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Wiki Wiki Summary
Price of oil The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil, Isthmus and Western Canadian Select (WCS). Oil prices are determined by global supply and demand, rather than any country's domestic production level.
Price A prince is a male ruler (ranked below a king, grand prince, and grand duke) or a male member of a monarch's or former monarch's family. Prince is also a title of nobility (often highest), often hereditary, in some European states.
Petroleum Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name petroleum covers both naturally occurring unprocessed crude oil and petroleum products that consist of refined crude oil.
Surgery Surgery is a medical or dental specialty that uses operative manual and instrumental techniques on a person to investigate or treat a pathological condition such as a disease or injury, to help improve bodily function, appearance, or to repair unwanted ruptured areas.\nThe act of performing surgery may be called a surgical procedure, operation, or simply "surgery".
Oil Price Information Service Oil Price Information Service (OPIS) is a price-reporting agency, providing information used for commercial contracts and trade settlement related to petroleum, gasoline, diesel, ethanol, biodiesel, LP-gas, jet fuel, crude, natural gas, petrochemicals, recycled plastics, refinery feedstocks, residual fuel, and kerosene. It is based in Rockville, Maryland, US and has offices in Wall, New Jersey, Houston, Texas, St.
Pyrolysis oil Pyrolysis oil, sometimes also known as bio-crude or bio-oil, is a synthetic fuel under investigation as substitute for petroleum. It is obtained by heating dried biomass without oxygen in a reactor at a temperature of about 500 °C with subsequent cooling.
Sour crude oil Sour crude oil is crude oil containing a high amount of the impurity sulfur. It is common to find crude oil containing some impurities.
BAZAN Group BAZAN Group, (ORL or BAZAN, Hebrew: בז"ן – בתי זיקוק לנפט בע"מ), formerly Oil Refineries Ltd., is an oil refining and petrochemicals company located in Haifa Bay, Israel. It operates the largest oil refinery in the country.
Accounting standard Publicly traded companies typically are subject to rigorous standards. Small and midsized businesses often follow more simplified standards, plus any specific disclosures required by their specific lenders and shareholders.
Boys Generally Asian Boys Generally Asian, also known by the acronym BgA, is an American K-pop parody group that was created by YouTube personality Ryan Higa. The group, which describes itself as "guys who can't sing, dance or really speak Korean", debuted in 2016 with the single, "Dong Saya Dae".
Generally Accepted Accounting Practice (UK) Generally Accepted Accounting Practice in the UK, or UK GAAP, is the overall body of regulation establishing how company accounts must be prepared in the United Kingdom. Company accounts must also be prepared in accordance with applicable company law (for UK companies, the Companies Act 2006; for companies in the Channel Islands and the Isle of Man, companies law applicable to those jurisdictions).
Nervous Conditions Nervous Conditions is a novel by Zimbabwean author Tsitsi Dangarembga, first published in the United Kingdom in 1988. It was the first book published by a black woman from Zimbabwe in English.
Significant other The term significant other (SO) has different uses in psychology and in colloquial language. Colloquially "significant other" is used as a gender-neutral term for a person's partner in an intimate relationship without disclosing or presuming anything about marital status, relationship status, gender identity, or sexual orientation.
Bit numbering In computing, bit numbering is the convention used to identify the bit positions in a binary number.\n\n\n== Bit significance and indexing ==\n\nIn computing, the least significant bit (LSB) is the bit position in a binary integer representing the binary 1s place of the integer.
Balance sheet In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year.
Financial ratio A financial ratio or accounting ratio is a relative magnitude of two selected numerical values taken from an enterprise's financial statements. Often used in accounting, there are many standard ratios used to try to evaluate the overall financial condition of a corporation or other organization.
Financial analysis Financial analysis (also referred to as financial statement analysis or accounting analysis or Analysis of finance) refers to an assessment of the viability, stability, and profitability of a business, sub-business or project. \nIt is performed by professionals who prepare reports using ratios and other techniques, that make use of information taken from financial statements and other reports.
Form 10-K A Form 10-K is an annual report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive summary of a company's financial performance. Although similarly named, the annual report on Form 10-K is distinct from the often glossy "annual report to shareholders," which a company must send to its shareholders when it holds an annual meeting to elect directors (though some companies combine the annual report and the 10-K into one document).
