Second Quarter 2026 Highlights

• Generated net income of $936 million; EBITDA^[1]  of $1.38 billion; and Adjusted EBITDA¹ of $1.39 billion, the second highest quarter on record
• Achieved total refinery throughput of 820,000 bpd and an overall average crude utilization rate of 97%
• Ended the quarter with $2.9 billion in liquidity, including full availability under the Company’s $500 million accounts receivable securitization facility, which was extended through Dec. 31, 2026
• Invested $114 million in turnarounds and catalyst work and $128 million in capital projects during the quarter
• Received positive rating actions from Fitch Ratings after quarter-end, as CITGO Petroleum’s outlook revised to Positive and CITGO Holding upgraded to B-

HOUSTON, Aug. 13, 2026 /PRNewswire/ — CITGO Petroleum Corporation (“CITGO”) today reported second quarter 2026 financial and operational results. Strong U.S. refined product margins relating to global supply disruptions helped drive second quarter net income of $936 million, EBITDA of $1.38 billion and Adjusted EBITDA of $1.39 billion.

“CITGO delivered another quarter of strong operational and financial performance, led by our team’s solid execution and the strength of our refining and commercial system,” said Carlos Jordá, President and CEO of CITGO Petroleum Corporation. “As we look to the remainder of the year, we are balancing near-term market opportunities with longer-term investment priorities by shifting certain planned investments into 2027. We remain focused on safely and reliably executing across our system while maintaining flexibility to support our operations and strategic investment priorities.”

“Our thoughts are with the people of Venezuela affected by the recent earthquakes,” Jordá continued. “The company launched an employee matching program and approved a $10 million donation to the Simón Bolívar Foundation to support relief efforts for people affected by the earthquakes that struck Venezuela on June 24. The donation will be allocated to reputable international organizations that will provide emergency supplies and immediate assistance, maximizing the impact of aid in the affected areas.”

Operational and Commercial Highlights

Operational Excellence: Health, safety and environmental (HSE) performance remains central to CITGO’s operational discipline. During the second quarter, the Company delivered strong environmental performance while continuing to focus on strengthening occupational and process safety performance across its operations.

Second-quarter total refinery throughput was 820,000 bpd, down slightly compared to the first quarter due to turnaround activities and unplanned outages, with an overall average crude utilization rate of 97% across CITGO’s three refineries. Second quarter refinery highlights include Lake Charles’ achievement of monthly crude rate and distillate production records in April and Lemont’s successful completion in May of a major turnaround block on its fluid catalytic cracking and alkylation units. These results underscore CITGO’s ongoing focus on disciplined operations and continued execution across its refining system.

Commercial Excellence: Marketing sales volume was 414,000 bpd in the second quarter, with strong branding activity and Club CITGO® loyalty-related gallons increasing 28% year over year. Additionally, the Terminals and Pipelines business unit delivered strong operating performance during the quarter, and the Sour Lake Pipeline set a new daily pumping maximum rate in May.

CITGO’s international market activities during the quarter were led by cargoes delivered to Europe, the Caribbean and South Africa. The Company also grew its jet fuel footprint with U.S. airline carriers in Chicago and Florida. In addition, the Brownsville terminal set a new quarterly record for Ultra-Low Sulfur Diesel (ULSD) export sales, more than doubling the previous record set in the third quarter of 2025. Together, these results demonstrate the strength and flexibility of CITGO’s commercial platform across domestic and international markets.

Full-Year 2026 Forecasts

The current refining markets reflect both a tight supply-demand balance and a geopolitical risk premium. Commodity market forward curves can be volatile and are influenced by industry fundamentals, as well as broader macroeconomic and geopolitical developments. Based on forward curves as of late July, CITGO is projecting full-year 2026 EBITDA of approximately $5.8 billion and a year-end cash balance of approximately $5.7 billion, assuming no material changes in working capital.

Projected 2026 capital expenditures and turnaround and catalyst spending declined slightly from $985 million to $867 million as a result of shifting the Lake Charles coker turnaround into 2027 and the deferred funding of the strategic Lake Charles depentanizer project. Taking these schedule changes into account, CITGO’s strategic capital program remains on track. The program is highlighted by the Corpus Christi crude unit expansion project and the Lake Charles depentanizer project, which are designed to improve refining efficiency and increase product yields. 

With strong second quarter results driven by continued excellence in operational and commercial performance, combined with a disciplined approach to capital management, CITGO remains well-positioned to continue to capitalize on opportunities in this strong margin environment.

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. The reconciliation of net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA is presented in the table above.}

⁽¹⁾ The Refinery EBITDA Estimates and EBITDA Estimates for CITGO’s Non-Refining Business Units presented in the table above are non-GAAP financial measures. The table above includes further detail on a by refinery basis, as well as for each of CITGO’s Non-Refining Business Units.

⁽²⁾ Reflects activities related to sales of refined products, both externally and to CITGO’s Marketing function.

⁽³⁾ Includes corporate staff and overhead costs, and other revenues and expenses that are not allocated to Refineries or Non-Refining Business Units.

¹ EBITDA and Adjusted EBITDA are non-GAAP financial measures. For additional information, please see “General Information – Non-GAAP Financial Measures” on pages 3-4 of this press release and the reconciliation of EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure on page 4 of this press release.

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SOURCE CITGO Petroleum Corporation