CITGO Reports Second Quarter 2025 Results

• Second quarter net income of $100 million, EBITDA¹ of $325 million and Adjusted EBITDA¹ of $346 million
• Second quarter total throughput of 858,000 barrels-per-day (bpd), crude processing of 816,000 bpd and overall average crude utilization rate of 101%
• Quarter-end liquidity of $2.6 billion, including full availability under CITGO's $500 million accounts receivable securitization facility

HOUSTON, Aug. 14, 2025 -- CITGO Petroleum Corporation ("CITGO" or "CITGO Petroleum") today reported its 2025 second quarter financial and operational results. Reliable operations in a more supportive market environment led to second quarter net income of $100 million, EBITDA of $325 million and Adjusted EBITDA of $346 million, compared to a net loss of $(82) million and EBITDA and Adjusted EBITDA of $88 million for the first quarter of 2025.

"Our refineries continued to run well throughout the second quarter, with high utilization rates, strong process safety performance and no planned downtime," said CITGO President and CEO Carlos Jordá. "The Lake Charles Refinery achieved another record high crude processing rate, the Corpus Christi Refinery continued to increase its light crude processing and the Lemont Refinery maximized jet fuel production in a favorable market. In the second half of the year, we plan to advance key strategic projects, although we have rescheduled turnaround activities at the Lemont and Lake Charles Refineries to 2026 for optimal execution."

Operational Highlights

Operational Excellence – Excellent process safety and reliability performance resulted in strong refinery operations during the quarter, including:

• Total throughput for the second quarter was 858,000 bpd, of which crude runs were 816,000 bpd and overall average crude utilization rate was 101%, reflecting three consecutive months of utilization at 100% or greater.
• Strong operational performance continued at the Lake Charles Refinery, with a new quarterly crude processing rate of 478,000 bpd, up from the previous record of 460,000 bpd in the first quarter, and an average crude utilization rate of 103%. Monthly crude rate records were reached in both May and June, with the best ever performance of 482,000 bpd in June. Also in June, the refinery achieved a new monthly total distillate production record.
• The Lemont Refinery continued its strong performance during the second quarter as well, with an average crude utilization rate of 101%, achieving monthly and quarterly jet fuel production records. The Lemont Refinery also received the 2024 Grand Slam Railroad Award, a recognition by four major railroads for exemplary shipping performance.
• Strong reliability and process safety performance at the Corpus Christi Refinery contributed to an average crude utilization rate of 95% for the second quarter, while the refinery increased its light crude processing from 41% in the first quarter to 57% in the second quarter.
• Strong safety and environmental performance continued in the Lubricants and Terminals and Pipeline (TPL) business units. During the second quarter, Lubricants had no recordable injuries, process safety events or environmental incidents, while TPL had no process safety events or environmental incidents. The TPL business unit also received the 2024 Safety Excellence Award from the International Liquid Terminals Association (ILTA).

Commercial Excellence – CITGO's Marketing and TPL business units both delivered solid results for the second quarter. Marketing sales volume was 431,000 bpd, up slightly from the previous quarter, and Club CITGO® loyalty gallons hit an all-time high of 6.2 million gallons in May, with an 8% increase in member visits. Additionally, the East Chicago truck rack set a new daily record for gasoline loadings, and the Sour Lake Pipeline (which delivers domestic crude oil to the Lake Charles Refinery) set a daily maximum pumping rate of nearly 297,000 bpd. When the Sour Lake expansion project is completed later this year, pipeline capacity will increase to 320,000 bpd.

Financial Highlights

• Turnaround and catalyst expenditures in the second quarter totaled $36 million, with an additional $105 million in direct capital expenditures made during the quarter. Projected turnaround, catalyst and capital expenditures for 2025 were reduced from approximately $960 million to approximately $696 million to reflect the rescheduling of turnaround activities at the Lemont and Lake Charles Refineries noted above.
• Quarter-end liquidity was $2.6 billion, including full availability under CITGO's $500 million accounts receivable securitization facility.
• In April 2025, CITGO retired $50 million of outstanding secured industrial revenue bonds with cash on hand.

About CITGO
CITGO owns and operates three large-scale, highly complex petroleum refineries with a total rated crude oil refining capacity of approximately 807,000 bpd, located in Lake Charles, La., Corpus Christi, Texas, and Lemont, Ill. Our refining operations are supported by an extensive distribution network, which provides reliable access to our refined product end-markets. We own 34 active refined product terminals with a total storage capacity of 18.1 million barrels and have equity ownership of an additional 3.5 million barrels of refined product storage capacity through our joint ownership of an additional 8 terminals, spread across 22 states. In addition, we own or have an equity interest in four additional terminals, consisting of approximately 1 million barrels of refined storage capacity, which are currently inactive or only utilized to store feedstocks used in refining operations. We also have access to approximately 150 active third-party and related-party terminals through exchange, terminalling and similar arrangements. Our retail network consists of more than 4,000 independently owned and operated CITGO-branded retail outlets located east of the Rocky Mountains. CITGO and its predecessors have had a recognized brand presence in the U.S. for more than 100 years.

ADDITIONAL INFORMATION

General:

CITGO publishes financial and other information on its website, including reports of quarterly and annual results of operations. While CITGO's historical financial information is presented in accordance with U.S. generally accepted accounting principles ("GAAP"), CITGO is not an SEC reporting company and does not report all information required of SEC reporting companies. In addition, CITGO publishes certain non-GAAP financial information, including EBITDA and Adjusted EBITDA, as discussed below.

Operational Metrics and Non-GAAP Financial Measures:

This press release also contains operational metrics and non-GAAP financial information, including EBITDA, Adjusted EBITDA and Refinery EBITDA Estimates, that have not been audited and are based on management's estimates, which may be difficult to verify. These non-GAAP financial measures are presented in addition to, and should not be viewed as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. In addition, CITGO's non-GAAP financial measures may differ from non-GAAP measures used by other companies in our industry. We believe these non-GAAP financial measures, when presented in conjunction with comparable GAAP measures, provide useful supplemental information regarding underlying trends in the Company's operating performance by excluding items that may not be indicative of the Company's core operating performance. These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP. Please see the reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable GAAP measure set forth on page [4] of this press release, as well as the reconciliation of Refinery EBITDA Estimates to CITGO's total consolidated EBITDA set forth on page [5] of this press release.

¹ EBITDA and Adjusted EBITDA are non-GAAP financial measures. For additional information, please see "General Information – Non-GAAP Financial Measures" on page 3 of this press release and the reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure on page 4 of this press release.

SOURCE CITGO Petroleum Corporation