Citgo cites pricing environment, lower early-year volume for profitability declines

Citgo Petroleum Corp., Houston, had a fourth-quarter 2024 net loss of $146 million, down from net income of $66 million in third-quarter 2024. The company cited weak refining margins for the quarterly drop. 

For full-year 2024, the company cited a ‘deteriorating pricing environment combined with lower volume earlier in the year’ for the year-over-year declines in profitability. Full-year 2024 net income was $305 million, compared with 2023 net income of $2 billion. 

Total throughput for fourth-quarter 2024 was 887,000 b/d, of which crude runs were 790,000 b/d and overall average crude utilization rate was 98%. Full-year 2024 was similar to 2023, with total refinery throughput of 811,000 b/d, of which crude runs were 753,000 b/d, and overall average crude utilization rate was 93%.

Turnaround and catalyst expenditures for fourth-quarter totaled $60 million, with an additional $110 million in direct capital expenditures made during the quarter. For full-year 2024, turnaround, catalyst, and capital expenditures totaled $933 million.