ATLANTA, GEORGIA (Chad Archey, Energy Analytics Institute, 6.Mar2025) — Houston-based Citgo Petroleum Corporation — which owns and operates 3 large-scale, highly complex petroleum refineries with a total rated crude oil refining capacity of 807,000 barrels per day (b/d), located in Lake Charles, La., Corpus Christi, Texas and Lemont, Ill — reported strong refinery operations in the second-half 2024 followed the successful execution of planned turnaround and maintenance activities.
In 2024, Citgo’s Process Safety index was the lowest on record, and its Occupational Safety index remains better than the latest reported industry average, the company announced 6 Mar. 2025 in an official statement.
Citgo reported total throughput for the fourth-quarter 2024 (4Q:24) was 887,000 b/d, of which crude runs were 790,000 b/d and overall average crude utilization rate was 98%. Full-year 2024 was on par with 2023, with total refinery throughput of 811,000 b/d, of which crude runs were 753,000 b/d, and overall average crude utilization rate was 93%, Citgo said.
At the 463,000 b/d capacity Lake Charles refinery, Citgo reported strong 4Q:24 results, achieving its third highest quarterly crude processing rate, with an average crude utilization rate of 98%. Lake Charles also set 4Q:24 records for jet fuel and ULSD production and finished the year with new annual diesel production and total distillate production records.
At the 177,000 b/d Lemont refinery, Citgo continued its strong performance during the 4Q:24, setting monthly and quarterly jet fuel and ultra-low sulfur kerosene production records, with an average crude utilization rate of 98% for the 4Q:24. For the year, Lemont continued its outstanding safety performance, with zero employee recordable injuries and receiving the Outstanding Safety Performance Award from the Three Rivers Manufacturers Association Partnership. Lemont also set a new annual total gasoline production record, Citgo said.
At the 167,000 b/d Corpus Christi refinery, Citgo increased its average crude utilization rate to 96% for the 4Q:24 after completing substantial turnaround and maintenance activities earlier in the year. Corpus Christi also had zero recordable injuries during the 4Q:24, Citgo said.
Financial highlights
Citgo said weak refining margins led to a 4Q:24 net loss of $146mn, EBITDA of $2mn and adjusted EBITDA of $(15)mn, compared to net income of $66mn, EBITDA of $281mn and adjusted EBITDA of $290mn for the 3Q:24.
For full-year 2024, a deteriorating pricing environment combined with lower volume earlier in the year contributed to declines in profitability in 2024 compared to 2023, with 2024 net income of $305mn, EBITDA of $1.2bn and adjusted EBITDA of $1.1 bn, compared with 2023 net income of $2bn, EBITDA of $3.3bn and adjusted EBITDA of $3.2bn, Citgo said.
“We finished the year with strong reliability and our highest quarterly overall average crude utilization rate and throughput for the year, but it was not enough to offset the impact of low fourth quarter refining margins,” Citgo president and CEO Carlos Jordá said in the statement.
“We battled a challenging market all year while we continued to execute on our strategic initiatives. This focus allowed us to achieve our best process safety index on record, successfully complete a heavy turnaround and maintenance schedule, and achieve multiple refinery production records. We also continued to build our branded and commercial businesses, and deliver products into new international markets. All of these accomplishments during 2024 demonstrate our continued commitment to operational and commercial excellence,” Jordá said
Other financial details
Citgo reported turnaround and catalyst expenditures for the 4Q:24 of $60mn, with an additional $110mn in direct capital expenditures (Capex) made during the quarter. For full-year 2024, turnaround, catalyst and Capex totaled $933mn.
Total liquidity at year-end was $3.8bn, including full availability under Citgo’s $500mn accounts receivable securitization facility.
Subsequent to year-end 2024, Citgo redeemed all of its $1.125bn outstanding senior secured notes due Jun. 2025 with cash on hand.
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By Chad Archey reporting from Atlanta. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
