1 ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 -------------------------- FORM T-1 STATEMENT OF ELIGIBILITY UNDER THE TRUST INDENTURE ACT OF 1939 OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE Check if an Application to Determine Eligibility of a Trustee Pursuant to Section 305(b)(2)___ ------------------------------------------------------- U.S. BANK TRUST NATIONAL ASSOCIATION (Exact name of Trustee as specified in its charter) 111 E. WACKER DRIVE, SUITE 3000 CHICAGO, ILLINOIS 60601 36-4046888 (Address of principal executive offices) (Zip Code) I.R.S. Employer Identification No. James D. Khami 535 Griswold, Suite 740 Detroit, Michigan 48226 Telephone (313) 234-4713 (Name, address and telephone number of agent for service) TESORO PETROLEUM CORPORATION (Exact name of obligor as specified in its charter) AND OTHER REGISTRANTS (SEE SEPARATE TABLE OF OTHER REGISTRANTS) DELAWARE 74-2699185 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 8700 TESORO DRIVE SAN ANTONIO, TEXAS 48084 (Address of Principal Executive Offices) (Zip Code) 9% SENIOR SUBORDINATED NOTES DUE 2008, SERIES B (Title of the Indenture Securities) ================================================================================ 2 TABLE OF OTHER REGISTRANTS DELAWARE DIGICOMP, INC. 74-2521015 ALASKA INTERIOR FUELS COMPANY 74-2471007 DELAWARE KENAI PIPE LINE COMPANY 94-6062891 DELAWARE TESORO ALASKA PETROLEUM COMPANY 74-1646130 DELAWARE TESORO ALASKA PIPELINE COMPANY 74-1839523 TEXAS TESORO BOLIVIA PETROLEUM COMPANY 74-1799764 DELAWARE TESORO EXPLORATION AND PRODUCTION COMPANY 74-2307903 DELAWARE TESORO LATIN AMERICA COMPANY 74-2144598 DELAWARE TESORO MARINE SERVICES HOLDING COMPANY 74-2807425 DELAWARE TESORO MARINE SERVICES, INC. 74-2766974 DELAWARE TESORO NATURAL GAS COMPANY 74-1711669 ALASKA TESORO NORTHSTORE COMPANY 92-0098209 DELAWARE TESORO PETROLEUM COMPANIES, INC. 74-2385513 DELAWARE TESORO REFINING, MARKETING & SUPPLY COMPANY 74-2045147 DELAWARE TESORO VOSTOK COMPANY 74-2257610 DELAWARE TESORO E&P COMPANY, L.P. 74-2705971 DELAWARE TESORO PIPELINE COMPANY, L.P. 74-2742860 DELAWARE TESORO FINANCIAL SERVICES HOLDING COMPANY 51-0377202 DELAWARE TESORO GAS RESOURCES COMPANY, INC. 92-0150083 HAWAII TESORO HAWAII CORPORATION 99-0143882 CALIFORNIA TESORO SOUTH PACIFIC PETROLEUM COMPANY 95-3620808 DELAWARE VICTORY FINANCE COMPANY 51-0377203 (Exact name of each guarantor as specified in its charter) 2 3 FORM T-1 ITEM 1. GENERAL INFORMATION. Furnish the following information as to the Trustee. a) Name and address of each examining or supervising authority to which it is subject. Comptroller of the Currency Washington, D.C. b) Whether it is authorized to exercise corporate trust powers. Yes ITEM 2. AFFILIATIONS WITH OBLIGOR. If the obligor is an affiliate of the Trustee, describe each such affiliation. None ITEM 3-15. Not applicable because, to the best of Trustee's knowledge, the Trustee is not a trustee under any other indenture under which any other securities or certificates of interest or participation in any other securities of the obligor are outstanding and there is not, nor has there been, a default with respect to securities issued under this indenture. ITEM 16. LIST OF EXHIBITS: List below all exhibits filed as a part of this statement of eligibility and qualification. 1. A copy of the Articles of Association of the Trustee, as now in effect, incorporated herein by reference to Exhibit 1 to Item 16 of Form T-1, Registration No. 333-51415.* 2. A copy of the certificate of authority of the Trustee to commence business, incorporated herein by reference to Exhibit 2 to Item 16 of Form T-1, Registration No. 33-64175.* 3. A copy of the certificate of authority of the Trustee to exercise corporate trust powers, incorporated herein by reference to Exhibit 3 to Item 16 of Form T-1, Registration No. 33-64175.* 4. A copy of the existing bylaws of the Trustee, as now in effect, incorporated herein by reference to Exhibit 4 to Item 16 of Form T-1, Registration No. 333-51415.* 5. Not applicable. 6. The consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939, incorporated herein by reference to Exhibit 6 of Form T-1, Registration No. 33-64175.* 7. A copy of the latest report of condition of the Trustee published pursuant to law or the requirements of its supervising or examining authority, filed herewith. 8. Not applicable. 9. Not applicable. 