© Reuters. FILE PHOTO: The brand of PDVSA’s U.S. unit Citgo Petroleum is seen at a fuel station in Stowell, Texas, U.S., June 12, 2018. REUTERS/Jonathan Bachman/File Photograph/File Photograph
HOUSTON (Reuters) -Refiner Citgo Petroleum Corp on Thursday reported document web revenue of $2.8 billion for 2022 on sturdy motor gas demand, excessive margins and refining output that exceeded its crops’ listed capability.
Rebounding from a lack of $160 million in 2021 and two straight years of losses, the outcomes for final yr additionally exceeded the Houston-based firm’s earlier forecast.
Earnings throughout the U.S. refining sector jumped final yr as gas costs climbed sharply on the post-COVID 19 pandemic financial restoration and on world gas shortages attributable to Russia’s invasion of Ukraine.
Fourth quarter web revenue was $806 million, in contrast with $21 million in the identical interval a yr in the past. Earnings earlier than curiosity, taxes and depreciation for the ultimate quarter was $1.2 billion, versus $139 million a yr in the past.
Final yr’s sturdy earnings enable it to pay down Citgo debt by $1.1 billion and pay dividends to its mother or father firm, Citgo Holding, that had been used to cut back its debt by $489 million, the corporate stated.
Citgo, managed by Venezuela’s state firm PDVSA, however which in 2019 lower ties with the administration of President Nicolas Maduro after the U.S. imposed strict sanctions on the South American nation.
Outcomes mirror “a powerful basis of operational and business excellence, asset stewardship and security,” Chief Government Carlos Jordá stated in a press release.
Citgo’s three refineries operated at document manufacturing ranges within the fourth quarter. The trio processed a mixed 797,000 barrels per day (bpd) of within the remaining quarter, a 104% utilization fee.
For the total yr, the corporate’s complete refining throughput was 811,000 bpd, in contrast with 730,000 bpd in 2021.
Exports for the yr rose 35% over the prior yr, to 182,000 bpd from 134,000 bpd. Larger product gross sales volumes contributed to sturdy gasoline and diesel margins, Citgo stated.
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