHAREHOLDER’S EQUITY | 757.0 | 244.9 | 1,001.9 | |||||||||
TOTAL CAPITALIZATION | $ | 1,903.9 | 1,124.2 | 3,028.1 | ||||||||
![(PURCHASE PRICE COMPARISON)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d957608.gif)
PURCHASE PRICE COMPARISON – $1.125 billion purchase price |
![(PURCHASE PRICE COMPARISON - CONTINUED)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d957609.gif)
PURCHASE PRICE COMPARISON $ millions | ||||||
UDS+VLO | ||||||
REFINERY | ||||||
ASSETS | $ | 650 | ||||
EARNOUT | 150 | |||||
CAPEX | 260 | |||||
TOTAL REFINERY | $ | 1,060 | ||||
INVENTORY | $ | 150 | ||||
TOTAL | $ | 1,210 | ||||
TSO | ||||
REFINERY & 70 RETAIL SITES | $ | 995 | ||
INVENTORY (est) | $ | 130 | ||
SUB TOTAL | $ | 1,125 | ||
VALUE OF 70 RETAIL SITES | $ | (? | ) | |
TOTAL | $ | <1,125 | ||
![(MARKET FUNDAMENTALS)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576010.gif)
Market |
![(GASOLINE DEMAND CONTINUES TO GROW)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576011.gif)
GASOLINE DEMAND CONTINUES TO GROW Gasoline Demand (millions of barrels per day) | ||||||||||||||||||||||||||||||||||||
85 | 86 | 87 | 88 | 89 | 90 | 91 | 92 | 93 | 94 | 95 | 96 | 97 | 98 | 99 | 00 | 01 | ||||||||||||||||||||
Gasoline | 7.195 | 7.293 | 7.432 | 7.493 | 7.538 | 7.599 | 7.384 | 7.202 | 7.657 | 7.738 | 7.899 | 8.032 | 8.179 | 8.393 | 8.66 | 8.721 | ||||||||||||||||||||
FUEL EFFICIENCY (mpg) | 14.6 | 14.7 | 15.1 | 15.6 | 15.9 | 16.4 | 16.9 | 16.9 | 16.7 | 16.7 | 16.8 | 16.9 | 17 | 16.9 | 16.7 | |||||||||||||||||||||
VEHICLE MILES DRIVEN (billions) | 1,775 | 1,835 | 1,921 | 2,026 | 2,097 | 2,145 | 2,173 | 2,247 | 2,297 | 2,358 | 2,422 | 2,484 | 2,562 | 2,625 | 2,692 | 2,750 | ||||||||||||||||||||
Source: DOE, API |
![(FEWER REFINERIES)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576012.gif)
FEWER REFINERIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Refinery Count | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
85 | 86 | 87 | 88 | 89 | 90 | 91 | 92 | 93 | 94 | 95 | 96 | 97 | 98 | 99 | 00 | 01 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
US Refinery Count | 223 | 216 | 219 | 213 | 204 | 205 | 202 | 193 | 180 | 179 | 172 | 169 | 156 | 156 | 155 | 153 | 151 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Source: Oil & Gas Journal |
![(HIGHER UTILIZATION)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576013.gif)
HIGHER UTILIZATION | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Refinery Capacity (millions of barrels per day) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
85 | 86 | 87 | 88 | 89 | 90 | 91 | 92 | 93 | 94 | 95 | 96 | 97 | 98 | 99 | 00 | 01 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
CAPACITY | 15.6 | 15.5 | 15.6 | 15.8 | 15.7 | 15.5 | 15.6 | 15.5 | 15.3 | 15.1 | 15.3 | 15.4 | 15.5 | 15.7 | 16.0 | 16.5 | 16.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
UTILIZATION | 77.8 | 82.7 | 82.7 | 84.5 | 86.6 | 87.4 | 85.7 | 87.4 | 90.6 | 92.4 | 92.5 | 92.6 | 94.7 | 95.2 | 94.1 | 92.5 | 92.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Source: API |
![(FRAGMENTING MARKETS)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576014.gif)
FRAGMENTING MARKETS [MAP] SOURCE: Environmental Protection Agency |
![(SUPPLIES CONTINUE TO TIGHTEN)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576015.gif)
SUPPLIES CONTINUE TO TIGHTEN | |||||||||
Days Supply (52-week rolling average) | |||||||||
GASOLINE | DIESEL | ||||||||
30-Dec-85 | 32.8 | 41.3 | |||||||
06-Jan-86 | 32.6 | 41.0 | |||||||
13-Jan-86 | 32.6 | 41.0 | |||||||
20-Jan-86 | 32.6 | 41.1 | |||||||
27-Jan-86 | 32.6 | 40.9 | |||||||
03-Feb-86 | 32.6 | 41.0 | |||||||
10-Feb-86 | 32.6 | 41.0 | |||||||
17-Feb-86 | 32.7 | 40.9 | |||||||
24-Feb-86 | 32.7 | 40.7 | |||||||
03-Mar-86 | 32.7 | 40.6 | |||||||
10-Mar-86 | 32.8 | 40.4 | |||||||
17-Mar-86 | 32.7 | 40.3 | |||||||
24-Mar-86 | 32.7 | 40.3 | |||||||
31-Mar-86 | 32.6 | 40.3 | |||||||
07-Apr-86 | 32.6 | 40.2 | |||||||
14-Apr-86 | 32.5 | 40.2 | |||||||
21-Apr-86 | 32.6 | 40.3 | |||||||
28-Apr-86 | 32.5 | 40.1 | |||||||
05-May-86 | 32.5 | 40.1 | |||||||
12-May-86 | 32.4 | 40.0 | |||||||
19-May-86 | 32.5 | 39.8 | |||||||
26-May-86 | 32.5 | 39.7 | |||||||
02-Jun-86 | 32.4 | 39.7 | |||||||
09-Jun-86 | 32.5 | 39.7 | |||||||
16-Jun-86 | 32.5 | 39.7 | |||||||
23-Jun-86 | 32.6 | 39.7 | |||||||
30-Jun-86 | 32.5 | 39.5 | |||||||
07-Jul-86 | 32.5 | 39.4 | |||||||
14-Jul-86 | 32.5 | 39.3 | |||||||
21-Jul-86 | 32.4 | 38.9 | |||||||
28-Jul-86 | 32.3 | 39.2 | |||||||
04-Aug-86 | 32.3 | 39.1 | |||||||
11-Aug-86 | 32.2 | 39.1 | |||||||
18-Aug-86 | 32.2 | 39.3 | |||||||
25-Aug-86 | 32.2 | 39.4 | |||||||
[TABLE CONTINUED BELOW] |
[TABLE CONTINUED FROM ABOVE] | |||||||||
01-Sep-86 | 32.1 | 39.5 | |||||||
08-Sep-86 | 32.1 | 39.9 | |||||||
15-Sep-86 | 32.2 | 40.0 | |||||||
22-Sep-86 | 32.2 | 40.3 | |||||||
29-Sep-86 | 32.2 | 40.6 | |||||||
06-Oct-86 | 32.2 | 40.8 | |||||||
13-Oct-86 | 32.1 | 41.0 | |||||||
20-Oct-86 | 32.2 | 41.1 | |||||||
27-Oct-86 | 32.1 | 41.3 | |||||||
03-Nov-86 | 32.1 | 41.6 | |||||||
10-Nov-86 | 32.2 | 41.8 | |||||||
17-Nov-86 | 32.1 | 41.7 | |||||||
24-Nov-86 | 32.2 | 41.7 | |||||||
01-Dec-86 | 32.1 | 41.6 | |||||||
08-Dec-86 | 32.1 | 41.9 | |||||||
15-Dec-86 | 32.1 | 41.9 | |||||||
22-Dec-86 | 32.1 | 42.0 | |||||||
29-Dec-86 | 32.1 | 42.1 | |||||||
05-Jan-87 | 32.3 | 42.2 | |||||||
12-Jan-87 | 32.3 | 42.3 | |||||||
19-Jan-87 | 32.3 | 42.2 | |||||||
26-Jan-87 | 32.3 | 42.2 | |||||||
02-Feb-87 | 32.4 | 42.2 | |||||||
09-Feb-87 | 32.5 | 42.3 | |||||||
16-Feb-87 | 32.5 | 42.3 | |||||||
23-Feb-87 | 32.5 | 42.5 | |||||||
02-Mar-87 | 32.5 | 42.5 | |||||||
09-Mar-87 | 32.6 | 42.6 | |||||||
16-Mar-87 | 32.6 | 42.8 | |||||||
23-Mar-87 | 32.7 | 42.9 | |||||||
30-Mar-87 | 32.8 | 43.1 | |||||||
06-Apr-87 | 32.9 | 43.1 | |||||||
13-Apr-87 | 33.1 | 43.2 | |||||||
20-Apr-87 | 33.2 | 43.2 | |||||||
27-Apr-87 | 33.2 | 43.2 | |||||||
04-May-87 | 33.2 | 43.3 | |||||||
11-May-87 | 33.2 | 43.3 | |||||||
18-May-87 | 33.2 | 43.4 | |||||||
25-May-87 | 33.2 | 43.4 | |||||||
01-Jun-87 | 33.2 | 43.3 | |||||||
08-Jun-87 | 33.2 | 43.3 | |||||||
15-Jun-87 | 33.1 | 43.3 | |||||||
22-Jun-87 | 33.1 | 43.2 | |||||||
29-Jun-87 | 33.2 | 43.2 | |||||||
06-Jul-87 | 33.1 | 43.2 | |||||||
13-Jul-87 | 33.1 | 43.1 | |||||||
20-Jul-87 | 33.1 | 43.3 | |||||||
27-Jul-87 | 33.1 | 42.9 | |||||||
03-Aug-87 | 33.2 | 42.8 | |||||||
10-Aug-87 | 33.2 | 42.9 | |||||||
17-Aug-87 | 33.3 | 42.8 | |||||||
24-Aug-87 | 33.2 | 42.8 | |||||||
31-Aug-87 | 33.2 | 42.5 | |||||||
07-Sep-87 | 33.2 | 42.2 | |||||||
