CORRECTED-UPDATE 1-Tesoro profit down 87 pct, cuts payout - News

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CORRECTED-UPDATE 1-Tesoro profit down 87 pct, cuts payout

By: AFX | 09 Nov 2009 | 12:23 PM ET

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HOUSTON, Nov 9 (Reuters) - Tesoro Corp said on Monday it cut its dividend in half as weak demand for fuel contributed to an 87 percent slide in the U.S.

refiner's third-quarter profit. Tesoro cut its quarterly dividend to 5 cents per share. Money saved by the payout reduction will be used to help fund the San Antonio, Texas, company's 2010 business plan, it said. Tesoro reported third-quarter net earnings of $33 million or 24 cents per share, down from $259 million or $1.86 per share for the third quarter of 2008. Shares of Tesoro were down 2.7 percent, or 37 cents, at $13.60 in morning trade on the New York Stock Exchange. (Reporting by Anna Driver, editing by Gerald E. McCormick) Keywords: TESORO/ (anna.driver@thomsonreuters.com; 1 713 210 8509; Reuters Messaging: anna.driver.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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