Citgo Petroleum, the U.S. refining unit owned by Venezuela, recorded a first-quarter net profit of $157 million, reversing a loss of $82 million in the same quarter last year. The company attributed the turnaround to elevated refinery activity and improved margin capture.
During the quarter the refiner ran 851,000 barrels per day (bpd) of throughput, exceeding its stated processing capacity of 829,000 bpd. Crude runs reached a quarterly record of 819,000 bpd. Across its three refineries, Citgo posted an average crude utilization rate of 99% for the period.
In contrast, the first quarter of the prior year saw total throughput of 833,000 bpd and a crude utilization rate of 95%.
Company leadership highlighted operational reliability and an improvement in the margin capture rate versus the previous quarter. Citgo's chief executive, Carlos Jorda, said reliability remained strong during the quarter and that the company improved how it captured margins on refined products.
High commodity prices were a contributing factor to the quarter's results. The company reported that it purchased and refined its first Venezuelan crude since 2019 during the period, a development noted alongside the improved operating metrics.
Despite those positive indicators, Citgo said extreme price volatility had an impact on volumes. Sales volume declined by 3% to 417,000 bpd in the quarter, down from 430,000 bpd in the prior quarter.
Looking ahead, Citgo said it expects favorable market conditions to persist through the year. At the same time, the company remains entangled in legal and financial proceedings: its parent company is subject to a U.S. court-ordered auction to satisfy billions of dollars owed to creditors linked to Venezuela.
Summary
Citgo reversed a year-earlier loss to post a $157 million profit in the first quarter as utilization and crude runs climbed to near-record levels, while sales volumes dipped amid volatile commodity pricing. The refiner also processed Venezuelan crude for the first time since 2019 and continues to face a U.S. court-ordered auction of its parent company.