Bruce Smith, president and chief executive officer of Tesoro Corp., exercised an option to sell 256,900 shares of the company in a transaction that netted a profit of more than $2 million.

Smith paid $7.97 a share for the stock and sold it for $16.51 a share, according to a filing with the Securities and Exchange Commission. The option was due to expire on Oct. 27.

Shares of San Antonio-based Tesoro, which runs Hawai'i's largest oil refinery, have traded as high as $65.98 and as low as $14.63 over the past year.