Tesoro Corporation's Board of Directors to review Tracinda Corporation offer and provide recommendation

SAN ANTONIO - October 29, 2007 -Tesoro Corporation ("Tesoro") (NYSE: TSO) today confirmed that it is aware of the public announcement made by Tracinda Corporation regarding a proposed unsolicited partial tender offer to be made to Tesoro's stockholders from Tracinda to purchase up to 21,875,000 shares of Tesoro's common stock, or approximately 16% of Tesoro's outstanding shares of common stock, for $64.00 per share in cash.

Tesoro's Board of Directors, consistent with its fiduciary duties, and in consultation with its financial and legal advisors, will carefully review and consider Tracinda's proposed unsolicited partial tender offer and will, within 10 business days of the commencement of a tender offer (as required by the tender offer rules), advise Tesoro's stockholders of the Board's position regarding the offer as well as its reasons for that position.

Accordingly, Tesoro urges its stockholders to defer making a determination whether to accept or reject Tracinda's proposed unsolicited partial tender offer until they have been advised of the position of Tesoro's Board.

About Tesoro

Tesoro Corporation, a Fortune 150 Company, is an independent refiner and marketer of petroleum products. Tesoro, through its subsidiaries, operates seven refineries in the western United States with a combined capacity of approximately 660,000 barrels per day. Tesoro's retail marketing system includes over 900 branded retail stations, of which more than 445 are company operated under the Tesoro®, Shell®, Mirastar® and USA® brands.

For Additional Information

Tesoro's stockholders, employees and customers are strongly advised to carefully read Tesoro's solicitation/recommendation statement regarding Tracinda's proposed tender offer, which will contain important information, when it becomes available.  Free copies of the solicitation/recommendation statement, which will, if necessary, be filed by Tesoro with the Securities and Exchange Commission, will be available at the SEC's web site at http://www.sec.gov, or at the Investor Relations section of the Tesoro web site at http://www.tsocorp.com, and will also be available, without charge, by directing requests to Tesoro's Investor Relations department.

Investor Contact    

Scott Phipps, Manager, Investor Relations, (210) 283-2882

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