FOR IMMEDIATE RELEASE Contact: Greg Wright
(210)283-2440
TESORO RECEIVES INDEPENDENT
VOTES OF CONFIDENCE
San Antonio, Texas -- March 29, 1996 -- Tesoro Petroleum Corporation
(NYSE:TSO) today said it has received strong indications from two major
organizations that its improved results and plans for future enhancements are
being recognized.
Institutional Shareholder Services Inc., one of the nation's leading proxy
advisors to institutional investors, has issued a report recommending that its
clients reject the efforts of a dissident group, led by Kevin Flannery, to
replace the current Tesoro board members. In its recently issued report, ISS
backs Tesoro's current management and board and their turnaround strategies.
"Both the board of directors and management team in place have changed
dramatically, and we believe management has significantly improved the company's
direction and is taking the appropriate steps to improve the company's operating
performance," ISS concluded in its analysis.
In addition, Standard & Poor's this week announced that it has boosted
Tesoro's credit outlook to positive from stable, noting management's progress in
enhancing the company's core operations, and affirmed the company's corporate
credit rating at "B."
"The outlook revision reflects anticipated successful expansion of
exploration and production operations outside of the firm's core Bob West field
in Texas, as well as improvements in Alaskan refining and marketing operations,"
S&P said in its press release.
"We are pleased to receive the support of these organizations, which
recognize Tesoro's success and the strategies we have in place to continue the
progress of the past three years," Tesoro President and Chief Executive Officer
Bruce Smith said.
Tesoro Petroleum Corporation is a natural resource company engaged in
natural gas exploration and production, petroleum refining and marketing, and
marine services.
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