HOUSTON—Refiner Citgo Petroleum Corp. on Thursday reported a record net profit of $2.8 billion for 2022 on strong motor fuel demand, high margins, and refining output that exceeded its plants’ listed capacity.
Rebounding from a loss of $160 million in 2021 and two straight years of losses, the results for last year also exceeded the Houston-based company’s earlier forecast.
Earnings across the U.S. refining sector jumped last year as fuel prices climbed sharply on the post-COVID 19 pandemic economic recovery and on global fuel shortages caused by Ukraine’s conflict.
Fourth quarter net profit was $806 million, compared with $21 million in the same period a year ago. Earnings before interest, taxes, and depreciation for the final quarter was $1.2 billion, versus $139 million a year ago….