(Citgo, 14.Nov.2024) — Citgo Petroleum Corporation reported its 2024 third quarter financial and operational results.
High throughput volume contributed to a third quarter net income of $66mn, EBITDA (1) of $281mn, and Adjusted EBITDA of $290mn compared with a net loss of $25mn, EBITDA of $162mn and Adjusted EBITDA of $149mn for the second quarter of 2024.
“After successfully completing our planned turnaround activities this year, we were able to capture available margins in a challenging pricing environment with strong reliability and higher throughput,” said Citgo President and CEO Carlos Jordá. “We achieved an overall average crude utilization rate of 96% and set several production records in the third quarter, while safely adjusting operations in response to an active hurricane season.”
Highlights:
- Net income of $66mn, EBITDA of $281mn and Adjusted EBITDA of $290mn
- Total liquidity at quarter-end of $3.6bn, including full availability under Citgo’s $500mn accounts receivable securitization facility
- Turnaround and maintenance activities successfully executed
- Total throughput of 811,000 barrels-per-day (b/d) and overall average crude utilization rate of 96%
Operational Highlights
Operational Excellence – Strong refinery operations in the third quarter followed the successful execution of planned turnarounds and maintenance in the second quarter. Process Safety performance through the third quarter is on track for a record setting year, and Occupational Safety performance remains better than the latest industry average. Other third quarter highlights include:
- Total throughput for the third quarter increased to 811,000 b/d, of which crude runs were 774,000 b/d with an overall average crude utilization rate of 96%. In comparison, total refinery throughput for the second quarter of 2024 was 720,000 b/d due to turnaround and maintenance activities, of which crude runs were 678,000 b/d with an overall average crude utilization rate of 84%.
- The Lake Charles Refinery reached an average crude utilization rate of 98%, achieving monthly crude processing records that contributed to the refinery’s third best quarter for crude processing, while the refinery set a new distillate production record and continued progressing on the marine export expansion project.
- The Lemont Refinery reached an average crude utilization rate of 98% and completed the third quarter with no OSHA Recordable events and no process safety events, while setting jet fuel production records.
- Strong occupational safety and environmental performance continued for the Lubricants and Terminals and Pipeline (TPL) business units with no OSHA Recordable events, no Process Safety events and no environmental incidents during the quarter.
- Municipal fire departments and community-based mutual aid resources joined Citgo first response staff for the Citgo Corporate Foam and Tank Fire School in Corpus Christi, Texas, participating in PFAS-free foam testing and receiving training on specialized fire tactics.
Commercial Excellence – Supply, Marketing and TPL delivered solid results for the third quarter. Total third quarter Marketing sales volume was 428,000 b/d, up slightly from the second quarter, with 73 new branded sites and a new monthly record for unbranded sales. The new East Chicago loading rack continues to ramp up, leading to record throughput, with the Sour Lake pipeline setting new monthly throughput records and the Trading organization continuing to expand into new international markets, including delivering products to Japan and China for the first time.
Financial Highlights
- Turnaround and catalyst expenditures for the quarter totaled $115mn, with an additional $92mn in direct capital expenditures incurred during the quarter. Projected turnaround, catalyst and capital expenditures for full-year 2024 total approximately $970mn.
- Total liquidity at quarter-end was $3.6bn, including full availability under Citgo’s $500mn accounts receivable securitization facility.
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NOTE: 1) EBITDA and Adjusted EBITDA are non-GAAP financial measures.
