Tag: Citgo Petroleum

Citgo Petroleum Reports 1Q:24 Results

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(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 […]

Citgo Exits 3Q:23 with Liquidity of $3.86bn

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(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 EBITDA of $642mn for the second quarter of 2023 Adjusted EBITDA 1 for the third quarter was approximately $833mn, which included two special items related to a legal settlement and […]

Citgo Concludes 2023 Marketer Roundtables

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(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 trends, brand programs, and commercial strategies. The roundtables, held in late September through early November, provided a valuable forum for collaboration and knowledge sharing. The […]

Marathon’s SVP Heppner Says Company Not Interested in Citgo Assets

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(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 company’s third quarter 2023 conference call about rumors it was interested in Houston-based refiner Citgo Petroleum. Heppner said that in the current environment that refining […]

Who are Venezuela Creditors Seeking to Seize Citgo?

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(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 as a negotiation team representing Venezuela progresses in talks with bondholders and creditors with arbitration awards from expropriation claims, a move to avoid a breakup […]

PDVSA Bondholders Dismiss Claims Citgo-backed Notes are Invalid

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(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 York state’s highest court to reject claims that the bonds are invalid. Lawyers for Venezuela’s opposition, which has controlled PDVSA’s U.S. assets including Citgo since 2019 […]

Citgo Reports First Quarter 2023 Results

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(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 reliability contributed to first quarter net income of $937mn and EBITDA of $1.4bn, compared with net income of $806mn and EBITDA of $1.2bn for the fourth quarter of 2022. Highlights: […]

Citgo Reports 4Q:22 and YE:22 Results

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(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 barrels-per-day (bpd), 4% above nameplate capacity of 769,000 bpdRepayment in full of the $1.1bn outstanding under Citgo Petroleum’s Term Loan […]

Simon Bolivar Foundation Support Health Programs for Venezuelan, Other Migrants

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(SimĂłn BolĂ­var Foundation Inc., 17.Nov.2022) — 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 as part of its Colombia-Ecuador-Peru Humanitarian Health Grants program. The call for grant applications for this charitable program, recognizing the vulnerable […]

Citgo Announces 3Q:22 Financial Results

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(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 2022. Highlights: Reported third quarter net income of $477mn and EBITDA 1 of $804mnContinued strong health, safety and environmental performanceSuccessful and safe turnaround execution and start-up at the Lemont RefineryRecord […]

Citgo Participates in Illinois Chamber Future of Energy Panel

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(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 of Commerce Annual Meeting in Chicago last Thursday. Keynote panel participants focused on energy sustainability and what the future of energy will look like in Illinois. Bhogal-Mitro, who […]

Citgo Names Kresha Sivinski New VP of Human Resources and Support Services

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(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 oversee corporate human resources, aviation and corporate services functions. Sivinski joined the Citgo Lake Charles, La. refinery after graduating with a bachelor’s degree in Civil Engineering […]

Citgo Reports 2Q:22 Net Income of $1.3bn, EBITDA of $1.9bn

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(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. Highlights: Reported second quarter net income of $1.29bn and EBITDA 1 of $1.86bnExceptional health, safety and environmental performanceRecord-setting refinery utilization and throughputReceived two AFPM Safety Achievement awardsReceived ILTA Safety Excellence […]

The SimĂłn BolĂ­var Foundation Releases 2021 Annual Report [PDF Download]

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(Citgo, 27.Jun.2022) — 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 vulnerable people affected by the complex, ongoing humanitarian crisis in Venezuela, with special attention to mothers and children. After redefining its […]

Citgo Reports 1Q:22 Net Income of $245mn

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(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 a loss of $(180)mn for the first quarter of 2021. Reliable operations and favorable market conditions enabled Citgo to generate EBITDA 1 of $518mn for the first quarter of 2022, compared […]

Stephen McNabb Appointed Citgo Treasurer

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(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 insurance, steward bank relationships and investor relations, and assist the CFO in developing financial strategies. McNabb previously served as Assistant Treasurer and has been with […]

NRGBriefs: Trinidad’s Fuel Subsidy; Citgo Giusti Departure; “Almost Out of the Faja”

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(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 fuel subsidy; NewGold announcing plans to release its 1Q:22 financial results; Citgo Petroleum confirming the departure of Luis Giusti Lugo from its Board of Directors; […]

NRGBriefs: Mexicans Back Recall Vote; Neuquén Officials on Houston Roadshow

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(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 President AndrĂ©s Manuel LĂłpez Obrador to stay in office; Argentina is looking to significantly boost oil and gas production by 2030, Argentina’s governor of NeuquĂ©n […]

Citgo Enters 2022 With Strong Momentum

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(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 of $21mn, EBITDA (1) of $236mn and adjusted EBITDA of $139mn, representing the strongest quarterly net income and EBITDA performance since the third quarter of 2019, prior to the start […]

Bob Kent Joins Citgo Board of Directors

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(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 40 years of refining experience to our executive team, including 13 years with Citgo,” said Citgo Director and President and Chief Executive Officer Carlos JordĂĄ. “His […]

NRGBriefs: YPF’s 4Q:21 and FY:21 Webcast; Citgo Sales Process Moving Forward

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(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 and FY:21 webcast to discuss financial and operational results; Exxon updating on its operations offshore Guyana during its virtual Investor Day 2022 webcast [PDF download]; […]

NRGBriefs: University of Guyana Students Invited to Oil Conference

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(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 Solar Plant in Brazil; and the International Energy Conference and Exhibition- Guyana 2022 in Georgetown, Guyana again opening the exhibit for free to University of […]

US Extends Citgo Protection

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(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, from being seized by creditors, the department said. The Houston-based company has been controlled by parties opposed to the government of President Nicolas Maduro since […]

NRGBriefs: CSI Compressco Cash Distribution

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(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; and PDVSA’s US refining arm Citgo Petroleum being Venezuela’s most priced int’l asset. NORTH AMERICA US — CSI Compressco LP’s (NASDAQ: CCLP) BODs of its general […]

Venezuela Asset Debacle Splits GuaidĂł Camp

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(Argus, 2.Nov.2021) — 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 claim to an interim presidency in January 2022. Decree number 38, which GuaidĂł first presented in early October, called for […]

US To Consider Citgo Shares Sale Next Year

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(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 government ends, according to a court document.  The U.S. Treasury said it may reasses the sale of shares of Citgo’s parent company, PDV Holding Inc., […]

LatAm Briefs: Argentina Lithium Acquisition, Citgo Challenges

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(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 Petroleum executives warning of threats from biofuels amid the energy transition, and much more. LATIN AMERICA AND CARIBBEAN Argentina — The Center for International […]

Citgo Returns To Profitability

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(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, marking the company’s first profitable quarter since the third quarter of 2019. “Given the multiple challenges we have faced during 2020 and the first half […]