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CITGO PETROLEUM REPORTS NET INCOME

 CITGO PETROLEUM REPORTS NET INCOME
 TULSA, Okla., April 28 /PRNewswire/ -- CITGO Petroleum Corp. today


reported net income of $27 million on revenues of $1.9 billion for the first quarter of 1992 compared with net income of $41 million on revenues of $2.3 billion for the same period last year. Operating profits for the three months ended in March were $63.4 million compared with $93.1 million in 1991. Figures for 1991 were restated to reflect an accounting change.
 "The squeeze on refining and marketing margins which began in the last quarter of 1991 has continued through the first quarter of 1992. Throughout much of CITGO's marketing area, the industry pricing policy aimed at maintaining market share during the current economic slowdown has led to this squeeze," said Ronald E. Hall, CITGO president and CEO. "More fundamentally, I am concerned that the increased costs associated with regulatory and environmental compliance are not yet recognized by the industry nor are they being passed through in product prices. Until the industry starts recovering these costs we can expect to see hard times, more refineries closing or being offered for sale and operations being curtailed.
 "On a more positive note, CITGO's lubricants business continues to have good results and our petrochemicals business, while not as profitable as last year's excellent first quarter, continues to report good earnings. Moreover, crude oil processing margins are showing some slight improvement in April and we are cautiously optimistic that refining and marketing margins will improve in the second and third quarters."
 CITGO is a refiner, marketer and transporter of transportation fuels, lubricants, petrochemicals, refined waxes, asphalt and other industrial products. It is owned by an indirect wholly owned subsidiary of Petroleos de Venezuela, S.A., the national oil company of Venezuela.
 -0- 4/28/92
 /CONTACT: Kent Young of CITGO Petroleum, 918-495-5111/ CO: CITGO Petroleum Corp. ST: Oklahoma IN: OIL SU: ERN


MM -- SF009 -- 3936 04/28/92 15:16 EDT
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Publication:PR Newswire
Date:Apr 28, 1992
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