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CITGO PETROLEUM REPORTS RESULTS

 CITGO PETROLEUM REPORTS RESULTS
 TULSA, Okla., July 28 /PRNewswire/ -- CITGO Petroleum Corp. today


reported net income of $26 million on revenues of $2.5 billion for the second quarter of 1992 compared to net income of $25 million on revenues of $2.2 billion for the same period last year. Operating profits, before interest and income taxes, for the three months ended in June were $64.6 million compared to $69.0 million in 1991. Earnings figures for 1991 have been restated to reflect an accounting change.
 Six month year-to-date net income for 1992 was $53 million, down $13 million from 1991.
 "Earnings, with some exceptions, continue to mirror an industry wide squeeze which began in the latter part of 1991," said Ronald E. Hall, CITGO President and CEO. "Petroleum refining and marketing costs continue to spiral upward, but flat demand for gasoline has created a reluctance to pass these higher costs on to the consumer. Expenses from continuing excessive government regulation, combined with decreasing refining margins and a sluggish U.S. economy, are exacerbating the problems facing the industry.
 "Despite all of these negatives," he said, "we note many bright spots in our operations. Our sales performance in light finished products and branded marketing remain on track. Moreover, our lubes business continues to experience excellent performance. In addition, all of our operations continue to perform in a safe, reliable and environmentally sound manner. Our second quarter earnings compare very favorably with those others in our industry who do not market on the West Coast where margins have been higher."
 CITGO is a refiner, transporter, and marketer 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- 7/28/92
 /CONTACT: Kent Young of CITGO Petroleum, 918-495-5111/ CO: CITGO Petroleum ST: Oklahoma IN: OIL SU: ERN


RM -- SF007 -- 4112 07/28/92 12:48 EDT
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Date:Jul 28, 1992
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