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CITGO PETROLEUM REPORTS EARNINGS

 TULSA, Okla., May 5 /PRNewswire/ -- CITGO Petroleum Corp. today reported net income of $18.6 million on revenues of $2.1 billion for the first quarter of 1993 compared with net income of $26.8 million on revenues of $1.9 billion for the same period last year. Income from operations for the three months ended in March was $49.1 million compared with $59.9 million in 1992. Figures for 1992 were restated to reflect accounting changes related to Financial Accounting Standards 106 and 109.
 "CITGO's earnings continue to be plagued by the same low refining margins which the rest of the refining industry located east of the Rocky Mountains is experiencing," stated Ronald E. Hall, CITGO president and chief executive officer. "That fact," he continued, "combined with extremely competitive markets, a major turnaround of a Corpus Christi, Texas, refinery crude unit and other factors created one of the lowest earnings periods we have ever experienced. We remain hopeful that market conditions will change, but for the moment we are not very optimistic."
 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- 5/5/93
 /CONTACT: Kent Young of CITGO, 918-495-5111/


CO: CITGO Petroleum Corp.; Petroleos de Venezuela, S.A. ST: Oklahoma IN: OIL SU: ERN

TM -- SF003 -- 4833 05/05/93 11:26 EDT
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Publication:PR Newswire
Date:May 5, 1993
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