(Reuters, 9.Oct.2024) — Holders of billions of dollars in Venezuelan bonds and notes have emerged as last-minute protagonists in a U.S. court case set to […]
Tag: Citgo Petroleum
Citgo Petroleum Reports 1Q:24 Results
(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 […]
June Deadline set for Citgo Auction Bids
(Argus, 17.Apr.2024) — 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 […]
US Not to Renew Easing of Venezuela Oil Sanctions Unless Progress Made on Elections
(Reuters, 15.Apr.2024) — The U.S. will not renew a temporary license set to expire on Thursday that widely eased sanctions on Venezuela’s oil and gas […]
US Court Accepts $20.8bn in Claims Against Venezuela in Citgo Auction
(Reuters, 19.Jan.2024) — A U.S. court on Friday approved claims by 17 Venezuela-linked creditors, including ConocoPhillips, Rusoro Mining and Koch Industries, to get proceeds from […]
Citgo Exits 3Q:23 with Liquidity of $3.86bn
(Citgo, 9.Nov.2023) — 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 […]
Citgo Concludes 2023 Marketer Roundtables
(Citgo, 9.Nov.2023) — Citgo Petroleum concluded its highly successful Marketer Roundtable Meetings for 2023, bringing together marketers from across the country to discuss key industry […]
CORRECTED: ConocoPhillips Comments on Venezuelan-Related Progress
(Energy Analytics Institute, 2.Nov.2023) — ConocoPhillips chairman and CEO Ryan Lance updated the analyst community on the company’s situation regarding Venezuela and recently started auction […]
Marathon’s SVP Heppner Says Company Not Interested in Citgo Assets
(Energy Analytics Institute, 31.Oct.2023) — Marathon Petroleum Corporation’s senior vice president of strategy and business development, Dave Heppner, responded to questions from analysts during the […]
Citgo Petroleum Prices $1.10bn Senior Secured Notes
(Citgo, 14.Sep.2023) — 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 […]
Citgo Valued at $32bn-$40bn Ahead of Auction of Shares
(Reuters, 12.Sep.2023) — Venezuela-owned oil refiner Citgo Petroleum has been valued by its parent company at between $32 billion and $40 billion, according to a […]
Which Creditors Will Have Priority for Citgo Share Auction?
(Reuters, 12.Sep.2023) — A U.S. judge in Delaware on Tuesday will set the procedure for an upcoming auction of shares in a parent of Venezuela-owned […]
Exxon Mobil Wants its Piece of Citgo
(USA Today, 17.Aug.2023) — The transnational Exxon Mobil, along with 19 other creditors, registered their claims against Venezuela before a court in the United States, […]
Venezuela Rejects Auction That Could Lead to Citgo Breakup
(Reuters, 15.Aug.2023) — Negotiators and officials representing Venezuela are opposing a court-ordered auction of shares in a parent of oil refiner Citgo Petroleum to pay […]
Who are Venezuela Creditors Seeking to Seize Citgo?
(Reuters, 19.Jul.2023) — 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 […]
Venezuela’s Opposition Proposes Using Exports Proceeds to Pay Creditors
(Reuters, 7.Jul.2023) — 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 […]
PDVSA Bondholders Dismiss Claims Citgo-backed Notes are Invalid
(Reuters, 6.Jun.2023) — 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 […]
Citgo Reports First Quarter 2023 Results
(Citgo, 10.May.2023) — Citgo Petroleum Corporation reported its 2023 first quarter financial and operational results. Favorable refining margins and product yields combined with strong asset […]
EAI’s NRGBriefs: Apr. 2023
(Energy Analytics Institute, 30.Apr.2023) — Energy briefs as well as others related to finance and politics during April 2023 including the US not blocking the […]
Citgo Offers to Purchase $407mn in Senior Notes
(Citgo, 13.Mar.2023) — 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 […]
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 […]
Exiled Venezuela Lawmakers Chosen to Lead Anti-Maduro Fight
(AP, 5.Jan.2023) — Venezuela’s opposition has selected an all-female team of mostly unknown exiled former lawmakers to replace the beleaguered Juan Guaidó as the face […]
