HOUSTON (Reuters) – Refiner Citgo Petroleum Corp has reported first quarter net profit of $937 million on strong motor fuel demand, high margins and refining output that exceeded its plants’ listed capacity.
The results, compared to a profit of $245 million in the same period last year, continued a string of strong earnings by the Venezuela-owned firm, which operates oil refineries in Texas, Louisiana and Illinois. Last year, it posted a record $2.8 billion annual profit.
“Outstanding financial and operational performance continued into the first quarter,” Chief Executive Officer Carlos Jordá said in a statement late Wednesday.
(Reporting by Gary McWilliams)