#United States #Houston #financial results #oil refining #CITGO Petroleum

CITGO Reports Solid Financial Results for Q3 2025

CITGO Petroleum Corporation, a prominent player in the oil refining sector, has released its financial results for the third quarter of 2025, showcasing notable growth and operational achievements. The corporation has reported a net income of $167 million, with an EBITDA of $363 million and an Adjusted EBITDA reaching $370 million. This marks a significant increase compared to the previous quarter's net income of $100 million, and improved EBITDA figures of $325 million and $346 million respectively.

Operational Highlights

CITGO's success is largely attributed to enhanced refining margins and unwavering operational performance across its facilities. During the third quarter, total throughput recorded was 833,000 barrels-per-day (bpd), with crude processing averaging 759,000 bpd and an impressive overall crude utilization rate of 94%. During this quarter, routine maintenance was executed at the Lake Charles Refinery while preparations were made for significant turnaround operations at the Corpus Christi facility. The Lemont Refinery achieved record-breaking jet fuel production levels, demonstrating the efficiency of CITGO's operations.

Key Refinery Performance

• - Lake Charles Refinery: The facility topped out at a crude processing rate of 478,000 bpd in July, further maintaining operational integrity despite commencing planned maintenance later in the quarter. The refinery's nameplate capacity increased from 463,000 bpd to 479,000 bpd, effective in Q4 2025.

• - Lemont Refinery: Achieved a monthly and quarterly jet fuel production record, sustaining a crude processing rate of 180,000 bpd and a stellar utilization rate of 102%. Its nameplate capacity was also raised from 177,000 bpd to 183,000 bpd.

• - Corpus Christi Refinery: Managed to boost its light crude processing capacity, raising its ratio from 57% to an impressive 61% during the quarter, while maintaining an average crude utilization rate of 92%. A crude unit turnaround commenced as the quarter closed, intended to bolster energy efficiency.

Safety and Environmental Performance

CITGO prioritized safety and environmental standards across its operations. The Lubricants and Terminals and Pipeline business units reported no process safety events or environmental incidents for the third quarter, underscoring the corporation's commitment to industry-leading safety protocols.

Financial Insights

CITGO has made notable investments in turnaround and catalyst expenditures, totalling $51 million, alongside $130 million allocated for capital expenditures in Q3. Projected spending for these initiatives in 2025 is around $706 million. The corporation's liquidity stood robust at $2.75 billion, enabled by full availability under its $500 million accounts receivable securitization facility.

In a strategic financial move, CITGO plans to utilize a portion of its liquidity to redeem $650 million in outstanding Senior Secured Notes due in 2026 on November 19, 2025, reflecting a proactive approach to debt management.

About CITGO

CITGO Petroleum Corporation boasts three sophisticated, large-scale refineries in the United States, equipped with a collective refining capacity of approximately 829,000 bpd. With a distribution network comprising 35 active terminals and a retail outlet presence surpassing 4,000 locations, CITGO maintains a significant operational footprint in the energy sector. Moreover, the brand has a long-standing reputation in the American market, remaining a reliable source of refined products for over a century.

Moving Forward

As CITGO heads into the final quarter of 2025, the company is poised for continued innovation and enhancement of its refining capabilities, amidst a backdrop of improving market conditions. Industry analysts are optimistic about CITGO's strategic initiatives and operational excellence that have so far positioned the corporation favorably within the competitive energy landscape.