Refiner Citgo Petroleum posts second-quarter $1.28 billion profit

2022.08.12 02:05

FILE PHOTO: The Citgo Petroleum Corporation headquarters are pictured in Houston, Texas, U.S., February 19, 2019. REUTERS/Loren Elliott

HOUSTON (Reuters) – HOUSTON, Aug 11 (Reuters) – U.S. oil refiner Citgo Petroleum on Thursday reported a second quarter profit that surged to $1.28 billion on higher crude processing volumes and stronger margins.

The eighth largest U.S. oil refiner’s three plants processed 776,000 barrels of oil per day (bpd), up from 732,000 bpd a year earlier, it said. Refinery utilization rates, a key measure of efficiency, rose to 101% from 95% in the first quarter this year, the company’s parent posted on Twitter (NYSE:TWTR).

Source