{"id":1427,"date":"2021-11-16T06:09:00","date_gmt":"2021-11-16T06:09:00","guid":{"rendered":"https:\/\/energiesnet.com\/espanol\/?p=1427"},"modified":"2021-11-22T06:10:18","modified_gmt":"2021-11-22T06:10:18","slug":"citgo-posts-4-mln-quarterly-lossreshuffles-board","status":"publish","type":"post","link":"https:\/\/energiesnet.com\/espanol\/citgo-posts-4-mln-quarterly-lossreshuffles-board\/","title":{"rendered":"Citgo posts $4 mln quarterly loss,
reshuffles board<\/strong>"},"content":{"rendered":"\n

Eric Gay\/ AP

A tanker truck pulls away from a Citgo refinery in Corpus Christi, Texas.<\/p>\n\n\n\n

– Loss on weaker marketing margins and outages
– Working to address operational issues<\/p>\n\n\n\n

By Marianna Parraga \/ Reuters<\/p>\n\n\n\n

HOUSTON
Petroleumworld 11 16 2021

Citgo Petroleum Corp, the eighth-largest U.S. oil refiner, reported on Monday its seventh quarterly loss in the last two years and reshuffled its board of directors, naming three new members.<\/p>\n\n\n\n

Earnings at the U.S. arm of Venezuela’s state oil company, Petroleos de Venezuela (PDVSA), have been under pressure from the COVID-19 fallout and higher costs since U.S. sanctions cut its access to Venezuelan oil.<\/p>\n\n\n\n

The refiner is battling possible seizure by creditors seeking to collect on unpaid debts incurred by PDVSA and Venezuela.<\/p>\n\n\n\n

Citgo reported a third-quarter loss of $4 million on weaker marketing margins and outages, which reduced its crude throughput to 85% from 87% in the second quarter. The company suffered a loss of $248 million in the year-ago period due to slack demand for fuel amid coronavirus lockdowns.<\/p>\n\n\n\n

Refined product exports rose to 136,000 barrels per day (bpd) from 132,000 bpd in the second quarter and 114,000 bpd a year ago, the company said.<\/p>\n\n\n\n

\u00abWhile our quarterly results were challenged despite an improved market environment, we are working to address operational issues,\u00bb Chief Executive Officer Carlos Jorda said in a statement.<\/p>\n\n\n\n

\u00abIncreased mobility is creating more demand for our products … I’m confident we are taking the necessary steps to finish 2021 strong,\u00bb he added.<\/p>\n\n\n\n

Jorda, Citgo legal executive Jack Lynch and Sam Wilhelm, president of a Citgo parent board, were named directors of its board. The three will help steer the company during negotiations between its parent boards and creditors. read more<\/p>\n\n\n\n

Full-year capital spending will be $425 million, down from a $568 million budget at the start of the year. Some savings came in after shifting a plant overhaul into next year, it said.<\/p>\n\n\n\n

Since it severed ties with its parent, PDVSA, in the aftermath of U.S. sanctions on Venezuela, Citgo has been controlled by boards appointed by Venezuelan opposition politician Juan Guaido.<\/p>\n\n\n\n

Luis Giusti, a Venezuelan businessman and current board member, was elected chairman of the seven-person board. He replaced Jose Ramon Pocaterra, who remains a director.<\/em><\/p>\n\n\n\n

_____________

Reporting by Marianna Parraga; Editing by Gary McWilliams, Peter Cooney and Sherry Jacob-Phillips from Bloomberg News<\/p>\n\n\n\n

bloomberg.com<\/a> 11 15 2021<\/p>\n\n\n\n

Copyright \u00a91999-2021 Petroleumworld or respective author or news agency. All rights reserved.<\/p>\n\n\n\n

Petroleumworld.com Copyright \u00a92021 Petroleumworld.<\/p>\n","protected":false},"excerpt":{"rendered":"

Eric Gay\/ APA tanker truck pulls away from a Citgo refinery in Corpus Christi, Texas. – Loss on weaker marketing margins and outages– Working to address operational issues By Marianna Parraga \/ Reuters HOUSTONPetroleumworld 11 16 2021 Citgo Petroleum Corp, the eighth-largest U.S. oil refiner, reported on Monday its seventh quarterly loss in the last …<\/p>\n

Citgo posts $4 mln quarterly loss,
reshuffles board<\/strong><\/span> Leer m\u00e1s »<\/a><\/p>\n","protected":false},"author":1,"featured_media":1428,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[30],"tags":[],"class_list":["post-1427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t