(Citgo, 9.May.2024) — Citgo Petroleum Corporation reported its 2024 first quarter financial and operational results. Historically favorable refining margins and strong asset reliability led to first quarter net income of $410mn, EBITDA of $709mn and Adjusted EBITDA of $677mn, compared with net income of $937mn and EBITDA of approximately $1.4bn(2) for the first quarter of 2023.
(1) EBITDA and Adjusted EBITDA are non-GAAP financial measures. For additional information, please see the information under “General Information – Non-GAAP Financial Measures” on page 3 of this press release and the reconciliation on page 4 of this press release. (2) There were no special items during the first quarter 2023.
“We delivered the third highest average daily throughput for a quarter in Company history, taking advantage of the favorable margin environment and generating a strong start for the year both operationally and financially,” said Citgo President and CEO Carlos Jordá.
“We achieved these results with turnaround activities underway at two refineries while successfully restarting two offline units that we believe will further enhance our crude processing capabilities. Moving forward, we will continue pursuing additional strategic investment opportunities throughout our business as part of our operational and commercial excellence initiatives,” Jordá said.
Operational Highlights
- Operational Excellence – Completed the quarter with a continued focus on maintaining strong safety and operational standards for employees and contractors. Other highlights include:
- Total throughput for the first quarter was 830,000 bpd, of which crude runs were 769,000 bpd with an overall average crude utilization rate of 95%. In comparison, total refinery throughput for the first quarter of 2023 was 814,000 bpd, of which crude runs were 772,000 bpd with an average crude utilization rate of 96%.
- The Lake Charles Refinery successfully restarted a vacuum distillation unit and a delayed coker, both of which had been offline since the summer of 2020, further enhancing the refinery’s heavy crude processing capabilities.
- The Lemont Refinery delivered exceptional performance in the first quarter, achieving a crude capacity utilization rate of 103% and a new monthly jet fuel production record, with no employee recordable injuries.
- The Corpus Christi Refinery finished the quarter with excellent occupational and process safety performance, including no recordable injuries, no process safety events, and more than three years without a “days away” or “restricted duty” case.
- Strong occupational safety and environmental performance continued for both the Lubricants and Terminals and Pipelines (TPL) business units.
- Commercial Excellence – Light Oils Marketing and TPL business units delivered solid results for the first quarter. Total first quarter Marketing sales volume was 394,000 bpd, down slightly from the same time period in 2023, and export volume was 149,000 bpd for the first quarter of 2024.
Financial Highlights
- Invested $99mn in turnaround and catalyst expenditures and an additional $101mn in direct capital expenditures. Projected turnaround, catalyst and capital expenditures for 2024 total $1.1bn.
- Achieved quarter-end liquidity of $4.5bn, including full availability under Citgo’s $500mn accounts receivable securitization facility, which was recently extended to Apr. 2026.
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