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Tosco Corporation

Tosco Corporation is one of the largest independent oil refiners and marketers of petroleum products in the United States, employing over 27,000 employees with current annualized revenues of over $12 billion. Our refining system, which consists of 7 refineries on the East and West Coasts, currently produces more than 950,000 barrels per day of petroleum products, which we market through retail and wholesale outlets across the United States. Tosco refineries produce gasoline, diesel, jet fuel, heating oil, and other petroleum products. In fact, Tosco supplies 5 percent of the nation's daily demand for transportation fuel. Our retail marketing division is the nation's largest operator of company-controlled convenience stores, operating over 5000 stores, 2200 of which are company-operated. We sell annually over 4 billion gallons of retail transportation fuels under well-recognized brands including our "76" brand and "Exxon" brand, and over $2 billion in merchandise at our "Circle K" convenience stores. The above makes us one of the nation's top 100 industrial companies.

Tosco's path has been quite different from that of other Fortune 100 companies. Despite being in a mature industry, Tosco has continued to grow. Tosco was founded in 1955 to develop and license technology for the extraction of oil from shale. The company acquired Avon Refinery from Phillips Petroleum in Martinez in 1976 and the company's focus shifted to refining and marketing. Thomas D. O'Malley became Tosco's chief executive officer in 1990, leading the way to acquiring the Bayway Refinery from Exxon in Linden, New Jersey in 1993. Later that same year and on into 1994, Tosco acquired the BP Ferndale Refinery in Washington State, along with a network of BP franchise service station in Washington, Oregon and northern California, and Exxon stations in Arizona. In 1996 Tosco acquired the Trainer Refinery in Pennsylvania, its associated wholesale marketing assets, and a 500-site jobber system in the Northeast from BP. Additionally, in 1996 Tosco purchased The Circle K Corporation adding Circle K's marketing expertise and convenience store supply and distribution network to our assets. Tosco's fuel retailing capabilities were strengthened further, in 1997, when we acquired the West Coast refining and marketing assets of Unocal's 76 Products Company. Overall, Tosco operates as a decentralized, performance-driven culture where opportunities for growth exist at all levels of the company.

Tosco is committed to investing in our employees. As one of the largest petroleum marketers in the world, Tosco provides exceptional employment opportunities and state-of-the-art training offered through Tosco Virtual University (TVU). TVU allows our employees to acquire the knowledge and skills necessary to optimize performance on the job and/or obtain college degree credits­ CEUs.

Tosco offers a full range of quality benefits which include medical, vision, dental, health and dependent care reimbursement accounts, tuition assistance, employee discounts, vacation, retirement plans, flexible schedules, credit union, casual dress, direct deposit, accident insurance, short term disability, long term disability, competitive salaries, bonus plans and relocation packages. In addition, our regional headquarters in Tempe, Arizona, employs over 1300 employees and offers an on-site day care/learning center, state-of-the-art fitness center with locker rooms and full-time Fitness Director, subsidized cafeteria, convenience store selling everything from greeting cards to lottery tickets, ATM, dry cleaning, shoe repair/shine, and massages. Our CEO, Tom O'Malley, understands the importance of enhanced benefits and continues to work on improving work/life balance for our employees.

Tosco is also constantly working to improve our diversity initiatives. Our commitment to diversity includes a full time Diversity Manager. Minorities and women in management are seen throughout all operating divisions of Tosco. Two of the corporation's 13 officers are women, and they lead our Government Relations and Human Resources functions. Furthermore, Tosco is proud to have both minority and female representation on its 10-person Board of Directors.

Tosco recognizes its corporate responsibility to the communities, in which its employees live and work. By contributing time and resources to these communities, Tosco strives to fulfill these responsibilities. Some of the organizations Tosco supports are: Boys & Girls Clubs, Urban League, Homeward Bound, Valley Food Banks, United Way, and United Cerebral Palsy. Tosco raised $2.3 million alone for people with cerebral palsy and other disabilities in 1997. We take enormous pride in our long tradition of supporting charitable organizations and the environment. The principle of community enrichment is a part of everyday life at Tosco.

Overall, Tosco is a fully integrated downstream operation that believes in empowering our employees. Our employees have the opportunity to weave unique career paths within our marketing and refining companies in a safe, exciting, diverse and challenging work environment. Thomas D. O'Malley, our CEO, stated in the most recent Annual Report, "Every Corporation depends on the people who dedicate themselves to their jobs and execute the operations of the Company. Tosco is no exception in this regard, and management owes a great deal of thanks to every one of Tosco's talented and enthusiastic employees."