March 06, 2026 [Reuters]- U.S. refiner Citgo Petroleum reported a 48% increase in its net profit to $452 million last year, helped by improved refining margins and an annual crude ​processing record of 760,000 barrels per day.

The seventh largest U.S. refiner, owned ​by Venezuela, is expected to be taken over by an affiliate ⁠of hedge fund Elliott Investment Management following the completion last year of a ​court-ordered auction to pay creditors, if the U.S. Treasury Department greenlights the transaction.

Citgo’s total ​annual throughput increased to 833,000 bpd with a crude utilization rate of 92% last year, from 811,000 bpd and crude utilization of 93% in 2024. The company ended last year with ​a total refining capacity of 829,000 bpd at its three refineries in Texas, ​Louisiana and Illinois after completing expansion plans.

Citgo’s liquidity declined to $2.45 billion at end-December after reducing gross ‌debt ⁠by $1.83 billion, versus $3.8 billion a year earlier. Annual marketing sales rose to 430,000 bpd from 421,000 bpd in 2024.

“As we look ahead, we remain focused on advancing our operational and commercial excellence initiatives while maintaining fiscal discipline,” said chief executive Carlos ​Jorda in a statement.

“Record–setting ​performance at our ⁠Lake Charles and Lemont refineries, continued brand momentum, and the strongest annual lubricants results in nearly two decades underscore the ​resilience of our business,” he added.

In the fourth quarter, Citgo ​registered a ⁠net income of $268 million, compared with a $146 million loss in the same period of 2024. The company’s earnings before interest, taxes, depreciation and amortization rose to $507 million from $2 ⁠million in ​the last quarter of 2024.

Citgo’s Corpus Christi, Texas ​refinery completed a major crude system turnaround in the fourth quarter, executing several projects to improve rates ​and distillate yields, it said.