14-Sep-87 | 33.1 | 42.2 | |||||||
21-Sep-87 | 33.0 | 41.9 | |||||||
28-Sep-87 | 33.1 | 41.6 | |||||||
05-Oct-87 | 33.1 | 41.5 | |||||||
12-Oct-87 | 33.0 | 41.2 | |||||||
19-Oct-87 | 33.0 | 41.0 | |||||||
26-Oct-87 | 33.0 | 40.8 | |||||||
02-Nov-87 | 33.0 | 40.4 | |||||||
09-Nov-87 | 32.9 | 40.3 | |||||||
16-Nov-87 | 32.9 | 40.3 | |||||||
23-Nov-87 | 32.9 | 40.2 | |||||||
30-Nov-87 | 32.9 | 40.0 | |||||||
07-Dec-87 | 32.9 | 39.7 | |||||||
14-Dec-87 | 32.9 | 39.6 | |||||||
21-Dec-87 | 32.8 | 39.5 | |||||||
28-Dec-87 | 32.7 | 39.5 | |||||||
04-Jan-88 | 32.7 | 39.3 | |||||||
11-Jan-88 | 32.6 | 39.1 | |||||||
18-Jan-88 | 32.6 | 39.1 | |||||||
25-Jan-88 | 32.4 | 38.9 | |||||||
01-Feb-88 | 32.4 | 38.9 | |||||||
08-Feb-88 | 32.2 | 38.7 | |||||||
15-Feb-88 | 32.2 | 38.6 | |||||||
22-Feb-88 | 32.2 | 38.6 | |||||||
29-Feb-88 | 32.1 | 38.5 | |||||||
07-Mar-88 | 32.0 | 38.5 | |||||||
14-Mar-88 | 32.0 | 38.4 | |||||||
21-Mar-88 | 31.9 | 38.2 | |||||||
28-Mar-88 | 31.8 | 37.9 | |||||||
04-Apr-88 | 31.7 | 37.8 | |||||||
11-Apr-88 | 31.6 | 37.8 | |||||||
18-Apr-88 | 31.5 | 37.6 | |||||||
25-Apr-88 | 31.6 | 37.6 | |||||||
02-May-88 | 31.6 | 37.5 | |||||||
09-May-88 | 31.6 | 37.6 | |||||||
16-May-88 | 31.6 | 37.5 | |||||||
23-May-88 | 31.6 | 37.4 | |||||||
30-May-88 | 31.6 | 37.5 | |||||||
06-Jun-88 | 31.5 | 37.6 | |||||||
13-Jun-88 | 31.5 | 37.6 | |||||||
20-Jun-88 | 31.5 | 37.7 | |||||||
27-Jun-88 | 31.4 | 37.7 | |||||||
04-Jul-88 | 31.4 | 37.9 | |||||||
11-Jul-88 | 31.3 | 37.8 | |||||||
18-Jul-88 | 31.3 | 37.8 | |||||||
25-Jul-88 | 31.2 | 37.8 | |||||||
01-Aug-88 | 31.2 | 37.9 | |||||||
08-Aug-88 | 31.2 | 37.9 | |||||||
15-Aug-88 | 31.1 | 37.8 | |||||||
22-Aug-88 | 31.1 | 37.6 | |||||||
29-Aug-88 | 31.1 | 37.6 | |||||||
05-Sep-88 | 31.0 | 37.7 | |||||||
12-Sep-88 | 30.9 | 37.7 | |||||||
19-Sep-88 | 30.9 | 37.8 | |||||||
26-Sep-88 | 31.0 | 37.7 | |||||||
03-Oct-88 | 30.9 | 37.7 | |||||||
10-Oct-88 | 30.9 | 37.7 | |||||||
17-Oct-88 | 30.8 | 37.7 | |||||||
24-Oct-88 | 30.8 | 37.8 | |||||||
31-Oct-88 | 30.8 | 37.8 | |||||||
07-Nov-88 | 30.7 | 37.5 | |||||||
14-Nov-88 | 30.7 | 37.6 | |||||||
21-Nov-88 | 30.7 | 37.7 | |||||||
28-Nov-88 | 30.6 | 37.6 | |||||||
05-Dec-88 | 30.6 | 37.5 | |||||||
12-Dec-88 | 30.6 | 37.5 | |||||||
19-Dec-88 | 30.5 | 37.4 | |||||||
26-Dec-88 | 30.6 | 37.2 | |||||||
02-Jan-89 | 30.5 | 37.2 | |||||||
09-Jan-89 | 30.5 | 37.1 | |||||||
16-Jan-89 | 30.5 | 37.1 | |||||||
23-Jan-89 | 30.5 | 37.1 | |||||||
30-Jan-89 | 30.4 | 37.0 | |||||||
06-Feb-89 | 30.5 | 37.1 | |||||||
13-Feb-89 | 30.5 | 37.0 | |||||||
20-Feb-89 | 30.6 | 36.9 | |||||||
27-Feb-89 | 30.6 | 36.9 | |||||||
06-Mar-89 | 30.6 | 36.8 | |||||||
13-Mar-89 | 30.6 | 36.9 | |||||||
20-Mar-89 | 30.7 | 36.9 | |||||||
27-Mar-89 | 30.7 | 36.9 | |||||||
03-Apr-89 | 30.6 | 36.9 | |||||||
10-Apr-89 | 30.6 | 36.8 | |||||||
17-Apr-89 | 30.6 | 36.9 | |||||||
24-Apr-89 | 30.5 | 36.9 | |||||||
01-May-89 | 30.5 | 36.8 | |||||||
08-May-89 | 30.5 | 36.8 | |||||||
15-May-89 | 30.5 | 36.9 | |||||||
22-May-89 | 30.5 | 36.8 | |||||||
29-May-89 | 30.5 | 36.8 | |||||||
[TABLE CONTINUED BELOW] |
[TABLE CONTINUED FROM ABOVE] | |||||||||
05-Jun-89 | 30.4 | 36.6 | |||||||
12-Jun-89 | 30.4 | 36.5 | |||||||
19-Jun-89 | 30.4 | 36.4 | |||||||
26-Jun-89 | 30.4 | 36.4 | |||||||
03-Jul-89 | 30.4 | 36.2 | |||||||
10-Jul-89 | 30.4 | 36.4 | |||||||
17-Jul-89 | 30.5 | 36.3 | |||||||
24-Jul-89 | 30.6 | 36.2 | |||||||
31-Jul-89 | 30.6 | 36.2 | |||||||
07-Aug-89 | 30.5 | 36.0 | |||||||
14-Aug-89 | 30.6 | 35.9 | |||||||
21-Aug-89 | 30.6 | 35.9 | |||||||
28-Aug-89 | 30.6 | 35.8 | |||||||
04-Sep-89 | 30.5 | 35.5 | |||||||
11-Sep-89 | 30.6 | 35.4 | |||||||
18-Sep-89 | 30.5 | 35.2 | |||||||
25-Sep-89 | 30.6 | 35.3 | |||||||
02-Oct-89 | 30.6 | 35.2 | |||||||
09-Oct-89 | 30.6 | 35.0 | |||||||
16-Oct-89 | 30.7 | 35.1 | |||||||
23-Oct-89 | 30.8 | 35.0 | |||||||
30-Oct-89 | 30.8 | 35.0 | |||||||
06-Nov-89 | 30.8 | 35.0 | |||||||
13-Nov-89 | 30.8 | 34.9 | |||||||
20-Nov-89 | 30.8 | 34.8 | |||||||
27-Nov-89 | 30.9 | 34.7 | |||||||
04-Dec-89 | 30.8 | 34.6 | |||||||
11-Dec-89 | 30.8 | 34.5 | |||||||
18-Dec-89 | 30.9 | 34.3 | |||||||
25-Dec-89 | 30.8 | 34.0 | |||||||
01-Jan-90 | 30.7 | 33.9 | |||||||
08-Jan-90 | 30.6 | 33.9 | |||||||
15-Jan-90 | 30.7 | 34.0 | |||||||
22-Jan-90 | 30.7 | 34.0 | |||||||
29-Jan-90 | 30.6 | 34.2 | |||||||
05-Feb-90 | 30.6 | 34.3 | |||||||
12-Feb-90 | 30.6 | 34.4 | |||||||
19-Feb-90 | 30.6 | 34.5 | |||||||
26-Feb-90 | 30.6 | 34.6 | |||||||
05-Mar-90 | 30.7 | 34.7 | |||||||
12-Mar-90 | 30.6 | 34.7 | |||||||
19-Mar-90 | 30.6 | 34.8 | |||||||
26-Mar-90 | 30.6 | 34.9 | |||||||
02-Apr-90 | 30.6 | 34.9 | |||||||
09-Apr-90 | 30.6 | 34.9 | |||||||
16-Apr-90 | 30.6 | 34.9 | |||||||
23-Apr-90 | 30.6 | 34.8 | |||||||
30-Apr-90 | 30.6 | 34.8 | |||||||
07-May-90 | 30.5 | 34.8 | |||||||
14-May-90 | 30.5 | 34.9 | |||||||
21-May-90 | 30.5 | 35.0 | |||||||
28-May-90 | 30.6 | 35.0 | |||||||
04-Jun-90 | 30.6 | 35.0 | |||||||
11-Jun-90 | 30.6 | 35.1 | |||||||
18-Jun-90 | 30.6 | 35.1 | |||||||
25-Jun-90 | 30.6 | 35.1 | |||||||
02-Jul-90 | 30.6 | 35.1 | |||||||
09-Jul-90 | 30.6 | 34.9 | |||||||
16-Jul-90 | 30.6 | 35.0 | |||||||
23-Jul-90 | 30.5 | 35.0 | |||||||
30-Jul-90 | 30.5 | 35.0 | |||||||
06-Aug-90 | 30.4 | 35.0 | |||||||
13-Aug-90 | 30.4 | 35.0 | |||||||
20-Aug-90 | 30.3 | 35.1 | |||||||
27-Aug-90 | 30.3 | 35.2 | |||||||
03-Sep-90 | 30.3 | 35.4 | |||||||
10-Sep-90 | 30.4 | 35.5 | |||||||
17-Sep-90 | 30.4 | 35.7 | |||||||
24-Sep-90 | 30.3 | 35.7 | |||||||
01-Oct-90 | 30.4 | 35.7 | |||||||
08-Oct-90 | 30.4 | 36.1 | |||||||
15-Oct-90 | 30.4 | 36.2 | |||||||
22-Oct-90 | 30.4 | 36.4 | |||||||
29-Oct-90 | 30.4 | 36.5 | |||||||
05-Nov-90 | 30.4 | 36.5 | |||||||
12-Nov-90 | 30.4 | 36.7 | |||||||
19-Nov-90 | 30.4 | 36.8 | |||||||
26-Nov-90 | 30.4 | 36.8 | |||||||
03-Dec-90 | 30.4 | 37.1 | |||||||
10-Dec-90 | 30.5 | 37.4 | |||||||
17-Dec-90 | 30.5 | 37.6 | |||||||
24-Dec-90 | 30.5 | 37.9 | |||||||
31-Dec-90 | 30.6 | 38.1 | |||||||
07-Jan-91 | 30.6 | 38.2 | |||||||
14-Jan-91 | 30.5 | 38.1 | |||||||
21-Jan-91 | 30.5 | 38.0 | |||||||
28-Jan-91 | 30.6 | 37.8 | |||||||
04-Feb-91 | 30.5 | 37.6 | |||||||
11-Feb-91 | 30.5 | 37.6 | |||||||
18-Feb-91 | 30.4 | 37.6 | |||||||
25-Feb-91 | 30.4 | 37.5 | |||||||
04-Mar-91 | 30.3 | 37.5 | |||||||
11-Mar-91 | 30.3 | 37.4 | |||||||
18-Mar-91 | 30.2 | 37.4 | |||||||
25-Mar-91 | 30.2 | 37.4 | |||||||
01-Apr-91 | 30.1 | 37.3 | |||||||
08-Apr-91 | 30.1 | 37.3 | |||||||
15-Apr-91 | 30.0 | 37.4 | |||||||
22-Apr-91 | 30.0 | 37.5 | |||||||
29-Apr-91 | 30.0 | 37.6 | |||||||
