• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 15 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 13 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 14 hours The United States produced more crude oil than any nation, at any time.
  • 13 hours How Far Have We Really Gotten With Alternative Energy
  • 13 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 1 day Bankruptcy in the Industry
Canada's Hydro-Heavy Decarbonization Strategy in Jeopardy

Canada's Hydro-Heavy Decarbonization Strategy in Jeopardy

Drought has disrupted Canada's hydropower…

Venezuela’s State-Run Refiner Sees Profit Tumble 81%

Venezuela’s state-owned refiner Citgo Petroleum’s net profits fell 81% in the fourth quarter of 2023, according to its most recent regulatory filing on Thursday.

The state-run refinery, which operates three refineries in the United States, saw its net profits plunge to $154 million for the fourth quarter, down from $806 million in the fourth quarter of the previous year. The dip in profits was largely attributed to refinery outages and weaker margins—with its crude utilization rate falling to 89% in Q4. Its Q3 2023 utilization rate was 95%. The refiner’s average throughput for its three refineries in Texas, Louisiana, and Illinois fell 6% to 821,000 bpd.

Citgo’s full-year net profit fell to $2 billion, down from $2.8 billion in 2022—a record year for the Venezuelan refiner. So while profits were down for the quarter, the full-year net profits were still the second-highest on record.

“Strong demand, favorable market conditions and solid operational and commercial performance contributed to our second-best annual financial performance in 2023,” Citgo’s CEO Carlos Jorda said in a Thursday statement.

Citgo is the subject of a court auction of shares of its parent, PDV Holding, to compensate for claims made against Venezuela for the expropriation of oil and gas assets. First-round bids are in, and a second bidding round will take place sometime this year. ConocoPhilllips is the largest creditor involved in the Citgo case, after Venezuela appropriated $12 billion of its assets. ConocoPhillips submitted a bid in the first-round auction for Citgo shares using this claim in lieu of cash.

Citgo is the seventh-largest refiner in the United States with a total capacity topping 800,000 barrels daily. It has plants in Texas, Louisiana, and Illinois, along with pipelines and a gasoline distribution network that supplies 4,200 outlets in the United States.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News