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.
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