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Full year results exceeded the company’s earlier forecast. Citgo also said fourth quarter net profit was $806 million, and earnings before interest, taxes and depreciation for the final quarter was $1.2 billion.
Last year’s strong profits allow it to pay dividends to its parent company that were used to reduce debt by $489 million, the company said.
The results reflect “a strong foundation of operational and commercial excellence, asset stewardship and safety,” said CEO Carlos Jordá in a statement.
Citgo’s three U.S. refineries operated at record production levels in the fourth quarter. The trio processed a combined 797,000 barrels per day (bpd) of crude oil in the final quarter, a 104% utilization rate.
