Stock Markets May 14, 2026 10:03 AM

Citgo Posts $157 Million Q1 Profit as Refinery Throughput Climbs

Higher utilization and stronger margin capture offset sales-volume dip amid volatile commodity prices

By Hana Yamamoto

Venezuela-owned U.S. refiner Citgo Petroleum reported a first-quarter profit of $157 million, reversing an $82 million loss from the same period a year earlier. The gain coincided with increased crude runs and near-full utilization across its three refineries, though sales volumes fell slightly amid extreme price swings. The company also refined its first Venezuelan crude since 2019 and remains subject to a U.S. court-ordered auction of its parent company.

Citgo Posts $157 Million Q1 Profit as Refinery Throughput Climbs

Key Points

  • Citgo reported a first-quarter profit of $157 million, reversing an $82 million loss from the same period last year - impacts energy and capital markets.
  • Throughput rose to 851,000 bpd with record crude runs of 819,000 bpd and an average crude utilization rate of 99% across three refineries - affects refining sector capacity utilization metrics.
  • High commodity prices aided results and the company refined Venezuelan crude for the first time since 2019; however, sales volume fell 3% to 417,000 bpd from 430,000 bpd - relevant to oil markets and downstream product supply.

Citgo Petroleum, the U.S. refining unit owned by Venezuela, recorded a first-quarter net profit of $157 million, reversing a loss of $82 million in the same quarter last year. The company attributed the turnaround to elevated refinery activity and improved margin capture.

During the quarter the refiner ran 851,000 barrels per day (bpd) of throughput, exceeding its stated processing capacity of 829,000 bpd. Crude runs reached a quarterly record of 819,000 bpd. Across its three refineries, Citgo posted an average crude utilization rate of 99% for the period.

In contrast, the first quarter of the prior year saw total throughput of 833,000 bpd and a crude utilization rate of 95%.

Company leadership highlighted operational reliability and an improvement in the margin capture rate versus the previous quarter. Citgo's chief executive, Carlos Jorda, said reliability remained strong during the quarter and that the company improved how it captured margins on refined products.

High commodity prices were a contributing factor to the quarter's results. The company reported that it purchased and refined its first Venezuelan crude since 2019 during the period, a development noted alongside the improved operating metrics.

Despite those positive indicators, Citgo said extreme price volatility had an impact on volumes. Sales volume declined by 3% to 417,000 bpd in the quarter, down from 430,000 bpd in the prior quarter.

Looking ahead, Citgo said it expects favorable market conditions to persist through the year. At the same time, the company remains entangled in legal and financial proceedings: its parent company is subject to a U.S. court-ordered auction to satisfy billions of dollars owed to creditors linked to Venezuela.


Summary

Citgo reversed a year-earlier loss to post a $157 million profit in the first quarter as utilization and crude runs climbed to near-record levels, while sales volumes dipped amid volatile commodity pricing. The refiner also processed Venezuelan crude for the first time since 2019 and continues to face a U.S. court-ordered auction of its parent company.

Risks

  • Extreme price volatility reduced sales volume by 3% during the quarter - a market risk for refining and downstream sales.
  • The company is subject to a U.S. court-ordered auction of its parent to pay billions to Venezuela-linked creditors - a legal and financial uncertainty that could affect ownership and strategic direction.
  • Citgo's expectation that favorable market conditions will continue introduces uncertainty if market dynamics change - relevant to earnings visibility for the refining sector.

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