When you visit your local CITGO to fill-up with gas, grab a snack, a hot cup of coffee, some groceries, and your breakfast, lunch or dinner, you're walking into a locally owned and operated business.
HOUSTON, April 6, 2020 /PRNewswire/ -- The CITGO Petroleum Corporation Board of Directors recently reviewed the Company's 2019 annual financial results with the PDVSA Ad Hoc board. The Company's steady financial and operational performance includes $246 million in net income for the year, a strong liquidity position and debt-to-capitalization ratio, and one of the company's best years of safety and environmental performance, resulting in recognition for the Corpus Christi and Lemont refineries. These results were achieved despite a number of one-time, special items and a deteriorating market environment for refiners.
"While the COVID-19 pandemic and resulting market turmoil present a new layer of challenges for our industry, CITGO's increased resilience and flexibility positions us to manage the difficult economic and market environment for the remainder of 2020," said CITGO Board Chair Dr. Luisa Palacios. "We have taken important steps to improve our balance sheet, strengthen liquidity, and implement management controls that will serve us well in the months and years to come."
President and Chief Executive Officer Carlos Jordá also pointed to CITGO's strength and resilience, "The people of CITGO rose to the challenge in 2019 as they continued to make and sell the quality fuels and lubricants our customers expect from our brands, and they continue rising to the challenge today as we do the same while responding to the COVID-19 environment." Jordá also underscored CITGO's commitment to corporate governance, "I am particularly proud of the significant strides we've made in improving corporate governance, as we continue to emphasize the importance of ethics and integrity throughout the company."
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Headquartered in Houston, Texas, CITGO Petroleum Corporation is a recognized leader in the refining industry with a well-known brand. CITGO operates three refineries located in Corpus Christi, Texas; Lake Charles, La.; and Lemont, Ill., and wholly and/or jointly owns 43 terminals, five pipelines and three lubricants blending and packaging plants. With approximately 3,500 employees and a combined crude capacity of approximately 769,000 barrels-per-day (bpd), CITGO is ranked as the fifth-largest, and 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 4,700 locally owned and operated branded retail outlets in 30 states and the District of Columbia. CITGO Petroleum Corporation is owned by CITGO Holding, Inc. For more information, visit www.CITGO.com.
SOURCE CITGO Corporation