Simon Bolivar Foundation Support Health Programs for Venezuelan, Other Migrants
(Simón Bolívar Foundation Inc., 17.Nov.2022) — Simón Bolívar Foundation Inc., the 501(c)(3) nonprofit private foundation of Citgo Petroleum Corporation, is awarding up to $1.68mn in grant funding […]
Citgo Announces 3Q:22 Financial Results
(Citgo, 10.Nov.2022) — 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 […]
Citgo Holdings Offers to Acquire up to $237.4mn of its Senior Notes Due 2024
(Citgo, 10.Nov.2022) — 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 […]
Citgo Participates in Illinois Chamber Future of Energy Panel
(Citgo, 12.Oct.2022) — 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 […]
Ecopetrol and Citgo Transaction to Offset Carbon
(Citgo, 10.Oct.2022) — A carbon compensated crude oil cargo sold by Ecopetrol and purchased by Citgo Petroleum Corporation is currently making its way to the […]
Citgo Names Kresha Sivinski New VP of Human Resources and Support Services
(Citgo, 3.Oct.2022) — Citgo Petroleum Corporation recently named Kresha Sivinski the Company’s newly established Vice President of Human Resources and Support Services, where she will […]
Citgo Reports 2Q:22 Net Income of $1.3bn, EBITDA of $1.9bn
(Citgo, 11.Aug.2022) — 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. […]
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The Simón Bolívar Foundation Releases 2021 Annual Report [PDF Download]
(Citgo, 27.Jun.2022) — The Simón Bolívar Foundation Inc., the 501(c)(3) nonprofit private foundation of Citgo Petroleum Corporation, released its 2021 Annual Report. The Foundation is dedicated […]
Citgo Reports 1Q:22 Net Income of $245mn
(Citgo, 17.May.2022) — 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 […]
Stephen McNabb Appointed Citgo Treasurer
(Citgo, 11.May.2022) — 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 […]
NRGBriefs: Trinidad’s Fuel Subsidy; Citgo Giusti Departure; “Almost Out of the Faja”
(Energy Analytics Institute, 12.Apr.2022) — Energy briefs including Trinidad and Tobago’s Finance Minister Colm Imbert commented 12 Apr. 2022 on Twitter about the twin-island country’s […]
Citgo Chairman Luis Giusti (Jr.) Ousted After Less Than a Year in Job
(Bloomberg, 11.Apr.2022) — Citgo Petroleum Corp., the U.S. oil refiner controlled by the Venezuelan opposition, ousted chairman Luis Giusti Lugo less than a year after […]
NRGBriefs: Mexicans Back Recall Vote; Neuquén Officials on Houston Roadshow
(Energy Analytics Institute, 11.Apr.2022) — Energy briefs including approximately 90% of Mexican citizens voting this past weekend to back a recall election that would allow […]
Citgo Enters 2022 With Strong Momentum
(Citgo, 31.Mar.2022) — Citgo Petroleum Corporation reported its 2021 fourth quarter and year-end financial results. For the fourth quarter of 2021, Citgo generated net income […]
Bob Kent Joins Citgo Board of Directors
(Citgo, 16.Mar.2022) — The Citgo Petroleum Corporation Board of Directors announced that Bob Kent has been appointed to the Board of Directors. “Bob Kent brings more than […]
NRGBriefs: YPF’s 4Q:21 and FY:21 Webcast; Citgo Sales Process Moving Forward
(Energy Analytics Institute, 2.Mar.2022) — Energy briefs including Frontera spudding its first exploration well in the Espejo Block in Ecuador; Argentina’s YPF holding its 4Q:21 […]
NRGBriefs: University of Guyana Students Invited to Oil Conference
(Energy Analytics Institute, 17.Feb.2022) — Energy briefs including Atlas Renewable Energy securing financing with BNB for the construction of Lar do Sol – Casablanca II […]
US Extends Citgo Protection
(AFP, 21.Jan.2022) — 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, […]
NRGBriefs: CSI Compressco Cash Distribution
(Energy Analytics Institute, 21.Jan.2022) — Energy briefs including CSI Compressco LP’s (NASDAQ: CCLP) BODs of its general partner declaring a cash distribution attributable to the 4Q:21; […]
