Houston, Texas-based CITGO revealed its financial results for the third quarter of 2024, where the company saw high throughput volume which contributed to a net income of $66 million, with an EBITDA of $290 million. This is compared to a net loss of $25 million and an EBITDA of $162 million in the prior quarter.
“After successfully completing our planned turnaround activities this year, we were able to capture available margins in a challenging pricing environment with strong reliability and higher throughput,” said CITGO President and CEO Carlos Jordá. “We achieved an overall average crude utilization rate of 96% and set several production records in the third quarter, while safely adjusting operations in response to an active hurricane season.”
CITGO saw significant refinery success in Q3 following planned maintenance and turnarounds in the second quarter. The company also reported that process safety performance through the third quarter is on track for a record-setting year.
Overall, total throughput for Q3 increased to 811,000 barrels per day (bpd), with an overall utilization rate of 96%, compared to Q2 where throughput sat at 720,000 bpd, largely due to maintenance activities.
On CITGO’s commercial side, the company saw a marketing sales volume of 428,000 bpd, which marked a slight uptick compared to the quarter before. CITGO also opened 73 new branded sites, while setting a new monthly record for unbranded sites.
The company is still looking to increase throughput, which will be aided by the development of its east Chicago loading rack and expansion to new markets.
“The new East Chicago loading rack continues to ramp up, leading to record throughput, with the Sour Lake pipeline setting new monthly throughput records and the Trading organization continuing to expand into new international markets, including delivering products to Japan and China for the first time,” CITGO noted in a statement.
Today, CITGO owns and operates three large-scale, highly complex petroleum refineries located in Lake Charles, La., Corpus Christi, Texas and Lemont, Ill. The company also owns 34 active refined product terminals with a total storage capacity of 18.1 million barrels and has equity ownership of an additional 3.5 million barrels of refined product storage capacity through a joint ownership of an additional 8 terminals, spread across 22 states.
Its retail network consists of more than 4,000 independently owned and operated CITGO-branded retail outlets located east of the Rocky Mountains
