CITGO’s Lake Charles Refinery Boosted Nameplate Crude Refining Capacity

SEATTLE (Oil Monster): CITGO- the fuel industry company reported first quarter 2023 results.

The company reported net income of $397 million during the quarter, compared with net income of $806 million in the prior quarter. The EBITDA surged higher from $1.2 billion in Q4 2022 to $1.4 billion in the first quarter of the year.

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CITGO increased the nameplate capacity of its Lake Charles Refinery by 38,000 barrels-per-day (bpd) to 463,000 bpd, thus lifting the total nameplate capacity of the CITGO refining system to 807,000 bpd. The crude oil processed during the quarter dropped from 797,000 bpd in the prior quarter to 772,000 bpd in Q1 2023, with crude capacity utilization dropping from 104% to 96%. Meantime, the Lemont Refinery crude processing hit a record of 187,000 bpd, representing nearly 106% capacity utilization.

The total throughput for Q1 2023 stood at 814,000 bpd, out of which crude runs totalled 772,000 bpd.

The company reported strong Health, Safety and Environmental (HSE) performance. The occupational safety index remained below the reported industry average.

Commenting on the results, Carlos Joda, President and CEO, CITGO noted that outstanding financial and operational performance continued into the first quarter. Furthermore, he congratulated the Lake Charles Refinery team for significantly boosting its nameplate capacity.