Investments in modernization, financial resilience and operational excellence drive the company’s strategic position in 2024.
Houston, Texas – April 2025
The Ad Hoc Board of PDVSA presented its management results for fiscal year 2024, highlighting the solid performance of its subsidiary CITGO Petroleum Corporation in a year marked by volatile refining margins and global macroeconomic challenges.
Despite a less favorable market environment, CITGO maintained a stable and efficient operation. Its three refineries -Lake Charles, Corpus Christi and Lemont- achieved an average utilization rate of 93%, matching the 2023 operating level, even after executing fourteen scheduled maintenance shutdowns that required significant investments.
Throughout the year, CITGO processed an average of 855 thousand barrels per day, while domestic sales grew to 421 thousand barrels per day, exceeding 2023 levels. In parallel, exports averaged 126 thousand barrels per day, with peaks of up to 149 thousand barrels in the first quarter.
On the financial front, CITGO reported net income of US$305 million. Earnings before interest, taxes, depreciation and amortization reached approximately US$1.1 billion, reflecting the resilience of the operation despite the sustained decline in refining margins, which closed the fourth quarter at just US$6.21 per barrel.
The intensive maintenance strategy, executed in a context of low margins, was aimed at preparing the refineries to face projected high demand in the United States due to the closure of several smaller facilities. In total, US$502 million were invested in deep maintenance and environmental modernization work, strengthening operational reliability and compliance with more demanding regulatory standards.
In terms of industrial safety, CITGO achieved the best process safety performance index in its recent history (0.034), consolidating a trend of incident reduction that began in 2010. In addition, the Lemont refinery received a national award for excellence in occupational safety.
CITGO also strengthened its competitive position in the U.S. energy sector. At the end of 2024, the company ranked as the sixth largest refiner in the country by installed capacity, the second largest producer of aromatics, and the seventh largest producer of sulfur in the key states of Texas, Louisiana, California and Illinois.
PDVSA’s Ad Hoc Board reiterated its commitment to continue protecting the strategic assets of the Republic abroad, guaranteeing their responsible use and strengthening them as the patrimony of all Venezuelans.
