On Friday, Shares of Tesoro Corporation (NYSE:TSO), lost -8.19% to $93.61.
Tesoro Corporation released its 2014 Social Responsibility Report that outlines the Company’s performance, approach and commitment to social and environmental responsibility. The report demonstrates Tesoro’s commitment to operating in a responsible manner while creating shared value for shareholders, employees, customers and the communities where it operates.
Highlights in 2014 comprise:
- Safety: Tesoro had the best safety record yet for our Company in 2014. It beat its own safety targets – for both personal and process safety – and performed better than industry averages.
- Oil spill prevention and response: Tesoro is committed to environmental stewardship. Last year, Tesoro conducted more than 30 emergency response drills to test and refine its preparedness plans and has achieved a noteworthy percent decrease in spill volume in 2014. Looking ahead, Tesoro will continue to invest in additional training and new tools and technologies to enhance its emergency response process.
- Air emissions: In 2014, Tesoro reduced air emissions such as NOX, SOX and particulates by 11 percent contrast to 2013, while its greenhouse gas emissions have risen. The Company aims to improve this performance through efficiency programs and with projects such as the Los Angeles Refinery Integration and Compliance project.
Tesoro Corporation, through its auxiliaries, engages in petroleum refining and marketing activities in the United States. It operates in three segments: Refining, Tesoro Logistics LP (TLLP), and Retail. The Refining segment refines crude oil and other feedstocks into transportation fuels, such as gasoline, gasoline blend stocks, jet fuel, and diesel fuel, in addition to other products, counting heavy fuel oils, liquefied petroleum gas, petroleum coke, calcined coke, and asphalt.
Shares of WPX Energy, Inc. (NYSE:WPX), declined -9.24% to $6.68, during its last trading session, hitting its lowest level.
WPX Energy declared that it has successfully closed the purchase of privately held RKI Exploration & Production, LLC.
With the merger complete, WPX now has a substantial presence in the core of the Permian’s Delaware Basin that comprises:
- About 22,000 boe/d of existing production – more than half of which is oil;
- About 92,000 net acres – about 98 percent of which is held by production;
- More than 3,600 gross risked drilling locations across stacked pay intervals; and
- More than 375 miles of scalable gas gathering and water infrastructure.
The Permian Basin is characterized by numerous stacked pay reservoirs, extensive production history, long-lived reserves and high drilling success rates. The 92,000 net acres represent more than 670,000 prospective net effective acres of stacked pay.
The newly attained Permian assets have existing production from 10 of 12 prospective benches in a 9,000 foot hydrocarbon-charged stratigraphic column that comprises the Wolfcamp, Bone Spring, Avalon and Delaware Sands intervals.
WPX Energy, Inc., an independent natural gas and oil exploration and production company, engages in the exploitation and development of unconventional properties in the United States.
Finally, MetLife, Inc. (NYSE:MET), ended its last trade with -4.55% loss, and closed at $49.55.
MetLife fight to free itself from a costly government label is increasingly focusing on a bold argument: The giant insurer isn’t actually a U.S. financial company, according to Bloomberg.
In court papers filed in Washington on Friday, MetLife said it doesn’t meet the legal definition of a U.S. non-bank financial firm, in part because it has substantial foreign operations.
“Under the plain language,” of the 2010 Dodd-Frank Act, MetLife isn’t eligible for designation, because the company is not “predominantly engaged in financial activities,” MetLife said in its filing.
The filing is the latest salvo in the court battle between MetLife and a council of U.S. regulators that last year deemed the New York-based insurer a potential threat to the financial system. The label subjects MetLife to tough Federal Reserve oversight, and could lead to strict constraints on how much money it can borrow and how much capital it must set aside. Bloomberg Reports
The MetLife suit represents the biggest challenge to the Financial Stability Oversight Council’s authority since it was created under Dodd-Frank. Bloomberg added.
MetLife, Inc. provides life insurance, annuities, employee benefits, and asset administration products in the United States, Japan, Latin America, Asia, Europe, and the Middle East. It operates in six segments: Retail; Group, Voluntary & Worksite Benefits; Corporate Benefit Funding; Latin America; Asia; and Europe, the Middle East and Africa.
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