Jul 26, 2011
Oil giant Tesoro Corp.(NYSE:TSO) has arranged to pay $500,000 in fines for dozens of air pollution violations at its refinery in Martinez.
The Bay Area Air Quality Management District reported the settlement to the San Antonio-based company on Monday. District officials say emissions from the Golden Eagle refinery often surpassed air-quality standards for carbon monoxide, soot and other pollutants between 2006 and 2009.
The refinery was also fined for failing to fix leaky equipment and failing to correctly sample and monitor pollution during that period. In total, Tesoro collected 46 different citations.
Company spokesman Mike Marcy tells the Contra Costa Times while the violations were regrettable, they were reported by the company for the most part. He also claimed that 40% of them were for paperwork errors.
Tesoro has a potential upside of 12.5% based on a current price of $25.48 and an average consensus analyst price target of $28.67.
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