CITGO Posts Record Net Income of $2,199 Million in Third Quarter
Key Facts
CITGO reported net income of $2,199 million for the three months ended September 30, 2026, up from $936 million for the three months ended June 30, according to its earnings statement published on November 12. EBITDA, or earnings before interest, taxes, depreciation and amortization, was $3,008 million in the third quarter, compared with $1,381 million in the second quarter. The company also posted adjusted EBITDA of $2,958 million, compared with $1,394 million in the previous period. CITGO attributed the performance to strong refining margins and record refinery results. The figures put the third quarter at the top of the company’s operating results, while the comparison shows improvement from the previous quarter in income and operating earnings measures.
Chief Executive Carlos Jordá said the refineries "operated at record rates with strong margin capture," adding that the commercial teams supported the refineries and capitalized on market opportunities. The statement reported total refinery throughput of 904 thousand barrels per day in the third quarter, up 10% from the second quarter. Average crude utilization across the company’s three refineries was 103%. CITGO also posted record quarterly crude runs of 855 thousand barrels per day across its refineries. The company linked the strong refining margins to elevated operating levels that supported the period’s results, without attributing them to sustained demand for refining operations.
Record performance extended to distillate production, which reached 365 thousand barrels per day across the three refineries in the third quarter, a company quarterly record. The Lake Charles refinery led the achievement with record production of 208 thousand barrels per day. These figures show the scale of the refineries’ contribution to refining activity during the period, alongside total throughput of 904 thousand barrels per day. Jordá said the commercial teams supported the refineries as they captured market opportunities, while noting continued investment in strategic projects. This came as crude runs and distillate production reached higher levels in the same quarter.
Year-to-date adjusted EBITDA reached $4.7 billion for the nine months ended September 30, exceeding the company’s previous annual earnings record, set in 2022. That year, CITGO reported net income of $2.8 billion and EBITDA of $4.4 billion. The comparison provides context for the earnings level the company reported before the end of 2026, as year-to-date adjusted performance surpassed the total annual EBITDA recorded in 2022. This measure differs from the reported third-quarter net income and from unadjusted EBITDA for the period. The earnings statement confirmed that year-to-date adjusted earnings had exceeded the previous annual record.
CITGO added $2 billion to cash during the third quarter and ended the period with liquidity of $4.9 billion, according to the statement. Liquidity includes full availability under the $500 million receivables securitization facility. The company expects its year-end 2026 cash balance to range from $6.7 billion to $7.0 billion, assuming no material changes in working capital. It also set a full-year EBITDA guidance range of $7.2 billion to $7.5 billion. These projections provide a framework for the company’s year-end targets, following the cash increase recorded during the third quarter.
CITGO’s 2026 plan includes capital spending, maintenance and turnarounds totaling an expected $856 million. The plan includes three strategic projects: two at the Corpus Christi refinery and one at the Lake Charles refinery. Jordá said the company continued investing in its strategic projects while operating the refineries at record rates. This spending is part of the company’s priorities for the current year, alongside its earnings and liquidity projections. The Corpus Christi project is expected to start operations in early 2027, according to the context provided on projects related to the results.