Citgo Petroleum reported net income of $936 million for the second quarter, a sharp increase from $312 million in the same period a year earlier, the company said on Tuesday.
The Houston-based refiner attributed the gain to improved refining margins and stable crude supply, which offset weaker downstream demand in some regional markets. Operating income rose to $1.1 billion from $401 million in Q2 2023, according to a regulatory filing.
Refining margins expanded as global crude prices remained contained, while domestic gasoline demand held steady despite seasonal volatility. Citgo operates three refineries with a combined capacity of 764,000 barrels per day, primarily serving the U.S. Gulf Coast.
The company did not provide updated guidance in its earnings release. Analysts had expected a rebound in refining profitability following a prolonged period of subdued margins during the pandemic.
Citgo is a subsidiary of Venezuela’s state-owned PDVSA, though U.S. sanctions have limited direct financial ties between the entities since 2019.