06-May-91 | 30.0 | 37.6 | |||||||
13-May-91 | 30.0 | 37.6 | |||||||
20-May-91 | 30.0 | 37.6 | |||||||
27-May-91 | 30.0 | 37.7 | |||||||
[TABLE CONTINUED BELOW] |
[TABLE CONTINUED FROM ABOVE] | |||||||||
03-Jun-91 | 30.0 | 37.7 | |||||||
10-Jun-91 | 30.0 | 37.7 | |||||||
17-Jun-91 | 30.0 | 37.8 | |||||||
24-Jun-91 | 30.0 | 37.9 | |||||||
01-Jul-91 | 30.1 | 37.9 | |||||||
08-Jul-91 | 30.0 | 38.0 | |||||||
15-Jul-91 | 30.0 | 38.0 | |||||||
22-Jul-91 | 30.0 | 38.1 | |||||||
29-Jul-91 | 30.0 | 38.1 | |||||||
05-Aug-91 | 30.0 | 38.2 | |||||||
12-Aug-91 | 30.0 | 38.3 | |||||||
19-Aug-91 | 30.0 | 38.3 | |||||||
26-Aug-91 | 30.0 | 38.3 | |||||||
02-Sep-91 | 30.1 | 38.2 | |||||||
09-Sep-91 | 30.0 | 38.3 | |||||||
16-Sep-91 | 29.9 | 38.1 | |||||||
23-Sep-91 | 29.9 | 38.3 | |||||||
30-Sep-91 | 29.9 | 38.3 | |||||||
07-Oct-91 | 29.8 | 38.1 | |||||||
14-Oct-91 | 29.8 | 38.0 | |||||||
21-Oct-91 | 29.7 | 37.9 | |||||||
28-Oct-91 | 29.7 | 37.9 | |||||||
04-Nov-91 | 29.6 | 37.9 | |||||||
11-Nov-91 | 29.5 | 38.0 | |||||||
18-Nov-91 | 29.5 | 38.0 | |||||||
25-Nov-91 | 29.5 | 38.1 | |||||||
02-Dec-91 | 29.5 | 38.2 | |||||||
09-Dec-91 | 29.5 | 38.2 | |||||||
16-Dec-91 | 29.4 | 38.2 | |||||||
23-Dec-91 | 29.4 | 38.3 | |||||||
30-Dec-91 | 29.4 | 38.4 | |||||||
06-Jan-92 | 29.5 | 38.5 | |||||||
13-Jan-92 | 29.6 | 38.7 | |||||||
20-Jan-92 | 29.5 | 38.8 | |||||||
27-Jan-92 | 29.4 | 38.8 | |||||||
03-Feb-92 | 29.4 | 38.9 | |||||||
10-Feb-92 | 29.4 | 38.8 | |||||||
17-Feb-92 | 29.3 | 38.9 | |||||||
24-Feb-92 | 29.4 | 38.8 | |||||||
02-Mar-92 | 29.4 | 38.9 | |||||||
09-Mar-92 | 29.4 | 39.1 | |||||||
16-Mar-92 | 29.5 | 39.1 | |||||||
23-Mar-92 | 29.5 | 39.0 | |||||||
30-Mar-92 | 29.6 | 38.9 | |||||||
06-Apr-92 | 29.5 | 38.8 | |||||||
13-Apr-92 | 29.6 | 38.8 | |||||||
20-Apr-92 | 29.6 | 38.8 | |||||||
27-Apr-92 | 29.6 | 38.5 | |||||||
04-May-92 | 29.6 | 38.4 | |||||||
11-May-92 | 29.6 | 38.3 | |||||||
18-May-92 | 29.6 | 38.2 | |||||||
25-May-92 | 29.6 | 38.0 | |||||||
01-Jun-92 | 29.6 | 37.9 | |||||||
08-Jun-92 | 29.6 | 37.8 | |||||||
15-Jun-92 | 29.7 | 37.7 | |||||||
22-Jun-92 | 29.6 | 37.6 | |||||||
29-Jun-92 | 29.7 | 37.6 | |||||||
06-Jul-92 | 29.7 | 37.5 | |||||||
13-Jul-92 | 29.7 | 37.3 | |||||||
20-Jul-92 | 29.7 | 37.3 | |||||||
27-Jul-92 | 29.8 | 37.3 | |||||||
03-Aug-92 | 29.8 | 37.2 | |||||||
10-Aug-92 | 29.8 | 37.3 | |||||||
17-Aug-92 | 29.8 | 37.3 | |||||||
24-Aug-92 | 29.8 | 37.3 | |||||||
31-Aug-92 | 29.7 | 37.2 | |||||||
07-Sep-92 | 29.7 | 37.3 | |||||||
14-Sep-92 | 29.7 | 37.3 | |||||||
21-Sep-92 | 29.7 | 37.4 | |||||||
28-Sep-92 | 29.7 | 37.3 | |||||||
05-Oct-92 | 29.7 | 37.2 | |||||||
12-Oct-92 | 29.6 | 37.2 | |||||||
19-Oct-92 | 29.7 | 37.2 | |||||||
26-Oct-92 | 29.7 | 37.1 | |||||||
02-Nov-92 | 29.7 | 37.2 | |||||||
09-Nov-92 | 29.8 | 37.2 | |||||||
16-Nov-92 | 29.7 | 37.0 | |||||||
23-Nov-92 | 29.7 | 36.9 | |||||||
30-Nov-92 | 29.6 | 36.9 | |||||||
07-Dec-92 | 29.6 | 36.9 | |||||||
14-Dec-92 | 29.6 | 36.8 | |||||||
21-Dec-92 | 29.6 | 36.7 | |||||||
28-Dec-92 | 29.5 | 36.8 | |||||||
04-Jan-93 | 29.5 | 36.9 | |||||||
11-Jan-93 | 29.5 | 37.0 | |||||||
18-Jan-93 | 29.5 | 37.0 | |||||||
25-Jan-93 | 29.5 | 37.1 | |||||||
01-Feb-93 | 29.5 | 37.0 | |||||||
08-Feb-93 | 29.5 | 37.1 | |||||||
15-Feb-93 | 29.6 | 37.0 | |||||||
22-Feb-93 | 29.6 | 37.0 | |||||||
01-Mar-93 | 29.6 | 36.9 | |||||||
08-Mar-93 | 29.6 | 36.8 | |||||||
15-Mar-93 | 29.6 | 36.7 | |||||||
22-Mar-93 | 29.6 | 36.7 | |||||||
29-Mar-93 | 29.7 | 36.8 | |||||||
05-Apr-93 | 29.7 | 37.0 | |||||||
12-Apr-93 | 29.7 | 36.9 | |||||||
19-Apr-93 | 29.7 | 36.9 | |||||||
26-Apr-93 | 29.8 | 37.0 | |||||||
03-May-93 | 29.7 | 37.1 | |||||||
10-May-93 | 29.7 | 37.1 | |||||||
17-May-93 | 29.7 | 37.1 | |||||||
24-May-93 | 29.7 | 37.1 | |||||||
31-May-93 | 29.7 | 37.2 | |||||||
[TABLE CONTINUED BELOW] |
[TABLE CONTINUED FROM ABOVE] | |||||||||
07-Jun-93 | 29.7 | 37.2 | |||||||
14-Jun-93 | 29.7 | 37.2 | |||||||
21-Jun-93 | 29.7 | 37.2 | |||||||
28-Jun-93 | 29.6 | 37.2 | |||||||
05-Jul-93 | 29.7 | 37.3 | |||||||
12-Jul-93 | 29.6 | 37.4 | |||||||
19-Jul-93 | 29.6 | 37.3 | |||||||
26-Jul-93 | 29.6 | 37.3 | |||||||
02-Aug-93 | 29.5 | 37.3 | |||||||
09-Aug-93 | 29.5 | 37.2 | |||||||
16-Aug-93 | 29.5 | 37.2 | |||||||
23-Aug-93 | 29.4 | 37.1 | |||||||
30-Aug-93 | 29.4 | 37.1 | |||||||
06-Sep-93 | 29.4 | 36.9 | |||||||
13-Sep-93 | 29.4 | 36.9 | |||||||
20-Sep-93 | 29.4 | 36.7 | |||||||
27-Sep-93 | 29.3 | 36.7 | |||||||
04-Oct-93 | 29.4 | 36.6 | |||||||
11-Oct-93 | 29.3 | 36.7 | |||||||
18-Oct-93 | 29.3 | 36.7 | |||||||
25-Oct-93 | 29.3 | 36.7 | |||||||
01-Nov-93 | 29.3 | 36.7 | |||||||
08-Nov-93 | 29.3 | 36.5 | |||||||
15-Nov-93 | 29.2 | 36.6 | |||||||
22-Nov-93 | 29.3 | 36.6 | |||||||
29-Nov-93 | 29.3 | 36.6 | |||||||
06-Dec-93 | 29.3 | 36.5 | |||||||
13-Dec-93 | 29.3 | 36.5 | |||||||
20-Dec-93 | 29.3 | 36.5 | |||||||
27-Dec-93 | 29.3 | 36.5 | |||||||
03-Jan-94 | 29.3 | 36.3 | |||||||
10-Jan-94 | 29.2 | 36.0 | |||||||
17-Jan-94 | 29.2 | 35.9 | |||||||
24-Jan-94 | 29.3 | 35.8 | |||||||
31-Jan-94 | 29.2 | 35.7 | |||||||
07-Feb-94 | 29.2 | 35.6 | |||||||
14-Feb-94 | 29.1 | 35.5 | |||||||
21-Feb-94 | 29.1 | 35.4 | |||||||
28-Feb-94 | 29.1 | 35.5 | |||||||
07-Mar-94 | 29.0 | 35.4 | |||||||
14-Mar-94 | 29.0 | 35.4 | |||||||
21-Mar-94 | 28.9 | 35.5 | |||||||
28-Mar-94 | 28.8 | 35.5 | |||||||
04-Apr-94 | 28.8 | 35.4 | |||||||
11-Apr-94 | 28.8 | 35.5 | |||||||
18-Apr-94 | 28.7 | 35.4 | |||||||
25-Apr-94 | 28.7 | 35.3 | |||||||
02-May-94 | 28.7 | 35.3 | |||||||
09-May-94 | 28.7 | 35.4 | |||||||
16-May-94 | 28.6 | 35.4 | |||||||
23-May-94 | 28.6 | 35.4 | |||||||
30-May-94 | 28.6 | 35.5 | |||||||
06-Jun-94 | 28.6 | 35.4 | |||||||
13-Jun-94 | 28.5 | 35.4 | |||||||
20-Jun-94 | 28.5 | 35.5 | |||||||
27-Jun-94 | 28.5 | 35.5 | |||||||
04-Jul-94 | 28.5 | 35.5 | |||||||
11-Jul-94 | 28.5 | 35.5 | |||||||
18-Jul-94 | 28.5 | 35.6 | |||||||
25-Jul-94 | 28.4 | 35.7 | |||||||
01-Aug-94 | 28.5 | 35.6 | |||||||
08-Aug-94 | 28.5 | 35.6 | |||||||
15-Aug-94 | 28.5 | 35.7 | |||||||
22-Aug-94 | 28.5 | 35.6 | |||||||
29-Aug-94 | 28.4 | 35.6 | |||||||
05-Sep-94 | 28.5 | 35.8 | |||||||
12-Sep-94 | 28.5 | 35.9 | |||||||
19-Sep-94 | 28.5 | 35.9 | |||||||
26-Sep-94 | 28.5 | 36.0 | |||||||
03-Oct-94 | 28.5 | 36.2 | |||||||
10-Oct-94 | 28.5 | 36.1 | |||||||
17-Oct-94 | 28.5 | 36.2 | |||||||
24-Oct-94 | 28.4 | 36.1 | |||||||
31-Oct-94 | 28.4 | 36.2 | |||||||
07-Nov-94 | 28.4 | 36.3 | |||||||
14-Nov-94 | 28.4 | 36.3 | |||||||
21-Nov-94 | 28.3 | 36.3 | |||||||
28-Nov-94 | 28.3 | 36.3 | |||||||
05-Dec-94 | 28.2 | 36.3 | |||||||
