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Citgo Petroleum returns to profitability in the second quarter

Citgo Petroleum, a U.S. refiner owned by Venezuela, reported a net profit of $100 million for the second quarter, compared to a loss of $25 million during the same period last year. The company ended the quarter with 2.6 billion dollars in liquid assets, the company said on Thursday.

Before its second quarter results, the Houston-based refiner recorded two consecutive quarters with losses due to weak margins.

PDV Holdings is the parent company.

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The seventh largest U.S. refiner, which processes an average of 858, 000 barrels of crude oil per day, increased its processing from 833,000 barrels of crude oil per day in the first quarter to 858,000 bpd on average between April and June. This represents a crude usage rate of 101%.

In a press release, the company stated that "reliable operations in an environment more supportive of business" contributed to a better second quarter.

Citgo will advance some key projects in the second half of this year. However, the company has shifted the turnaround activities for its Lemont and Lake Charles refineries, located in Illinois, to next year.

The projected capital, turnaround and catalyst expenditures were reduced by approximately $696 million.

Citgo's quarterly marketing sales volume increased slightly over the previous quarter to 431,000 bpd.

(source: Reuters)