In 2025, CITGO once again established itself as a model of operational excellence and an industry leader, with exceptional results, new processing records, strong financial stability, and high standards of safety and transparency. These achievements demonstrate the technical expertise and commitment of the workforce and the entire corporate chain to maintaining professional and responsible management, focused on the continuous improvement of operations and the preservation of this essential asset for Venezuelans.
At the end of 2025, CITGO reported a net income of $452 million, representing an increase of more than $145 million in revenue compared to the figure reported in 2024. This outstanding financial performance was driven primarily by the sustained operation at high capacity levels of CITGO’s three refineries (Lake Charles, Lemont, and Corpus Christi), as well as a reduction in operating expenses, efficient scheduled outages, and a decrease in unplanned events.
The company closed 2025 with liquidity of USD 2.45 billion, while the average annual refining gross margin stood at $11.48/bbl, supported by lower operating costs and a more favorable market environment.
Increases in production and operational capacity
Throughout the year, the company maintained high levels of operational strength and efficiency, which were reflected in an increase in total processing capacity (crude oil and other petroleum products), rising from 855,000 barrels per day (MBPD) in 2024 to 875 MBPD at the end of 2025.
Average crude oil processing stood at 760 MBPD, compared with 753 MBPD the previous year. Meanwhile, total nominal refining capacity increased to 829 MBPD, up from 807 MBPD in 2024, due primarily to upgrades at the Lemont and Lake Charles refineries.
Despite an environment marked by the slow recovery of refining margins and other external factors, the company managed to improve its profitability and strengthen its operations, with an average utilization rate of 92% and an improvement in the reliability index, which stood at 4.38 equivalent days of downtime, compared to 4.85 days in 2024.
These improvements in production and operational capacity were driven by the outstanding performance of CITGO’s three refineries, which achieved significant operational milestones in 2025, including record-breaking processing volumes and increased operational reliability.
- Lake Charles set new records at the end of the year, processing 499.3 MBPD of crude oil and producing a total of 524.7 MBPD of products, thanks to highly reliable operations, a 96% utilization rate, improved maintenance efficiency, and cost optimization.
- Lemont set a new annual record of 193 MBPD in total processing, including 176 MBPD of crude oil, with a utilization rate of 96%.
- Corpus Christi processed 202 MBPD of total feedstock, including 126 MBPD of crude oil, following the successful completion of a major scheduled turnaround at the crude and vacuum units, and the implementation of three strategic projects to increase processing capacity and improve distillate yields. During the execution of these activities, the milestone of one million man-hours without a recordable incident was achieved.
During the year, CITGO also completed 15 strategic projects, including the expansion of the Sour Lake pipeline, increasing its capacity to 310 MBPD, thereby strengthening supply logistics.
Focus on environmental and process safety
2025 was also a pivotal year for CITGO in terms of process safety and environmental performance, reinforcing the company’s unwavering commitment to sustainability, corporate responsibility, and maintaining high safety standards for workers and communities.
At the end of the year, the number of reportable events, as defined by the U.S. Occupational Safety and Health Administration (OSHA), decreased to: 6 process safety incidents, compared to 9 incidents in 2024, and 8 environmental incidents, compared to 15 such incidents in 2024.
For its part, CITGO’s Process Safety Performance Index in 2025 was the second-best since 2015, reflecting the consolidation of a culture focused on promoting and maintaining high standards of operational safety.
The Ad Hoc Administrative Board of PDVSA reaffirms its absolute confidence in CITGO’s operational soundness and institutional integrity, highlighting the essential role of ethical, responsible, and professional management, which has been instrumental in safeguarding and strengthening one of the nation’s most strategic assets.
CITGO is not only vital to the United States’ energy security, but also serves as a cornerstone for protecting Venezuela’s national assets, defending its interests, and ensuring the country’s future economic recovery. Preserving and strengthening CITGO is a matter of national importance.
