Citgo's profit rose to $452 million in 2025 amid higher margins

HOUSTON, March 5 (Reuters) - U.S. refiner Citgo Petroleum saw a 48%-increase in its net profit to $452 million last year, the company reported on Thursday, helped by improved refining margins and an annual crude processing record of 760,000 barrels per day (bpd).

The seventh largest U.S. refiner, owned by Venezuela, is expected to be taken over by an affiliate of hedge fund Elliott Investment Management following the completion last year of a court-ordered auction to pay creditors, if the U.S. Treasury Department greenlights the transaction.

Citgo's total annual throughput increased to 833,000 bpd with a crude utilization rate of 92% last year, from 811,000 bpd in 2024. The company's liquidity declined to $2.45 billion at the end of 2025 after reducing gross debt, versus $3.8 billion a year earlier.