After the publication of the results of the first quarter 2021 of CITGO Petroleum Corporation (CITGO), the ad hoc Administrative Board of Petróleos de Venezuela (PDVSA) highlighted the commitment of its subsidiary and all its workers to overcome each of the challenges that the oil industry has faced during 2020 and the first months of 2021.
The state oil company noted that despite the impact of winter storm Uri in February, which generated almost two-thirds of the quarter’s losses, CITGO posted an overall improvement in quarterly performance driven by higher profit margins and a higher utilization rate of the refineries. It added that the financial and operational robustness that CITGO has achieved, maintains it as one of the least affected companies among the leaders in the industry.
Additionally, the board explained that the performance of the subsidiary during the first months of 2021 marks the first positive quarterly adjusted EBITDA result for the company since the COVID-19 pandemic began, and this, together with the strengthening of the demand for products in the U.S. – which continues to recover as vaccination rates and reliability in land and air mobility increase – builds confidence to continue to improve CITGO’s performance in the second quarter.
PDVSA’s ad hoc Administrative Board recognized the performance of CITGO’s new management and highlighted the determination and resilience they have had to overcome each of the challenges faced as a team.