CITGO Reports Fourth Quarter and Full-Year 2024 Results

• Fourth quarter net loss of $146 million, EBITDA¹ of $2 million and Adjusted EBITDA¹ of $(15) million
• Fourth quarter total throughput of 887,000 barrels-per-day (bpd), crude processing of 790,000 bpd and overall average crude utilization rate of 98%
• Full-year net income of $305 million, EBITDA of $1.2 billion and Adjusted EBITDA of $1.1 billion
• Year-end liquidity of $3.8 billion, including full availability under CITGO's $500 million accounts receivable securitization facility; $1.125 billion of senior secured notes due June 2025 redeemed in February 2025 with cash on hand
• Best process safety index since 2010 and occupational safety index for 2024 better than the latest reported industry average
• Total annual throughput of 811,000 bpd, annual crude processing of 753,000 bpd and full-year overall average crude utilization rate of 93%

HOUSTON, March 6, 2025 /PRNewswire/ -- CITGO Petroleum Corporation ("CITGO" or "CITGO Petroleum") today reported its 2024 fourth quarter and full-year financial and operational results. Weak refining margins led to a fourth quarter net loss of $146 million, EBITDA of $2 million and Adjusted EBITDA of $(15) million, compared to net income of $66 million, EBITDA of $281 million and Adjusted EBITDA of $290 million for the third quarter of 2024.

For full-year 2024, a deteriorating pricing environment combined with lower volume earlier in the year contributed to declines in profitability in 2024 compared to 2023, with 2024 net income of $305 million, EBITDA of $1.2 billion and Adjusted EBITDA of $1.1 billion, compared with 2023 net income of $2 billion, EBITDA of $3.3 billion and Adjusted EBITDA of $3.2 billion.

"We finished the year with strong reliability and our highest quarterly overall average crude utilization rate and throughput for the year, but it was not enough to offset the impact of low fourth quarter refining margins," said CITGO President and CEO Carlos Jordá. "We battled a challenging market all year while we continued to execute on our strategic initiatives. This focus allowed us to achieve our best process safety index on record, successfully complete a heavy turnaround and maintenance schedule, and achieve multiple refinery production records. We also continued to build our branded and commercial businesses, and deliver products into new international markets. All of these accomplishments during 2024 demonstrate our continued commitment to operational and commercial excellence."

Operational Highlights

Operational Excellence – Strong refinery operations in the second half of the year followed the successful execution of planned turnaround and maintenance activities. For the year, the Company's Process Safety index was the lowest on record, and its Occupational Safety index remains better than the latest reported industry average. Other operational highlights include:

• Total throughput for the fourth quarter was 887,000 bpd, of which crude runs were 790,000 bpd and overall average crude utilization rate was 98%. Full-year 2024 was similar to 2023, with total refinery throughput of 811,000 bpd, of which crude runs were 753,000 bpd, and overall average crude utilization rate was 93%.
• The Lake Charles Refinery had a strong fourth quarter, achieving its third highest quarterly crude processing rate, with an average crude utilization rate of 98%. The Lake Charles Refinery also set fourth quarter records for jet fuel and ULSD production and finished the year with new annual diesel production and total distillate production records.
• The Lemont Refinery continued its strong performance during the fourth quarter, setting monthly and quarterly jet fuel and ultra-low sulfur kerosene production records, with an average crude utilization rate of 98% for the quarter. For the year, the Lemont Refinery continued its outstanding safety performance, with zero employee recordable injuries and receiving the Outstanding Safety Performance Award from the Three Rivers Manufacturers Association Partnership. The Lemont Refinery also set a new annual total gasoline production record.
• The Corpus Christi Refinery increased its average crude utilization rate to 96% for the fourth quarter after completing substantial turnaround and maintenance activities earlier in the year. The Corpus Christi Refinery also had zero recordable injuries during the fourth quarter.
• Strong safety and environmental performance continued in the Lubricants, and Terminals and Pipeline (TPL) business units. During the fourth quarter, Lubricants had zero recordable injuries, and TPL had zero process safety events. For full year 2024, both Lubricants and TPL had no environmental incidents, while Lubricants had no process safety events.

Commercial Excellence – The Supply, Marketing and TPL business units each delivered solid results for the fourth quarter and the year, including:

• Marketing sales volume for the year was 421,000 bpd, with the Company achieving its best brand to debrand ratio in more than 20 years. The Company also achieved a new annual volume record for unbranded sales, due in part to the record throughput at the East Chicago loading rack, and 22 new-to-CITGO branded and commercial marketers.
• The Club CITGO® loyalty program continued to expand, with loyalty related gallons purchased up 87% and the number of active locations up 58%, each compared to the prior year.
• The Sour Lake pipeline set a new throughput record, exceeding the previous record set in 2023.
• CITGO's trading activities continued to expand into new international markets, including delivering products to South Africa, Japan and China for the first time, and expanding CITGO's jet fuel footprint with major airlines.

Financial Highlights

• Turnaround and catalyst expenditures for the fourth quarter totaled $60 million, with an additional $110 million in direct capital expenditures made during the quarter. For full-year 2024, turnaround, catalyst and capital expenditures totaled $933 million.
• Total liquidity at year-end was $3.8 billion, including full availability under CITGO's $500 million accounts receivable securitization facility.
• Subsequent to year-end, CITGO redeemed all of its $1.125 billion outstanding senior secured notes due June 2025 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 approximately150 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 projections 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." CITGO disclaims any duty to update any such forward-looking statements.

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 [5] of this press release, as well as the reconciliation of Refinery EBITDA Estimates to CITGO's consolidated EBITDA set forth on page [6] of this press release.

SOURCE CITGO Petroleum Corporation