Tosco Corporation Extends Licensing Agreement with BP, Solidifies Brand Presence

Strategic Insights -

Tosco Corporation, a leading refiner and marketer of petroleum products, has announced the extension of its licensing agreement with BP in nine Western states until 2006. This agreement, which initially started in 1998, grants Tosco Corporation exclusive rights to use the BP brand in the specified regions. The company has also maintained a licensing agreement with BP in 11 Eastern states and the District of Columbia until 2011. The agreements allow Tosco Corporation to continue promoting and growing the BP brand, leveraging its strong presence in the areas of operation.

Key Takeaways:

  • Tosco Corporation has a licensing agreement with BP in nine Western states, including Oregon, Washington, California, Idaho, Montana, Utah, Nevada, Arizona, and New Mexico, which extends until 2006.
  • The company also has a licensing agreement with BP in 11 Eastern states and the District of Columbia, which includes some adjacent counties in Virginia, until 2011.
  • Tosco Corporation has exclusive rights to use the BP brand in the specified regions, with no plans to convert the brand.
  • The BP brand is strong in the areas of operation, and Tosco Corporation will continue to promote and grow the brand.
  • The company's annualized revenues exceed $15 billion, making it the largest independent refiner and marketer of petroleum products in the United States.
  • Tosco Corporation operates the nation's largest operator of company-controlled convenience stores.
  • The merger of BP and AMOCO has no immediate effect on locations branded BP in the aforementioned areas.

Statistics:

  • 9 Western states are included in the licensing agreement: Oregon, Washington, California, Idaho, Montana, Utah, Nevada, Arizona, and New Mexico.
  • 11 Eastern states are included in the licensing agreement: Maine, Vermont, New Hampshire, Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Pennsylvania (excluding a large portion of the Western part of the state), Delaware, and Maryland (Hagerstown and East).
  • The licensing agreement with BP in the Western states extends until 2006.
  • The licensing agreement with BP in the Eastern states and the District of Columbia extends until 2011.
  • Tosco Corporation's annualized revenues exceed $15 billion.

Sources:

  • PR Newswire, "Tosco Corporation CO: Tosco Corporation; BP, AMOCO ST: Arizona IN: OIL REA SU: JS-BG -- LATU083 -- 5931 08/11/98 16:17 EDT"
  • Tosco Corporation's website: www.tosco.com
  • Tosco Corporation's 1997 annual report.