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CITGO Reports First Quarter 2021 Results


CITGO Reports First Quarter 2021 Results
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HOUSTON, May 21, 2021 /PRNewswire/  CITGO Petroleum Corporation ( CITGO ) today reported its first quarter 2021 performance results, including a net loss of $180 million, an EBITDA loss of $(21) million and Adjusted EBITDA
1 of $10 million. The quarter marked the first positive quarterly Adjusted EBITDA for CITGO since the full onset of the coronavirus pandemic.
The company s overall quarterly performance was affected primarily by its February results, which were negatively impacted by the effects of Winter Storm Uri and accounted for approximately two-thirds of the total net loss for the quarter. The storm disrupted approximately six million barrels of industry refining capacity, which included a forced, complete shutdown of the Corpus Christi refinery for approximately two weeks. As a result, CITGO incurred approximately $21 million in repair costs during th ....

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