• Fourth quarter net income of $806 million and EBITDA[1] of $1.2 billion 
  • Fourth quarter total refinery crude throughput of 797,000 barrels-per-day (bpd), 4% above nameplate capacity of 769,000 bpd
  • Repayment in full of the $1.1 billion outstanding under CITGO Petroleum’s Term Loan B; ended the year with total liquidity of approximately $2.6 billion
  • Record 2022 net income of $2.8 billion and EBITDA of $4.4 billion
  • Best process safety index since 2010; second-best environmental index since 2006
  • Excellent reliability performance with full year utilization of 97%
  • All-time-record annual crude rate, processing 748,000 bpd
  • 35% year-over-year increase in product exports

HOUSTON, March 9, 2023 -- CITGO Petroleum Corporation today reported its 2022 fourth quarter and year-end financial results.

For the fourth quarter of 2022, CITGO generated net income of $806 million and EBITDA of $1.2 billion compared to net income of $477 million and EBITDA of $804 million in the third quarter of 2022.

Favorable refining margins, high product yields and strong asset reliability contributed to full year 2022 net income of $2.8 billion and EBITDA of $4.4 billion.

“Our outstanding financial performance was built on a strong foundation of operational and commercial excellence, asset stewardship and safety,” said CITGO President and CEO Carlos Jordá. “Continued enhancements in refinery reliability also helped us reach new production records in the fourth quarter. In a year with historically high throughput, refinery turnarounds, and another severe winter storm, I’m particularly proud of our excellent performance in process safety. Additionally, throughout the year we reduced CITGO Petroleum debt by $1.1 billion and paid dividends to CITGO Holding to enable it to reduce its debt by $489 million, all while maintaining strong liquidity.”

Fourth Quarter and Full Year Highlights:

Strategic and Operational

  • Throughput – Total net throughput for the fourth quarter was 874,000 bpd, of which crude runs were 797,000 bpd, with a total crude utilization rate of 104%. For full-year 2022, total refinery throughput was 811,000 bpd, of which crude runs were 748 MBPD, resulting in an overall crude utilization rate of 97%.
  • Operational Excellence – Health, Safety and Environmental (HSE) performance was excellent, as 2022 marked the best year for the Company’s process safety index since 2010 and its second-best environmental index performance since 2006. Reliability was also strong, with all three refineries setting a number of processing and production records, including:
    • Lake Charles had a fourth quarter crude utilization rate of 108%, marking the third consecutive quarter where Lake Charles set a new crude throughput record, with 459,000 bpd for the fourth quarter.
    • Lemont had record crude throughput of 181,000 bpd for the fourth quarter, utilizing 102% of the refinery’s rated crude capacity.
    • Corpus Christi had a fourth quarter crude utilization rate of 94% and processed a record amount of Canadian crude.

    Continuous improvement and lessons learned from Winter Storm Uri also helped minimize reliability issues relating to Winter Storm Elliott.
  • Commercial Excellence – Expansion into select South American markets continued throughout the year, with exports up 35% compared to 2021, from 134,000 bpd to 182,000 bpd. Domestically, product sales volumes improved year-over year with strong gasoline and ULSD margins.



  • During the fourth quarter, CITGO invested $41 million in turnaround and catalysts and had an additional $61 million of capital expenditures. For full-year 2022, turnarounds, catalyst and capital expenditures totaled approximately $605 million.
  • CITGO repaid in full all of the $1.1 billion outstanding under its Term Loan B while maintaining strong liquidity.
  • Year-end total liquidity was $2.6 billion, comprised of approximately $2.1 billion of unrestricted cash and the full $500 million of availability under CITGO’s accounts receivable securitization facility.


1 EBITDA and Adjusted EBITDA are non-GAAP financial measures. For additional information, please see the reconciliation on page 5 of this press release and the information under “General Information – Non-GAAP Financial Measures” on page 4 of this press release.
2 Process Safety Index = (0.7* T-1 PSE rate) + (0.3* T-2 PSE rate)
3 Environmental Index = { 0.3 (Environmental Incidents) + 0.2 (Title V Deviations) + 0.1 (Wastewater Effluent Index) + 0.2 (Air Emission s) + 0.1 (Uncontrolled Benzene) + 0.1 (CEMS Downtime) } / 10

We own and operate three large-scale, highly complex petroleum refineries with a total rated crude oil refining capacity of approximately 769 MBPD, located in Lake Charles, Louisiana, Corpus Christi, Texas and Lemont, Illinois. Our refining operations are supported by an extensive distribution network, which provides reliable access to our refined product end-markets. We own 30 active refined product terminals with a total storage capacity of 7.8 million barrels and have equity ownership of an additional 3.5 million barrels of refined product storage capacity through our joint ownership of an additional 8 terminals, spread across 21 states. In addition, we own or have an equity interest in four additional terminals, consisting of approximately 1 million barrels of refined storage capacity, which are currently inactive or only utilized to store feedstocks used in refining operations. We also have access to more than 150 active third-party and related-party terminals through exchange, terminalling and similar arrangements. Our retail network consists of approximately 4,200 independently owned and operated CITGO-branded retail outlets located east of the Rocky Mountains. We and our predecessors have had a recognized brand presence in the U.S. for over 100 years.

