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CITGO PETROLEUM REPORTS THIRD QUARTER EARNINGS

 CITGO PETROLEUM REPORTS THIRD QUARTER EARNINGS
 TULSA, Okla., Nov. 4 /PRNewswire/ -- CITGO Petroleum Corp. today


reported net income of $39 million on revenues of $2.5 billion for the third quarter of 1992 compared to net income of $26 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 September were $85.2 million compared to $70.8 million in 1991.
 Nine month year-to-date net income for 1992 was $92.2 million, compared to $92.7 million for 1991. Operating profits year-to-date were $213 million compared to $234 million in 1991.
 Both third quarter and year to date earnings figures for 1991 have been restated to reflect an accounting change, and both were negatively impacted by reduced production while a catalytic cracking unit at the Company's Lake Charles, La., Manufacturing Complex was being repaired.
 "CITGO'S sales volume," stated CITGO President and CEO Ronald E. Hall, "continues to grow at faster rates than those of the industry; our operations are excellent; and our safety performance is outstanding. But, the margin squeeze the refining industry is experiencing, coupled with the increasing regulatory burden, has not allowed us to realize the full benefit of these excellent operations.
 "CITGO's strong third quarter performance is better than the slight improvement being reported by others in our industry," said Hall. "Nevertheless, we, as well as the entire U.S. refining and marketing industry, continue to struggle with the increased regulatory burden and its associated costs which only have limited opportunity to be recovered in the highly competitive marketplace. All of us favor cleaner air and water; none of us favor government regulations which dictate how the goals must be achieved. Instead, competitive pressures demand that we be allowed to determine the most economical ways to achieve them."
 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- 11/4/92
 /CONTACT: Kent Young of CITGO Petroleum, 918-495-5111/ CO: CITGO Petroleum Corp. ST: Oklahoma IN: OIL SU: ERN


TM -- SF009 -- 2642 11/04/92 16:01 EST
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Date:Nov 4, 1992
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