CITGO Petroleum Corporation, a leading petroleum company, has announced its financial and operational results for the fourth quarter and full year of 2023. In the fourth quarter, CITGO reported a net income of $154 million, EBITDA of $396 million, and Adjusted EBITDA of $411 million. However, these figures were lower compared to the third quarter of 2023, which saw net income of $567 million, EBITDA of $895 million, and Adjusted EBITDA of $833 million.
For the full year of 2023, CITGO achieved a net income of $2.0 billion, EBITDA of $3.3 billion, and Adjusted EBITDA of $3.2 billion. This was a decrease from the previous year, where net income was $2.8 billion, EBITDA was $4.4 billion, and Adjusted EBITDA was $4.4 billion. Despite this, CITGO President and CEO Carlos Jordá expressed satisfaction with the company’s performance, stating that strong demand, favorable market conditions, and solid operational and commercial results contributed to their second-best annual financial performance in 2023.
CITGO also highlighted its operational achievements during the year. The company maintained strong safety and operational standards, with the Lake Charles Refinery achieving its best process safety performance on record. The Terminals and Pipelines division achieved over one year without an OSHA Recordable incident and received the 2023 Safety Excellence Award. The Lemont Refinery, Lubricants, and TPL had no environmental incidents throughout the year.
In terms of throughput, CITGO processed 821,000 barrels per day (bpd) in the fourth quarter, with crude runs at 719,000 bpd and a crude utilization rate of 89%. For the full year, total refinery throughput was 810,000 bpd, with crude runs at 754,000 bpd and an overall crude utilization rate of 93 percent. Despite planned outages at the Lake Charles and Corpus Christi Refineries, refinery reliability remained strong.
CITGO’s Supply and Marketing business units achieved post-pandemic earnings records, while Lubricants reached its highest earnings levels in at least 10 years. The company successfully delivered refined products to new markets and saw favorable gasoline margins and terminal throughput volume records.
Financially, CITGO invested $394 million in annual turnaround and catalyst expenditures and an additional $329 million in direct capital expenditures in 2023. The company also issued $1.1 billion of CITGO Petroleum Senior Secured Notes due 2029 and completed the contribution of operating assets from CITGO Holding to CITGO Petroleum during the fourth quarter. Dividends of approximately $1.3 billion were paid to CITGO Holding, contributing to the funding of the redemption of senior secured notes due 2024. CITGO ended the year with a liquidity of $4.0 billion, including full availability under its accounts receivable securitization facility.
Overall, CITGO’s strong financial performance, operational excellence, and commercial achievements in 2023 have positioned the company for continued growth and success in the petroleum industry.
For more information visit www.citgo.com
