Venezuela's state-owned refiner Citgo Petroleum's net profits fell 81% in the fourth quarter of 2023, according to its most recent regulatory filing on Thursday.
Venezuela’s state-owned refiner Citgo Petroleum’s net profits fell 81% in the fourth quarter of 2023, according to its most recent regulatory filing on Thursday. The state-run refinery, which operates three refineries in the United States, saw its net profits plunge to $1.54 million for the fourth quarter, down from $806 million in the fourth quarter of the previous year.
“Strong demand, favorable market conditions and solid operational and commercial performance contributed to our second-best annual financial performance in 2023,” Citgo’s CEO Carlos Jorda said in a Thursday statement. Citgo is the subject of a court auction of shares of its parent, PDV Holding, to compensate for claims made against Venezuela for the expropriation of oil and gas assets. First-round bids are in, and a second bidding round will take place sometime this year.
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