CITGO Petroleum Corporation reported a net profit of $100 million for the second quarter of 2025, following a loss of $82 million in the previous quarter. The company announced EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of $325 million and adjusted EBITDA of $346 million. This return to profitability is driven by improved market conditions and stable operational performance across its three refining sites. The average utilization rate of facilities reached 101%, indicating intensive use of available capacity.
Record utilization at Lake Charles, Lemont and Corpus Christi refineries
Total throughput for the quarter reached 858,000 barrels per day (bpd), including 816,000 bpd of crude oil. The Lake Charles refinery set a new quarterly crude processing record of 478,000 bpd, with a monthly peak of 482,000 bpd in June. The site’s average crude utilization rate was 103%, alongside a new monthly record for distillate production.
The Lemont refinery also maintained strong activity, with a utilization rate of 101%, achieving monthly and quarterly records in jet fuel production. It received the 2024 Grand Slam Railroad Award, granted by four major railroads for its logistics performance. At Corpus Christi, the share of light crude processing rose from 41% in Q1 to 57% in Q2, with an overall utilization rate of 95%.
Spending reductions and revised turnaround schedules
Spending related to turnarounds and catalysts totaled $36 million in Q2, with an additional $105 million in direct capital expenditures. CITGO reduced its total investment budget for 2025 from $960 million to $696 million, following the deferral of scheduled maintenance at Lake Charles and Lemont to 2026.
Quarter-end liquidity stood at $2.6 billion, including full availability under a $500 million accounts receivable securitization facility. In April, the company also used cash on hand to retire $50 million of secured industrial revenue bonds.
Commercial momentum and loyalty program growth
Fuel sales reached 431,000 bpd, a slight increase over the first quarter. The Club CITGO® loyalty program recorded an all-time high of 6.2 million gallons in May, with an 8% increase in member visits.
The East Chicago truck rack saw a new daily record in gasoline loadings. Meanwhile, the Sour Lake Pipeline — which supplies the Lake Charles refinery — reached a peak daily throughput of 297,000 bpd. Once the expansion project is completed by year-end, total pipeline capacity will increase to 320,000 bpd.
Non-refining business performance and corporate impact
The Lubricants and Terminals and Pipeline (TPL) units maintained incident-free environmental and safety records during the quarter. The TPL segment received the 2024 Safety Excellence Award from the International Liquid Terminals Association (ILTA).
Non-refining activities generated EBITDA of $100 million, including $50 million from TPL, $49 million from marketing, and $14 million from lubricants. Corporate expenses weighed in at $90 million, bringing consolidated EBITDA to $325 million.