3 4 * Exhibits thus designated are incorporated herein by reference to Exhibits bearing identical numbers in Item 16 of the Form T-1 filed by the Trustee with the Securities and Exchange Commission with the specific references noted. SIGNATURE Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the Trustee, U.S. BANK TRUST NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility and qualification to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Detroit, State of Michigan on the 24th day of July, 1998. U.S. BANK TRUST NATIONAL ASSOCIATION By: /s/ JAMES D. KHAMI ------------------------------------- James D. Khami Vice President 4 5 U.S. Bank Trust National Association Call Date: 03/31/98 ST-BK: 17-1638 FFIEC 033 400 North Michigan Avenue Page RC-1 Chicago, IL 60611 Vendor ID: D CERT: 34094 9 Transit Number: 09600069 EXHIBIT 7 --------- Consolidated Report of Condition for Insured Commercial and State-Chartered Savings Banks for March 31, 1998 All schedules are to be reported in thousands of dollars. Unless otherwise indicated, report the amount outstanding as of the last business day of the quarter. Schedule RC - Balance Sheet C200 <- Dollar Amounts in Thousands - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS 1. Cash and balances due from depository institutions (from Schedule RC-A): RCON ---- a. Noninterest-bearing balances and currency and coin (1)__________________________________0081. . 56,244 1.a b. Interest-bearing balances (2)___________________________________________________________0071. . 0 1.b 2. Securities: a. Held-to-maturity securities (from Schedule RC-B, column A)______________________________1754. . 0 2.a b. Available-for-sale securities (from Schedule RC-B, column D)____________________________1773. . 3,219 2.b 3. Federal funds sold and securities purchased under agreements to resell_____________________1350. . 0 3. 4. Loans and lease financing receivables: RCON a. Loans and leases, net of unearned income ---- (from Schedule RC-C)__________________________________2122. . 0 . . . . . . 4.a b. LESS: Allowance for loan and lease losses_____________3123. . 0 . . . . . . 4.b c. LESS: Allocated transfer risk reserve_________________3128. . 0 . . . . . . 4.c d. Loans and leases, net of unearned income, allowance, and reserve (item 4.a minus 4.b and 4.c)_____________________________________2125. . 0 4.d 5. Trading assets_____________________________________________________________________________3545. . 0 5. 6. Premises and fixed assets (including capitalized leases)___________________________________2145. . 125 6. 7. Other real estate owned (from Schedule RC-M)_______________________________________________2150. . 0 7. 8. Investments in unconsolidated subsidiaries and associated companies (from Schedule RC-M)_____________________________________________________________________________2130. . 0 8. 9. Customers' liability to this bank on acceptances outstanding_______________________________2155. . 0 9. 10. Intangible assets (from Schedule RC-M)_____________________________________________________2143. . 47,202 10. 11. Other assets (from Schedule RC-F)__________________________________________________________2160. . 2,713 11. 12. Total assets (sum of items 1 through 11)___________________________________________________2170. . 109,503 12. ___________ (1) Includes cash items in process of collection and unposted debits. (2) Includes time certificates of deposit not held for trading. 6 U.S. Bank Trust National Association Call Date: 03/31/98 ST-BK: 17-1638 FFIEC 033 400 North Michigan Avenue Page RC-2 Chicago, IL 60611 Vendor ID: D CERT: 34094 10 Transit Number: 09600069 Schedule RC - Continued Dollar Amounts in Thousands - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES 13. Deposits RCON a. In domestic offices (sum of totals of ---- columns A and C from Schedule RC-E)________________________________________________________2200. . 0 13.a RCON ---- (1) Noninterest-bearing (1)____________________________________6631. . 0 . . . . . . 13.a.1 (2) Interest-bearing___________________________________________6636. . 0 . . . . . . 13.a.2 b. In foreign offices, Edge and Agreement subsidiaries, and IBFs______________________________ . . . . . . (1) Noninterest-bearing____________________________________________________________________ . . . . . . (2) Interest-bearing_______________________________________________________________________ . . . . . . 14. Federal funds purchased and securities sold under agreements to repurchase____________________2800. . 0 14. 15. a. Demand notes issued to the U.S. Treasury___________________________________________________2840. . 0 15.a b. Trading liabilities________________________________________________________________________3548. . 0 15.b 16. Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases): a. With a remaining maturity of one year or less______________________________________________2332. . 0 16.a b. With a remaining maturity of more than one year through three years________________________A547. . 0 16.b c. With a remaining maturity of more than three years_________________________________________A548. . 