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Home Energy Company News By Charles Kennedy - Nov 12, 2026, 8:39 PM CST CITGO Petroleum reported record third-quarter earnings as strong refining margins and unprecedented crude processing rates boosted profitability across its U.S. refinery network. The Houston-based refiner posted net income of $2.2 billion for the third quarter of 2026, more than double the $936 million recorded in the previous quarter. Adjusted EBITDA climbed to $2.96 billion from $1.39 billion, marking the strongest quarterly earnings performance in the company's history.
The results were supported by higher refining margins and record operational performance across CITGO's three refineries in Louisiana, Texas, and Illinois. Total refinery throughput reached 904,000 barrels per day (bpd), an increase of 10% from the second quarter. Crude processing hit a quarterly record of 855,000 bpd, with average crude utilization reaching 103% of rated capacity.
Distillate production also reached a record 365,000 bpd, including 208,000 bpd at the company's Lake Charles refinery in Louisiana. Meanwhile, the Corpus Christi refinery in Texas achieved a quarterly crude processing record of 176,000 bpd. The performance contributed to a significant improvement in year-to-date profitability.
CITGO generated adjusted EBITDA of $4.71 billion during the first nine months of 2026, compared with $804 million during the same period last year. The latest figure also surpassed the company's previous full-year adjusted EBITDA record, established in 2022. CITGO now projects full-year 2026 EBITDA of between $7.2 billion and $7.5 billion, substantially above the approximately $5.8 billion forecast issued in August.
However, the latest projection is below a preliminary range of $7.7 billion to $8 billion reportedly shared with investors in October. The company attributed favorable refining conditions to tight market fundamentals and geopolitical risks supporting fuel margins. Strong earnings also boosted CITGO's financial position.
The company generated an additional $2 billion in cash during the quarter, ending September with $4.9 billion in available liquidity. It expects its year-end cash balance to reach between $6.7 billion and $7 billion, assuming no significant working capital changes. CITGO continues to invest in refinery upgrades, with projected full-year capital expenditures, turnarounds, and catalyst spending totaling $856 million.
A crude fractionation and yield improvement project at Corpus Christi is expected to reach mechanical completion in December, with operations scheduled to begin in January 2027. The refiner also expanded distillate exports from the U.S. Gulf Coast to Europe, Brazil, and the Caribbean, reflecting continued international demand for refined petroleum products.
The record results come amid an ongoing legal dispute over CITGO's ownership. A U.S. court approved a $5.9 billion bid from an affiliate of Elliott Investment Management for CITGO's parent, PDV Holding, in 2025, but appeals and regulatory requirements have delayed completion of the transaction. CITGO operates approximately 829,000 bpd of rated refining capacity across its three U.S. facilities, making it a significant supplier of gasoline, diesel, and other petroleum products to domestic and international markets.
By Charles Kennedy for Oilprice.com More Top Reads From Oilprice.com Fusion's Next Race Is Over Superconducting Tape, Not Plasma Global Power Grid Expansion Surges 50% to Record High Brent Briefly Hits $94 After Trump Says U.S. Has No Need for Iran Deal Back to homepage Charles Kennedy Charles is a writer for Oilprice.com More Info EXXON Mobil -0.35 Open 57.81 Trading Vol. 6.96M Previous Vol. 241.7B BUY 57.15 Sell 57.00 "
