CITGO Petroleum today disclosed that it was able to increase its refining
capacity by 20,000 b/d, representing only the second such increase in 20 years.

The news came via a board of directors review of the company's performance in
the first nine months of 2019. CITGO reported net income of $270 million for
the first nine months of 2019, with a robust $215 million in the third quarter.
A press release noted that CITGO is on pace to have one of its best years in
its history in terms of safety and environmental performance.

CITGO ran an average 825,000 b/d of crude and feedstock in the third quarter,
with crude accounting for 724,000 b/d of that number and intermediate feedstock
amounting to 101,000 b/d. So far in 2019, the company has averaged 784,000 b/d
of throughput, which breaks down to 676,000 b/d of crude and 108,000 b/d of
intermediates.

Operations at the Gulf Coast were particularly brisk with a new quarterly
record run rate of 366,000 b/d. Credit for the high run rate goes to the Corpus
Christi, Texas, plant, which saw improvements that boosted light crude
processing capability after a turnaround.

"Throughout 2019, we have worked diligently to strengthen the company," noted
CITGO board Chair Luisa Palacios. She pledged that efforts to build financial
strength, operational flexibility and sounder corporate governance would
continue "to pay off as we look to 2020."

President and CEO Carlos Jorda noted that the refiner has faced many challenges
in 2019, but cited CITGO's commitment to making and selling quality products
and serving customers and communities.

--Tom Kloza, tkloza@opisnet.com


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