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SAN ANTONIO - Independent oil refiner Tesoro Corp. slashed its quarterly dividend in half on Monday, in an effort to conserve cash after closing out a tough third quarter.
The company cut its quarterly dividend to 5 cents per share, down from its second-quarter dividend of 10 cents per share.
"While we ended the third quarter with adequate cash to fund our expected 2010 capital budget, the 40 percent reduction in West Coast margins from September to October has proven that even in times of stability, margins can be volatile," said CEO Bruce Smith. "The reduction in our dividend puts us more in line with our historical yield, while allowing this capital to be redeployed in support of our 2010 business plan, if necessary."
On Monday the company said its net income tumbled 87 percent as lower energy prices cut away at margins.
Shares of the company fell 41 cents, or 2.9 percent, to $13.56 in morning trading.
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