Citgo Petroleum posts fourth quarter net loss of $255 million
5/7/2021
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.