(Reuters, 9.Oct.2024) â Holders of billions of dollars in Venezuelan bonds and notes have emerged as last-minute protagonists in a U.S. court case set to decide the ownership of oil […]
Tag: Citgo Petroleum
Citgo Petroleum Reports 1Q:24 Results
(Citgo, 9.May.2024) â 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, […]
June Deadline set for Citgo Auction Bids
(Argus, 17.Apr.2024)Â â Bidders for Citgo‘s US refining assets have until 11 June to submit offers for the company’s 805,000 b/d of refining capacity and associated assets, with a tentative […]
US Not to Renew Easing of Venezuela Oil Sanctions Unless Progress Made on Elections
(Reuters, 15.Apr.2024) â The U.S. will not renew a temporary license set to expire on Thursday that widely eased sanctions on Venezuela’s oil and gas sector, a State Department spokesperson […]
US Court Accepts $20.8bn in Claims Against Venezuela in Citgo Auction
(Reuters, 19.Jan.2024) â A U.S. court on Friday approved claims by 17 Venezuela-linked creditors, including ConocoPhillips, Rusoro Mining and Koch Industries, to get proceeds from a coming auction of shares […]
Citgo Exits 3Q:23 with Liquidity of $3.86bn
(Citgo, 9.Nov.2023) Â â Citgo Petroleum Corporation reported its 2023 third quarter financial and operational results. Highlights: Net income of $567mn and EBITDA 1 of $895mn, compared to net income of $380 mn and EBITDA of $642mn for the second quarter […]
Citgo Concludes 2023 Marketer Roundtables
(Citgo, 9.Nov.2023) â Citgo Petroleum concluded its highly successful Marketer Roundtable Meetings for 2023, bringing together marketers from across the country to discuss key industry trends, brand programs, and commercial […]
ConocoPhillips Comments on Venezuelan-Related Progress
(Energy Analytics Institute, 2.Nov.2023) â ConocoPhillips chairman and CEO Ryan Lance updated the analyst community on the companyâs situation regarding Venezuela and recently started auction process for assets of Houston-based […]
Marathonâs SVP Heppner Says Company Not Interested in Citgo Assets
(Energy Analytics Institute, 31.Oct.2023) â Marathon Petroleum Corporationâs senior vice president of strategy and business development, Dave Heppner, responded to questions from analysts during the companyâs third quarter 2023 conference […]
Citgo Petroleum Prices $1.10bn Senior Secured Notes
(Citgo, 14.Sep.2023) â Citgo Petroleum Corporation has priced $1.10bn aggregate principal amount of 8.375% senior secured notes due 2029 in a private offering exempt from the registration requirements of the Securities Act […]
Citgo Valued at $32bn-$40bn Ahead of Auction of Shares
(Reuters, 12.Sep.2023) â Venezuela-owned oil refiner Citgo Petroleum has been valued by its parent company at between $32 billion and $40 billion, according to a court official during a hearing […]
Which Creditors Will Have Priority for Citgo Share Auction?
(Reuters, 12.Sep.2023) â A U.S. judge in Delaware on Tuesday will set the procedure for an upcoming auction of shares in a parent of Venezuela-owned oil refiner Citgo Petroleum to […]
Exxon Mobil Wants its Piece of Citgo
(USA Today, 17.Aug.2023) â The transnational Exxon Mobil, along with 19 other creditors, registered their claims against Venezuela before a court in the United States, as part of the actions […]
Venezuela Rejects Auction That Could Lead to Citgo Breakup
(Reuters, 15.Aug.2023) â Negotiators and officials representing Venezuela are opposing a court-ordered auction of shares in a parent of oil refiner Citgo Petroleum to pay creditors claiming more than $10 […]
Who are Venezuela Creditors Seeking to Seize Citgo?
