May 16, 2023 [MarketWatch]- Citgo Petroleum Corp. on Wednesday said it had increased the capacity of its Lake Charles, La., refinery by 38,000 b/d to 463,000 b/d.
The company said the project raised the nameplate capacity of its refining system to 807,000 b/d.
Citgo also reported its first-quarter net income rose to $937 million from $806 million in the year-ago quarter, a more than 16% gain.
The company said it 772,000 b/d of crude in the quarter, a utilization rate of 96%. Citgo earlier reported that its refinery assets ran at utilization rate of 106% in the fourth quarter.
“Outstanding financial and operational performance continued into the first quarter,” Citgo President and Chief Executive Carlos Jorda said in a press release. He added that the company completed a large turnaround at the Lake Charles plant during the period.
The company’s Lemont refinery near Chicago also achieved a record processing rate, running 187,000 b/d of crude in the quarter, a 106% utilization rate.
The strong results will enable Citgo to pay off an additional $473 million in debt to bond holders in this quarter, the company said.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
Pro Trial: Access 12,600 Tank Terminal and Production Facilities
12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data
