Tesoro Corporation and Tesoro Logistics LP announced that once the Western Refining merger deal closes in August, the company would rebrand as Andeavor and Andeavor Logistics LP, respectively.
The combined company will officially take the Andeavor name, along with new logos and a new stock ticker symbol, on Aug. 1. The new ticker symbol for Andeavor common shares will trade on the New York Stock Exchange under the symbol ANDV, and Andeavor Logistics LP common units will trade under the symbol ANDX. Moreover, the company’s retail stations will continue to carry the Tesoro brand.
"We are announcing a new name to reflect the company's ongoing transformation," said Greg Goff, chairman, president and CEO, in a news release. "The change to Andeavor acknowledges the significant progress we've made in becoming a premier refining, marketing and logistics company, and signals our aspiration to continue creating greater value for our stakeholders.
"While our name is changing, our strategic priorities, financial discipline, guiding principles and the foundational elements of how we operate remain the same," Goff continued. "We will continue to focus on optimizing our highly integrated refining, marketing and logistics system; caring for the communities where we operate; aiming to achieve the best safety and environmental performance in the industry; and investing in our people and assets."
In June, Tesoro announced it had completed its acquisition of Western Refining, Inc. for $5.8 billion. The combined company will have 1.1 million barrels of refining capacity, more than 3,000 retail stations, and 13,000 employees. Tesoro and Western first announced Tesoro's expected acquisition of Western on November 17, 2016.
As previously announced, Greg Goff will continue to serve as chairman, president and chief executive officer and Steven Sterin will continue to serve as executive vice president, chief financial officer and president, Tesoro Logistics. In addition, Western's former executive chairman, Paul Foster, and Western's former chief executive officer, Jeff Stevens, will soon join Tesoro's Board as directors. Tesoro's headquarters will remain in San Antonio, TX.