Citgo 6 Remain Pawns In A US-Venezuela Standoff
(CNN, 26.Nov.2021) — The phone connection between a Venezuelan prison cell and Houston, Texas, crackles and fades. Jorge Toledo sounds tired. He’s been held for […]
Houston-based Citgo Reports 3Q:21 Results
(Citgo, 15.Nov.2021) — Citgo Petroleum Corporation reported its third quarter 2021 financial results, including a net loss of $4mn, compared to net income of $3mn […]
Venezuela Asset Debacle Splits Guaidó Camp
(Argus, 2.Nov.2021) — Two major Venezuelan opposition parties today voted against a decree issued by US-backed shadow parliamentary leader Juan Guaidó, an unprecedented rupture that foreshadows […]
Citgo Ex-President Suffers Mild Heart Attack In Venezuela Jail
(Reuters, 26.Oct.2021) — The former president of oil refiner Citgo, a U.S. subsidiary of Venezuelan oil company PDVSA, suffered a mild heart attack in prison […]
Citgo Boards In Last-ditch Talks With Washington
(Reuters, 22.Oct.2021) — The supervisory boards of Venezuela-owned Citgo Petroleum, racing to stave off a breakup of the eighth largest U.S. oil refiner, have held […]
US To Consider Citgo Shares Sale Next Year
(Bloomberg, 15.Sep.2021) — The U.S. will consider authorizing the sale of Citgo Petroleum Corp. shares early next year, after the mandate of the Venezuela opposition […]
LatAm Briefs: Argentina Lithium Acquisition, Citgo Challenges
(Energy Analytics Institute, 13.Sep.2021) — Energy briefs from the Latin America and Caribbean region including: Argentina Lithium & Energy Corp. acquiring high quality lithium projects, […]
Citgo Envisions Oil ‘Bridge’ To Venezuela
(Argus, 23.Aug.2021) — US refiner Citgo has been effectively cut off from its Venezuelan state-owned parent PdV since 2019, but it is still constrained by […]
Citgo Returns To Profitability
(Citgo, 16.Aug.2021) — Citgo Petroleum Corporation reported its second quarter 2021 performance results, including net income of $3mn, EBITDA1 of $214mn and adjusted EBITDA2 of $208mn, […]
Citgo Names Mark Holstein New General Counsel
(Citgo, 10.Aug.2021) — Citgo Petroleum Corporation announced the appointment of Mark Holstein as the company’s new General Counsel, overseeing all aspects of the company’s legal […]
Sanctioned Citgo At Disadvantage To Rivals
(Reuters, 23.Jul.2021) — Sanctions barring U.S. imports of Venezuelan crude put refiner Citgo Petroleum Corp at a disadvantage to better-financed rivals, the board chair named […]
US Extends Protection For Citgo
(Reuters, 20.Jul.2021) — The United States on Tuesday extended a measure protecting Venezuelan-owned U.S. refiner Citgo Petroleum Corp PDVSAC.UL from bondholders seeking a stake in […]
![US Extends Citgo Protection [PDF Download]](https://energy-analytics-institute.org/wp-content/uploads/2020/06/1200x627-ofac-lifts-sanctions-on-defense-minister-akar-as-us-turkey-tensions-ease-1581442611039.jpg)
US Extends Citgo Protection [PDF Download]
(Department of the Treasury, 20.Jul.2021) — The Office of Foreign Assets Control (OFAC) issued the following update to General License No. 5G related to PDVSA […]
Citgo Dismisses LPG Supply Plan For Venezuela
(Argus, 13.Jul.2021) — Citgo, the US refining arm of Venezuelan state-owned PdV, told Argus it has no immediate plan to supply LPG to Venezuela under new US […]
Citgo Reveals New Director Appointments
(Citgo, 23.Jun.2021) — The Boards of Directors of Citgo Holding, Inc. and Citgo Petroleum Corporation announced new appointments to their respective Boards of Directors. Elio […]
Citgo Names Balvy Bhogal-Mitro As Corporate Planning VP
(Citgo, 1.Jun.2021) — Citgo President and Chief Executive Officer Carlos Jordá today announced Balvy Bhogal-Mitro has been named Vice President Strategic and Corporate Planning effective 1 […]
Synchrony And Citgo Ink Multi-Year Contract Extension
(Synchrony, 24.May.2021) — Synchrony (NYSE: SYF), a premier consumer financial services company, and Citgo Petroleum Corporation, a U.S.-based refiner, transporter, and marketer of transportation fuels, […]
