Citgo Petroleum Corp on Monday reported a slim, second-quarter profit, its first in seven quarters, as higher fuel exports helped offset weak margins and the impact of a fuel pipeline shutdown.
the U.S. refining arm of Venezuela's state oil company Petroleos de Venezuela have been under pressure since it lost access to Venezuelan oil due to U.S. sanctions. Citgo is also battling possible seizure by creditors seeking to collect on unpaid debts incurred by PDVSA and Venezuela.
The eighth-largest U.S. refiner posted a $3 million profit, its first since the third quarter of 2019, for the three months ended June 30 as exports rose and the utilization rate at its plant in Lemont, Illinois hit 97%. It suffered a $5 million net loss in the second quarter a year ago.
"Given the multiple challenges we have faced during 2020 and the first half of 2021, this return to profitability is particularly satisfying," Citgo Chief Executive Carlos Jordá said in a statement. Citgo fell deep into the red last year as the COVID-19 pandemic slashed demand for motor fuel. RTRS