Tesoro Announces Expected Closing Date for Western Refining Acquisition

Tesoro, May 26, 2017

Tesoro Corporation today announced that the waiting period applicable to its proposed acquisition of Western Refining pursuant to the Hart Scott Rodino (HSR) Act has terminated. This satisfies one of the final conditions to the closing of the pending acquisition. Tesoro therefore expects the closing of the acquisition to occur on June 1, 2017, subject to the satisfaction or waiver of the remaining customary conditions to closing.

Announcement of the Election Deadline

In light of the expected closing of Tesoro's acquisition of Western Refining, Tesoro, with the consent of Western Refining, hereby publicly announces that the "Election Deadline" (as defined in the election materials previously provided to Western Refining stockholders of record and in the Agreement and Plan of Merger, dated as of November 16, 2016, by and among Tesoro, Western Refining, Tahoe Merger Sub 1, Inc. and Tahoe Merger Sub 2, LLC) for stockholders of record of Western Refining to make their elections with respect to the merger consideration payable upon the closing of Tesoro's acquisition of Western Refining shall be 5:00 p.m. Eastern Time on May 30, 2017, unless otherwise extended by Tesoro by subsequent public announcement. Western Refining stockholders who hold their shares through a bank, broker or other nominee may be subject to an earlier deadline than the Election Deadline for making their elections, based on the instructions of their brokers, banks or other nominees. Western Refining stockholders bear the risk of ensuring proper and timely delivery of their election materials.

Western Refining stockholders of record with questions regarding the election process should contact Innisfree M&A Incorporated, who is the information agent for the election, toll-free at 1-888-750-5834 or collect at 1-212-750-5833 as soon as possible. Western Refining stockholders holding shares of Western Refining in street name should contact their broker, bank or other nominee with questions regarding the election process.

About Tesoro Corporation

Tesoro Corporation, a Fortune 100 company, is an independent refiner and marketer of petroleum products. Tesoro, through its subsidiaries, operates seven refineries in the western United States with a combined capacity of over 895,000 barrels per day and ownership in a logistics business, which includes interest in Tesoro Logistics LP and ownership of its general partner. Tesoro's retail-marketing system includes over 2,500 retail stations under the ARCO®, Shell®, Exxon®, Mobil®, USA Gasoline(TM), Rebel(TM) and Tesoro® brands.

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