CITGO Reports First Quarter 2025 Results
SOURCE CITGO Petroleum Corporation
- First quarter net loss of $(82) million and EBITDA1 of $88 million
- First quarter total throughput of 833,000 barrels-per-day (bpd), crude processing of 768,000 bpd and overall average crude utilization rate of 95%
- Quarter-end liquidity of $2.1 billion, including full availability under CITGO's $500 million accounts receivable securitization facility
- $1.125 billion of senior secured notes due June 2025 redeemed in February 2025 with cash on hand
HOUSTON, May 8, 2025 /PRNewswire/ -- CITGO Petroleum Corporation ("CITGO" or "CITGO Petroleum") today reported its 2025 first quarter financial and operational results. Weak refining margins continued to affect earnings, leading to a first quarter net loss of $(82) million and EBITDA of $88 million, compared to a net loss of $(146) million, EBITDA of $2 million and Adjusted EBITDA1 of $(15) million for the fourth quarter of 2024. There were no special items that impacted results for the first quarter.
"We delivered solid operational performance during the first quarter, with strong refinery reliability and an improved gross refining margin relative to the previous quarter," said CITGO President and CEO Carlos Jordá. "Despite the unfavorable pricing environment, we continued to focus on operational excellence and set a historic quarterly crude processing rate at the Lake Charles Refinery, received several safety performance awards at the Lemont Refinery and made good progress on key strategic projects."
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1 EBITDA and Adjusted EBITDA are non-GAAP financial measures. For additional information, please see "General Information – Non-GAAP Financial Measures" on page 3 of this press release and the reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure on page 4 of this press release. |
Operational Highlights
Operational Excellence – Strong refinery operations continued during planned spring turnaround and maintenance activities, including:
- Total throughput for the first quarter was 833,000 bpd, of which crude runs were 768,000 bpd and overall average crude utilization rate was 95%.
- The Lake Charles Refinery had a strong first quarter, achieving a historically high quarterly crude processing rate of 460,000 bpd, with a crude utilization rate of 99%, reaching 500,000 bpd of throughput in a 24-hour period. Lake Charles also set a new distillate production record while completing minor turnaround and maintenance activities.
- The Lemont Refinery continued its strong performance during the first quarter with an average crude utilization rate of 96% while the refinery successfully completed planned maintenance activities. Lemont was also recognized with the 2024 American Fuel and Petrochemical Manufacturers Association (AFPM) Safety Achievement Award and several awards from national railroads for safe loading operations.
- Reliability at the Corpus Christi Refinery during the first quarter was better than its five-year average, with no process safety events during the quarter. Corpus Christi achieved a crude utilization rate of 83% for the quarter while the refinery underwent planned spring maintenance activities.
- Strong safety and environmental performance continued in the Lubricants, and Terminals and Pipeline (TPL) business units. During the first quarter, Lubricants had no recordable injuries, process safety events or environmental incidents, while TPL had no process safety events or environmental incidents.
Commercial Excellence – CITGO's Marketing and TPL business units both delivered solid results for the first quarter, including:
- First quarter Marketing sales volume was 423,000 bpd, down slightly from the previous quarter.
- Club CITGO® loyalty gallons hit an all-time high of 5.6 million gallons in March 2025, while the CITGO Mobile Pay app was combined with the Club CITGO app during the first quarter.
- The Sour Lake Pipeline set a monthly record rate of 263,000 bpd, while demonstrating daily pumping rates of up to 290,000 bpd. The expansion project will increase pipeline capacity to 320,000 bpd when completed towards the end of the second quarter.
- Trading activities continued to expand with cargo flows between Europe, the Americas and Asian markets.
Financial Highlights
- Turnaround and catalyst expenditures in the first quarter totaled $35 million, with an additional $84 million in direct capital expenditures made during the quarter. Projected turnaround, catalyst and capital expenditures for 2025 total approximately $958 million.
- Quarter-end liquidity was $2.1 billion, including full availability under CITGO's $500 million accounts receivable securitization facility.
- In February, CITGO redeemed all of its $1.125 billion outstanding senior secured notes due June 2025. The redemption was funded with cash on hand.
- In April 2025, CITGO redeemed $50 million of outstanding secured industrial revenue bonds, also with cash on hand.
