CITGO Reports Third Quarter 2025 Results
- Third quarter net income of $167 million, EBITDA1 of $363 million and Adjusted EBITDA1 of $370 million
- Third quarter total throughput of 833,000 barrels-per-day (bpd), crude processing of 759,000 bpd and overall average crude utilization rate of 94%
- Quarter-end liquidity of $2.75 billion, including full availability under CITGO's $500 million accounts receivable securitization facility
HOUSTON, Nov. 13, 2025 /PRNewswire/ -- CITGO Petroleum Corporation ("CITGO" or "CITGO Petroleum") today reported its 2025 third quarter financial and operational results. Improved refining margins and reliable operations led to third quarter net income of $167 million, EBITDA of $363 million and Adjusted EBITDA of $370 million, compared to net income of $100 million, EBITDA of $325 million and Adjusted EBITDA of $346 million for the second quarter of 2025.
"Our refineries performed reliably as market conditions improved during the quarter," said CITGO President and CEO Carlos Jordá. "We completed planned maintenance at Lake Charles, prepared for a major turnaround at Corpus Christi, and at Lemont achieved record jet fuel production with high utilization. Additionally, Corpus Christi enhanced its light crude processing capability, the Sour Lake crude pipeline (connected to Lake Charles) set a new daily maximum rate, and operations began at our new Luling, Texas terminal. Through incremental improvements and innovation, we were able to recognize an increase in our crude refining capacity, from 807,000 bpd to 829,000 bpd, starting in the fourth quarter."
Operational Highlights
Operational Excellence – CITGO continued operating reliably despite planned maintenance and minor third-party outages during the third quarter. Highlights include:
- Total crude runs were 759,000 bpd with 74,000 bpd of feedstocks, for a total throughput of 833,000 bpd. The overall average crude utilization rate was 94%.
- The Lake Charles Refinery began the quarter with a July crude rate of 478,000 bpd, building on the record level set in the second quarter. Planned crude unit maintenance began later in the quarter, resulting in a crude processing rate of 425,000 bpd and an average crude utilization rate of 92% for the quarter. Beginning with the fourth quarter of 2025, the nameplate capacity of the Lake Charles Refinery has increased from 463,000 bpd to 479,000 bpd.
- The Lemont Refinery continued its strong performance during the third quarter, with a crude processing rate of 180,000 bpd and an average crude utilization rate of 102%, achieving monthly and quarterly jet fuel production records. Beginning with the fourth quarter of 2025, the nameplate capacity of the Lemont Refinery increased from 177,000 bpd to 183,000 bpd.
- The Corpus Christi Refinery achieved an average crude utilization rate of 92% for the quarter, while successfully increasing its mix of light crude processing to 61% from 57% for the second quarter. At the end of the third quarter, the Corpus Christ Refinery began a crude unit turnaround designed to improve energy efficiency and enhance crude slate flexibility. Additional upgrades planned for 2026 are also expected to increase crude processing capacity.
- Strong safety and environmental performance continued in the Lubricants and Terminals and Pipeline (TPL) business units. During the third quarter, Lubricants had no process safety events and no environmental incidents, while TPL had no OSHA recordable events or environmental incidents.
Commercial Excellence – CITGO's Marketing and TPL business units delivered solid results for the third quarter. Marketing sales volume was 433,000 bpd, up slightly from the previous quarter; Club CITGO® loyalty volume grew more than 30% year over year, and in September 2025 the Company hosted its President's Meeting with Light Oils and Lubricants customers. TPL highlights include a new daily maximum pumping rate of 299,000 bpd at the Sour Lake Pipeline (which delivers domestic crude oil to the Lake Charles Refinery), while the new Luling, Texas terminal commenced operations in September. The Supply and Trading function also continued to work to expand the Company's commercial footprint with additional global feedstock points and product destinations.
Financial Highlights
- Turnaround and catalyst expenditures in the third quarter totaled $51 million, with an additional $130 million in capital expenditures made during the quarter. Projected turnaround, catalyst and capital expenditures for full-year 2025 total approximately $706 million.
