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PRNewswire: Shell Completes Sale of Los Angeles Refinery and Related Assets to Tesoro: Strong Shell Brand Presence to Remain

HOUSTON, May 11 /PRNewswire/ — Shell Oil Products US announced today that it has completed the transaction to sell its Los Angeles Refinery, Wilmington Products Terminal and approximately 250 retail sites and supply agreements in and around Los Angeles and San Diego to Tesoro Corporation.

This transaction is consistent with an ongoing strategy at Shell to streamline and concentrate the Downstream portfolio.

The retail sites to be sold to Tesoro will remain Shell-branded. Shell will continue to have a strong brand presence and supply network in California and West Coast markets. The company continues to grow and enhance the Shell brand in California while providing customers with the best value in high- quality fuels and services.

Shell serves California’s diverse energy needs with significant investments in refining, terminal and pipeline operations, retail, exploration and production, lubricants, hydrogen and wind.

About Shell Oil Products US

Shell Oil Products US, a subsidiary of Shell Oil Company, is a leader in the refining, transportation and marketing of fuels in the United States. Shell quality fuels and services are available through more than 13,500 Shell stations nationwide. Shell Oil Products US is a dba for Equilon Enterprises LLC. Shell Oil Company is an affiliate of the Shell Group (NYSE: RDS.A) and (NYSE: RDS.B) . For more information, please visit

Shell Oil Company, including its consolidated companies and its share in equity companies, is one of America’s leading oil and natural gas producers, natural gas marketers, gasoline marketers and petrochemical manufacturers. Shell, a leading oil and gas producer in the deepwater Gulf of Mexico, is a recognized pioneer in oil and gas exploration and production technology. Shell Oil Company is an affiliate of the Shell Group, a global group of energy and petrochemical companies, employing approximately 109,000 people and operating in more than 140 countries and territories.

About Tesoro Corporation

Tesoro Corporation, a Fortune 150 Company, is an independent refiner and marketer of petroleum products. Tesoro 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 880 retail outlets, of which 464 are company owned locations.

Disclaimer statement:

This announcement contains forward-looking statements, that are subject to risk factors associated with the oil, gas, power, chemicals and renewables business. It is believed that the expectations reflected in these statements are reasonable, but may be affected by a variety of variables which could cause actual results, trends or reserves replacement to differ materially, including, but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, risks associated with the identification of suitable potential acquisition properties and targets and the successful negotiation and consummation of transactions, the risk of doing business in developing countries, legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorisation of reserves, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

Please refer to the Annual Report on Form 20-F for the year ended December 31, 2005 (as amended) for a description of certain important factors, risks and uncertainties that may affect the Shell Group’s businesses. Neither Royal Dutch Shell plc nor any member of the Shell Group undertakes any obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or other information.

Cautionary Note to US Investors:

The United States Securities and Exchange Commission (‘SEC’) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as “expected producible resources” and “amount of reserves we expect to produce”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC.

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