Citgo refinery in Venezuela makes $157 million profit as it processes more crude oil

Citgo Petroleum, owned by Venezuela, reported a $157 million profit in its first quarter, compared to an $82 million loss during the same period of last year. This was due to better utilization of the refinery's 829, 000 barrels per day processing capacity.

Citgo's refinery had a throughput of 851,000 barrels per day, including record-setting runs of crude oil of 819,000 barrels per day, and an average crude utilization of 99% in its three refineries.

Citgo CEO Carlos Jorda stated that "reliability remained strong throughout the quarter, and our margin capture rate improved relative to the prior quarter."

In the first quarter of last year, total throughput was 833 000 bpd with a crude utilization rate of 95%.

Citgo's results were impacted by high commodity prices. Citgo purchased and refined Venezuelan crude for the first time since 2019. However, extreme price volatility caused a 3% drop in sales volume from 430,000 bpd to 417,000 bpd.

Citgo stated in a release that favorable?market conditions should continue throughout the year.

Citgo expects to earn $3.2 to $3.6 billion in earnings for the full year?before tax, depreciation, and amortization? and have a cash position of up to $3.9 billion by 2026. (Reporting and editing by Alexander Smith, Marianna Pararaga)

(source: Reuters)