Until last year Andeavor was known as Tesoro, which means treasure in Spanish. The oil refiner that is being acquired by rival Marathon Petroleum for over $23 billion hadn’t produced that very consistently for most of its half-century history, though.
The U.S. shale boom smoothed the returns for what was a classic boom-and-bust industry. North American refining and logistics, the dowdier “downstream” part of the business, is now the place to be.
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