Territorial Army (India) The Territorial Army (TA) is a volunteer reserve force of the Indian Army. Hailed as part time commitment, full time honour, it is meant for citizens who are already employed in mainstay civilian professions, and in fact gainful employment or self-employment in a civil profession is a prerequisite for joining the Territorial Army.Volunteers of the Territorial Army usually serve in uniform for 2–3 months every year, so that they can bear arms for national defence in times of dire need or national emergencies.
List of presidents of the Philippines by previous executive experience This is a list of the current and former Philippine presidents by previous executive experience before they became president of the Philippines. Executive experience is defined as having been something where one is the top decision-maker in a company, a regional constituency, a military unit, or something like that.
List of programs broadcast by American Broadcasting Company The American Broadcasting Company (ABC) is a commercial broadcasting television network owned by Walt Disney Television, a subsidiary of The Walt Disney Company. Headquartered on Ninth Avenue and West 66th Street in Manhattan, ABC is the fifth-oldest major broadcasting network in the world.
Connection pool In software engineering, a connection pool is a cache of database connections maintained so that the connections can be reused when future requests to the database are required.\nConnection pools are used to enhance the performance of executing commands on a database.
Third-party logistics Third-party logistics (abbreviated as 3PL, or TPL) in logistics and supply chain management is an organization's use of third-party businesses to outsource elements of its distribution, warehousing, and fulfillment services.\nThird-party logistics providers typically specialize in integrated operations of warehousing and transportation services that can be scaled and customized to customers' needs, based on market conditions, to meet the demands and delivery service requirements for their products.
Minor party A minor party is a political party that plays a smaller (in some cases much smaller, even insignificant in comparison) role than a major party in a country's politics and elections. The difference between minor and major parties can be so great that the membership total, donations, and the candidates that they are able to produce or attract are very distinct.
Third-party management Third-party management is the process whereby companies monitor and manage interactions with all external parties with which it has a relationship. This may include both contractual and non-contractual parties.
Non-functional requirement In systems engineering and requirements engineering, a non-functional requirement (NFR) is a requirement that specifies criteria that can be used to judge the operation of a system, rather than specific behaviours. They are contrasted with functional requirements that define specific behavior or functions.
Visa requirements for United States citizens As of 25 February 2022, Holders of a United States passport could travel to 186 countries and territories without a travel visa, or with a visa on arrival. The United States passport currently ranks 6th in terms of travel freedom (tied with the passports of Czech Republic, Greece, Malta, Norway, and the UK) according to the Henley Passport Index.
Requirements analysis In systems engineering and software engineering, requirements analysis focuses on the tasks that determine the needs or conditions to meet the new or altered product or project, taking account of the possibly conflicting requirements of the various stakeholders, analyzing, documenting, validating and managing software or system requirements.Requirements analysis is critical to the success or failure of a systems or software project. The requirements should be documented, actionable, measurable, testable, traceable, related to identified business needs or opportunities, and defined to a level of detail sufficient for system design.
Visa requirements for British citizens Visa requirements for British citizens are administrative entry restrictions by the authorities of other states placed on citizens of the United Kingdom. As of 30 April 2022, British citizens had visa-free or visa on arrival access to 187 countries and territories, ranking their passport 5th in terms of travel freedom (tied with France, Ireland and Portugal) according to the Henley Passport Index.
Aviation accidents and incidents An aviation accident is defined by the Convention on International Civil Aviation Annex 13 as an occurrence associated with the operation of an aircraft, which takes place from the time any person boards the aircraft with the intention of flight until all such persons have disembarked, and in which a) a person is fatally or seriously injured, b) the aircraft sustains significant damage or structural failure, or c) the aircraft goes missing or becomes completely inaccessible. Annex 13 defines an aviation incident as an occurrence, other than an accident, associated with the operation of an aircraft that affects or could affect the safety of operation.A hull loss occurs if an aircraft is damaged beyond repair, lost, or becomes completely inaccessible.The first fatal aviation accident was the crash of a Rozière balloon near Wimereux, France, on June 15, 1785, killing the balloon's inventor, Jean-François Pilâtre de Rozier, and the other occupant, Pierre Romain.
Limited liability company A limited liability company (LLC) is the US-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.
No liability A no-liability company in Australia (suffix NL) is a company which, under the Corporations Act 2001 (Cth), must have as its stated objects that it is solely a mining company and that it is not entitled to calls on the unpaid issue price of shares. It is a company which is restricted to mining activities and is the only sort of corporation which is entitled to this form of liability, given the sometimes financially risky business of mining.
Professional liability insurance Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance which helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit. \nThe coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder.
