Refiner Citgo Petroleum Posts Record $2.8 Billion Profit for 2022

Refiner Citgo Petroleum Posts Record $2.8 Billion Profit for 2022
The logo of PDVSA's U.S. unit Citgo Petroleum is seen at a gas station in Stowell, Texas on June 12, 2018. Jonathan Bachman/Reuters
Reuters
Updated:
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HOUSTON—Refiner Citgo Petroleum Corp. on Thursday reported a record net profit of $2.8 billion for 2022 on strong motor fuel demand, high margins, and refining output that exceeded its plants’ listed capacity.

Rebounding from a loss of $160 million in 2021 and two straight years of losses, the results for last year also exceeded the Houston-based company’s earlier forecast.