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.