0 16.c 17. Not applicable 18. Bank's liability on acceptances executed and outstanding______________________________________2920. . 0 18. 19. Subordinated notes and debentures (2)_________________________________________________________3200. . 0 19. 20. Other liabilities (from Schedule RC-G)________________________________________________________2930. . 2,454 20. 21. Total liabilities (sum of items 13 through 20)________________________________________________2948. . 2,454 21. 22. Not applicable EQUITY CAPITAL 23. Perpetual preferred stock and related surplus_________________________________________________3838. . 0 23. 24. Common stock__________________________________________________________________________________3230. . 1,000 24. 25. Surplus (exclude all surplus related to preferred stock)______________________________________3839. . 106,712 25. 26. a. Undivided profits and capital reserves_____________________________________________________3632. . (663) 26.a b. Net unrealized holding gains (losses) on available-for-sale securities_____________________8434. . 0 26.b 27. Cumulative foreign currency translation adjustments___________________________________________ . . . . . . 28. Total equity capital (sum of items 23 through 27)_____________________________________________3210. . 107,049 28. 29. Total liabilities and equity capital (sum of items 21 and 28)_________________________________3300. . 109,503 29. Memorandum To be reported only with the March Report of Condition. 1. Indicate in the box at the right the number of the statement below that best describes the most comprehensive level of auditing work performed for the bank by independent external auditors as of any date during 1997_________________________________________________6724. . 2 M.1 1 = Independent audit of the bank conducted in accordance 4 = Directors' examination of the bank performed by other with generally accepted auditing standards by a certified external auditors (may be required by state chartering public accounting firm which submits a report on the bank authority) 2 = Independent audit of the bank's parent holding company 5 = Review of the bank's financial statements by external conducted in accordance with generally acceptable auditing auditors standards by a certified public accounting firm which 6 = Compilation of the bank's financial statements by submits a report on the consolidated holding company (but external auditors not on the bank separately) 7 = Other audit procedures (excluding tax preparation work) 3 = Directors' examination of the bank conducted in accordance 8 = No external audit work with generally accepted auditing standards by a certified public accounting firm (may be required by a state charter- ing authority) _________ (1) Includes total demand deposits and noninterest-bearing time and saving deposits. (2) Includes limited life preferred stock and related surplus. 7 U.S. Bank Trust National Association Call Date: 03/31/98 ST-BK: 17-1638 FFIEC 033 400 North Michigan Avenue Page RC-3 Chicago, IL 60611 Vendor ID: D CERT: 34094 11 Transit Number: 09600069 Schedule RC-A - Cash and Balances Due From Depository Institutions Exclude assets held for trading. C205 <- Dollar Amounts in Thousands - ------------------------------------------------------------------------------------------------------------------------------------ 1. Cash items in process of collection, unposted debits, and currency and coin: RCON ---- a. Cash items in process of collection and unposted debits_________________________________0020. . 0 1.a b. Currency and coin_______________________________________________________________________0080. . 0 1.b 2. Balances due from depository institutions in the U.S.: a. U.S. branches and agencies of foreign banks_____________________________________________0083. . 0 2.a b. Other commercial banks in the U.S. and other depository institutions in the U.S.________0085. . 56,244 2.b 3. Balances due from banks in foreign countries and foreign central banks: a. foreign branches of other U.S. banks____________________________________________________0073. . 0 3.a b. Other banks in foreign countries and foreign central banks______________________________0074. . 0 3.b 4. Balances due from Federal Reserve Banks____________________________________________________0090. . 0 4. 5. Total (sum of items 1 through 4) (must equal Schedule RC, sum of items 1.a and 1.b)________0010. . 56,244 5. Memorandum Dollar Amounts in Thousands - ------------------------------------------------------------------------------------------------------------------------------------ 1. Noninterest-bearing balances due from commercial banks in the U.S. RCON ---- (included in items 2.a and 2.b above)______________________________________________________0050. . 56,244 M.1