SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934*
(Amendment No. 1 )
TESORO PETROLEUM CORPORATION
- - ------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $0.16-2/3 per share
- - ------------------------------------------------------------------------------
(Title of Class of Securities)
000881609101
- - ------------------------------------------------------------------------------
(CUSIP Number)
Philip J. Hempleman
Ardsley Advisory Partners
646 Steamboat Road
Greenwich, CT 06830
(203) 629-0661
- - ------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
May 7, 1996
- - ------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition which is the subject of this Schedule 13D, and
is filing this schedule because of Rule 13d-1(b)(3) or (4), check the
following box. [ ]
Check the following box if a fee is being paid with this statement [ ]. (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of less than five percent of such class.
See Rule 13d-7.)
Page 1 of 11 Pages
<PAGE>
_____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Ardsley Advisory Partners
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [x]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS
OO
_____________________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Connecticut
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
1,554,000
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
1,554,000
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,554,000
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.99%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
IA
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 11 Pages
<PAGE>
_____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Ardsley Partners Fund II, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [x]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS
WC
_____________________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
190,000
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
190,000
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
190,000
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.73%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 11 Pages
<PAGE>
_____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Ardsley Partners Fund I, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [x]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS
WC
_____________________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
185,000
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
185,000
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
185,000
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.71%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 11 Pages
<PAGE>
_____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Ardsley Partners Institutional Fund, L.P.
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [x]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS
WC
_____________________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
95,000
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
95,000
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
95,000
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.37%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
PN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 11 Pages
<PAGE>
_____________________________________________________________________________
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Philip J. Hempleman
_____________________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [x]
_____________________________________________________________________________
(3) SEC USE ONLY
_____________________________________________________________________________
(4) SOURCE OF FUNDS
OO
_____________________________________________________________________________
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [ ]
_____________________________________________________________________________
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Connecticut
_____________________________________________________________________________
NUMBER OF (7) SOLE VOTING POWER
0
SHARES ______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER
1,554,000
OWNED BY ______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER
0
REPORTING ______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER
1,554,000
_____________________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,554,000
_____________________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
_____________________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.99%
_____________________________________________________________________________
(14) TYPE OF REPORTING PERSON **
IN
_____________________________________________________________________________
** SEE INSTRUCTIONS BEFORE FILLING OUT
Page 6 of 11 Pages
<PAGE>
ITEM 1. SECURITY AND ISSUER.
Item 1 is hereby restated as follows:
This Amendment No. 1 to the Schedule 13D originally filed on April 15, 1996,
relates to the shares of common stock, $0.16-2/3 par value (the "Shares"),
of Tesoro Petroleum Corporation (the "Company").
ITEM 2. IDENTITY AND BACKGROUND.
Item 2 is hereby restated as follows:
(a) This Schedule is filed on behalf of (i) Ardsley Advisory Partners, a
Connecticut general partnership ("Ardsley"), with respect to (x) Shares owned by
Ardsley Partners Fund II, L.P., Ardsley Partners Fund I, L.P. and Ardsley
Partners Institutional Fund, L.P. (each a "Partnership" and collectively the
"Partnerships"; such Shares being the "Partnership Shares") and (y) Shares held
in other discretionary accounts managed by Ardsley (the "Discretionary Shares")
and (ii) Philip J. Hempleman who, by virtue of his position as managing
partner of Ardsley and general partner of the Partnerships, may be deemed
to have the shared power to vote or direct the vote of, and the shared power
to dispose or direct the disposition of, the Discretionary Shares and the
Partnership Shares and, therefore, Mr. Hempleman may be deemed to be the
beneficial owner of such Shares. Ardsley Partners I, a partnership in
which Mr. Hempleman is the managing partner, is the other general partner of
each Partnership. The Partnerships, Ardsley and Mr. Hempleman may be referred
to herein as the "Reporting Persons".
The other general partners of Ardsley and Ardsley Partners I
are Douglas C. Floren, Kevin M. McCormack, Sean J. Thomann, David M. Gong,
Marianne K. Dolan, Leonard Rauner, Thomas M. Kyle, Sanford B. Prater, Timothy R.
McCollum and David D. May.
(b) The address of the principal place of business and principal
office of each Reporting Person is 646 Steamboat Road,
Greenwich, CT 06830.
(c) The principal business of each Partnership is that of a private
investment partnership, engaged in the purchase and sale of securities for
investment for its own account. The principal business of Ardsley is that
of a private investment firm and a registered investment adviser under the
Investment Advisors Act of 1940, as amended, engaging in the purchase and
sale of securities for investment on behalf of discretionary accounts and the
investment funds to which it is the investment advisor. The principal
occupation of Mr. Hempleman is as managing partner of Ardsley and the
Partnerships. The principal occupation of each other individual general
partner is as General Partner of Ardsley and Ardsley Partners I.
Page 7 of 11 Pages
<PAGE>
(d) None of the persons referred to in paragraph (a) above has, during the
last five years, been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors).