Citgo Reveals Its 1Q:21 Results
(Citgo, 21.May.2021) — CITGO Petroleum Corporation reported its first quarter 2021 performance results, including a net loss of $180mn, an EBITDA loss of $(21)mn and […]
Citgo Reports FY:20 Results [PDF Download]
(Citgo, 7.May.2021) — Despite the unprecedented challenge COVID-19 presented for refiners, CITGO Petroleum Corporation continued to make strong progress in optimizing operational performance, aggressively managing […]
Fitch Revises Citgo’s Outlook To Stable
(Fitch Ratings, 8.Apr.2021) — Fitch Ratings affirmed the Long-Term Issuer Default Rating (IDR) of CITGO Petroleum (Opco) at ‘B’ and CITGO Holding (Holdco) at ‘CCC+’, […]
Ministers Informed Of Deal ‘Citgo Six’ Were Jailed For
(Reuters, 17.Mar.2021) — Six executives of U.S. refiner Citgo have been jailed in Caracas on graft charges since 2017, but court documents seen by Reuters […]
Citgo’s Letter To The UN On Human Rights
(Citgo, 25.Feb.2021) — The Simón Bolívar Foundation (Foundation), the 501(c)(3) private foundation of Citgo Petroleum Corporation, upholds high standards of corporate governance and ethics. With […]
China, Russia, Venezuela: Q&A With Thomas O’Donnell
(Energy Analytics Institute, 13.Feb.2021) — China and Russia continue to push around their might in Venezuela. Thomas O’Donnell with the Hertie School of Governance & […]
José R. Pocaterra Elected Chairman Of Citgo BODs
(Citgo, 12.Feb.2021) — The Citgo Petroleum Corporation Board of Directors announced today that Jose R. Pocaterra has been elected Chairman of the Board of Directors. […]
Citgo’s Going-Concern Value Approximately $5.78bn
(Energy Analytics Institute, 3.Feb.2021) — Houston-based refiner Citgo Petroleum’s going-concern value is approximately $5.78 billion, according to a recent analysis by Fitch Ratings. The value […]
Venezuela Orders Arrest Of New Citgo Board Member
(Reuters, 18.Jan.2021) — Venezuelan authorities issued an arrest warrant for a new member of the board of directors of U.S.-based refining firm Citgo Petroleum Corp […]
Judge Approves Citgo Parent Share Sale
(Argus, 14.Jan.2021) — Venezuela inched closer to losing control of its US refining subsidiary Citgo today after a federal judge began crafting a sale process […]
Jose R. Pocaterra Joins Citgo Board Of Directors
(Citgo, 6.Jan.2021) — The Citgo Petroleum Corporation Board of Directors announced that Jose R. Pocaterra has been named to the Board of Directors, replacing Edgar […]
![Citgo Releases First-Ever ESG Report [PDF DOWNLOAD]](https://energy-analytics-institute.org/wp-content/uploads/2020/12/qtq80-NEPfid.jpeg)
Citgo Releases First-Ever ESG Report [PDF DOWNLOAD]
(Citgo, 29.Dec.2020) — Marking a new chapter of heightened corporate transparency, responsibility and accountability, Citgo Petroleum Corporation today released its first-ever report detailing the company’s […]
Carlos Vecchio Says Guaidó Govt Saved Citgo
(Energy Analytics Institute, 29.Dec.2020) — Houston-based refiner Citgo Petroleum, owned by Venezuela’s state oil and gas company Petróleos de Venezuela (PDVSA), continues to benefit from […]
Citgo Plans Q4 2021 Overhaul At Corpus Christi Refinery
(Reuters, 21.Dec.2020) — Citgo Petroleum Corp plans an overhaul at its 167,500 barrel-per-day (bpd) Corpus Christi, Texas, refinery in the fourth quarter of 2021, the […]
Citgo Closes New A/R Securitization Facility
(Citgo, 18.Dec.2020) — Citgo Petroleum Corporation announced that it has entered into an agreement with Barclays as Program Administrator for a two-year $250mn accounts receivable […]
NGOs Vital In Helping With Humanitarian Crisis [Video]
(Citgo, 10.Dec.2020) — NGOs and other private philanthropic groups are increasingly critical in helping address the deteriorating humanitarian crisis in Venezuela, according to three diverse […]
Venezuela Judge Convicts Citgo-6, Orders Prison
(AP, 27.Nov.2020) — Six American oil executives held for three years in Venezuela were found guilty of corruption charges by a judge Thursday and immediately […]