(Reuters, 19.Jul.2023) â The U.S. on Wednesday approved a three-month extension to a license protecting Citgo Petroleum from creditors seeking to seize the oil refiner’s assets. The document comes as a negotiation team representing […]
Venezuela’s Opposition Proposes Using Exports Proceeds to Pay Creditors
(Reuters, 7.Jul.2023) â Venezuela’s opposition is crafting a proposal for the country to redirect about 200,000 barrels per day of its oil exports to a trustee to pay creditors with claims on […]
PDVSA Bondholders Dismiss Claims Citgo-backed Notes are Invalid
(Reuters, 6.Jun.2023) â Holders of bonds issued by Venezuelan state-owned oil company Petroleos de Venezuela that are backed by a majority stake in refiner Citgo Petroleum urged New York state’s highest court to […]
Citgo Reports First Quarter 2023 Results
(Citgo, 10.May.2023) â Citgo Petroleum Corporation reported its 2023 first quarter financial and operational results. Favorable refining margins and product yields combined with strong asset reliability contributed to first quarter […]
EAIâs NRGBriefs: Apr. 2023
(Energy Analytics Institute, 30.Apr.2023) â Energy briefs as well as others related to finance and politics during April 2023 including the US not blocking the court-ordered sale of shares of Citgo […]
Citgo Offers to Purchase $407mn in Senior Notes
(Citgo, 13.Mar.2023) â Citgo Holding, Inc., a Delaware corporation, today announced its offer to purchase (the “Offer”) for cash an aggregate principal amount of up to $406.645mn (the “Excess Cash Flow Offer Amount”) of […]
Citgo Reports 4Q:22 and YE:22 Results
(Citgo, 9.Mar.2023) Citgo Petroleum Corporation today reported its 2022 fourth quarter and year-end financial results. Highlights: Fourth quarter net income of $806mn and EBITDA[1] of $1.2bn Fourth quarter total refinery crude throughput of 797,000 […]
Exiled Venezuela Lawmakers Chosen to Lead Anti-Maduro Fight
(AP, 5.Jan.2023) â Venezuelaâs opposition has selected an all-female team of mostly unknown exiled former lawmakers to replace the beleaguered Juan GuaidĂł as the face of its faltering efforts to […]
Simon Bolivar Foundation Support Health Programs for Venezuelan, Other Migrants
(SimĂłn BolĂvar Foundation Inc., 17.Nov.2022) â SimĂłn BolĂvar Foundation Inc., the 501(c)(3) nonprofit private foundation of Citgo Petroleum Corporation, is awarding up to $1.68mn in grant funding to seven qualified charitable organizations […]
Citgo Announces 3Q:22 Financial Results
(Citgo, 10.Nov.2022) â Citgo Petroleum Corporation reported 2022 third quarter net income of $477mn and EBITDA of $804mn, compared to net income of $1.29bn and EBITDA of $1.86bn in the second quarter of 2022. Highlights: Reported third quarter […]
Citgo Holdings Offers to Acquire up to $237.4mn of its Senior Notes Due 2024
(Citgo, 10.Nov.2022) â Citgo Holding, Inc., a Delaware corporation, announced its offer to purchasefor cash an aggregate principal amount of up to $237.391mn (the “Excess Cash Flow Offer Amount”) of its 9.25% Senior […]
Citgo Participates in Illinois Chamber Future of Energy Panel
(Citgo, 12.Oct.2022) â Citgo Vice President of Strategic and Corporate Planning Balvy Bhogal-Mitro took part in a world-class panel discussion on the Future of Energy at the Illinois Chamber of Commerce Annual Meeting in Chicago last […]
Ecopetrol and Citgo Transaction to Offset Carbon
(Citgo, 10.Oct.2022) â A carbon compensated crude oil cargo sold by Ecopetrol and purchased by Citgo Petroleum Corporation is currently making its way to the Citgo Corpus Christi refinery for […]
Citgo Names Kresha Sivinski New VP of Human Resources and Support Services
(Citgo, 3.Oct.2022) â Citgo Petroleum Corporation recently named Kresha Sivinski the Company’s newly established Vice President of Human Resources and Support Services, where she will oversee corporate human resources, aviation […]
Citgo Reports 2Q:22 Net Income of $1.3bn, EBITDA of $1.9bn
(Citgo, 11.Aug.2022) â Citgo Petroleum reported a second quarter net income of $1.29bn and EBITDA of $1.86bn compared to net income of $245mn and EBITDA of $518mn in the first quarter of 2022. Highlights: Reported second quarter net […]
![The SimĂłn BolĂvar Foundation Releases 2021 Annual Report [PDF Download]](https://energy-analytics-institute.org/wp-content/uploads/2022/08/ven-citgo-simon-bolivar-fundacion-annual-rpt-2021.jpg)
The SimĂłn BolĂvar Foundation Releases 2021 Annual Report [PDF Download]
(Citgo, 27.Jun.2022) â The SimĂłn BolĂvar Foundation Inc., the 501(c)(3) nonprofit private foundation of Citgo Petroleum Corporation, released its 2021 Annual Report. The Foundation is dedicated to improving the health of […]
Citgo Reports 1Q:22 Net Income of $245mn
(Citgo, 17.May.2022) â Citgo Petroleum Corporation reported net income of $245mn for the first quarter 2022, compared to net income of $21mn for the fourth quarter of 2021 and a loss of $(180)mn for the first […]
Stephen McNabb Appointed Citgo Treasurer
