Third Quarter 2026 Highlights

• Generated net income of $2.2 billion and EBITDA and Adjusted EBITDA¹ of $3.0 billion, the best quarterly earnings on record
• Generated year-to-date Adjusted EBITDA of $4.7 billion, which exceeds the Company’s previous full-year earnings record set in 2022
• Achieved total refinery throughput of 904,000 barrels per day (bpd) at a record crude rate of 855,000 bpd and an overall average crude utilization rate of 103%
• Built $2.0 billion in cash during the quarter, ending the quarter with $4.9 billion in liquidity, including full availability under the Company’s $500 million accounts receivable securitization facility

HOUSTON, Nov. 12, 2026 /PRNewswire/ — CITGO Petroleum Corporation (“CITGO”) today reported third quarter 2026 financial and operational results. Robust refining margins, combined with record-setting refinery performance, led to third quarter net income of $2.2 billion, EBITDA of $3.0 billion, and Adjusted EBITDA of $3.0 billion, compared with second quarter net income of $936 million, EBITDA of $1.4 billion and Adjusted EBITDA of $1.4 billion.

“CITGO delivered an exceptional third quarter on all fronts, operationally, commercially and financially,” said Carlos Jordá, President and CEO of CITGO Petroleum Corporation. “Our refineries ran at record rates with strong margin capture, our commercial teams supported our refineries while capitalizing on market opportunities, and we generated significant cash while continuing to invest in our strategic projects. As we approach year-end, we remain focused on safe, reliable operations and continued disciplined execution.”

Operational and Commercial Highlights

Operational Excellence: Third-quarter total refinery throughput was 904,000 bpd, up 10% compared to the second quarter, and reflecting strong reliability. The overall average crude utilization rate was 103% across CITGO’s three refineries. Other third-quarter refinery highlights include:

• a quarterly crude rate record of 855,000 bpd for all three refineries combined, including a quarterly crude rate record of 176,000 bpd at the Corpus Christi Refinery; and
• a quarterly distillate production record of 365,000 bpd for all three refineries combined, led by a quarterly distillate production record of 208,000 bpd at the Lake Charles Refinery.

CITGO also invested $50 million in turnarounds and catalyst work and $128 million in capital projects during the quarter, including the Corpus Christi crude fractionation and yield improvement project, which is expected to be mechanically complete in December with start up in early January 2027.

Commercial Excellence: Marketing sales volume was 411,000 bpd in the third quarter and new brandings continued at a strong pace. The successful Walmart+ loyalty program integration drove Club CITGO® membership beyond 900,000, more than 400% above the third quarter of 2025. The relocation of the Boston CITGO sign advanced during the quarter, with the new sign structure installed in September.

CITGO increased Gulf Coast distillate exports across Europe, Brazil and the Caribbean, and delivered gasoline from the Chicago area to New York over the bi-directional Laurel Pipeline, becoming the first shipper to use this route. Additionally, reactivation of the Luling, Texas, terminal reached a key milestone with the startup of gasoline loading in early November.

The quarter also brought external recognition, with CITGO’s Cybersecurity Team receiving Forrester’s Security and Risk Leadership Award.

Together, these operational and commercial achievements helped to strengthen CITGO’s financial position, with the Company ending the quarter with $4.9 billion in liquidity, including full availability under the $500 million accounts receivable securitization facility.

Full-Year 2026 Forecasts

The current refining markets reflect both a tight supply-demand balance and a geopolitical risk premium. Based on commodity market prices and forward curves as of early November, CITGO is projecting full-year 2026 EBITDA in the range of $7.2 – $7.5 billion and a year-end cash balance in the range of $6.7 – $7.0 billion, assuming no material changes in working capital. Commodity market forward curves can be volatile and are influenced by industry fundamentals, as well as broader macroeconomic and geopolitical developments.

Projected full-year 2026 capital expenditures and turnaround and catalyst spending total $856 million, including the execution of three strategic capital projects, two at the Corpus Christi Refinery and one at the Lake Charles Refinery.

About CITGO 

CITGO owns and operates three large-scale, highly complex petroleum refineries with a total rated crude oil refining capacity of approximately 829,000 bpd, located in Lake Charles, La., Corpus Christi, Texas, and Lemont, Ill. Our refining operations are supported by an extensive distribution network, which provides reliable access to our refined product end-markets. We own 35 active refined product terminals with a total storage capacity of 18.2 million barrels and have equity ownership of an additional 3.5 million barrels of refined product storage capacity through our joint ownership of an additional eight terminals, spread across 22 states. In addition, we own or have an equity interest in four additional terminals, consisting of approximately 1 million barrels of refined storage capacity, which are currently inactive or only utilized to store feedstocks used in refining operations. We also have access to approximately 150 active third-party and related-party terminals through exchange, terminalling and similar arrangements. Our retail network consists of more than 4,000 independently owned and operated CITGO-branded retail outlets located east of the Rocky Mountains. CITGO and its predecessors have had a recognized brand presence in the U.S. for more than 100 years.

ADDITIONAL INFORMATION

General:

CITGO publishes financial and other information on its website, including reports of quarterly and annual results of operations. While CITGO’s historical financial information is presented in accordance with U.S. generally accepted accounting principles (“GAAP”), CITGO is not an SEC reporting company and does not report all information required of SEC reporting companies. In addition, CITGO publishes certain non-GAAP financial information, including EBITDA and Adjusted EBITDA, as discussed below.

Forward-Looking Statements:

This press release contains “forward-looking statements” regarding financial and operational matters relating to the CITGO business, including forecasts of full-year 2026 results of operations and anticipated year-end 2026 cash position, and expectations regarding capital spending. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are beyond CITGO’s control and could result in expectations not being realized or could otherwise materially and adversely affect CITGO’s business, financial condition, results of operations and cash flows. This press release may also contain estimates and other information regarding market and industry data that were obtained from internal company estimates, as well as third-party sources believed to be generally reliable. However, market data is subject to change and cannot always be verified with certainty due to limits on the availability and reliability of raw data and other limitations and uncertainties inherent in any statistical survey, interpretation or presentation of market data and management’s estimates and projections. The forward-looking statements contained in this press release are made only as of the date of this press release. For additional information, please see CITGO’s most recent annual report and other reports to CITGO noteholders, including the information set forth under the caption “Risk Factors” in CITGO’s annual report for the year ended December 31, 2025. CITGO disclaims any duty to update any such forward-looking statements.

Operational Metrics and Non-GAAP Financial Measures:

This press release also contains operational metrics and non-GAAP financial information, including EBITDA, Adjusted EBITDA and Refinery EBITDA Estimates, that have not been audited and are based on management’s estimates, which may be difficult to verify. These non-GAAP financial measures are presented in addition to and should not be viewed as a substitute for or superior to measures of financial performance prepared in accordance with GAAP. In addition, CITGO’s non-GAAP financial measures may differ from non-GAAP measures used by other companies in our industry. We believe these non-GAAP financial measures, when presented in conjunction with comparable GAAP measures, provide useful supplemental information regarding underlying trends in the Company’s operating performance by excluding items that may not be indicative of the Company’s core operating performance. Please see the reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable GAAP measure set forth in the tables that follow.

¹ EBITDA and Adjusted EBITDA are non-GAAP financial measures. For additional information, please see “Additional Information – Operational Metrics and Non-GAAP Financial Measures” on page 4 of this press release and the reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure on page 5 of this press release.

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SOURCE CITGO Petroleum Corporation