Tesoro Petroleum Beats Wall Street Estimates

Tesoro Petroleum (NYSE: TSO) beat Wall Street estimates by $0.03. Earnings came in at $3.20 compared to $0.93 a share a year ago. Tesoro also announced it will buy back $200 million dollars worth of stock and double the quarterly dividend to $0.10. Tesoro is in the business of refining petroleum. Their success in Q3 was due to favorable crack spreads, increased demand, and increased daily production. Tesoro is flooded with money and they are creating value for shareholders, which is not a bad thing at all.

Note: I am long Tesoro (TSO)