citgo layoffs 2020
First quarter operational and performance highlights: Second Quarter Strategic Update: Any forward-looking statements are not guarantees of future events and are subject to risks and uncertainties that could cause actual events, developments and business decisions to differ materially from those contemplated by these forward-looking statements. The lengthy outage for the two sites comes during a particularly tough time for some of America’s biggest fuel makers. CITGO transports and markets transportation fuels, lubricants, petrochemicals and other industrial products and supplies a network of approximately 4,700 locally owned and operated branded retail outlets in 30 states and the District of Columbia. CITGO Reports First Quarter 2020 Results. CITGO Petroleum Corporation is owned by CITGO Holding, Inc. Certain information included in this release may be deemed to be "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Our refined Privacy Policy addresses collection and use of personal information. CITGO Headquarters About CITGO  These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions (including current market conditions), expected future developments and other factors they believe to be appropriate. We operate as a privilege, not a right, in the communities we serve. This led to a significant cut in refining capacity utilization globally and in the United States since March. Discover what it’s like to be a part of the CITGO team. The margin to refine a barrel of crude into fuel, as measured by futures prices, is stuck below $10 a barrel, the lowest for this time of year in almost a decade. These risks and uncertainties include, among others, risks related to the effects of the ongoing COVID-19 pandemic, general economic activity, developments in international and domestic petroleum markets, and refinery turnarounds and operations. Analysts expect the refining sector will see the worst of the crisis in the second quarter of 2020. CITGO is actively responding to the extremely challenging economic conditions with the following strategic initiatives: Industry Overview: In a May meeting with the CITGO entities' ultimate shareholder, the PDVSA adhoc board, CITGO Board Chairwoman Luisa Palacios detailed the broader economic and market forces driving the first quarter environment. Current positive expectations about the second half of 2020 rest on assumptions that a demand recovery will lift refinery runs and refinery margins. Guaido's overseas representatives stopped making payment on the 2020 bonds last year. These statements relate to, among other things, expectations regarding the proposed notes offering and the use of proceeds therefrom. Income tax benefits associated with the Coronavirus Aid, Relief, and Economic Security ("CARES") Act. We are committed to safety, sustainability and economic growth everywhere we operate. Recovery from reinsurer for previously incurred costs related to the Athos matter. Phillips 66 said Thursday in a status update that operational restarts “remain largely dependent on resources including access to electricity and other utilities in the region.”, The two refineries make up about 4% of U.S. capacity, Lake Charles unlikely to have power for two to three weeks. CIBC Cuts Portfolio Managers, Traders in 5% Staff Reduction By . The onset of the COVID-19 pandemic combined with crude oil demand destruction were drivers behind the Company's first quarter results and impacted the industry as a whole. “This reduces supplies at a time that gasoline inventories are more than adequate, and diesel inventories are nearly 30% higher than last year,” said Andy Lipow, president of Lipow Oil Associates in Houston. COVID-19 and its development into a pandemic in March 2020 resulted in significant economic disruption, as the U.S. economy contracted nearly 5%, U.S. equity markets fell sharply, crude oil prices fell by 65% from the middle of March to end of May, and significant restrictions on travel and work severely impacted demand for gasoline, diesel and jet fuel. Proceeds received from legal settlements. From high-quality gasoline at your local station to volunteers helping in your community, CITGO is always Fueling Good. Please see the reconciliation table below. CITGO Petroleum is a refiner, transporter and marketer of motor fuels, lubricants, petrochemicals and other industrial products. Before it's here, it's on the Bloomberg Terminal. Keep your engine running its best. and . S&P 500 Tumbles Most in a Month on Virus Spread: Markets Wrap, Czechs Impose Curfew; Warnings in U.S. Midwest: Virus Update, Adelson’s Las Vegas Sands Exploring $6 Billion Sale of Vegas Casinos, Bond Defaults Deliver 99% Losses in New Era of U.S. From high-quality gasoline at your local station to volunteers helping in your community, CITGO is