12-Dec-94 | 28.2 | 36.4 | |||||||
19-Dec-94 | 28.1 | 36.3 | |||||||
26-Dec-94 | 28.0 | 36.3 | |||||||
02-Jan-95 | 28.0 | 36.4 | |||||||
09-Jan-95 | 27.9 | 36.5 | |||||||
16-Jan-95 | 27.8 | 36.7 | |||||||
23-Jan-95 | 27.7 | 36.9 | |||||||
30-Jan-95 | 27.7 | 37.1 | |||||||
06-Feb-95 | 27.7 | 37.2 | |||||||
13-Feb-95 | 27.7 | 37.3 | |||||||
20-Feb-95 | 27.7 | 37.4 | |||||||
27-Feb-95 | 27.7 | 37.6 | |||||||
06-Mar-95 | 27.7 | 37.7 | |||||||
13-Mar-95 | 27.6 | 37.8 | |||||||
20-Mar-95 | 27.7 | 37.8 | |||||||
27-Mar-95 | 27.7 | 38.0 | |||||||
03-Apr-95 | 27.6 | 38.0 | |||||||
10-Apr-95 | 27.6 | 38.0 | |||||||
17-Apr-95 | 27.6 | 38.1 | |||||||
24-Apr-95 | 27.6 | 38.2 | |||||||
01-May-95 | 27.5 | 38.3 | |||||||
08-May-95 | 27.5 | 38.3 | |||||||
15-May-95 | 27.4 | 38.4 | |||||||
22-May-95 | 27.4 | 38.5 | |||||||
29-May-95 | 27.4 | 38.4 | |||||||
[TABLE CONTINUED BELOW] |
[TABLE CONTINUED FROM ABOVE] | |||||||||
05-Jun-95 | 27.3 | 38.5 | |||||||
12-Jun-95 | 27.3 | 38.5 | |||||||
19-Jun-95 | 27.3 | 38.4 | |||||||
26-Jun-95 | 27.2 | 38.4 | |||||||
03-Jul-95 | 27.2 | 38.3 | |||||||
10-Jul-95 | 27.2 | 38.3 | |||||||
17-Jul-95 | 27.2 | 38.2 | |||||||
24-Jul-95 | 27.1 | 38.2 | |||||||
31-Jul-95 | 27.1 | 38.3 | |||||||
07-Aug-95 | 27.1 | 38.3 | |||||||
14-Aug-95 | 27.1 | 38.2 | |||||||
21-Aug-95 | 27.0 | 38.3 | |||||||
28-Aug-95 | 27.0 | 38.2 | |||||||
04-Sep-95 | 26.9 | 38.1 | |||||||
11-Sep-95 | 26.8 | 38.1 | |||||||
18-Sep-95 | 26.8 | 38.1 | |||||||
25-Sep-95 | 26.7 | 38.0 | |||||||
02-Oct-95 | 26.7 | 37.9 | |||||||
09-Oct-95 | 26.7 | 37.9 | |||||||
16-Oct-95 | 26.7 | 37.8 | |||||||
23-Oct-95 | 26.7 | 37.7 | |||||||
30-Oct-95 | 26.7 | 37.7 | |||||||
06-Nov-95 | 26.6 | 37.7 | |||||||
13-Nov-95 | 26.5 | 37.7 | |||||||
20-Nov-95 | 26.5 | 37.5 | |||||||
27-Nov-95 | 26.4 | 37.4 | |||||||
04-Dec-95 | 26.4 | 37.4 | |||||||
11-Dec-95 | 26.4 | 37.2 | |||||||
18-Dec-95 | 26.4 | 37.1 | |||||||
25-Dec-95 | 26.4 | 37.0 | |||||||
01-Jan-96 | 26.4 | 37.0 | |||||||
08-Jan-96 | 26.4 | 36.9 | |||||||
15-Jan-96 | 26.4 | 36.7 | |||||||
22-Jan-96 | 26.4 | 36.6 | |||||||
29-Jan-96 | 26.3 | 36.4 | |||||||
05-Feb-96 | 26.3 | 36.3 | |||||||
12-Feb-96 | 26.2 | 36.1 | |||||||
19-Feb-96 | 26.2 | 36.0 | |||||||
26-Feb-96 | 26.1 | 35.9 | |||||||
04-Mar-96 | 26.0 | 35.7 | |||||||
11-Mar-96 | 26.0 | 35.6 | |||||||
18-Mar-96 | 26.0 | 35.3 | |||||||
25-Mar-96 | 26.0 | 35.1 | |||||||
01-Apr-96 | 25.9 | 35.0 | |||||||
08-Apr-96 | 25.9 | 34.9 | |||||||
15-Apr-96 | 25.9 | 34.7 | |||||||
22-Apr-96 | 25.9 | 34.6 | |||||||
29-Apr-96 | 25.9 | 34.4 | |||||||
06-May-96 | 25.8 | 34.2 | |||||||
13-May-96 | 25.9 | 34.0 | |||||||
20-May-96 | 25.8 | 34.0 | |||||||
27-May-96 | 25.9 | 33.8 | |||||||
03-Jun-96 | 25.9 | 33.7 | |||||||
10-Jun-96 | 25.8 | 33.6 | |||||||
17-Jun-96 | 25.9 | 33.5 | |||||||
24-Jun-96 | 25.8 | 33.5 | |||||||
01-Jul-96 | 25.8 | 33.4 | |||||||
08-Jul-96 | 25.7 | 33.2 | |||||||
15-Jul-96 | 25.7 | 33.1 | |||||||
22-Jul-96 | 25.7 | 33.0 | |||||||
29-Jul-96 | 25.7 | 32.7 | |||||||
05-Aug-96 | 25.7 | 32.5 | |||||||
12-Aug-96 | 25.7 | 32.4 | |||||||
19-Aug-96 | 25.7 | 32.3 | |||||||
26-Aug-96 | 25.6 | 32.1 | |||||||
02-Sep-96 | 25.6 | 32.0 | |||||||
09-Sep-96 | 25.6 | 31.7 | |||||||
16-Sep-96 | 25.6 | 31.6 | |||||||
23-Sep-96 | 25.6 | 31.5 | |||||||
30-Sep-96 | 25.6 | 31.4 | |||||||
07-Oct-96 | 25.6 | 31.2 | |||||||
14-Oct-96 | 25.6 | 31.1 | |||||||
21-Oct-96 | 25.5 | 31.0 | |||||||
28-Oct-96 | 25.5 | 30.8 | |||||||
04-Nov-96 | 25.5 | 30.6 | |||||||
11-Nov-96 | 25.5 | 30.5 | |||||||
18-Nov-96 | 25.5 | 30.4 | |||||||
25-Nov-96 | 25.5 | 30.2 | |||||||
02-Dec-96 | 25.5 | 30.2 | |||||||
09-Dec-96 | 25.4 | 30.2 | |||||||
16-Dec-96 | 25.5 | 30.2 | |||||||
23-Dec-96 | 25.4 | 30.2 | |||||||
30-Dec-96 | 25.4 | 30.1 | |||||||
06-Jan-97 | 25.3 | 30.2 | |||||||
13-Jan-97 | 25.3 | 30.2 | |||||||
20-Jan-97 | 25.2 | 30.2 | |||||||
27-Jan-97 | 25.3 | 30.2 | |||||||
03-Feb-97 | 25.3 | 30.2 | |||||||
10-Feb-97 | 25.3 | 30.3 | |||||||
17-Feb-97 | 25.3 | 30.3 | |||||||
24-Feb-97 | 25.2 | 30.4 | |||||||
03-Mar-97 | 25.3 | 30.4 | |||||||
10-Mar-97 | 25.2 | 30.5 | |||||||
17-Mar-97 | 25.2 | 30.5 | |||||||
24-Mar-97 | 25.2 | 30.5 | |||||||
31-Mar-97 | 25.2 | 30.6 | |||||||
07-Apr-97 | 25.2 | 30.6 | |||||||
14-Apr-97 | 25.1 | 30.6 | |||||||
21-Apr-97 | 25.0 | 30.6 | |||||||
28-Apr-97 | 25.0 | 30.6 | |||||||
05-May-97 | 25.0 | 30.6 | |||||||
12-May-97 | 25.0 | 30.6 | |||||||
19-May-97 | 24.9 | 30.6 | |||||||
26-May-97 | 24.9 | 30.7 | |||||||
[TABLE CONTINUED BELOW] |
[TABLE CONTINUED FROM ABOVE] | |||||||||
02-Jun-97 | 24.9 | 30.7 | |||||||
09-Jun-97 | 24.9 | 30.8 | |||||||
16-Jun-97 | 24.8 | 30.8 | |||||||
23-Jun-97 | 24.8 | 30.9 | |||||||
30-Jun-97 | 24.8 | 30.8 | |||||||
07-Jul-97 | 24.8 | 31.0 | |||||||
14-Jul-97 | 24.8 | 31.0 | |||||||
21-Jul-97 | 24.7 | 31.0 | |||||||
28-Jul-97 | 24.7 | 31.1 | |||||||
04-Aug-97 | 24.7 | 31.2 | |||||||
11-Aug-97 | 24.6 | 31.3 | |||||||
18-Aug-97 | 24.6 | 31.4 | |||||||
25-Aug-97 | 24.6 | 31.4 | |||||||
01-Sep-97 | 24.5 | 31.6 | |||||||
08-Sep-97 | 24.5 | 31.7 | |||||||
15-Sep-97 | 24.5 | 31.9 | |||||||
22-Sep-97 | 24.5 | 32.1 | |||||||
29-Sep-97 | 24.5 | 32.1 | |||||||
06-Oct-97 | 24.4 | 32.2 | |||||||
13-Oct-97 | 24.5 | 32.3 | |||||||
20-Oct-97 | 24.5 | 32.4 | |||||||
27-Oct-97 | 24.4 | 32.5 | |||||||
03-Nov-97 | 24.4 | 32.7 | |||||||
10-Nov-97 | 24.5 | 32.7 | |||||||
17-Nov-97 | 24.5 | 32.8 | |||||||
24-Nov-97 | 24.5 | 32.9 | |||||||
01-Dec-97 | 24.4 | 32.9 | |||||||
08-Dec-97 | 24.5 | 32.9 | |||||||
15-Dec-97 | 24.5 | 33.0 | |||||||
22-Dec-97 | 24.5 | 32.9 | |||||||
29-Dec-97 | 24.5 | 33.1 | |||||||
05-Jan-98 | 24.5 | 33.2 | |||||||
12-Jan-98 | 24.5 | 33.2 | |||||||
19-Jan-98 | 24.5 | 33.3 | |||||||
26-Jan-98 | 24.5 | 33.4 | |||||||
02-Feb-98 | 24.5 | 33.5 | |||||||
09-Feb-98 | 24.5 | 33.6 | |||||||
16-Feb-98 | 24.5 | 33.7 | |||||||
23-Feb-98 | 24.6 | 33.8 | |||||||
02-Mar-98 | 24.6 | 33.8 | |||||||
09-Mar-98 | 24.7 | 34.0 | |||||||
16-Mar-98 | 24.7 | 34.1 | |||||||
23-Mar-98 | 24.7 | 34.2 | |||||||
30-Mar-98 | 24.7 | 34.3 | |||||||
06-Apr-98 | 24.7 | 34.4 | |||||||
13-Apr-98 | 24.7 | 34.6 | |||||||
20-Apr-98 | 24.7 | 34.8 | |||||||
27-Apr-98 | 24.8 | 34.9 | |||||||
04-May-98 | 24.8 | 35.1 | |||||||
11-May-98 | 24.8 | 35.2 | |||||||
18-May-98 | 24.9 | 35.3 | |||||||
25-May-98 | 24.9 | 35.4 | |||||||
01-Jun-98 | 24.9 | 35.5 | |||||||
08-Jun-98 | 25.0 | 35.6 | |||||||
15-Jun-98 | 25.0 | 35.7 | |||||||
22-Jun-98 | 25.1 | 35.7 | |||||||
29-Jun-98 | 25.1 | 35.8 | |||||||
06-Jul-98 | 25.2 | 35.8 | |||||||
13-Jul-98 | 25.2 | 36.0 | |||||||
