Citgo runs 1Q profit amid 'favorable' market
Venezuelan refiner Citgo ran a profit in the first quarter of 2022 as strong refining margins prompted a year-over-year increase in processing rates.
Citgo's three US refineries ran at a combined utilization rate of 95pc amid "favorable market conditions" in the first quarter, recording total throughputs of 731,000 b/d in the period. The company ran at 83pc utilization in the first quarter a year prior, processing 693,000 b/d.
There could be more production headroom left in Citgo's refining portfolio moving into the second quarter after the company successfully completed a major turnaround of fluid catalytic cracker and alkylation units at the 167,000 b/d Corpus Christi, Texas, refinery.
Citgo earned a profit of $245mn in the first quarter, up from a $180mn net loss in the same period a year prior. The company's first quarter profit nearly matched full-year 2019 profits of $246mn.
Citgo's strong earnings come as the US tries to encourage talks between Venezuelan president Nicolas Maduro and an opposition camp led by Juan Guaido that could lead to a pullback on sanctions that have orphaned the refiner from its parent, state-owned PdV.
Related news posts
Business intelligence reports
Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.
Learn more