About CITGO
CITGO owns and operates three large-scale, highly complex petroleum refineries with a total rated crude oil refining capacity of approximately 807,000 bpd, located in Lake Charles, La., Corpus Christi, Texas, and Lemont, Ill. Our refining operations are supported by an extensive distribution network, which provides reliable access to our refined product end-markets. We own 34 active refined product terminals with a total storage capacity of 18.1 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 22 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 approximately 150 active third-party and related-party terminals through exchange, terminalling and similar arrangements. Our retail network consists of more than 4,000 independently owned and operated CITGO-branded retail outlets located east of the Rocky Mountains. CITGO and its predecessors have had a recognized brand presence in the U.S. for more than 100 years.
ADDITIONAL INFORMATION
General:
CITGO publishes financial and other information on its website, including reports of quarterly and annual results of operations. 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 and Adjusted EBITDA, as discussed below.
Forward-Looking Statements:
This press release contains "forward-looking statements" regarding financial and operational matters 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 and 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 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 reports to CITGO noteholders, including the information set forth under the caption "Risk Factors." CITGO disclaims any duty to update any such forward-looking statements.
Operational Metrics and Non-GAAP Financial Measures:
This press release also contains operational metrics and non-GAAP financial information, including EBITDA, Adjusted EBITDA and Refinery EBITDA Estimates, that have not been audited and are based on management's estimates, which may be difficult to verify. These non-GAAP financial measures are presented in addition to, and should not be viewed as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. In addition, CITGO's non-GAAP financial measures 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 CITGO's consolidated EBITDA set forth on page [5] of this press release.
Reconciliation of Net Income to EBITDA | ||||||||||||
Three Months Ended | Three Months Ended | |||||||||||
March 31, 2025 | December 31, 2024 | March 31, 2025 | March 31, 2024 | |||||||||
($ in millions) | ||||||||||||
Net income (1) | $ | (82) | $ | (146) | $ | (82) | $ | 410 | ||||
Excluding the impacts of: | ||||||||||||
Interest expenses, net | 17 | 11 | 17 | 11 | ||||||||
Income tax expense | (25) | (42) | (25) | 115 | ||||||||
Depreciation and amortization | 178 | 179 | 178 | 173 | ||||||||
EBITDA | $ | 88 | $ | 2 | $ | 88 | $ | 709 | ||||
LIFO Inventory Permanent Dip | - | 2 | - | - | ||||||||
Legal Settlement | - | (19) | - | (32) | ||||||||
Adjusted EBITDA | $ | 88 | $ | (15) | $ | 88 | $ | 677 | ||||
(1) EBITDA and Adjusted EBITDA are non-GAAP financial measures. The reconciliation of net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA is presented in the table above. |
Reconciliation of Refinery EBITDA Estimates to Consolidated EBITDA | |||||||||||
Three Months Ended | Three Months Ended | ||||||||||
March 31, 2025 | December 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||
($MM) | |||||||||||
Lake Charles | 126 | 41 | 126 | 383 | |||||||
Corpus Christi | (23) | (61) | (23) | 128 | |||||||
Lemont | 26 | (15) | 26 | 227 | |||||||
Total Refinery EBITDA Estimate (1) | $ | 129 | $ | (35) | $ | 129 | $ | 738 | |||
Marketing | 37 | 44 | 37 | 36 | |||||||
Lubricants | 5 | 6 | 5 | 4 | |||||||
Terminals & Pipelines | 54 | 43 | 54 | 49 | |||||||
Product Supply (2) | (62) | (16) | (62) | (60) | |||||||
Total EBITDA Estimate for Non-Refining Business Units | $ | 34 | $ | 77 | $ | 34 | $ | 29 | |||
Corporate EBITDA Estimate (3) | (75) | (40) | (75) | (58) | |||||||
Total CITGO Consolidated EBITDA | $ | 88 | $ | 2 | $ | 88 | $ | 709 |
1) Refinery EBITDA Estimates and EBITDA Estimates for the Non-Refining Business Units are non-GAAP financial measures. The table above includes further detail on a by refinery basis, as well as for CITGO's Non-Refining Business Units. CITGO's Consolidated EBITDA also reflects hedging activities associated with procuring crude and feedstocks for the refineries and other derivatives activities. |
(2) Includes activities related to selling refinery production both externally and to CITGO's Marketing function. |
(3) Includes corporate staff and overhead costs, and other corporate-related items. |

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