The Venezuelan state-owned company’s US subsidiary processed an average 851,000 barrels per day across its three refineries during the quarter, including a record 819,000 bpd of crude runs, achieving a 99% average crude utilization rate. The Lake Charles refinery in Louisiana exceeded 500,000 bpd crude processing during the period, setting new monthly and quarterly records. The Corpus Christi facility in Texas reached a processing record of 175,000 bpd in January following completion of major maintenance work in late 2025.
Citgo purchased and refined Venezuelan crude for the first time since 2019 under appropriate licenses issued by the US Treasury’s Office of Foreign Assets Control. This development follows President Donald Trump’s commitment to bring between 30 and 50 million barrels of Venezuelan crude to the US after Maduro’s capture in a military operation.
Sharp commodity price increases during the quarter triggered mark-to-market losses on derivatives used to hedge physical positions. Price volatility contributed to a 3% decline in marketing sales volume to 417,000 bpd from 430,000 bpd in the prior quarter. The company expanded its commercial presence on the US Gulf Coast through increased blending capacity, new shipping contracts, and enhanced direct relationships with US airlines.
Citgo remains central to complex US litigation stemming from creditor claims against Venezuela and state oil company PDVSA. Elliott Investment Management’s Amber Energy won a court-supervised auction in November with a $5.9 billion bid for PDV Holding, though the transaction awaits OFAC approval. The sale process involves approximately $20 billion in judgments against Venezuela and PDVSA. Following Maduro’s capture, interim Venezuelan president Delcy Rodríguez appointed new board members, potentially signaling a control shift as Washington formally recognized her government.
This article was curated and published as part of our South American energy market coverage.