20-Jul-98 | 25.3 | 36.2 | |||||||
27-Jul-98 | 25.3 | 36.3 | |||||||
03-Aug-98 | 25.4 | 36.4 | |||||||
10-Aug-98 | 25.4 | 36.5 | |||||||
17-Aug-98 | 25.4 | 36.5 | |||||||
24-Aug-98 | 25.5 | 36.6 | |||||||
31-Aug-98 | 25.5 | 36.5 | |||||||
07-Sep-98 | 25.5 | 36.7 | |||||||
14-Sep-98 | 25.5 | 36.7 | |||||||
21-Sep-98 | 25.5 | 36.8 | |||||||
28-Sep-98 | 25.5 | 37.0 | |||||||
05-Oct-98 | 25.5 | 37.0 | |||||||
12-Oct-98 | 25.5 | 37.1 | |||||||
19-Oct-98 | 25.5 | 37.3 | |||||||
26-Oct-98 | 25.5 | 37.4 | |||||||
02-Nov-98 | 25.5 | 37.5 | |||||||
09-Nov-98 | 25.5 | 37.6 | |||||||
16-Nov-98 | 25.5 | 37.6 | |||||||
23-Nov-98 | 25.5 | 37.8 | |||||||
30-Nov-98 | 25.5 | 38.0 | |||||||
07-Dec-98 | 25.5 | 38.1 | |||||||
14-Dec-98 | 25.5 | 38.3 | |||||||
21-Dec-98 | 25.5 | 38.5 | |||||||
28-Dec-98 | 25.5 | 38.5 | |||||||
04-Jan-99 | 25.5 | 38.7 | |||||||
11-Jan-99 | 25.5 | 38.7 | |||||||
18-Jan-99 | 25.4 | 38.8 | |||||||
25-Jan-99 | 25.5 | 38.9 | |||||||
01-Feb-99 | 25.5 | 39.1 | |||||||
08-Feb-99 | 25.5 | 39.2 | |||||||
15-Feb-99 | 25.6 | 39.3 | |||||||
22-Feb-99 | 25.5 | 39.4 | |||||||
01-Mar-99 | 25.6 | 39.4 | |||||||
08-Mar-99 | 25.6 | 39.3 | |||||||
15-Mar-99 | 25.6 | 39.3 | |||||||
22-Mar-99 | 25.5 | 39.3 | |||||||
29-Mar-99 | 25.6 | 39.5 | |||||||
05-Apr-99 | 25.7 | 39.7 | |||||||
12-Apr-99 | 25.7 | 39.7 | |||||||
19-Apr-99 | 25.7 | 39.7 | |||||||
26-Apr-99 | 25.7 | 39.7 | |||||||
03-May-99 | 25.7 | 39.7 | |||||||
10-May-99 | 25.7 | 39.8 | |||||||
17-May-99 | 25.7 | 39.8 | |||||||
24-May-99 | 25.7 | 39.8 | |||||||
31-May-99 | 25.8 | 39.8 | |||||||
07-Jun-99 | 25.8 | 39.8 | |||||||
14-Jun-99 | 25.7 | 39.8 | |||||||
21-Jun-99 | 25.7 | 39.9 | |||||||
28-Jun-99 | 25.7 | 39.9 | |||||||
[TABLE CONTINUED BELOW] |
[TABLE CONTINUED FROM ABOVE] | |||||||||
05-Jul-99 | 25.6 | 39.9 | |||||||
12-Jul-99 | 25.6 | 39.8 | |||||||
19-Jul-99 | 25.5 | 39.7 | |||||||
26-Jul-99 | 25.5 | 39.8 | |||||||
02-Aug-99 | 25.5 | 39.8 | |||||||
09-Aug-99 | 25.5 | 39.7 | |||||||
16-Aug-99 | 25.5 | 39.8 | |||||||
23-Aug-99 | 25.5 | 39.8 | |||||||
30-Aug-99 | 25.5 | 39.8 | |||||||
06-Sep-99 | 25.5 | 39.8 | |||||||
13-Sep-99 | 25.4 | 39.7 | |||||||
20-Sep-99 | 25.4 | 39.6 | |||||||
27-Sep-99 | 25.4 | 39.5 | |||||||
04-Oct-99 | 25.4 | 39.4 | |||||||
11-Oct-99 | 25.4 | 39.5 | |||||||
18-Oct-99 | 25.4 | 39.3 | |||||||
25-Oct-99 | 25.3 | 39.2 | |||||||
01-Nov-99 | 25.3 | 39.0 | |||||||
08-Nov-99 | 25.2 | 38.8 | |||||||
15-Nov-99 | 25.2 | 38.7 | |||||||
22-Nov-99 | 25.2 | 38.5 | |||||||
29-Nov-99 | 25.2 | 38.4 | |||||||
06-Dec-99 | 25.2 | 38.2 | |||||||
13-Dec-99 | 25.1 | 38.0 | |||||||
20-Dec-99 | 25.1 | 37.7 | |||||||
27-Dec-99 | 25.0 | 37.4 | |||||||
03-Jan-00 | 25.0 | 37.3 | |||||||
10-Jan-00 | 24.9 | 37.2 | |||||||
17-Jan-00 | 24.9 | 36.9 | |||||||
24-Jan-00 | 24.8 | 36.7 | |||||||
31-Jan-00 | 24.7 | 36.4 | |||||||
07-Feb-00 | 24.6 | 36.2 | |||||||
14-Feb-00 | 24.5 | 35.9 | |||||||
21-Feb-00 | 24.4 | 35.7 | |||||||
28-Feb-00 | 24.3 | 35.6 | |||||||
06-Mar-00 | 24.3 | 35.5 | |||||||
13-Mar-00 | 24.3 | 35.4 | |||||||
20-Mar-00 | 24.2 | 35.3 | |||||||
27-Mar-00 | 24.2 | 35.1 | |||||||
03-Apr-00 | 24.1 | 34.7 | |||||||
10-Apr-00 | 24.0 | 34.5 | |||||||
17-Apr-00 | 24.0 | 34.3 | |||||||
24-Apr-00 | 24.0 | 34.2 | |||||||
01-May-00 | 23.9 | 34.0 | |||||||
08-May-00 | 23.9 | 33.7 | |||||||
15-May-00 | 23.8 | 33.5 | |||||||
22-May-00 | 23.7 | 33.3 | |||||||
29-May-00 | 23.6 | 33.2 | |||||||
05-Jun-00 | 23.6 | 33.0 | |||||||
12-Jun-00 | 23.6 | 32.9 | |||||||
19-Jun-00 | 23.5 | 32.7 | |||||||
26-Jun-00 | 23.6 | 32.4 | |||||||
03-Jul-00 | 23.6 | 32.3 | |||||||
10-Jul-00 | 23.5 | 32.2 | |||||||
17-Jul-00 | 23.6 | 32.1 | |||||||
24-Jul-00 | 23.5 | 31.8 | |||||||
31-Jul-00 | 23.6 | 31.6 | |||||||
07-Aug-00 | 23.5 | 31.5 | |||||||
14-Aug-00 | 23.5 | 31.1 | |||||||
21-Aug-00 | 23.5 | 31.0 | |||||||
28-Aug-00 | 23.5 | 30.8 | |||||||
04-Sep-00 | 23.4 | 30.5 | |||||||
11-Sep-00 | 23.4 | 30.4 | |||||||
18-Sep-00 | 23.5 | 30.1 | |||||||
25-Sep-00 | 23.5 | 29.9 | |||||||
02-Oct-00 | 23.5 | 29.7 | |||||||
09-Oct-00 | 23.5 | 29.5 | |||||||
16-Oct-00 | 23.4 | 29.3 | |||||||
23-Oct-00 | 23.4 | 29.2 | |||||||
30-Oct-00 | 23.4 | 29.1 | |||||||
06-Nov-00 | 23.5 | 29.0 | |||||||
13-Nov-00 | 23.4 | 29.0 | |||||||
20-Nov-00 | 23.5 | 28.9 | |||||||
27-Nov-00 | 23.4 | 28.8 | |||||||
04-Dec-00 | 23.4 | 28.7 | |||||||
11-Dec-00 | 23.4 | 28.6 | |||||||
18-Dec-00 | 23.4 | 28.5 | |||||||
25-Dec-00 | 23.5 | 28.5 | |||||||
01-Jan-01 | 23.5 | 28.3 | |||||||
08-Jan-01 | 23.5 | 28.2 | |||||||
15-Jan-01 | 23.5 | 28.2 | |||||||
22-Jan-01 | 23.6 | 28.2 | |||||||
29-Jan-01 | 23.6 | 28.2 | |||||||
05-Feb-01 | 23.6 | 28.3 | |||||||
12-Feb-01 | 23.7 | 28.4 | |||||||
19-Feb-01 | 23.7 | 28.3 | |||||||
26-Feb-01 | 23.6 | 28.3 | |||||||
05-Mar-01 | 23.7 | 28.3 | |||||||
12-Mar-01 | 23.7 | 28.3 | |||||||
19-Mar-01 | 23.6 | 28.3 | |||||||
26-Mar-01 | 23.6 | 28.3 | |||||||
02-Apr-01 | 23.6 | 28.3 | |||||||
09-Apr-01 | 23.6 | 28.4 | |||||||
16-Apr-01 | 23.6 | 28.4 | |||||||
23-Apr-01 | 23.5 | 28.4 | |||||||
30-Apr-01 | 23.6 | 28.4 | |||||||
07-May-01 | 23.6 | 28.4 | |||||||
14-May-01 | 23.6 | 28.4 | |||||||
21-May-01 | 23.6 | 28.5 | |||||||
28-May-01 | 23.6 | 28.5 | |||||||
04-Jun-01 | 23.6 | 28.4 | |||||||
11-Jun-01 | 23.7 | 28.5 | |||||||
18-Jun-01 | 23.7 | 28.6 | |||||||
25-Jun-01 | 23.7 | 28.6 | |||||||
02-Jul-01 | 23.7 | 28.6 | |||||||
09-Jul-01 | 23.7 | 28.7 | |||||||
16-Jul-01 | 23.7 | 28.6 | |||||||
23-Jul-01 | 23.7 | 28.6 | |||||||
30-Jul-01 | 23.7 | 28.6 | |||||||
06-Aug-01 | 23.7 | 28.6 | |||||||
13-Aug-01 | 23.6 | 28.7 | |||||||
20-Aug-01 | 23.6 | 28.8 | |||||||
27-Aug-01 | 23.6 | 28.7 | |||||||
03-Sep-01 | 23.6 | 28.8 | |||||||
10-Sep-01 | 23.6 | 28.8 | |||||||
17-Sep-01 | 23.6 | 28.9 | |||||||
24-Sep-01 | 23.6 | 28.9 | |||||||
01-Oct-01 | 23.6 | 29.0 | |||||||
08-Oct-01 | 23.6 | 29.1 | |||||||
15-Oct-01 | 23.7 | 29.2 | |||||||
22-Oct-01 | 23.7 | 29.2 | |||||||
29-Oct-01 | 23.7 | 29.3 | |||||||
05-Nov-01 | 23.7 | 29.4 | |||||||
12-Nov-01 | 23.8 | 29.4 | |||||||
19-Nov-01 | 23.8 | 29.6 | |||||||
26-Nov-01 | 23.8 | 29.7 | |||||||
03-Dec-01 | 23.9 | 29.9 | |||||||
10-Dec-01 | 23.9 | 29.9 | |||||||
17-Dec-01 | 23.9 | 30.1 | |||||||
24-Dec-01 | 23.9 | 30.2 | |||||||
31-Dec-01 | 23.8 | 30.5 | |||||||
07-Jan-02 | 23.9 | 30.7 | |||||||
14-Jan-02 | 23.9 | 30.8 | |||||||
21-Jan-02 | 23.8 | 31.0 | |||||||
28-Jan-02 | 23.9 | 31.2 | |||||||
04-Feb-02 | 23.9 | 31.3 | |||||||
11-Feb-02 | 23.9 | 31.4 | |||||||
18-Feb-02 | 23.9 | 31.5 | |||||||
25-Feb-02 | 23.9 | 31.6 | |||||||
04-Mar-02 | 23.9 | 31.7 | |||||||
