10 Nov, 23

Still On The Auction Block, Citgo Sees 19% Jump In Q3 Net Profit

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U.S.-based Venezuelan-owned oil refiner Citgo Petroleum has posted Q3 earnings showing a 19% jump in net profit, year-on-year, on strong margins and after a significant hike in utilization rates. Citgo’s Q3 net profit hit $567 million, up from $477 million in Q3 2022.  The refiner’s total throughput for the quarter was 802,000 barrels per day, with crude runs accounting for 765,000 bpd, according to a Citgo press release on Thursday, putting the utilization rate at 95%.  This compares to Q2 2023 total throughput…

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