Citgo Boosts Louisiana Refinery Output, Reports 16% Gain in 1Q Income -- OPIS
05.16.2023 By News - NEWS

May 16, 2023 [MarketWatch]- Citgo Petroleum Corp. on Wednesday said it had increased the capacity of its Lake Charles, La., refinery by 38,000 b/d to 463,000 b/d.


The company said the project raised the nameplate capacity of its refining system to 807,000 b/d.

Citgo also reported its first-quarter net income rose to $937 million from $806 million in the year-ago quarter, a more than 16% gain.

The company said it 772,000 b/d of crude in the quarter, a utilization rate of 96%. Citgo earlier reported that its refinery assets ran at utilization rate of 106% in the fourth quarter.

“Outstanding financial and operational performance continued into the first quarter,” Citgo President and Chief Executive Carlos Jorda said in a press release. He added that the company completed a large turnaround at the Lake Charles plant during the period.

The company’s Lemont refinery near Chicago also achieved a record processing rate, running 187,000 b/d of crude in the quarter, a 106% utilization rate.

The strong results will enable Citgo to pay off an additional $473 million in debt to bond holders in this quarter, the company said.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

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