Citgo Petroleum posts fourth quarter net loss of $255 million
Eighth-largest U.S. refiner Citgo Petroleum Corp on Friday reported a $255 million fourth quarter loss as slack demand for fuel and higher costs crushed margins last year.
Citgo reported a full year loss of $667 million, compared with a profit of $246 million in the prior year, the U.S. subsidiary of Venezuela’s state-held oil firm PDVSA said.
Most U.S. refining companies in 2020 suffered deep losses and four facilities halted operations as the COVID-19 pandemic sharply cut fuel demand and sales. Average U.S. gasoline consumption fell 13% last year with gasoline and diesel prices hitting a four-year low, according to government figures.
Citgo's refinery throughput was 638,000 barrels per day (bpd) last year, compared with 800,000 bpd the prior year. (Reporting by Gary McWilliams Editing by Marguerita Choy)
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