Citgo Petroleum reports 3Q:25 results

HOUSTON, TEXAS (By Citgo, 13.Nov.2025, Words: 662) — Citgo Petroleum Corporation reported its 2025 third quarter financial and operational results.

Improved refining margins and reliable operations led to third quarter net income of $167mn, EBITDA of $363mn and Adjusted EBITDA of $370mn, compared to net income of $100mn, EBITDA of $325mn and Adjusted EBITDA of $346mn for the second quarter of 2025.

“Our refineries performed reliably as market conditions improved during the quarter,” said CITGO President and CEO Carlos Jordá.

“We completed planned maintenance at Lake Charles, prepared for a major turnaround at Corpus Christi, and at Lemont achieved record jet fuel production with high utilization. Additionally, Corpus Christi enhanced its light crude processing capability, the Sour Lake crude pipeline (connected to Lake Charles) set a new daily maximum rate, and operations began at our new Luling, Texas terminal. Through incremental improvements and innovation, we were able to recognize an increase in our crude refining capacity, from 807,000 b/d to 829,000 b/d, starting in the fourth quarter,” Jordá said.

Operational Highlights

Operational Excellence – Citgo continued operating reliably despite planned maintenance and minor third-party outages during the third quarter. Highlights include:

• Total crude runs were 759,000 b/d with 74,000 b/d of feedstocks, for a total throughput of 833,000 b/d. The overall average crude utilization rate was 94%.
• The Lake Charles Refinery began the quarter with a July crude rate of 478,000 b/d, building on the record level set in the second quarter. Planned crude unit maintenance began later in the quarter, resulting in a crude processing rate of 425,000 b/d and an average crude utilization rate of 92% for the quarter. Beginning with the fourth quarter of 2025, the nameplate capacity of the Lake Charles Refinery has increased from 463,000 b/d to 479,000 b/d.
• The Lemont Refinery continued its strong performance during the third quarter, with a crude processing rate of 180,000 b/d and an average crude utilization rate of 102%, achieving monthly and quarterly jet fuel production records. Beginning with the fourth quarter of 2025, the nameplate capacity of the Lemont Refinery increased from 177,000 b/d to 183,000 b/d.
• The Corpus Christi Refinery achieved an average crude utilization rate of 92% for the quarter, while successfully increasing its mix of light crude processing to 61% from 57% for the second quarter. At the end of the third quarter, the Corpus Christ Refinery began a crude unit turnaround designed to improve energy efficiency and enhance crude slate flexibility. Additional upgrades planned for 2026 are also expected to increase crude processing capacity.
• Strong safety and environmental performance continued in the Lubricants and Terminals and Pipeline (TPL) business units. During the third quarter, Lubricants had no process safety events and no environmental incidents, while TPL had no OSHA recordable events or environmental incidents.

Commercial Excellence – Citgo’s Marketing and TPL business units delivered solid results for the third quarter. Marketing sales volume was 433,000 bpd, up slightly from the previous quarter; Club Citgo® loyalty volume grew more than 30% year over year, and in September 2025 the company hosted its President’s Meeting with Light Oils and Lubricants customers. TPL highlights include a new daily maximum pumping rate of 299,000 bpd at the Sour Lake Pipeline (which delivers domestic crude oil to the Lake Charles Refinery), while the new Luling, Texas terminal commenced operations in Sep. The Supply and Trading function also continued to work to expand the company’s commercial footprint with additional global feedstock points and product destinations.

Financial Highlights

• Turnaround and catalyst expenditures in the third quarter totaled $51mn, with an additional $130mn in capital expenditures made during the quarter. Projected turnaround, catalyst and capital expenditures for full-year 2025 total approximately $706mn.
• Quarter-end liquidity was $2.75bn, including full availability under Citgo’s $500mn accounts receivable securitization facility.
• On Nov. 19 , 2025, Citgo will use a portion of its quarter-end liquidity to complete the redemption of all $650mn outstanding Senior Secured Notes due 2026. With this redemption, Citgo will have repaid more than $1.8bn in senior secured notes and secured industrial revenue bonds in 2025.

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