(e) None of the persons referred to in paragraph (a) above has, during the
last five years, been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to,
Federal or state securities laws or finding any violation with respect to such
laws.
(f) Each individual referred to in Paragraph (a) above is a United States
citizen. Ardsley is a general partnership formed under the laws of the
State of Connecticut. Each Partnership is a limited partnership formed
under the laws of Delaware.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 is hereby restated as follows:
The net investment cost (including commissions, if any) of the Shares
beneficially owned by Ardsley (exclusive of the Partnership Shares),
Ardsley Partners Fund II, L.P., Ardsley Partners Fund I, L.P. and
Ardsley Partners Institutional Fund, L.P. is approximately $10,758,409.43,
$1,823,341.30, $1,617,408.50 and $870,973.30, respectively.
The Shares purchased by each of the Partnerships were purchased with the
investment capital of the respective Partnership, and Discretionary Shares
purchased by Ardsley were purchased with the investment capital of the
respective discretionary accounts.
ITEM 4. PURPOSE OF THE TRANSACTION.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Item 5 is hereby amended and restated as follows:
(a) The approximate aggregate percentage of Shares reported
beneficially owned by each person herein is based on the number of
outstanding Shares as of April 25, 1996, as reflected in the Schedule
14A of the Company filed with the Securities and Exchange Commission
by the Company on April 29, 1996, equal to 25,927,724.
As of the close of business on May 7, 1996:
Page 8 of 11 Pages
<PAGE>
(i) Mr. Hempleman owns directly no Shares. By reason of Rule
13d-3 of the Securities Exchange Act of 1934, as amended (the "Act"),
Mr. Hempleman may be deemed to own beneficially the 1,084,000 Discretionary
Shares (constituting approximately 4.18% of the Shares outstanding),
and the 470,000 Partnership Shares (constituting approximately 1.81% of the
Shares outstanding and, together with the Shares held in discretionary
accounts, 5.99%).
(ii) Ardsley owns directly no Shares. By reason of the
provisions of Rule 13D-3 of the Act, Ardsley may be deemed to
own beneficially the 1,084,000 Discretionary Shares (constituting
approximately 4.18% of the Shares outstanding), and the 470,000 Partnership
Shares (constituting approximately 1.81% of the Shares outstanding and,
together with the Discretionary Shares, 5.99%).
(iii) Ardsley Partners Fund II, L.P. owns beneficially 190,000
Shares, constituting approximately 0.73% of the Shares outstanding.
(iv) Ardsley Partners Fund I, L.P. owns beneficially 185,000
Shares, constituting approximately 0.71% of the Shares outstanding.
(iv) Ardsley Partners Institutional Fund, L.P. owns beneficially
95,000 Shares, constituting approximately 0.37% of the Shares outstanding.
(b) Mr. Hempleman has the shared power to vote 1,554,000
Shares, the sole power to vote no Shares, the shared power to dispose
of 1,554,000 Shares and the sole power to dispose of no Shares. Each
Partnership has the power to vote and dispose of the Share owned by it, which
power may be exercised by the General Partner or investment manager of
each such Partnership.
(c) The trading dates, number of shares of Common Stock
purchased or sold and price per share for all transactions in the Shares
from April 4, 1996 until May 7, 1996 by Ardsley on behalf of
discretionary accounts other than the Partnerships are set forth on Schedule A.
All such transactions were effected through the New York Stock Exchange.
During such period, none of the Partnerships entered into any transactions in
the Shares.
(d) No person other than each respective record owner referred
to herein of shares of Common Stock is known to have the right to receive or
the power to direct the receipt of dividends from or the proceeds of sale of
such shares of Common Stock.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Page 9 of 11 Pages
<PAGE>
After reasonable inquiry and to the best of their knowledge and
belief, the undersigned certify that the information set forth in this
statement is true, complete and correct.
May 7, 1996
/s/ PHILIP J. HEMPLEMAN
Philip J. Hempleman, as
Managing Partner of
Ardsley Advisory Partners
/s/ PHILIP J. HEMPLEMAN
Philip J. Hempleman, as
General Partner of
Ardsley Partners Fund II, L.P.
/s/ PHILIP J. HEMPLEMAN
Philip J. Hempleman, as
General Partner of
Ardsley Partners Fund I, L.P.
/s/ PHILIP J. HEMPLEMAN
Philip J. Hempleman, as
General Partner of
Ardsley Partners Institutional Fund, L.P.
/s/ PHILIP J. HEMPLEMAN
Philip J. Hempleman
Page 10 of 11 Pages
<PAGE>
Schedule A
Date of Purchase(P)/ Number of Price per
Transaction Sale(S) Shares Share
5/03/96 S 170,000 10.61
5/06/96 S 80,000 10.511
5/07/96 S 35,000 10.375
5/07/96 S 331,000 10.413
Page 11 of 11 Pages