(Citgo, 11.May.2022) â Citgo Petroleum Corporation named Stephen McNabb the company’s new Treasurer, where he will oversee liquidity management and the company’s capital structure, manage financial risk and insurance, steward bank relationships and […]
NRGBriefs: Trinidadâs fuel subsidy; Citgo Giusti departure; “almost out of the Faja”
(Energy Analytics Institute, 12.Apr.2022) â Energy briefs including Trinidad and Tobagoâs Finance Minister Colm Imbert commented 12 Apr. 2022 on Twitter about the twin-island countryâs fuel subsidy; NewGold announcing plans […]
Citgo Chairman Luis Giusti (Jr.) Ousted After Less Than a Year in Job
(Bloomberg, 11.Apr.2022) â Citgo Petroleum Corp., the U.S. oil refiner controlled by the Venezuelan opposition, ousted chairman Luis Giusti Lugo less than a year after appointing him. Giusti, a 24-year […]
NRGBriefs: Mexicans Back Recall Vote; Neuquén Officials on Houston Roadshow
(Energy Analytics Institute, 11.Apr.2022) â Energy briefs including approximately 90% of Mexican citizens voting this past weekend to back a recall election that would allow President AndrĂ©s Manuel LĂłpez Obrador […]
Citgo Enters 2022 With Strong Momentum
(Citgo, 31.Mar.2022) â Citgo Petroleum Corporation reported its 2021 fourth quarter and year-end financial results. For the fourth quarter of 2021, Citgo generated net income of $21mn, EBITDA (1) of $236mn and adjusted EBITDA […]
Bob Kent Joins Citgo Board of Directors
(Citgo, 16.Mar.2022) â The Citgo Petroleum Corporation Board of Directors announced that Bob Kent has been appointed to the Board of Directors. “Bob Kent brings more than 40 years of refining experience […]
NRGBriefs: YPF’s 4Q:21 and FY:21 Webcast; Citgo Sales Process Moving Forward
(Energy Analytics Institute, 2.Mar.2022) â Energy briefs including Frontera spudding its first exploration well in the Espejo Block in Ecuador; Argentina’s YPF holding its 4Q:21 and FY:21 webcast to discuss […]
NRGBriefs: University of Guyana Students Invited to Oil Conference
(Energy Analytics Institute, 17.Feb.2022) â Energy briefs including Atlas Renewable Energy securing financing with BNB for the construction of Lar do Sol â Casablanca II Solar Plant in Brazil; and […]
US Extends Citgo Protection
(AFP, 21.Jan.2022) â The US Treasury on Thursday extended by one year a rule that shields Citgo, a US-based unit of Venezuela’s state-owned oil company PDVSA, from being seized by creditors, […]
NRGBriefs: CSI Compressco Cash Distribution
(Energy Analytics Institute, 21.Jan.2022) â Energy briefs including CSI Compressco LPâs (NASDAQ:Â CCLP) BODs of its general partner declaring a cash distribution attributable to the 4Q:21; and PDVSAâs US refining arm […]
Citgo 6 Remain Pawns In A US-Venezuela Standoff
(CNN, 26.Nov.2021) â The phone connection between a Venezuelan prison cell and Houston, Texas, crackles and fades. Jorge Toledo sounds tired. He’s been held for four years, one of six […]
Houston-based Citgo Reports 3Q:21 Results
(Citgo, 15.Nov.2021) â Citgo Petroleum Corporation reported its third quarter 2021 financial results, including a net loss of $4mn, compared to net income of $3mn for the second quarter. Marking […]
Venezuela Asset Debacle Splits GuaidĂł Camp
(Argus, 2.Nov.2021) â Two major Venezuelan opposition parties today voted against a decree issued by US-backed shadow parliamentary leader Juan GuaidĂł, an unprecedented rupture that foreshadows the expiry of his constitutional […]
Citgo Ex-President Suffers Mild Heart Attack In Venezuela Jail
(Reuters, 26.Oct.2021) â The former president of oil refiner Citgo, a U.S. subsidiary of Venezuelan oil company PDVSA, suffered a mild heart attack in prison in Caracas and was transferred […]
Citgo Boards In Last-ditch Talks With Washington
(Reuters, 22.Oct.2021) â The supervisory boards of Venezuela-owned Citgo Petroleum, racing to stave off a breakup of the eighth largest U.S. oil refiner, have held talks with U.S. officials in […]
US To Consider Citgo Shares Sale Next Year
(Bloomberg, 15.Sep.2021) â The U.S. will consider authorizing the sale of Citgo Petroleum Corp. shares early next year, after the mandate of the Venezuela opposition government ends, according to a […]
LatAm Briefs: Argentina Lithium Acquisition, Citgo Challenges
(Energy Analytics Institute, 13.Sep.2021) â Energy briefs from the Latin America and Caribbean region including: Argentina Lithium & Energy Corp. acquiring high quality lithium projects, Citgo Petroleum executives warning of […]
Citgo Envisions Oil âBridgeâ To Venezuela
(Argus, 23.Aug.2021) â US refiner Citgo has been effectively cut off from its Venezuelan state-owned parent PdV since 2019, but it is still constrained by heavy debt while multiple creditors […]
Citgo Returns To Profitability
(Citgo, 16.Aug.2021) â Citgo Petroleum Corporation reported its second quarter 2021 performance results, including net income of $3mn, EBITDA1 of $214mn and adjusted EBITDA2 of $208mn, marking the company’s first profitable […]