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Citgo Petroleum reports Q1 profit of $410 MM

Oil refiner Citgo Petroleum reported its first quarter net fell 56% to $410 MM, from $937 MM in the same period a year ago.

The Venezuela owned company said it throughput rose to 830,000 bpd, the third highest in its history, up from 814,000 bpd in the year-ago quarter. Its average crude utilization rate was 95%, the company said.

"We achieved these results with turnaround activities underway at two refineries while successfully restarting two offline units that we believe will further enhance our crude processing capabilities," CEO Carlos Jorda said in a statement.

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