Convenience Store News - July 2017 - 14

INDUSTRYROUNDUP
FAST FACTS
An estimated 6 million
to 7.5 million
retail jobs
risk being eliminated because
of automation in the industry.
Retail cashiers are at the highest risk.
Source: Investor Responsibility Research Center Institute

The total number of U.S.
retail trips is
down by more
than 1 million
since 2012 - 15.8 billion trips
in 2016 vs. 17.6 billion in 2012.
Source: Nielsen Homescan

Thirty-three percent
of millennial households are having
difficulty affording
needed groceries.
Source: IRI Consumer Connect Survey

The number
of middle- and
high-school
students who
say they are
current tobacco users - defined
as having used a tobacco
product in the past 30 days -
dropped from 4.7 million in 2015
to 3.9 million in 2016.
Source: The 2016 National Youth Tobacco Survey 

14 Convenience Store News | JULY 2017 | WWW.CSNEWS.COM

Tesoro Acquires
Western Refining,
Begins Transformation
Combined company will become Andeavor as of Aug.1

W

ith its acquisition of
Western Refining Inc.
in the books, Tesoro
Corp. is looking to the future with
an eye toward $350 million-plus
in annual synergies. The two companies officially became one on
June 1 for a total consideration of
roughly $5.8 billion.
The strategic combination of
the two companies brings together
refining, marketing and logistics
businesses that form "a powerful,
integrated value chain with significant marketing and logistics growth
opportunities in key areas in the
United States," according to Tesoro.
The company is wasting no
time in beginning the integration.
Tesoro announced that it will
change its name to Andeavor as
of Aug. 1. Tesoro Logistics LP
will change its name to Andeavor
Logistics on the same date.
Andeavor will continue to
license the Tesoro brand to retail
stations that currently utilize it.
The company does not plan to
make the Andeavor name part of
its retail portfolio, which includes

approximately 3,000 locations following the closing of the Western
Refining deal.
"We are excited about the continued transformation of Tesoro,
and our acquisition of Western
represents another significant
milestone in our journey," said
Greg Goff, Tesoro chairman and
CEO. "Acquiring the business at
an attractive price relative to its
intrinsic value and the delivery of
synergies positions us well to create
significant shareholder value."
According to Tesoro, it expects
to deliver $350 million to $425
million in annual synergies by
June 2019, the second year following the closing of the transaction. This includes approximately
$120 million to $160 million
from value chain optimization,
$130 million to $140 million
from operational improvements,
and $100 million to $125 million
from corporate efficiencies.
By the end of this year, Tesoro
also expects to deliver $475 million
to $575 million in annual improvements in operating income.


http://WWW.CSNEWS.COM

Table of Contents for the Digital Edition of Convenience Store News - July 2017

Contents
Convenience Store News - July 2017 - Intro
Convenience Store News - July 2017 - Cover1
Convenience Store News - July 2017 - Cover2
Convenience Store News - July 2017 - 3
Convenience Store News - July 2017 - 4
Convenience Store News - July 2017 - 5
Convenience Store News - July 2017 - Contents
Convenience Store News - July 2017 - 7
Convenience Store News - July 2017 - 8
Convenience Store News - July 2017 - 9
Convenience Store News - July 2017 - 10
Convenience Store News - July 2017 - 11
Convenience Store News - July 2017 - 12
Convenience Store News - July 2017 - 13
Convenience Store News - July 2017 - 14
Convenience Store News - July 2017 - 15
Convenience Store News - July 2017 - 16
Convenience Store News - July 2017 - 17
Convenience Store News - July 2017 - 18
Convenience Store News - July 2017 - N1
Convenience Store News - July 2017 - N2
Convenience Store News - July 2017 - 19
Convenience Store News - July 2017 - 20
Convenience Store News - July 2017 - 21
Convenience Store News - July 2017 - 22
Convenience Store News - July 2017 - 23
Convenience Store News - July 2017 - 24
Convenience Store News - July 2017 - 25
Convenience Store News - July 2017 - 26
Convenience Store News - July 2017 - 27
Convenience Store News - July 2017 - 28
Convenience Store News - July 2017 - 29
Convenience Store News - July 2017 - 30
Convenience Store News - July 2017 - 31
Convenience Store News - July 2017 - 32
Convenience Store News - July 2017 - 33
Convenience Store News - July 2017 - 34
Convenience Store News - July 2017 - 35
Convenience Store News - July 2017 - 36
Convenience Store News - July 2017 - 37
Convenience Store News - July 2017 - 38
Convenience Store News - July 2017 - 39
Convenience Store News - July 2017 - 40
Convenience Store News - July 2017 - 41
Convenience Store News - July 2017 - 42
Convenience Store News - July 2017 - 43
Convenience Store News - July 2017 - 44
Convenience Store News - July 2017 - 45
Convenience Store News - July 2017 - 46
Convenience Store News - July 2017 - 47
Convenience Store News - July 2017 - 48
Convenience Store News - July 2017 - 49
Convenience Store News - July 2017 - 50
Convenience Store News - July 2017 - 51
Convenience Store News - July 2017 - 52
Convenience Store News - July 2017 - 53
Convenience Store News - July 2017 - 54
Convenience Store News - July 2017 - 55
Convenience Store News - July 2017 - 56
Convenience Store News - July 2017 - 57
Convenience Store News - July 2017 - 58
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Convenience Store News - July 2017 - 60
Convenience Store News - July 2017 - 61
Convenience Store News - July 2017 - 62
Convenience Store News - July 2017 - 63
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Convenience Store News - July 2017 - Cover3
Convenience Store News - July 2017 - Cover4
Convenience Store News - July 2017 - U1
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