Oil refiner Tesoro Corp. was stung by a $45 million net loss in the second quarter as a weak economy took its toll on sales and profit margins.
The operator of Hawaii’s refinery and six other petroleum processing plants also reported lower production compared to the April-to-June period last year, when it had a profit of $4 million.

“As we began 2009, we were prepared for a very difficult year, and in the second quarter it arrived,” said Bruce Smith, chairman, president and chief executive officer of San Antonio-based Tesoro.
Smith said the company continues to see difficult market conditions during the current quarter.