Citgo reports 4Q profit, high refining rates

US-based oil refiner Citgo boosted its profit to $806mn in the fourth quarter, on strong fuel demand, wide margins and high crude runs.

Profit was up by 70pc in the latest quarter from $477mn in the same quarter in 2021, the company said. Full-year 2022 profit was $2.8bn, compared with a loss of $160mn in 2021.

Fourth quarter crude throughputs were 797,000 b/d, 4pc above nameplate capacity for the company's three refineries of 769,000 b/d. Full-year throughputs averaged 748,000 b/d

The 425,000 b/d Lake Charles, Louisiana, refinery reported a fourth quarter utilization rate of 108pc, or 459,000 b/d. Ebitda for the refinery was $557mn in the fourth quarter and $2.4bn for the full year.

The 167,000 b/d Lemont, Illinois, refinery had a 102pc utilization rate and 181,000 b/d in throughputs. Ebitda for Lemont was $437mn in the fourth quarter and $1.1bn for the full year.

The 167,500 b/d Corpus Christi, Texas, refinery had a 94pc utilization rate but the throughputs were not released. Ebitda for the refinery was $234mn in the fourth quarter and $963mn for the full year.

Citgo's total 2022 exports were up by 35pc at 182,000 b/d from the prior year.

In the fourth quarter, the company invested $41mn in turnaround work and catalysts, and spent another $61mn in capital expenditures (capex). Full-year capex plus turnaround and catalyst work was $605mn.

Citgo repaid $1.1bn in outstanding debt in 2022 and paid dividends to its holding company that allowed it to repay $489mn in debt. The company ended 2022 with liquidity of $2.6bn.

Citgo is owned by Venezuela's state-owned oil company PdV, but has been run by an ad-hoc board appointed by the political opposition to Venezuelan president Nicolas Maduro and recognized by the US as having control over Citgo.

By Carlos Camacho