Source: API |
![(INVENTORIES DRIVE MARGINS)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576016.gif)
INVENTORIES DRIVE MARGINS | ||||||||||||
Gasoline Inventories (mmbbls) | ||||||||||||
Bars | Line #1 | Line #2 | ||||||||||
Gasoline | Group 3 | PNW | ||||||||||
Inventories | 3:2:1 | 3:2:1 | ||||||||||
mmbbls | Crack | Crack | ||||||||||
Jan-01 | 201 | 7.15 | 10.20 | |||||||||
Feb-01 | 204 | 5.90 | 13.96 | |||||||||
Mar-01 | 198 | 5.87 | 12.09 | |||||||||
Apr-01 | 195 | 13.22 | 12.32 | |||||||||
May-01 | 204 | 17.07 | 14.08 | |||||||||
Jun-01 | 218 | 7.42 | 11.26 | |||||||||
Jul-01 | 217 | 4.55 | 6.08 | |||||||||
Aug-01 | 202 | 11.75 | 13.83 | |||||||||
Sep-01 | 197 | 10.55 | 17.65 | |||||||||
Oct-01 | 206 | 5.44 | 10.44 | |||||||||
Nov-01 | 207 | 4.06 | 6.95 | |||||||||
Dec-01 | 208 | 2.42 | 5.74 | |||||||||
Jan-02 | 212 | 2.81 | 5.42 | |||||||||
Feb-02 | 217 | 2.63 | 3.66 | |||||||||
Mar-02 | 210 | 5.87 | 9.26 | |||||||||
Source: API |
![(INVENTORIES DRIVE MARGINS - CONTINUED)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576017.gif)
INVENTORIES DRIVE MARGINS | ||||||||
Gasoline Inventories (mmbbls) | ||||||||
Bars | ||||||||
Gasoline | California | |||||||
Inventories | CARB | |||||||
mmbbls | Crack | |||||||
Jan-01 | 201 | 13.16 | ||||||
Feb-01 | 204 | 17.25 | ||||||
Mar-01 | 198 | 20.176 | ||||||
Apr-01 | 195 | 22.86 | ||||||
May-01 | 204 | 17.284 | ||||||
Jun-01 | 218 | 12.06 | ||||||
Jul-01 | 217 | 6.77 | ||||||
Aug-01 | 202 | 14.41 | ||||||
Sep-01 | 197 | 17.16 | ||||||
Oct-01 | 206 | 13.44 | ||||||
Nov-01 | 207 | 8.89 | ||||||
Dec-01 | 208 | 6.8 | ||||||
Jan-02 | 212 | 7.97 | ||||||
Feb-02 | 217 | 9.21 | ||||||
Mar-02 | 210 | 12.63 | ||||||
Source: API |
![(GASOLINE STOCKS)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576018.gif)
GASOLINE STOCKS | ||||||||||||||||
– Within normal limits | ||||||||||||||||
2001, 2002 Gasoline Stocks vs 1996 - 2001 High/Low Range (mmbbls) | ||||||||||||||||
Date | High | Low | 2001 | 2002 | ||||||||||||
JAN | 218,936 | 195,610 | 198,372 | 211,221 | ||||||||||||
JAN | 224,372 | 196,613 | 197,887 | 213,352 | ||||||||||||
JAN | 221,937 | 198,768 | 200,100 | 216,095 | ||||||||||||
JAN | 225,628 | 198,591 | 206,735 | 215,935 | ||||||||||||
FEB | 229,785 | 200,517 | 203,601 | 217,597 | ||||||||||||
FEB | 228,650 | 196,730 | 205,194 | 218,177 | ||||||||||||
FEB | 230,841 | 196,298 | 204,149 | 216,074 | ||||||||||||
FEB | 230,096 | 195,702 | 203,095 | 212,994 | ||||||||||||
MAR | 233,198 | 199,718 | 199,734 | 209,576 | ||||||||||||
MAR | 226,042 | 197,433 | 198,045 | 207,094 | ||||||||||||
MAR | 221,427 | 196,452 | 196,452 | |||||||||||||
MAR | 215,995 | 192,186 | 192,186 | |||||||||||||
APR | 215,440 | 193,212 | 193,212 | |||||||||||||
APR | 218,779 | 193,154 | 193,154 | |||||||||||||
APR | 218,892 | 194,587 | 195,709 | |||||||||||||
APR | 216,528 | 194,179 | 198,751 | |||||||||||||
APR | 218,766 | 190,546 | 200,880 | |||||||||||||
MAY | 223,025 | 197,060 | 203,266 | |||||||||||||
MAY | 219,180 | 197,897 | 204,543 | |||||||||||||
MAY | 219,951 | 196,778 | 206,154 | |||||||||||||
MAY | 222,273 | 199,723 | 209,315 | |||||||||||||
JUN | 226,203 | 202,437 | 215,635 | |||||||||||||
JUN | 223,459 | 203,319 | 219,572 | |||||||||||||
JUN | 222,857 | 203,676 | 222,857 | |||||||||||||
JUN | 220,787 | 204,189 | 220,348 | |||||||||||||
JUL | 220,730 | 201,444 | 220,730 | |||||||||||||
JUL | 221,443 | 200,597 | 217,973 | |||||||||||||
JUL | 220,157 | 197,803 | 215,264 | |||||||||||||
JUL | 219,619 | 194,631 | 212,312 | |||||||||||||
JUL | 219,474 | 191,925 | 208,923 | |||||||||||||
AUG | 215,351 | 191,062 | 206,146 | |||||||||||||
AUG | 209,783 | 187,792 | 203,075 | |||||||||||||
AUG | 211,038 | 189,500 | 196,295 | |||||||||||||
AUG | 212,018 | 187,529 | 194,417 | |||||||||||||
SEP | 210,399 | 188,275 | 194,576 | |||||||||||||
SEP | 207,945 | 189,639 | 190,368 | |||||||||||||
SEP | 211,876 | 193,139 | 199,074 | |||||||||||||
SEP | 210,098 | 196,214 | 203,856 | |||||||||||||
SEP | 206,014 | 196,317 | 206,014 | |||||||||||||
OCT | 205,363 | 195,808 | 205,363 | |||||||||||||
OCT | 206,328 | 189,844 | 206,328 | |||||||||||||
OCT | 206,650 | 186,019 | 206,650 | |||||||||||||
OCT | 205,916 | 190,687 | 205,916 | |||||||||||||
NOV | 205,748 | 187,876 | 205,748 | |||||||||||||
NOV | 206,092 | 187,341 | 206,092 | |||||||||||||
NOV | 208,067 | 186,704 | 208,067 | |||||||||||||
NOV | 210,623 | 188,634 | 210,623 | |||||||||||||
DEC | 210,963 | 194,607 | 210,963 | |||||||||||||
DEC | 210,148 | 191,464 | 210,148 | |||||||||||||
DEC | 209,719 | 191,968 | 206,517 | |||||||||||||
DEC | 211,399 | 191,749 | 206,205 | |||||||||||||
DEC | 212,140 | 190,513 | 207,003 | |||||||||||||
Source: API |
![(DIESEL STOCKS)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576019.gif)
DIESEL STOCKS | ||||||||||||||||
– Within normal limits | ||||||||||||||||
2001, 2002 Diesel Stocks vs 1996 - 2001 High/Low Range (mmbbls) | ||||||||||||||||
DATE | HIGH | LOW | 2001 | 2002 | ||||||||||||
JAN | 156,931 | 118,208 | 118,208 | 143,942 | ||||||||||||
JAN | 152,922 | 114,961 | 114,961 | 141,593 | ||||||||||||
JAN | 150,523 | 114,135 | 114,135 | 141,443 | ||||||||||||
JAN | 150,096 | 111,903 | 112,996 | 140,253 | ||||||||||||
FEB | 148,323 | 105,970 | 113,777 | 140,857 | ||||||||||||
FEB | 148,701 | 103,294 | 116,232 | 139,239 | ||||||||||||
FEB | 147,873 | 102,980 | 115,240 | 136,744 | ||||||||||||
FEB | 146,106 | 100,525 | 114,459 | 134,996 | ||||||||||||
MAR | 139,867 | 98,902 | 113,915 | 128,441 | ||||||||||||
MAR | 135,205 | 96,330 | 110,809 | 125,581 | ||||||||||||
MAR | 130,680 | 90,940 | 110,362 | |||||||||||||
MAR | 126,604 | 91,154 | 106,451 | |||||||||||||
APR | 127,567 | 88,790 | 104,708 | |||||||||||||
APR | 131,491 | 89,386 | 104,278 | |||||||||||||
APR | 129,034 | 88,387 | 103,082 | |||||||||||||
APR | 128,616 | 88,550 | 105,720 | |||||||||||||
APR | 127,259 | 89,887 | 104,676 | |||||||||||||
MAY | 127,426 | 90,566 | 102,590 | |||||||||||||
MAY | 129,521 | 90,435 | 101,143 | |||||||||||||
MAY | 130,633 | 94,790 | 103,062 | |||||||||||||
MAY | 132,572 | 95,720 | 107,165 | |||||||||||||
JUN | 131,330 | 96,781 | 107,439 | |||||||||||||
JUN | 132,126 | 99,306 | 108,755 | |||||||||||||
JUN | 131,228 | 99,916 | 110,911 | |||||||||||||
JUN | 131,590 | 99,756 | 112,902 | |||||||||||||
JUL | 133,911 | 102,836 | 116,345 | |||||||||||||
JUL | 135,294 | 104,625 | 119,099 | |||||||||||||
JUL | 140,652 | 103,905 | 120,495 | |||||||||||||
JUL | 142,966 | 103,674 | 121,974 | |||||||||||||
