Citgo Reports 4Q:22 and YE:22 Results

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(Citgo, 9.Mar.2023) Citgo Petroleum Corporation today reported its 2022 fourth quarter and year-end financial results.


  • Fourth quarter net income of $806mn and EBITDA[1] of $1.2bn 
  • Fourth quarter total refinery crude throughput of 797,000 barrels-per-day (bpd), 4% above nameplate capacity of 769,000 bpd
  • Repayment in full of the $1.1bn outstanding under Citgo Petroleum’s Term Loan B; ended the year with total liquidity of approximately $2.6bn
  • Record 2022 net income of $2.8bn and EBITDA of $4.4bn
  • Best process safety index since 2010; second-best environmental index since 2006
  • Excellent reliability performance with full year utilization of 97%
  • All-time-record annual crude rate, processing 748,000 bpd
  • 35% year-over-year increase in product exports

For the fourth quarter of 2022, Citgo generated net income of $806mn and EBITDA of $1.2bn compared to net income of $477mn and EBITDA of $804mn in the third quarter of 2022.

Favorable refining margins, high product yields and strong asset reliability contributed to full year 2022 net income of $2.8bn and EBITDA of $4.4bn.

“Our outstanding financial performance was built on a strong foundation of operational and commercial excellence, asset stewardship and safety,” said Citgo President and CEO Carlos Jordá. “Continued enhancements in refinery reliability also helped us reach new production records in the fourth quarter. In a year with historically high throughput, refinery turnarounds, and another severe winter storm, I’m particularly proud of our excellent performance in process safety. Additionally, throughout the year we reduced Citgo Petroleum debt by $1.1bn and paid dividends to Citgo Holding to enable it to reduce its debt by $489mn, all while maintaining strong liquidity.”

Fourth Quarter and Full Year Highlights:

Strategic and Operational

  • Throughput – Total net throughput for the fourth quarter was 874,000 bpd, of which crude runs were 797,000 bpd, with a total crude utilization rate of 104%. For full-year 2022, total refinery throughput was 811,000 bpd, of which crude runs were 748 MBPD, resulting in an overall crude utilization rate of 97%.
  • Operational Excellence – Health, Safety and Environmental (HSE) performance was excellent, as 2022 marked the best year for the company’s process safety index since 2010 and its second-best environmental index performance since 2006. Reliability was also strong, with all three refineries setting a number of processing and production records, including:
    • Lake Charles had a fourth quarter crude utilization rate of 108%, marking the third consecutive quarter where Lake Charles set a new crude throughput record, with 459,000 bpd for the fourth quarter.
    • Lemont had record crude throughput of 181,000 bpd for the fourth quarter, utilizing 102% of the refinery’s rated crude capacity.
    • Corpus Christi had a fourth quarter crude utilization rate of 94% and processed a record amount of Canadian crude.
      Continuous improvement and lessons learned from Winter Storm Uri also helped minimize reliability issues relating to Winter Storm Elliott.
  • Commercial Excellence – Expansion into select South American markets continued throughout the year, with exports up 35% compared to 2021, from 134,000 bpd to 182,000 bpd. Domestically, product sales volumes improved year-over year with strong gasoline and ULSD margins.


  • During the fourth quarter, Citgo invested $41mn in turnaround and catalysts and had an additional $61mn of capital expenditures. For full-year 2022, turnarounds, catalyst and capital expenditures totaled approximately $605mn.
  • CITGO repaid in full all of the $1.1bn outstanding under its Term Loan B while maintaining strong liquidity.
  • Year-end total liquidity was $2.6bn, comprised of approximately $2.1bn of unrestricted cash and the full $500mn of availability under CITGO’s accounts receivable securitization facility.


1 EBITDA and Adjusted EBITDA are non-GAAP financial measures. For additional information, please see the reconciliation on page 5 of this press release and the information under “General Information – Non-GAAP Financial Measures” on page 4 of this press release.
2 Process Safety Index = (0.7* T-1 PSE rate) + (0.3* T-2 PSE rate)
3 Environmental Index = { 0.3 (Environmental Incidents) + 0.2 (Title V Deviations) + 0.1 (Wastewater Effluent Index) + 0.2 (Air Emission s) + 0.1 (Uncontrolled Benzene) + 0.1 (CEMS Downtime) } / 10

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