President of the United States The president of the United States (POTUS) is the head of state and head of government of the United States of America. The president directs the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces.
Occurrence of thorium Thorium is found in small amounts in most rocks and soils. Soil commonly contains an average of around 6 parts per million (ppm) of thorium.
Ogiame Atuwatse III Ogiame Atuwatse III (born 2 April 1984) is a Nigerian traditional King, paramount ruler of the Kingdom of Warri, and the 21st Olu of Warri. He was born Utieyinoritsetsola Emiko, also known as Tsola Emiko on 2 April 1984 to Olu Atuwatse II, the 19th Olu of Warri and Gladys Durorike Emiko in Warri.
Risk Factors
TESORO CORP /NEW/ ITEM 1A RISK FACTORS The volatility of crude oil prices, refined product prices and natural gas and electrical power prices may have a material adverse effect on our cash flow and results of operations
Our earnings and cash flows from our refining and wholesale marketing operations depend on a number of factors, including fixed and variable expenses (including the cost of refinery feedstocks) and the margin above those expenses at which we are able to sell refined products
In recent years, the prices of crude oil and refined products have fluctuated substantially
These prices depend on numerous factors beyond our control, including the demand for crude oil, gasoline and other refined products, which are subject to, among other things: • changes in the global economy and the level of foreign and domestic production of crude oil and refined products; • threatened or actual terrorist incidents, acts of war, and other worldwide political conditions; • availability of crude oil and refined products and the infrastructure to transport crude oil and refined products; • weather conditions, hurricanes or other natural disasters; • government regulations; and • local factors, including market conditions and the level of operations of other refineries in our markets
We do not produce crude oil and must purchase all of our crude oil, the price of which fluctuates on worldwide market conditions
Generally, an increase or decrease in the price of crude oil affects the price of gasoline and other refined products
However, the prices for crude oil and prices for our refined products can fluctuate in different directions based on worldwide market conditions
In addition, the timing of the relative movement of the prices, as well as the overall change in product prices, can reduce profit margins and could have a significant impact on our refining and wholesale marketing operations, earnings and cash flow
Also, crude oil supply contracts are generally term contracts with market-responsive pricing provisions
We purchase our refinery feedstocks before manufacturing and selling the refined products
Price level changes during the period between purchasing feedstocks and selling the manufactured refined products from these feedstocks could have a significant effect on our financial results
Price level changes during the periods between purchasing and selling these products also could have a material adverse effect on our business, financial condition and results of operations
Volatile prices for natural gas and electrical power used by our refineries and other operations have affected manufacturing and operating costs
Natural gas and electricity prices have been and will continue to be affected by supply and demand for fuel and utility services in both local and regional markets
Our business is impacted by risks inherent in petroleum refining operations
The operation of refineries, pipelines and product terminals is inherently subject to spills, discharges or other releases of petroleum or hazardous substances
If any of these events had previously occurred or occurs 16 _________________________________________________________________ [81]Table of Contents in the future in connection with any of our refineries, pipelines or product terminals, or in connection with any facilities to which we sent wastes or by-products for treatment or disposal, other than events for which we are indemnified, we could be liable for all costs and penalties associated with their remediation under federal, state and local environmental laws or common law, and could be liable for property damage to third parties caused by contamination from releases and spills
The penalties and clean-up costs that we may have to pay for releases or spills, or the amounts that we may have to pay to third parties for damage to their property, could be significant and the payment of these amounts could have a material adverse effect on our business, financial condition and results of operations
We operate in environmentally sensitive coastal waters, where tanker, pipeline and refined product transportation operations are closely regulated by federal, state and local agencies and monitored by environmental interest groups
Our California, Mid-Pacific and Pacific Northwest refineries import crude oil feedstocks by tanker
Transportation of crude oil and refined products over water involves inherent risk and subjects us to the provisions of the Federal Oil Pollution Act of 1990 and state laws in California, Hawaii, Washington and Alaska
Among other things, these laws require us to demonstrate in some situations our capacity to respond to a “worst case discharge” to the maximum extent possible
We have contracted with various spill response service companies in the areas in which we transport crude oil and refined products to meet the requirements of the Federal Oil Pollution Act of 1990 and state laws
However, there may be accidents involving tankers transporting crude oil or refined products, and response services may not respond to a “worst case discharge” in a manner that will adequately contain that discharge, or we may be subject to liability in connection with a discharge
The dangers inherent in our operations and the potential limits on insurance coverage could expose us to potentially significant liability costs
Our operations are subject to hazards and risks inherent in refining operations and in transporting and storing crude oil and refined products, such as fires, natural disasters, explosions, pipeline ruptures and spills and mechanical failure of equipment at our or third-party facilities, any of which can result in personal injury claims and other damage to our properties and the properties of others
