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Citgo Swings to $157M Profit in Q1 Amid Record Crude Processing Rates

2026-05-14 14:25:33

IN-0.73%

Citgo, the U.S. refiner owned by Venezuela, reported a first-quarter profit of $157 million, a sharp turnaround from a $82 million loss in the same period last year. The improvement was driven by a significant increase in refining capacity utilization. The company processed an average of 851,000 barrels per day in the quarter, with crude oil processing reaching a record 819,000 barrels per day. Utilization rates across its three refineries averaged 99% for crude oil processing.

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