HOUSTON, TEXAS (By Citgo, 14.Aug.2025, Words: 604) — Citgo Petroleum Corporation reported reliable operations in a more supportive market environment led to second quarter of 2025 net income of $100mn, EBITDA of $325mn and adjusted EBITDA of $346mn, compared to a net loss of $(82)mn and EBITDA and adjusted EBITDA of $88mn for the first quarter of 2025.
“Our refineries continued to run well throughout the second quarter, with high utilization rates, strong process safety performance and no planned downtime,” said Citgo President and CEO Carlos Jordá. “The Lake Charles Refinery achieved another record high crude processing rate, the Corpus Christi Refinery continued to increase its light crude processing and the Lemont Refinery maximized jet fuel production in a favorable market. In the second half of the year, we plan to advance key strategic projects, although we have rescheduled turnaround activities at the Lemont and Lake Charles Refineries to 2026 for optimal execution.”
Operational highlights
Operational Excellence – Excellent process safety and reliability performance resulted in strong refinery operations during the quarter, including:
- Total throughput for the second quarter was 858,000 b/d, of which crude runs were 816,000 b/d and overall average crude utilization rate was 101%, reflecting three consecutive months of utilization at 100% or greater.
- Strong operational performance continued at the Lake Charles Refinery, with a new quarterly crude processing rate of 478,000 b/d, up from the previous record of 460,000 b/d in the first quarter, and an average crude utilization rate of 103%. Monthly crude rate records were reached in both May and June, with the best ever performance of 482,000 b/d in June. Also in June, the refinery achieved a new monthly total distillate production record.
- The Lemont Refinery continued its strong performance during the second quarter as well, with an average crude utilization rate of 101%, achieving monthly and quarterly jet fuel production records. The Lemont Refinery also received the 2024 Grand Slam Railroad Award, a recognition by four major railroads for exemplary shipping performance.
- Strong reliability and process safety performance at the Corpus Christi Refinery contributed to an average crude utilization rate of 95% for the second quarter, while the refinery increased its light crude processing from 41% in the first quarter to 57% in the second quarter.
- Strong safety and environmental performance continued in the Lubricants and Terminals and Pipeline (TPL) business units. During the second quarter, Lubricants had no recordable injuries, process safety events or environmental incidents, while TPL had no process safety events or environmental incidents. The TPL business unit also received the 2024 Safety Excellence Award from the International Liquid Terminals Association (ILTA).
Commercial Excellence – Citgo’s Marketing and TPL business units both delivered solid results for the second quarter. Marketing sales volume was 431,000 b/d, up slightly from the previous quarter, and Club Citgo® loyalty gallons hit an all-time high of 6.2 million gallons in May, with an 8% increase in member visits. Additionally, the East Chicago truck rack set a new daily record for gasoline loadings, and the Sour Lake Pipeline (which delivers domestic crude oil to the Lake Charles Refinery) set a daily maximum pumping rate of nearly 297,000 b/d. When the Sour Lake expansion project is completed later this year, pipeline capacity will increase to 320,000 b/d.
Financial highlights
- Turnaround and catalyst expenditures in the second quarter totaled $36mn, with an additional $105mn in direct capital expenditures made during the quarter. Projected turnaround, catalyst and capital expenditures for 2025 were reduced from approximately $960mn to approximately $696mn to reflect the rescheduling of turnaround activities at the Lemont and Lake Charles Refineries noted above.
- Quarter-end liquidity was $2.6bn, including full availability under Citgo’s $500mn accounts receivable securitization facility.
- In April 2025, Citgo retired $50mn of outstanding secured industrial revenue bonds with cash on hand.
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