Citgo ran its US refineries at their highest levels in two years in the fourth quarter of 2021, helping spur a quarterly profit for the US refining subsidiary of Venezuelan national oil company PdV.
Citgo's three US refineries ran at a combined average throughput of 796,000 b/d in the fourth quarter, compared to about 669,000 b/d in the same period in 2020 and 816,000 b/d in the same period in 2019.
For full-year 2021, Citgo refineries ran at a combined throughput of 730,000 b/d, compared to 638,000 b/d in 2020 and 800,000 b/d in 2019.
Citgo did not provide guidance for first quarter 2022 throughput or utilization rates, but the company indicated it is keeping an eye on geopolitical winds as the ad-hoc PdV board controlled by Venezuelan opposition leader Juan Guaido stumps for a gradual lifting of US sanctions on Venezuelan oil its facilities are optimized to process.
"As the first quarter comes to a close, our industry is dealing with the effects of the recent events in Ukraine, which clearly illustrate the need for reliable, secure supply," said chief executive Carlos Jorda. "We believe Citgo is well-positioned to continue being a reliable supplier of fuel products to the North American and Latin American markets."
Citgo recorded a net income of $21mn in the fourth quarter of 2021, compared to a $255mn loss in the same period in 2020. The company lost $24mn in the fourth quarter of 2019 as it dealt with the fallout from US sanctions on PdV.
