• Reported third quarter net income of $477 million and EBITDA 1 of $804 million
  • Continued strong health, safety and environmental performance
  • Successful and safe turnaround execution and start-up at the Lemont Refinery
  • Record crude utilization of 104% at the Lake Charles Refinery

HOUSTON , Nov. 10, 2022 /PRNewswire/ -- CITGO Petroleum Corporation reported 2022 third quarter net income of $477 million and EBITDA of $804 million, compared to net income of $1.29 billion and EBITDA of $1.86 billion in the second quarter of 2022.

"Refinery cracks (3/2/1) continued to be strong, primarily driven by historically strong distillate cracks, but dropped quarter over quarter from $40.61/Bbl. (Ex-RVO) to $26.63/Bbl. for the USGC, and from $38.92/bbl. to $31.20/Bbl. in Chicago," said CITGO President and CEO Carlos Jordá. "Our refineries continued operating safely and reliably, with the Lake Charles Refinery achieving a record crude utilization rate, and I am especially proud that the Lemont Refinery completed a major turnaround and startup with no safety issues. Outside of refining, our branded, unbranded, and petrochemical businesses also delivered strong performances this quarter.  Our strong earnings allowed us to pay a dividend that was used to fund the repayment of $483 million of debt at CITGO Holding."

3Q 2022 Highlights:

Strategic and Operational

  • Throughput – Total net throughput for the third quarter of 2022 was 780,000 barrels-per-day (bpd), of which crude runs were 685,000 bpd and intermediate feedstocks were 95,000 bpd, resulting in an overall crude utilization of 89%. While total throughput and utilization were down relative to the second quarter due to the Lemont Refinery turnaround, the Lake Charles Refinery realized a record crude utilization rate of 104% during the quarter.
  • Operational Excellence – Health, Safety and Environmental (HSE) performance was excellent during the quarter, and the Company is on pace for record-setting occupational safety and environmental performance, with year-over-year improvement in process safety performance. The Lemont Refinery successfully executed a major turnaround and startup with no OSHA Recordables while outperforming the industry average on cost and schedule. The Lemont Refinery is also on pace for the best reliability performance of the last five years.
  • Commercial Excellence – Expansion into select South American markets continued, with export sales volume increasing to 196,000 bpd from 195,000 bpd in the previous quarter, and up 45% relative to the third quarter of 2021. Domestically, branded gasoline margins were strong, the Company set new records in unbranded gasoline sales, and the petrochemicals business also delivered strong performance during the quarter. 


  • CITGO invested $123 million in turnarounds and catalysts, related primarily to the Lemont Refinery turnaround, and invested another $58 million in capital projects during the quarter.
  • CITGO paid dividends of $483 million to CITGO Holding, Inc. (CHI) to fund the full repayment of CHI's Senior Secured Term Loan B due 2023.
  • CITGO extended the maturity date of its existing $500 million accounts receivable securitization facility to September 2024.

Notable Personnel Change:

In early October, Kresha Sivinski was named Vice President of Human Resources and Support Services, bringing 35 years of CITGO operational experience, and providing a valuable perspective to the Human Resources function.


EBITDA/Adjusted EBITDA are non-GAAP financial measures. See page 3 of this release for additional information regarding EBITDA and Adjusted EBITDA and the reconciliations included on pages 4 and 5 of this release.


Headquartered in Houston, Texas, CITGO Petroleum Corporation is a recognized leader in the refining industry and operates under the well-known CITGO brand. CITGO operates three refineries located in Lake Charles, La.; Lemont, Ill.; and Corpus Christi, Texas, and wholly and/or jointly owns 38 active terminals, six pipelines and three lubricants blending and packaging plants. With approximately 3,300 employees and a combined crude capacity of approximately 769,000 barrels-per-day (bpd), CITGO ranks as the fifth-largest and is one of the most complex independent refiners in the United States. CITGO transports and markets transportation fuels, lubricants, petrochemicals and other industrial products, and supplies a network of approximately 4,300 locally owned and operated branded retail outlets, all located east of the Rocky Mountains. CITGO Petroleum Corporation is owned by CITGO Holding, Inc.



