From Yahoo Finance: 2025-05-08 16:05:00

Venezuela-owned Citgo Petroleum reported an $82 million net loss in Q1, down from a $410 million profit last year due to weak refining margins. Despite challenges, CEO Carlos Jorda highlighted operational achievements, with a record quarterly crude processing rate at the Lake Charles refinery. Utilization varied across refineries, impacting overall performance.

The company’s profit dropped to $305 million last year, a significant decline from $2 billion in 2023. This has led creditors and investors to reassess recovery expectations from the upcoming auction in Delaware. Following a failed bidding round last year, a new round with a $3.7 billion starting bid was launched, with a final sale hearing scheduled for July.

In Q1, Citgo’s marketing sales volume slightly decreased to 423,000 bpd. The company also reported equipment and turnaround expenditures of $35 million during the period. Quarter-end liquidity, a key metric for the upcoming auction, fell to $2.1 billion from $3.8 billion at the end of Q4, reflecting financial challenges faced by the company.



Read more at Yahoo Finance: Citgo posts $82 million loss in Q1 amid weak margins