HOUSTON, TEXAS (By Citgo, 13.Aug.2026, Words: 659) — Citgo Petroleum Corporation reported second quarter 2026 financial and operational results. Strong US refined product margins relating to global supply disruptions helped drive second quarter net income of $936mn, EBITDA of $1.38bn and adjusted EBITDA of $1.39bn.
“Citgo delivered another quarter of strong operational and financial performance, led by our team’s solid execution and the strength of our refining and commercial system,” said Carlos Jordá, President and CEO of Citgo. “As we look to the remainder of the year, we are balancing near-term market opportunities with longer-term investment priorities by shifting certain planned investments into 2027. We remain focused on safely and reliably executing across our system while maintaining flexibility to support our operations and strategic investment priorities.”
“Our thoughts are with the people of Venezuela affected by the recent earthquakes,” Jordá continued. “The company launched an employee matching program and approved a $10 million donation to the Simón Bolívar Foundation to support relief efforts for people affected by the earthquakes that struck Venezuela on June 24. The donation will be allocated to reputable international organizations that will provide emergency supplies and immediate assistance, maximizing the impact of aid in the affected areas.”
Operational and Commercial Highlights
Operational Excellence: Health, safety and environmental (HSE) performance remains central to Citgo’s operational discipline. During the second quarter, the Company delivered strong environmental performance while continuing to focus on strengthening occupational and process safety performance across its operations.
Second-quarter total refinery throughput was 820,000 bpd, down slightly compared to the first quarter due to turnaround activities and unplanned outages, with an overall average crude utilization rate of 97% across Citgo’s 3 refineries. Second quarter refinery highlights include Lake Charles’ achievement of monthly crude rate and distillate production records in April and Lemont’s successful completion in May of a major turnaround block on its fluid catalytic cracking and alkylation units. These results underscore Citgo’s ongoing focus on disciplined operations and continued execution across its refining system.
Commercial Excellence: Marketing sales volume was 414,000 bpd in the second quarter, with strong branding activity and Club Citgo® loyalty-related gallons increasing 28% year over year. Additionally, the terminals and pipelines business unit delivered strong operating performance during the quarter, and the Sour Lake Pipeline set a new daily pumping maximum rate in May.
Citgo’s international market activities during the quarter were led by cargoes delivered to Europe, the Caribbean and South Africa. The company also grew its jet fuel footprint with US airline carriers in Chicago and Florida. In addition, the Brownsville terminal set a new quarterly record for ultra-low sulfur diesel (ULSD) export sales, more than doubling the previous record set in the third quarter of 2025. Together, these results demonstrate the strength and flexibility of Citgo’s commercial platform across domestic and international markets.
Full-Year 2026 Forecasts
The current refining markets reflect both a tight supply-demand balance and a geopolitical risk premium. Commodity market forward curves can be volatile and are influenced by industry fundamentals, as well as broader macroeconomic and geopolitical developments. Based on forward curves as of late Jul., Citgo is projecting full-year 2026 EBITDA of approximately $5.8bn and a year-end cash balance of approximately $5.7bn, assuming no material changes in working capital.
Projected 2026 capital expenditures and turnaround and catalyst spending declined slightly from $985mn to $867mn as a result of shifting the Lake Charles coker turnaround into 2027 and the deferred funding of the strategic Lake Charles depentanizer project. Taking these schedule changes into account, Citgo’s strategic capital program remains on track. The program is highlighted by the Corpus Christi crude unit expansion project and the Lake Charles depentanizer project, which are designed to improve refining efficiency and increase product yields.
With strong second quarter results driven by continued excellence in operational and commercial performance, combined with a disciplined approach to capital management, Citgo remains well-positioned to continue to capitalize on opportunities in this strong margin environment.
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