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Tosco Corp.: The independent oil refiner and...

Tosco Corp.: The independent oil refiner and fertilizer products maker’s third-quarter net income dropped 41% from a year ago to $17.9 million. Revenue totaled $407.2 million, up 31%. The Santa Monica firm said the results were due to lower average refinery margins during the period, compared to a year ago, and a reduction in the amount of oil processed at its Avon refinery. The figures also include for the first time the earnings of Seminole Fertilizer Corp., acquired on June 30, as well as a gain of $1.9 million from the reversal of certain tax accruals.


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