FTC Approves Final Order Settling Allegations That Tesoro’s Acquisition of Chevron Petroleum Assets Was Anticompetitive

Following a public comment period, the Federal Trade Commission has approved a final order settling charges that oil refiner Tesoro Corporation’s recent acquisition of petroleum-related assets of Chevron Corporation would have reduced competition and violated U.S. antitrust laws.

The order settling the FTC’s charges, first announced in June 2013, resolves the alleged anticompetitive effects of Tesoro’s acquisition of Chevron’s Northwest Products Pipeline assets by requiring Tesoro to sell the terminal it currently owns in Boise, Idaho, to an FTC-approved buyer within six months.  The order also contains a separate order to maintain assets to preserve the Tesoro’s Boise terminal as a viable, competitive, and ongoing business.

The Commission vote approving the final order was 4-0.  (FTC File No. 131-0052, Docket No. C-4405; the staff contact is Philip M. Eisenstat, Bureau of Competition, 202-326-2769)