Citgo posts $82 million loss in Q1 amid weak margins
Venezuela-owned refiner Citgo Petroleum registered an $82 million net loss in the first quarter, compared with a net income of $410 million in the same period last year, amid weak refining margins, the Houston-based company said on Thursday. Citgo, whose assets are being pursued by expropriated companies and bondholders defaulted by Venezuela through a U.S. court-organized auction, registered red numbers again in its latest period, following a $146 million loss in the fourth quarter. Average throughput of the seventh largest U.S. oil refiner in the first quarter was 833,000 barrels per day (bpd), of which crude runs were 768,000 bpd for an overall crude utilization of 95%, below the 98% registered in the previous quarter.