Citgo Announces Fourth Quarter Earnings
Houston--CITGO Petroleum Corporation, announced on Friday that the producer had generated a fourth quarter 2018 net income of $243 Million and $851 Million in net income for the entire year.
"Considering net income alone, we achieved an exceptionally solid year, one of our best in CITGO history," said Executive Vice President Rick Esser. "This reflects excellent operational performance with a continued focus and commitment to safety, both of which helped us finish the year strong."
Overall, the company's safety performance in 2018 represented the third best year in CITGO history as measured by the company's safety index. Additionally, contractor safety performance was the best in CITGO history. Other notable safety achievements during 2018 include:
- The Lake Charles refinery achieved its best safety year ever.
- The Lemont refinery reached five years since the last lost work day case.
- The CITGO Oklahoma Lubricants Plant achieved 2,525 days (6.9 years) without a lost work day case and 1,400 days (3.8 years) without an OSHA recordable.
Operationally, for full year 2018 the three CITGO refineries together processed a total of 829,000 barrels-per-day, with crude representing 716,000 bpd or 96% of rated capacity, up from 88% in 2017.
During the fourth quarter, CITGO domestic crude runs in the Gulf Coast increased to 324,000 bpd due to the narrow light to heavy differential. This represented 60.4% of the company's Gulf Coast crude slate, setting a new quarterly record and demonstrating the flexibility of CITGO assets to take advantage of the changing market conditions.
The ideal locations of the Lake Charles and Corpus Christi refineries and their dock space allowed CITGO to increase exports during 2018 to a total of 206,000 bpd, up 4 percent relative to 2017. Continued improvements in logistics resulted in increased volumes placed in international markets, capturing higher margins with higher utilization.
"As these results indicate, we've worked hard this year to take advantage of opportunities while continuing to operate with high levels of safety and efficiency. It's a great formula for continued success into 2019 and beyond," concluded Esser.