CITGO publishes financial and other information on its website, including reports of quarterly and annual results of operations and financial condition. While CITGO's historical financial information is presented in accordance with U.S. generally accepted accounting principles ("GAAP"), except for certain non-GAAP financial measures (see below), CITGO is not an SEC reporting company and does not report all information required of SEC reporting companies.

Forward-Looking Statements:

This press release contains "forward-looking statements" regarding financial and operating items relating to the CITGO business. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties many of which are beyond CITGO's control, that could result in expectations not being realized or could otherwise materially and adversely affect CITGO's business, financial condition, results of operations and cash flows. This press release may also contain estimates and projections regarding market and industry data that were obtained from internal company estimates , as well as third-party sources believed to be generally reliable. However, market data is subject to change and cannot always be verified with complete certainty due to limits on the availability and reliability of raw data and other limitations and uncertainties inherent in any statistical survey, interpretation or presentation of market data and management's estimates and projections. The forward-looking statements contained in this press release are made only as of the date of this press release. CITGO disclaims any duty to update any forward-looking statements.

Non-GAAP Financial Measures:

This press release also contains operational metrics and non-GAAP information, including EBITDA and Adjusted EBITDA, that have not been audited and are based on management's estimates, which may be difficult to verify. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP and may differ from non-GAAP measures used by other companies in our industry. We consider these non-GAAP financial measures to be important because we believe they provide useful supplemental measures of the operating performance of the Company, exclusive of unusual events, as well as factors that do not directly affect what we consider to be our core operating performance. These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP. Please see the reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable GAAP measure set forth on page 4 of this press release, as well as the reconciliation of Refinery EBITDA Estimates to consolidated EBITDA set forth on page 5 of this press release.


EBITDA and Adjusted EBITDA (1)


Three Months Ended


Nine Months Ended


September 30,


June 30,


September 30,


September 30,










($ in millions)


Net income (loss)








Excluding the impacts of:


Interest expense, including finance lease








Income tax expense (benefit)








Depreciation and amortization
















Hurricane Laura costs, net of insurance claims

$ —


$ —


$ —



Winter Storm Uri costs, net of insurance claims





Loss on early extinguishment of debt





Adjusted EBITDA










EBITDA and Adjusted EBITDA are non-GAAP financial measures. The reconciliation of net income (loss), the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA is presented in the table above.  Adjusted EBITDA excludes charitable contributions of $3 million for the 9 months ended September 30, 2021. Charitable contributions will be excluded from Adjusted EBITDA going forward.


Reconciliation of Refinery EBITDA Estimates to Consolidated EBITDA


Three Months Ended


Nine Months Ended


September 30,


June 30,


September 30,


September 30,










($ in millions)


Refinery EBITDA Estimates


Lake Charles








Corpus Christi
















Total Refinery EBITDA Estimates (1)









Product Supply























Total Supply, Marketing and Lubes EBITDA Estimate








Corporate and Other EBITDA   estimate (2)








Total CITGO Consolidated EBITDA










The Refinery EBITDA Estimates presented in this press release are non-GAAP financial measures. The Refinery EBITDA Estimates are calculated as refinery hydrocarbon gross margin minus refinery operating expenses and non-operating and income/(expense) items, plus depreciation and amortization. With respect to these components of Refinery EBITDA, we define refinery hydrocarbon gross margin as the estimated value of a refinery's production less the cost of hydrocarbons and intermediate feedstocks used by that refinery. In addition, refinery operating expenses reflect estimates of the direct costs and expenses associated with operating the refineries, such as labor and related burden energy, maintenance and materials, and depreciation and amortization. Further, other miscellaneous costs and indirect expenses associated with operating the refineries include certain overhead expenses for crude supply and trading, industrial products and petrochemicals, as well as certain refinery-related equity in the investments of affiliates and insurance proceeds. The amounts allocated to our refineries for certain of these costs and expenses for purposes of our estimates of Refinery EBITDA do not necessarily reflect the full amounts of such costs.


Includes EBITDA Estimate for the Pipelines business unit. Also includes CITGO Petroleum hedging, corporate staff and overhead costs, and other corporate-related items.



SOURCE CITGO Corporation