Citgo Petroleum posts first profit in seven quarters


HOUSTON: Citgo Petroleum Corp reported a slim, second-quarter profit, its first in seven quarters, as higher fuel exports helped offset weak margins and the impact of a fuel pipeline shutdown.

Earnings at the US refining arm of Venezuela’s state oil company Petroleos de Venezuela have been under pressure since it lost access to Venezuelan oil due to US sanctions. Citgo is also battling possible seizure by creditors seeking to collect on unpaid debts incurred by PDVSA and Venezuela.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In Business News

Hiap Teck subscribes for new shares in Eastern Steel for RM53.24mil
LB Aluminium 2Q net profit tumbles 64.6% to RM12.3mil
JD.com accuses wealth manager Noah of ensnaring it in years of ‘malicious lawsuits’ as fraud case moves to Shanghai court
Ringgit lower against US dollar for second consecutive day
HeiTech Padu bags RM37mil contract from MoH
Tropicana sells W KL hotel to IOI PFCC, Flora Development for RM270mil
MPI's unit to halt leadframe manufacturing by January 2024
Gamuda wins RM1.77bil contract from Singapore LTA
FBM KLCI extends losses to third straight day
Malaysia attracted RM225bil of approved investments in first nine months of 2023

Others Also Read