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"), CITGO is not an SEC reporting company and does not report all information required of SEC reporting companies. In addition, CITGO publishes certain non-GAAP financial information, including EBITDA, as discussed below.

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. For additional information, please see CITGO’s most recent annual report and other financial reports, including the information set forth under the caption “Risk Factors.” CITGO disclaims any duty to update any forward-looking statements.

Operational Metrics and Non-GAAP Financial Measures:
This press release also contains operational metrics and non-GAAP financial 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 GAAP and may differ from non-GAAP measures used by other companies in our industry. We believe these non-GAAP financial measures, when presented in conjunction with comparable GAAP measures, provide useful supplemental information regarding underlying trends in the Company’s operating performance by excluding items that may not be indicative of the Company’s 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 5 of this press release, as well as the reconciliation of Refinery EBITDA Estimates to consolidated EBITDA set forth on page 6 of this press release.

Reconciliation of net income (loss) to Adjusted EBITDA
(unaudited, in millions of U.S. dollars)

            Three Months ended            Twelve Months ended
  December 31,   September 30,   December 31, December 31,
          2022            2022          2022           2021
Net income (loss)                       806                     477                  2,814                     (160)
Excluding the impacts of:            
Interest expense, including finance lease                         59                           60                         233                       240
Income tax expense (benefit)                       214                         121                         774                        (50)
Depreciation and amortization                       149                         146                         590                       593
EBITDA                    1,228                     804                   4,411                       623
 NISCO impairment                       15                            -                             15                          -  
 Loss on early extinguishment debt                       14                            -                             14                           6
 LIFO inventory permanent dip impact                       (5)                            -                              (5)                     (100)
Hurricane Laura costs, net of insurance claims recoveries                          -                              -                               -                         12
Winter Storm Uri costs, net of insurance -                            -                              -                           10
Charitable contributions -                                                                      -                             6
Adjusted EBITDA                  1,252                        804                  4,435                        557

Select items affecting Adjusted EBITDA during the periods shown above were:
  • NISCO impairment – The company submitted a notice to withdraw from the NISCO partnership and recorded a full impairment of $15 million, reflecting the balance of the Company’s investment in the partnership.
  • Loss on early extinguishment of debt of $14 million related to the repayment in full of the approximately $1.1 billion aggregate principal amount outstanding under CITGO’s Term Loan B.
  • LIFO inventory permanent dip (2022 and 2021): CITGO recorded a gain of $5 million in 2022 and a gain of $100 million in 2021 as a result of selling prior year inventory layers at prices above cost.
  • CITGO did not incur any significant costs in 2022 associated with repairs of damage caused by Winter Storm Uri or Hurricane Laura.  In 2021, CITGO had net expenses after insurance recoveries of $10 million and $12 million, respectively, related to those events.
  • Charitable contributions, including CITGO corporate social responsibility activities and Simon Bolivar Foundation contributions were: $2 million in the third quarter of 2022, $6 million in the fourth quarter of 2022 and $11 million for full-year 2022, and $6 million for full-year 2021. Effective as of January 1, 2022, the company is no longer adjusting for charitable contributions in its calculation of Adjusted EBITDA.

Reconciliation of Refinery EBITDA Estimates to Consolidated EBITDA 
(unaudited, in millions of U.S. dollars)
                Three Months ended              Twelve Months ended
  December 31,   September 30,     December 31,   December 31,
        2022           2022           2022          2021
Refinery EBITDA:                
Lake Charles            557             541         2,446         293
Corpus Christi            234             166            963          (17)
Lemont            437             131         1,161          319
Total Refinery EBITDA Estimates1         1,228              838          4,570          595
Product Supply2              (7)               (31)           (113)           (12)
Marketing              48                40            144               140
Lubricants                4                  -              26             30
Corporate and other EBITDA estimates 3             (45)                (43)           (216)          (130)
Total CITGO Consolidated EBITDA         1,228              804            4,411           623

(1) 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.

(2) Product supply includes results of terminal operations.

(3) Includes CITGO Petroleum hedging activities, corporate staff and overhead costs, and other corporate-related items. Also includes EBITDA estimates for the Pipelines business unit.