Fourth Quarter 2025 Highlights
-- Net income of $268 million, EBITDA1 of $507 million and Adjusted EBITDA1
of $442 million
-- Total refinery throughput of 808,000 barrels per day (bpd), including
crude processing of 698,000 bpd, with an overall average crude
utilization rate of 84%, reflecting maintenance and major turnaround
activity undertaken during the quarter
-- Total rated crude oil refining capacity increased by 22,000 bpd, from
807,000 bpd to 829,000 bpd
Full--Year 2025 Highlights
-- Net income of $452 million, EBITDA of approximately $1.28 billion and
Adjusted EBITDA of approximately $1.25 billion, representing
year--over--year improvement across all three metrics
-- Total annual throughput of 833,000 bpd, including a new annual crude
processing record of 760,000 bpd, with an average crude utilization rate
of 92% for the year based on revised total rated crude refining capacity
-- Year--end liquidity of $2.45 billion, including full availability under
CITGO's $500 million accounts receivable securitization facility
-- Gross debt reduction of $1.825 billion during 2025, resulting in a
negative net debt balance of approximately $795 million at December 31,
2025
-- Turnaround and catalyst expenditures for the year totaled $231 million,
with an additional $478 million in capital expenditures.
HOUSTON, March 5, 2026 /PRNewswire/ -- CITGO Petroleum Corporation ("CITGO" or "CITGO Petroleum") today reported its 2025 fourth quarter and full-year financial and operational results. Improved market capture relative to the previous quarter contributed to fourth quarter net income of $268 million, EBITDA of $507 million and Adjusted EBITDA of $442 million, compared to net income of $167 million, EBITDA of $363 million and Adjusted EBITDA of $370 million for the third quarter of 2025.
For the full year, steadily improving refining margins and strong reliability led to net income of $452 million, EBITDA of approximately $1.28 billion and Adjusted EBITDA of approximately $1.25 billion, representing year--over--year improvement across all three metrics. CITGO ended the year with $2.45 billion in liquidity after reducing gross debt by $1.825 billion during 2025.
"Despite significant planned maintenance and turnaround activity during the fourth quarter, we finished the year with strong operational performance," said Carlos Jordá, President and CEO of CITGO Petroleum Corporation. "Record--setting performance at our Lake Charles and Lemont refineries, continued brand momentum, and the strongest annual lubricants results in nearly two decades underscore the resilience of our business. As we look ahead, we remain focused on advancing our operational and commercial excellence initiatives while maintaining fiscal discipline."
Operational Highlights
Operational Excellence -- Strong reliability and process safety contributed to a new combined annual crude processing record, among other highlights below:
-- Total crude refining capacity at the end of the year increased to 829,000
bpd.
-- Fourth quarter total refinery throughput was 808,000 barrels per day
(bpd), including crude runs of 698,000 bpd, with an overall average crude
utilization rate of 84%, reflecting planned maintenance and turnaround
activity during the quarter.
-- Full year total refinery throughput was 833,000 bpd, including crude runs
of 760,000 bpd, with an overall average crude utilization rate of 92%
based on the revised rated crude capacity.
-- The Lake Charles refinery delivered record fourth quarter performance
after completing crude unit maintenance activities, setting consecutive
monthly records for crude processing, total inputs and total production
in November and December.
-- The Lemont refinery continued its strong operational performance for the
fourth quarter and the full year, setting a record for annual crude
utilization rate and achieving annual and quarterly jet fuel production
records.
-- The Corpus Christi refinery successfully completed a major crude system
turnaround during the fourth quarter, executing on multiple capital
projects designed to improve crude unit rates and distillate yields.
Commercial Excellence -- The Supply and Marketing, Terminals and Pipelines $(TPL)$ and Lubricants business units each delivered solid results for the fourth quarter and the full year, including:
-- Annual Marketing sales volume was 430,000 bpd as continued brand momentum
drove an expanded branded footprint for the second consecutive year and a
positive net volume gain for the fourth consecutive year. CITGO also
achieved an all-time best commercial sales volume record.
-- The Club CITGO$(R)$ loyalty program continued to expand, with loyalty
related gallons growing 34% year over year and mobile payments up 70%
after consolidating the mobile payments and loyalty apps earlier in 2025.
-- TPL received the International Liquid Terminals Association (ILTA) award
for Safety Excellence and completed construction of the Luling, Texas,
terminal diesel rack. The Sour Lake pipeline also set fourth quarter and
annual throughput records and completed a light-crude expansion project.
-- Lubricants had strong safety performance, with only one OSHA recordable
incident for the year, and achieved its best annual financial performance
since 2008.
-- As part of the continuing growth in the Asset Backed Trading initiative,
the commercial team doubled the number of delivered refined products
international export cargoes in 2025, maximizing netback values and
growing CITGO's global market presence.
About CITGO
CITGO owns and operates three large-scale, highly complex petroleum refineries with a total rated crude oil refining capacity of approximately 829,000 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 35 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 eight 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 140 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.
Forward-Looking Statements:
This press release contains "forward-looking statements" regarding financial and operational matters relating to the CITGO business. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are beyond CITGO's control and could result in expectations not being realized or could otherwise materially and adversely affect CITGO's business, financial condition, results of operations and cash flows. This press release may also contain estimates and other information regarding market and industry data that were obtained from internal company estimates, as well as third-party sources believed to be generally reliable. However, market data is subject to change and cannot always be verified with certainty due to limits on the availability and reliability of raw data and other limitations and uncertainties inherent in any statistical survey, interpretation or presentation of market data and management's estimates and projections. The forward-looking statements contained in this press release are made only as of the date of this press release. For additional information, please see CITGO's most recent annual report and other reports to CITGO noteholders, including the information set forth under the caption "Risk Factors" in CITGO's annual report for the year ended December 31, 2025. CITGO disclaims any duty to update any such forward-looking statements.
Operational Metrics and Non-GAAP Financial Measures:
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