Sooner or later, lies catch up with the liar.

Guido can no longer say it does not have money to pay Christallex

Citgo Petroleum reported a net profit of 1,286 million dollars in the second quarter of the year

The recovery in the United States and global shortages caused by the Russian invasion of Ukraine increased demand and prices for gasoline, diesel, and jet fuel, which was beneficial for the company.

The National – August 12, 2022

Citgo Petroleum on Thursday reported a $1.286 billion rise in net income in the second quarter of the year, reflecting a sharp increase after consecutive annual losses in 2020 and 2021.

"The safe and reliable operations of our assets helped us capitalize on favorable market conditions that were supported by excellent product cracks, high refining capacity utilization and low global inventories," said the president and CEO of Citgo, Carlos Jordá, in a press release.

The recovery in the United States and global shortages caused by the Russian invasion of Ukraine increased demand and prices for gasoline, diesel and jet fuel, benefiting the company.

Total throughput for the second quarter of 2022 was 837,000 barrels per day (bpd), of which crude runs were 776,000 bpd and intermediate feedstocks were 61,000 bpd.

“The refineries offered the best quarterly results in reliability of the last five years, with total crude runs that exceeded the nominal capacity for crude processing, which resulted in a capacity utilization of 101%, achieving, with this quarter, three consecutive quarters above 94%”, indicated the information published by the company.

They specified that the Lake Charles refinery set a quarterly crude processing record of 436,000 bpd, significantly surpassing the previous record of 411,000 bpd, set in the third quarter of 2018.

Citgo, a subsidiary of Venezuelan state oil company PDVSA, is run by a board appointed by Juan Guaidó, whom Washington recognizes as the legitimate president of Venezuela.

Last year, the company returned to profitability after consecutive annual losses during the coronavirus pandemic.

The company is currently offering the ability to purchase $286 million worth of notes due 2024 and pay down nearly $483 million from a credit facility.

The debt reductions signaled that Citgo could soon resume paying dividends to its parent, a practice that halted after its 2019 split from state-owned PDVSA and the appointment of ad hoc boards that oversee Venezuela's foreign assets.

https://www.elnacional.com/economia/citgo-petroleum-reporto-utilidad-neta-de-1-286-millones-de-dolares-en-el-segundo-trimestre-del-ano/