CITGO PETROLEUM REPORTS RESULTS
CITGO PETROLEUM REPORTS RESULTS TULSA, Okla., Nov. 1 /PRNewswire/ -- CITGO Petroleum Corp. today
reported an unaudited third quarter income from operations of $66 million for l991, up 51 percent from $43.6 million for the same period last year. Operating profits for the nine months ended in September were $219.2 million, up 10 percent from $200.2 million for the first nine months of l990. All l990 earnings have been adjusted to include results of Champlin Refining and Chemicals Inc., which became part of CITGO as of Jan. 1, l991.
These positive results, which are very favorable compared to the generally lower earnings being reported by the refining and marketing segment of the petroleum industry, are due to several factors according to CITGO President and CEO Ronald E. Hall. "One external factor," Hal6zsaid, "was that margins on transportation fuels during the third quarter of this year were market driven, whereas in l990 they were depressed significantly due to the Iraqi invasion which induced higher crude oil costs that were not totally recoverable in the market. "Internally, lubricants margins were substantially improved over last year's results, and we were able to take advantage of the synergies resulting from the integration of Champlin's operations into CITGO. Also, sales were especially strong during the quarter as we continued to experience significant sales growth in our light oils, lubricants and petrochemical businesses. "By the end of the third quarter, the rebuilding of the fire- damaged catalytic cracking unit at our Lake Charles, La., refinery had been completed and it is again producing high quality products which should positively influence fourth quarter earnings." -0- 11/1/91 /CONTACT: Kent Young of CITGO Petroleum Corp., 918-495-4000, ext. 5111/ CO: CITGO Petroleum Corp. ST: Oklahoma IN: OIL SU: ERN RM -- SF001 -- 0231 11/01/91 12:32 EST
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|Date:||Nov 1, 1991|
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