always Fueling Good. April marked the month with the largest refined products demand destruction of 38.5% in comparison to the same month in the previous year. We operate three state-of-the-art refineries in the Gulf Coast and Midwest, as well as lubricants blending plants across the country. These statements also relate to our industry, business strategy, goals and expectations concerning our market position and future operations. “Due to the complexity of the restoration effort, restoring power may take longer for some customers in the region,” the power provider said in a statement on its website. It is the rare company that can stand strong after more than a century. Like most websites, this one uses cookies for functional and analytical purposes. Like most websites, this one uses cookies for functional and analytical purposes. Citgo has assessed the damage to its Lake Charles refinery, which has a capacity of 418,000 barrels a day, as moderate to severe, according to the Louisiana Department of Environmental Quality. CITGO Headquarters People trust CITGO to deliver reliable products that fuel their day. Brett Coomer, ... issue layoffs and cut hours. Palacios pointed to the concrete, proactive steps taken by CITGO to ensure the company is well-positioned to weather current economic conditions and seize the initiative when markets improve. TOP TIER™ CITGO TriCLEAN® gasoline. However, as all states have recently lifted stay-at-home orders, analysts expect a gradual recovery in demand in the second half of 2020. 1293 Eldridge Parkway, Houston TX 77077 Layoffs: Downsizing related discussion, postings, questions and answers. We have used the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar terms and phrases to identify forward-looking statements, which speak only as of the date of this release. Chevron Corp. The infrastructure damage is still being assessed by Citgo’s teams, Kate Robbins, a spokeswoman for Houston-based Citgo, said Friday in an email. The economic disruption led to a collapse of margins for petroleum products with the gasoline crack turning negative, a development not seen since the 2008 credit crisis. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or could otherwise materially affect our financial condition, results of operations and cash flows. We caution readers that these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from the results that are projected, expressed or implied. CITGO operates three refineries located in Corpus Christi, Texas; Lake Charles, La. The forward-looking statements contained in this release are made only as of the date of this release. Oil refineries owned by Citgo Petroleum Corp. and Phillips 66 in Louisiana may be facing many more weeks of downtime as they wrestle with the loss of … RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA, Interest expense, including finance lease, Amortization of loan origination fees in interest expense, Lower of cost or market inventory adjustment. In such an environment, gasoline demand is expected to lead the recovery, while the health of distillate demand will be connected to the recovery of GDP growth, and jet demand is expected to lag. “We are working diligently to get the units back in service.”. Oil refineries owned by Citgo Petroleum Corp. and Phillips 66 in Louisiana may be facing many more weeks of downtime as they wrestle with the loss of power and damage related to Hurricane Laura’s assault on the area last week. With approximately 3,400 employees and a combined crude capacity of approximately 769,000 barrels-per-day (bpd), CITGO is ranked as the fifth-largest, and one of the most complex independent refiners in the United States. Every pump. 1 Adjusted EBITDA is a Non-GAAP financial measure. HOUSTON, June 12, 2020 /PRNewswire/ -- CITGO Petroleum Corporation ("CITGO") today reported its first quarter 2020 performance results, including a net loss of $159 million and an adjusted EBITDA1  of $38 million excluding the effect of special items. Bankruptcies, Apple Developing Smaller AirPods Pro, Revamped Entry-Level Model. Every grade. ; and Lemont, Ill., and wholly and/or jointly owns 48 terminals, ten pipelines and three lubricants blending and packaging plants. Phillips 66 told the department the damage to its 260,000 barrels-per-day refinery is mild to moderate. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate, and the forward-looking statements based on these assumptions could be incorrect. "We believe CITGO has proactively prepared itself for a stress scenario by reducing operating and capital costs, tapping the markets to obtain additional liquidity, and proceeding with planned maintenance activities in the second quarter while the opportunity cost and demand levels are low," said Palacios.


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