JUL | 145,024 | 103,930 | 121,217 | |||||||||||||
AUG | 144,358 | 104,291 | 121,079 | |||||||||||||
AUG | 147,217 | 106,117 | 120,223 | |||||||||||||
AUG | 145,749 | 105,654 | 121,388 | |||||||||||||
AUG | 145,507 | 108,895 | 119,523 | |||||||||||||
SEP | 146,343 | 111,823 | 120,970 | |||||||||||||
SEP | 150,435 | 112,058 | 122,908 | |||||||||||||
SEP | 150,334 | 112,361 | 121,622 | |||||||||||||
SEP | 152,828 | 112,344 | 121,678 | |||||||||||||
SEP | 151,199 | 113,647 | 122,812 | |||||||||||||
OCT | 149,492 | 113,224 | 125,580 | |||||||||||||
OCT | 147,124 | 112,684 | 126,136 | |||||||||||||
OCT | 147,761 | 112,132 | 125,874 | |||||||||||||
OCT | 146,815 | 113,860 | 127,415 | |||||||||||||
NOV | 147,147 | 115,207 | 129,828 | |||||||||||||
NOV | 148,353 | 115,152 | 129,129 | |||||||||||||
NOV | 147,071 | 115,217 | 134,107 | |||||||||||||
NOV | 148,663 | 116,844 | 137,884 | |||||||||||||
DEC | 151,141 | 120,133 | 140,388 | |||||||||||||
DEC | 151,890 | 117,405 | 137,378 | |||||||||||||
DEC | 150,793 | 116,514 | 136,728 | |||||||||||||
DEC | 152,538 | 114,658 | 139,135 | |||||||||||||
DEC | 156,384 | 118,175 | 144,817 | |||||||||||||
Source: API |
![(ACCESS TO STRONGER MARKETS)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576020.gif)
ACCESS TO STRONGER MARKETS Tesoro Core Market 3:2:1 Conventional Crack Spread ($/Bbl) | ||||||||
PNW USWC GROUP 3 | ||||||||
1990 - 1995 | 1996 - 2001 | |||||||
USGC(a) | $ | 3.47 | $ | 3.45 | ||||
GROUP 3(a) | $ | 4.32 | $ | 1.65 - $5.10 | ||||
PNW(b) | $ | 7.99 | $ | 5.65 - $9.10 | ||||
USWC(b) | $ | 7.76 | $ | 5.66 - $2.03 - $11.14 | ||||
CARB | ||||||||
(a) 3bbls WTI: 2bbls conventional unleaded: 1bbl low sulfur diesel (USGC, Group 3) | ||||||||
(b) 3bbls ANS: 2bbls conventional unleaded: 1bbl low sulfur diesel (PNW, USWC) | ||||||||
SOURCE: Platts, OPIS |
![(BETTER OVERALL SPREADS)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576021.gif)
BETTER OVERALL SPREADS | |||||||||
Tesoro's Composite Crack Spread ($/bbl) | |||||||||
TOTAL WITH | |||||||||
BEFORE GOLDEN EAGLE | GOLDEN EAGLE | ||||||||
1997 | $ | 7.37 | $ | 8.15 | |||||
1998 | $ | 6.01 | $ | 6.80 | |||||
1999 | $ | 7.07 | $ | 8.02 | |||||
2000 | $ | 10.40 | $ | 11.57 | |||||
2001 | $ | 10.12 | $ | 11.46 | |||||
MID-CYCLE | $ | 8.19 | $ | 9.20 |
![(UNREALIZED EARNINGS POTENTIAL)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576022.gif)
Unrealized |
![(UNREALIZED EARNINGS POTENTIAL)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576023.gif)
UNREALIZED EARNINGS POTENTIAL | |||||||||||||||||||
Throughout | |||||||||||||||||||
• | Significant unrealized potential. The refinery has historically operated below its 168,000 bpd capacity. |
1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002e | 2003e | |||||||||||||||||||||||||
Total | 170.5 | 147.6 | 156.2 | 79.3 | 123.3 | 146.9 | 158.2 | 161.5 | ||||||||||||||||||||||||
Other | 13.0 | 16.6 | 14.6 | 13.9 | 20.9 | 13.0 | 11.9 | 7.1 | ||||||||||||||||||||||||
Crude | 157.5 | 131.0 | 141.6 | 65.4 | 102.4 | 133.9 | 146.3 | 154.4 |
![(UNREALIZED EARNINGS POTENTIAL - CONTINUED)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576024.gif)
UNREALIZED EARNINGS POTENTIAL – At closing, Valero estimates $260 million will have been invested since September 2000 |
![(UNREALIZED EARNINGS POTENTIAL - CONTINUED)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576025.gif)
UNREALIZED EARNINGS POTENTIAL CARB Gasoline Project – $122 million project |
![(UNREALIZED EARNINGS POTENTIAL - CONTINUED)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576026.gif)
UNREALIZED EARNINGS POTENTIAL – By the end of 2Q02, all major units at the refinery will have been completely overhauled with the next turnarounds *Using average 1997-2001 spreads |
![(SYNERGIES)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576027.gif)
SYNERGIES [MAP] – EBITDA improvements of $30 - $50 million |
![(UNREALIZED EARNINGS POTENTIAL - CONTINUED)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576028.gif)
UNREALIZED EARNINGS POTENTIAL – Heavy Oil Conversion |
![(FINANCIAL SUMMARY)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576029.gif)
Financial |
![(2001 ADJUSTED EBITDA)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576030.gif)
Golden Eagle | |||||
2001 ADJUSTED EBITDA | |||||
$ millions | |||||
EBITDA (before inventory write-down) | $ | 247 | |||
ADJUSTMENTS UNDER | |||||
TESORO’S OWNERSHIP | |||||
CHANGE IN ALLOCATED OVERHEAD | 10 | ||||
OPTIMIZATION OF PRODUCT SALES | 18 | ||||
ADJUSTED EBITDA | $ | 275 | |||
![(NORMALIZED(a) EBITDA)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576031.gif)
Golden Eagle | ||||||
NORMALIZED(a) EBITDA | ||||||
$ millions | ||||||
2001 ADJUSTED EBITDA | $ | 275 | ||||
NORMALIZING ASSUMPTIONS | ||||||
LOWER CRACK SPREADS | ||||||
1997-2001 AVERAGE(b) | (96 | ) | ||||
HIGHER THROUGHPUT RATES | ||||||
161.5 MBPD vs. 146.9 MBPD in 2001(c) | 54 | |||||
LOWER ENERGY COSTS | 38 | |||||
LOWER HYDROGEN (Natural Gas) COSTS | 38 | |||||
FULL SYNERGIES | 40 | |||||
NORMALIZED EBITDA | $ | 349 | ||||
(a) Excludes Turnaround costs | ||||||
(b) 1997-2001 mid-cycle California CARB crack spread was $11.67/bbl compared to 2001’s $14.74 | ||||||
(c) 2001 run rates were limited by turnarounds and the restart of an idled crude unit. The higher rate excludes the impact of turnarounds |
![(NORMALIZED(a) EBITDA - CONTINUED)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576032.gif)
Tesoro Base | |||||
NORMALIZED(a) EBITDA | |||||
$ millions | |||||
2001 EBITDA | $ | 256 | |||
NORMALIZING ASSUMPTIONS | |||||
LOWER CRACK SPREADS(b) | (49 | ) | |||
HIGHER VOLUMES(c) | 38 | ||||
FULL BENEFIT OF BP ACQUISITION | 164 | ||||
HEAVY OILS CONVERSION PROJECT | 40 | ||||
LOWER ENERGY COSTS | 20 | ||||
RETAIL GROWTH(d) | 8 | ||||
NORMALIZED EBITDA | $ | 477 | |||
(a) Excludes Turnaround costs | |||||
(b) Tesoro’s budget assumes industry spreads that are slightly better than the 1997-2001 average | |||||
(c) Adds back EBITDA lost from planned Turnaround downtime | |||||
(d) Reflects EBITDA growth from annual retail growth CAPEX |
![(EXCELLENT RECORD OF EBITDA GROWTH)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576033.gif)
Financial Summary | ||||
EXCELLENT RECORD OF EBITDA GROWTH | ||||
$ millions, from continuing operations | ||||
1996 | $ | 7 | ||
1997 | $ | 25 | ||
1998 | $ | 64 | ||
1999 | $ | 131 | ||
2000 | $ | 199 | ||
2001 | $ | 256 | ||
2001 PRO FORMA | $ | 625 | ||
NORMALIZED* | $ | 826 | ||
* Excludes Turnaround costs |
