CITGO Petroleum Corporation has 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 percent. 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 percent.
- Lake Charles had a fourth quarter crude utilization rate of 108 percent, 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, utilising 102 percent of the refinery’s rated crude capacity.
- Corpus Christi had a fourth quarter crude utilisation rate of 94 percent and processed a record amount of Canadian crude.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: Continuous improvement and lessons learned from Winter Storm Uri also helped minimise reliability issues relating to Winter Storm Elliott.
- Commercial Excellence – Expansion into select South American markets continued throughout the year, with exports up 35 percent 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.
Financial
- 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 securitisation facility.
For more information visit www.citgo.com
