#United States #Houston #financial results #CITGO Petroleum #Q3 2026

CITGO Reports Record Earnings in Third Quarter 2026

CITGO Petroleum Corporation has recently made headlines with its impressive financial performance for the fourth quarter of 2026. The company reported a net income of $2.2 billion, alongside an EBITDA and Adjusted EBITDA of $3.0 billion, marking it as the highest quarterly earnings in the company's history. This achievement underscores CITGO's operational excellence and robust market positioning.

In comparison to the previous quarter, which yielded a net income of $936 million and an EBITDA of $1.4 billion, the recent figures illustrate a significant improvement. The year-to-date Adjusted EBITDA has also reached $4.7 billion, surpassing the company's entire earnings from the previous year. This record performance is attributed to several key factors, including reliable refining operations and favorable refining margins that have propelled profitability.

Operational Highlights

During this quarter, CITGO's refineries operated at an astonishing throughput of 904,000 barrels per day (bpd). This marked a 10% increase from the previous quarter, reflecting strong operational reliability. Notably, the company achieved a record crude throughput rate of 855,000 bpd, with substantial contributions from its Corpus Christi Refinery, which recorded a remarkable 176,000 bpd.

The third quarter also saw CITGO hitting a production record of 365,000 bpd of distillates across all three refineries combined. Investments totaling $50 million were made into turnarounds and catalyst enhancements, alongside an additional $128 million for capital projects. One significant project is the Corpus Christi crude fractionation and yield improvement project, expected to be mechanically completed by December 2026, with operational startup slated for early January 2027.

Marketing and Commercial Success

CITGO's commercial strategies also played a vital role in this performance. The marketing sales volume reached 411,000 bpd, bolstered by successful initiatives, including an integration of the Walmart+ loyalty program, resulting in a membership boost of over 900,000—a staggering increase exceeding 400% compared to the same time last year. The company made strides in refining and distribution, notably exporting more distillates to regions such as Europe, Brazil, and the Caribbean.

Furthermore, innovations continued, highlighted by the relocation of the iconic Boston CITGO sign, which successfully installed in September. The team's efforts extend to cybersecurity, garnering recognition with Forrester's Security and Risk Leadership Award, showcasing CITGO's commitment to operational excellence across the board.

Financial Position

Ending the quarter on a solid note, CITGO reported $4.9 billion in liquidity—this includes access to a $500 million accounts receivable securitization facility, positioning the company strongly for future endeavors. The management has also updated the full-year 2026 forecasts, predicting EBITDA between $7.2 – $7.5 billion and a closing cash balance of around $6.7 – $7.0 billion, contingent on stable working capital conditions.

The anticipated capital expenditures and investments in turnaround procedures for the upcoming year are projected to total $856 million, focusing on the execution of three critical capital projects across the Corpus Christi and Lake Charles refineries.

About CITGO

CITGO operates three sophisticated petroleum refineries with a combined capacity of approximately 829,000 bpd located in Lake Charles, Louisiana, Corpus Christi, Texas, and Lemont, Illinois. backed by a wide distribution network, CITGO ensures stable access to its refined products across East of the Rocky Mountains, catering to various markets. The company has established a recognizable brand in the United States for over a century, demonstrating its growth and resilience in the ever-evolving oil and energy landscape.

In conclusion, CITGO's remarkable financial results for Q3 2026 not only highlight its operational strengths but also position the company favorably for future growth amidst a dynamic market environment. As the company approaches the year-end, its focus on reliable operations and strategic investment will be paramount in navigating the challenges and opportunities that lie ahead.