Refiner Citgo Petroleum posts record full-year net profit of $2.8 billion By Reuters
© Reuters. FILE PHOTO: The logo of PDVSA’s U.S. unit Citgo Petroleum is seen at a gas station in Stowell, Texas, U.S., June 12, 2018. REUTERS/Jonathan Bachman/File Photo/File Photo
HOUSTON (Reuters) – Refiner Citgo Petroleum Corp. on Thursday reported record net profit of $2.8 billion for 2022 on strong motor fuel demand, high margins and refining output that exceeded its plants’ listed capacity.
Full year results exceeded the company’s earlier forecast. Citgo also said fourth quarter net profit was $806 million, and earnings before interest, taxes and depreciation for the final quarter was $1.2 billion.
Last year’s strong profits allow it to pay dividends to its parent company that were used to reduce debt by $489 million, the company said.
The results reflect “a strong foundation of operational and commercial excellence, asset stewardship and safety,” said CEO Carlos Jordá in a statement.
Citgo’s three U.S. refineries operated at record production levels in the fourth quarter. The trio processed a combined 797,000 barrels per day (bpd) of in the final quarter, a 104% utilization rate.