CITGO Reports Strong Performance and Financial Resilience in Q2 2025
CITGO Reports Strong Performance and Financial Resilience in Q2 2025
CITGO Petroleum Corporation has announced its financial performance for the second quarter of 2025, showcasing a remarkable turnaround from the previous quarter. The company recorded a net income of $100 million, alongside an EBITDA of $325 million and an Adjusted EBITDA of $346 million. This is a significant recovery compared to Q1 2025’s net loss of $82 million and EBITDA figures of $88 million. The management attributes this positive shift to reliable operations and a more favorable market environment.
Operational Successes
During this quarter, CITGO's refineries demonstrated exceptional operational performance.
- - Total throughput reached 858,000 barrels per day (bpd), with crude processing recorded at 816,000 bpd and an impressive crude utilization rate of 101%. This accomplishment marks three consecutive months of utilization at or above 100%.
- - The Lake Charles Refinery achieved a record high crude processing rate of 478,000 bpd, surpassing the previous record of 460,000 bpd set in Q1 2025. Notably, monthly crude rate records were established in both May and June, reaching an all-time high of 482,000 bpd in June.
- - The Corpus Christi Refinery also made strides, increasing its light crude processing from 41% in the first quarter to an impressive 57% this quarter. It maintained a solid average crude utilization rate of 95%.
- - The Lemont Refinery continued to excel, setting records for monthly and quarterly jet fuel production, with an average utilization rate of 101%. Impressively, it has been recognized with the 2024 Grand Slam Railroad Award, highlighting its superior shipping performance.
Additionally, there were significant safety measures implemented across all operations, with zero recordable injuries and environmental incidents reported by both the Lubricants and Terminals and Pipeline (TPL) divisions. The TPL unit received a Safety Excellence Award from the International Liquid Terminals Association, further underscoring the commitment to safe operations.
Commercial Achievements
CITGO’s marketing strategies also delivered solid results this quarter, with marketing sales volume edging up to 431,000 bpd. The Club CITGO® loyalty program reached a record high of 6.2 million gallons in May, indicating an 8% increase in member engagement. The East Chicago truck rack achieved a new daily record for gasoline loadings, and the Sour Lake Pipeline set a maximum pumping rate of nearly 297,000 bpd. Once the Sour Lake expansion is completed later this year, the pipeline's capacity will rise to 320,000 bpd, which is expected to enhance operational efficiency even further.
Financial Highlights
CITGO's financial integrity was underlined by a quarter-end liquidity of $2.6 billion, which includes full access to a $500 million accounts receivable securitization facility. Turnaround and catalyst expenses for the quarter were recorded at $36 million, with direct capital expenditures totaling $105 million. Anticipating future expenditures, the projected budget for turnaround and catalytic activities for 2025 was decreased from approximately $960 million to about $696 million following the rescheduling of certain refinery turnaround activities to 2026.
In April, the company proudly announced the retirement of $50 million in outstanding secured industrial revenue bonds, further enhancing its financial stability.
Looking Ahead
As CITGO moves into the second half of 2025, it plans to advance key strategic initiatives while maintaining its focus on optimizing refinery operations. The decision to reschedule turnaround activities at the Lemont and Lake Charles refineries is expected to allow for more effective execution, aligning with CITGO’s commitment to operational excellence and financial prudence in an ever-evolving industry landscape.
In conclusion, CITGO's performance in Q2 2025 highlights a strong recovery and sets a solid foundation for the upcoming quarters, reinforcing its position as a leader in the petroleum industry.
Topics Energy）
【About Using Articles】
You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.
【About Links】
Links are free to use.