In addition, we operate six petroleum refineries, any of which could experience a major accident, be damaged by severe weather or other natural disaster, or otherwise be forced to shut down
Any such unplanned shutdown could have a material adverse effect on our business, financial condition and results of operations
While we carry property, casualty and business interruption insurance, we do not maintain insurance coverage against all potential losses, and we could suffer losses for uninsurable or uninsured risks or in amounts in excess of existing insurance coverage
The occurrence of an event that is not fully covered by insurance could have a material adverse effect on our business, financial condition and results of operations
Our operations are subject to general environmental risks, expenses and liabilities which could affect our results of operations
From time to time we have been, and presently are, subject to litigation and investigations with respect to environmental and related matters, including product liability claims related to the oxygenate MTBE We may become involved in further litigation or other proceedings, or we may be held responsible in any existing or future litigation or proceedings, the costs of which could be material
We have in the past operated service stations with underground storage tanks in various jurisdictions, and currently operate service stations that have underground storage tanks in 18 states in the mid-continental and western United States
Federal and state regulations and legislation govern the storage tanks, and compliance with these requirements can be costly
The operation of underground storage tanks also poses certain other risks, including damages associated with soil and groundwater contamination
Leaks from underground storage tanks which may occur at one or more of our service stations, or which may have occurred at our previously operated service stations, may impact soil or groundwater and could result in fines or civil liability for us
17 _________________________________________________________________ [82]Table of Contents Consistent with the experience of other US refineries, environmental laws and regulations have raised operating costs and require significant capital investments at our refineries
We believe that existing physical facilities at our refineries are substantially adequate to maintain compliance with existing applicable laws and regulatory requirements
However, potentially material expenditures could be required in the future
For example, we may be required to comply with evolving environmental, health and safety laws, regulations or requirements that may be adopted or imposed in the future
We also may be required to address information or conditions that may be discovered in the future and that require a response
We are subject to interruptions of supply and increased costs as a result of our reliance on third-party transportation of crude oil and refined products
Our Washington refinery receives all of its Canadian crude oil and delivers a high proportion of its gasoline, diesel and jet fuel through third-party pipelines
Our Hawaii and Alaska refineries receive most of their crude oil and transport a substantial portion of refined products through ships and barges
Our Utah refinery receives substantially all of its crude oil and delivers substantially all of its products through third-party pipelines
Our North Dakota refinery delivers substantially all of its products through a third-party pipeline system
Our California refinery receives approximately one-third of its crude oil through pipelines and the balance through marine vessels
Substantially all of our California refinery’s production is delivered through third-party pipelines, ships and barges
In addition to environmental risks discussed above, we could experience an interruption of supply or an increased cost to deliver refined products to market if the ability of the pipelines or vessels to transport crude oil or refined products is upset because of accidents, governmental regulation or third-party action
A prolonged upset of the ability of a pipeline or vessels to transport crude oil or product could have a material adverse effect on our business, financial condition and results of operations
Terrorist attacks and threats or actual war may negatively impact our business
Our business is affected by general economic conditions and fluctuations in consumer confidence and spending, which can decline as a result of numerous factors outside of our control, such as actual or threatened terrorist attacks and acts of war
Terrorist attacks, as well as events occurring in response to or in connection with them, including future terrorist attacks against US targets, rumors or threats of war, actual conflicts involving the United States or its allies, or military or trade disruptions impacting our suppliers or our customers or energy markets generally, may adversely impact our operations
As a result, there could be delays or losses in the delivery of supplies and raw materials to us, delays in our delivery of refined products, decreased sales of our products and extension of time for payment of accounts receivable from our customers
Strategic targets such as energy-related assets (which could include refineries such as ours) may be at greater risk of future terrorist attacks than other targets in the United States
These occurrences could significantly impact energy prices, including prices for our crude oil and refined products, and have a material adverse impact on the margins from our refining and wholesale marketing operations
In addition, disruption or significant increases in energy prices could result in government-imposed price controls
Any one of, or a combination of, these occurrences could have a material adverse effect on our business, financial condition and results of operations
Our operating results are seasonal and generally are lower in the first and fourth quarters of the year
As a result, our operating results for the first and fourth quarters are generally lower than for those in the second and third quarters