Citgo Petroleum posts $936 million Q2 profit
U.S. refiner’s quarterly earnings surge as refining margins widen amid stable crude supply. Results reflect industry rebound from pandemic-era lows.
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.
Priya covers listed equities and corporate earnings, reading quarterly results and guidance for what they signal about sector health and forward valuations.
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