• Net income of $380 million and EBITDA 1 of $642 million, compared to net income of $937 million and EBITDA of $1.4 billion, for the first quarter of 2023
  • Crude oil processing in the second quarter was 761,000 barrels-per-day (bpd) with a crude capacity utilization of 94%, compared with 772,000 bpd and crude capacity utilization of 96% in the first quarter of 2023
  • Strong reliability across the CITGO refinery system, measured by only 1.51 equivalent downtime days for the first half of the year
  • Liquidity of $3.6 billion, including full availability under the $500 million accounts receivable securitization facility

HOUSTON , Aug. 10, 2023 /PRNewswire/ -- CITGO Petroleum Corporation ("CITGO") today reported its 2023 second quarter financial and operational results.

Relatively strong refining margins and product yields contributed to second quarter net income of $380 million and EBITDA of $642 million, compared with net income of $937 million and EBITDA of $1.4 billion for the first quarter of 2023.

"We delivered another strong quarter both operationally and financially," said CITGO President and CEO Carlos Jordá. "We completed several planned turnarounds and unplanned maintenance projects while funding capital expenditures and dividends to CITGO Holding. We are starting the third quarter in a healthy position given our strong liquidity and operational performance."

Second Quarter Highlights:

Strategic and Operational

  • Throughput – Total throughput for the second quarter was 804,000 bpd, of which crude runs were 761,000 bpd, with a total crude utilization rate of 94%. This compares to total throughput of 814,000 bpd, of which crude runs were 772,000 bpd with crude utilization rate of 96% in the first quarter of 2023. Reliability was also strong, with only 1.51 equivalent down time days across the CITGO refining system for the first half of the year, and several unit processing records set at the Lake Charles Refinery in the second quarter. During the quarter we advanced the cleaning of the Corpus Christi crude preheat train, performing such work in 16 days against an 18-day schedule, which impacted our crude utilization and margin capture rates. The work was initially scheduled for September of this year but advancing it will allow us to optimize our overall refinery utilization for the rest of the year.
  • Operational Excellence – Completed the quarter with no Tier-1 process safety incidents, further reinforcing the strong focus on maintaining superior operational safety standards. Additionally, both Terminals and Pipelines (TPL) and Lubricants delivered strong safety and environmental performance, and the Lemont Refinery successfully completed its spring turnaround with more than 400,000 manhours without a recordable injury. TPL was also recognized with the International Liquids Terminal Association's (ILTA) Safety Excellence Award for 2022 safety performance. While working through a month-long third-party pipeline outage, the Lake Charles Refinery processed 460,000 bpd of crude in the second quarter, increasing its crude utilization rate for the quarter to 99%. The Lemont Refinery also achieved a crude capacity utilization of 99% during the quarter and set a new crude processing record of 184,000 bpd.
  • Commercial Excellence – Domestic branded and unbranded sales volume improved 3% to 425,000 bpd compared with the first quarter, and export volume declined slightly from 141,000 bpd to 138,000 bpd. Additionally, the Light Oils Marketing and Lubricants business units delivered strong margins for the quarter.


  • During the second quarter, CITGO invested $120 million in turnaround and catalysts and an additional $61 million that primarily consisted of direct capital expenditures.
  • CITGO Petroleum made total dividend payments to CITGO Holding of $192 million in the second quarter, including $63 million relating to CITGO Holding's first quarter excess cash flow (ECF) offer to the holders of its senior secured notes due 2024.
  • Under the terms of the CITGO Holding notes, the company made a $473 million ECF offer to the noteholders during the second quarter, and CITGO Holding purchased $63 million aggregate principal amount of notes in June 2023. After giving effect to this ECF offer, approximately $1.286 billion in aggregate principal amount of the CITGO Holding notes remain outstanding.
  • CITGO Holding expects to make an ECF offer of $192 million relating to the second quarter to its noteholders.


1 EBITDA is a non-GAAP financial measure. For additional information, please see the reconciliation on page 4 of this press release and the information under "General Information – Non-GAAP Financial Measures" on page 3 of this press release.

We own and operate three large-scale, highly complex petroleum refineries with a total rated crude oil refining capacity of approximately 807,000 bpd, 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 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.


Reconciliation of net income to EBITDA (1)

(unaudited, in millions of U.S. dollars)


Three Months Ended


Six Months Ended


June 30,


March 31,


June 30,


June 30,










($ in millions)


Net income

$            380


$              937


$          1,317


$          1,531

Excluding the impacts of:


Interest expense, net (2)








Income tax expense








Depreciation and amortization








EBITDA (3) (4)

$              642


$           1,360


$          2,002


$          2,379



EBITDA is a  non-GAAP financial measure. The reconciliation of net income (loss), the most directly comparable GAAP measure, to EBITDA is presented in the table above.


Effective as of January 1, 2023, interest expense is shown on a net basis. Includes interest income and loss on early extinguishment of debt.


EBITDA for periods prior to January 1, 2023 have been adjusted to present interest expense on a net basis.


There were no special items recorded in the second quarter of 2023.


Reconciliation of Refinery EBITDA Estimates to Consolidated EBITDA 

(unaudited, in millions of U.S. dollars)


Three Months Ended


Six Months Ended


June 30,


March 31,


June 30,


June 30,












Refinery EBITDA


Lake Charles








Corpus Christi
















Total Refinery EBITDA Estimate (1)

$ 664
























Terminals & Pipelines








Product Supply (2)








Total Non-Refining Businesses EBITDA Estimate

$ 79






$ 55

Corporate EBITDA Estimate (3)


















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 activities related to selling refinery production both externally and to the CITGO Marketing organization, along with any associated hedging activities. 


Includes corporate staff and overhead costs, and other corporate-related items. No longer includes Pipelines, which is now shown in the Terminals & Pipelines line. Includes corporate-level derivative activity, if any.


EBITDA figures have been revised to reflect interest expense being shown on a net basis.



SOURCE CITGO Petroleum Corporation