![(CAPITAL EXPENDITURES)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576034.gif)
Tesoro Consolidated | |||||||||||||||||||||||||
CAPITAL EXPENDITURES | |||||||||||||||||||||||||
$ millions | 2002e | 2003e | 2004e | 2005e | 2006e | 2007e | |||||||||||||||||||
DISCRETIONARY | |||||||||||||||||||||||||
REFINING | $ | 29.2 | 49.9 | 28.1 | 29.4 | 37.9 | 62.0 | ||||||||||||||||||
RETAIL | 60.5 | 56.1 | 52.7 | 53.3 | 53.8 | — | |||||||||||||||||||
NON-DISCRETIONARY | |||||||||||||||||||||||||
CLEAN FUELS | 59.5 | 77.0 | 46.5 | 60.0 | 18.5 | 45.0 | |||||||||||||||||||
OTHER REFINING | 75.3 | 95.2 | 83.2 | 95.0 | 55.6 | 24.1 | |||||||||||||||||||
RETAIL | 27.5 | 7.1 | 7.6 | 8.3 | 9.1 | 9.1 | |||||||||||||||||||
OTHER | 8.6 | 6.0 | 4.6 | 5.1 | 3.5 | 3.7 | |||||||||||||||||||
MARINE SERVICES | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | |||||||||||||||||||
CORPORATE | 15.7 | 10.8 | 7.8 | 6.1 | 7.2 | 5.0 | |||||||||||||||||||
TOTAL | $ | 281.3 | 307.1 | 235.5 | 262.2 | 190.6 | 153.9 | ||||||||||||||||||
NOTE: Excludes Turnaround capital of about $50 million/year |
![(STRONG RECORD OF DE-LEVERAGING)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576035.gif)
Financial Summary | ||||
STRONG RECORD OF DE-LEVERAGING | ||||
Debt to Capital | ||||
DEC. 31, 1994 | 55 | % | ||
DEC. 31, 1995 | 43 | % | ||
DEC. 31, 1996 | 23 | % | ||
DEC. 31, 1997 | 28 | % | ||
JUNE 30, 1998 | 56 | % | ||
DEC. 31, 1998 | 49 | % | ||
DEC. 31, 1999 | 40 | % | ||
DEC. 31, 2000 | 32 | % | ||
DEC. 31, 2001 | 60 | % |
![(NORMALIZED(a) CASH FLOW SENSITIVITIES)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576036.gif)
Tesoro Consolidated NORMALIZED(a) CASH FLOW SENSITIVITIES | |||||||||||||||
USING AVERAGE CRACK SPREADS | |||||||||||||||
TOTAL | 2000/2001 | 1998/1999 | |||||||||||||
$ millions | NORMALIZED | HIGH | LOW | ||||||||||||
EBITDA | $ | 826 | 877 | 363 | |||||||||||
INTEREST EXPENSE(b) | (140 | ) | (140 | ) | (140 | ) | |||||||||
CASH TAXES(c) | (94 | ) | (114 | ) | — | ||||||||||
NON-DISCRETIONARY CAPEX(d) | (170 | ) | (170 | ) | (170 | ) | |||||||||
REQUIRED DEBT REPAYMENT(d) | (58 | ) | (58 | ) | (58 | ) | |||||||||
CASH AVAILABLE FOR DISCRETIONARY CAPEX | $ | 364 | 395 | (5 | ) | ||||||||||
DISCRETIONARY CAPEX(d) | (90 | ) | (90 | ) | — | ||||||||||
SURPLUS CASH FLOW | $ | 274 | 305 | (5 | ) | ||||||||||
BORROWING UNDER REVOLVER | — | — | 5 | ||||||||||||
REVOLVER AVAILABILITY | $ | 225 | 225 | 220 | |||||||||||
(a) Excludes Turnaround costs | |||||||||||||||
(b) Based on first full year at higher level of borrowings | |||||||||||||||
(c) Assumes 40% tax rate less $100 million of deferred taxes | |||||||||||||||
(d) Based on 2003-2005 average |
![(ATTRACTIVE VALUATION)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576037.gif)
ATTRACTIVE VALUATION | ||||
2002 Price to Earnings Ratios(a) | ||||
TESORO | 8.5x | |||
VALERO | 9.7x | |||
SUNOCO | 14.5x | |||
(a) First Call consensus as of April 3, 2002 | ||||
(b) Excludes Tesoro |
![(SUMMARY)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576038.gif)
SUMMARY – Tesoro has grown aggressively through acquisitions |
![(FORWARD-LOOKING STATEMENTS)](https://capedge.com/proxy/8-K/0000950134-02-003510/d95760d9576039.gif)
FORWARD-LOOKING STATEMENTS Except for historical and present factual statements, the statements in this presentation are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and include statements which are or may contain: (a) projections of revenues, earnings, earnings per share, capital expenditures, cash flows or other financial items, EBITDA, throughput, expectations regarding the Golden Eagle Acquisition, discussions of estimated future revenue enhancements and cost savings; (b) statements of business strategy, goals and objectives for future operations, margins, profitability, liquidity, capital resources, potential acquisitions and/or dispositions; (c) statements of future economic performance; (d) statements concerning estimates of future industry conditions; or (e) statements of assumptions or estimates underlying or supporting the foregoing. These forward-looking statements are subject to a wide range of business risks, uncertainties and changes in circumstances that may cause actual results to differ materially, including, but not limited to changes in general economic conditions, the timing and extent of changes in commodity prices and underlying demand for our products, the availability and costs of crude oil, other refinery feedstocks and refined products, changes in our cash flow from operations, liquidity and capital requirements resulting from the Golden Eagle Acquisition, our ability to consummate the Golden Eagle Acquisition, our ability to successfully integrate acquisitions, including the pipeline system and the Golden Eagle Acquisition, fluctuations in our stock price, adverse changes in the ratings assigned to our trade credit and debt instruments, increased interest rates and the condition of the capital markets, the direct or indirect effects on our business resulting from terrorist incidents or acts of war, political developments in foreign countries, changes in our inventory levels, changes in the cost or availability of third-party vessels, pipelines and other means of transporting feedstocks and products, changes in fuel and utility costs for our facilities, disruptions due to equipment interruption or failure at our or third-party facilities, execution of planned capital projects, state and federal environmental, economic, safety and other policies and regulations, any changes therein, and any legal or regulatory delays or other factors beyond our control, adverse rulings, judgments, or settlements in litigation or other legal or tax matters, including unexpected environmental remediation costs in excess of any reserves, actions of customers and competitors, weather conditions affecting our operations or the areas in which our products are marketed, and earthquakes or other natural disasters affecting operations. Actual results and outcomes often differ from expectations. For more information with respect to the foregoing, see the Company's Annual Report on Form 10-K and other of the Company's filings with the Securities and Exchange Commission. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The Company undertakes no obligation to update any information contained herein or to publicly release the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances that occur, or which the Company becomes aware of, after the date hereof. |