- Quarter-end liquidity was $2.75 billion, including full availability under CITGO's $500 million accounts receivable securitization facility.
- On November 19, 2025, CITGO will use a portion of its quarter-end liquidity to complete the redemption of all $650 million outstanding Senior Secured Notes due 2026. With this redemption, CITGO will have repaid more than $1.8 billion in senior secured notes and secured industrial revenue bonds in 2025.
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 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 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 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" in CITGO's annual report for the year ended December 31, 2024. 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 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.
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Reconciliation of Net Income to EBITDA |
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Three Months Ended |
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Nine Months Ended |
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September 30, 2025 |
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June 30, 2025 |
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September 30, 2025 |
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September 30, 2024 |
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($ in millions) |
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Net income (1) |
$ |
167 |
|
$ |
100 |
|
$ |
185 |
|
$ |
450 |
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Excluding the impacts of: |
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|
|
|
|
|
|
|
|
|
|
|
Interest expense/(income), net |
|
(12) |
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|
17 |
|
|
22 |
|
|
35 |
|
|
Income tax expense |
|
42 |
|
|
30 |
|
|
47 |
|
|
138 |
|
|
Depreciation and amortization |
|
166 |
|
|
178 |
|
|
522 |
|
|
529 |
|
|
EBITDA |
$ |
363 |
|
$ |
325 |
|
$ |
776 |
|
$ |
1,152 |
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NISCO Dissolution Settlement |
|
- |
|
|
- |
|
|
- |
|
|
9 |
|
|
Legacy Environmental Charges |
|
7 |
|
|
21 |
|
|
21 |
|
|
- |
|
|
Legal Settlement |
|
- |
|
|
- |
|
|
- |
|
|
(32) |
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Hurricane Laura Insurance Recoveries |
|
- |
|
|
- |
|
|
- |
|
|
(13) |
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Adjusted EBITDA |
$ |
370 |
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$ |
346 |
|
$ |
797 |
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$ |
1,116 |
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(1) EBITDA and Adjusted EBITDA are non-GAAP financial measures. The reconciliation of net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA is presented in the table above. |
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Reconciliation of Refinery EBITDA Estimates to Consolidated EBITDA
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Three Months Ended |
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Nine Months Ended |
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September 30, 2025 |
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June 30, 2025 |
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September 30, 2025 |
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September 30, 2024 |
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($MM) |
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Lake Charles |
|
234 |
|
|
194 |
|
|
554 |
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|
592 |
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Corpus Christi |
|
72 |
|
|
57 |
|
|
106 |
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|
110 |
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Lemont |
|
101 |
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|
98 |
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|
225 |
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|
404 |
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Total Refinery EBITDA Estimate (1) |
$ |
407 |
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$ |
349 |
|
$ |
885 |
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$ |
1,106 |
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Marketing |
|
21 |
|
|
49 |
|
|
107 |
|
|
102 |
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Lubricants |
|
15 |
|
|
14 |
|
|
35 |
|
|
19 |
|
Terminals & Pipelines |
|
48 |
|
|
50 |
|
|
153 |
|
|
126 |
|
Product Supply (2) |
|
(44) |
|
|
(47) |
|
|
(153) |
|
|
(20) |
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Total EBITDA Estimate for Non-Refining Business Units |
$ |
40 |
|
$ |
66 |
|
$ |
142 |
|
$ |
227 |
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Corporate EBITDA Estimate (3) |
|
(84) |
|
|
(90) |
|
|
(251) |
|
|
(181) |
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Total CITGO Consolidated EBITDA |
$ |
363 |
|
$ |
325 |
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$ |
776 |
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$ |
1,152 |
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1) Refinery EBITDA Estimates and EBITDA Estimates for the Non-Refining Business Units are non-GAAP financial measures. The table above includes further detail on a by refinery basis, as well as for CITGO's Non-Refining Business Units. CITGO's Consolidated EBITDA also reflects hedging activities associated with procuring crude and feedstocks for the refineries and other derivatives activities. |
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(2) Includes activities related to selling refinery production both externally and to CITGO's Marketing function. |
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(3) Includes corporate staff and overhead costs, and other corporate-related items. |
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
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