Messages relating to layoffs at Cisco Systems Inc. are presented below the company info. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA, Interest expense, including finance lease, Amortization of loan origination fees in interest expense, Lower of cost or market inventory adjustment. Oil refineries owned by Citgo Petroleum Corp. and Phillips 66 in Louisiana may be facing many more weeks of downtime as they wrestle with the loss of power and damage related to Hurricane Laura’s assault on the area last week. Guaido's team took control of Citgo last year after he was recognized by the U.S. government as Venezuela's rightful leader on the grounds that Maduro rigged his 2018 re-election. It is the rare company that can stand strong after more than a century. “Due to the complexity of the restoration effort, restoring power may take longer for some customers in the region,” the power provider said in a statement on its website. To learn more, please read our updated, Register as a CITGO Commercial Counterparty, Environmental Protection, Conservation & Restoration, 2018 Corporate Social Responsibility Report. Phillips 66 said Thursday in a status update that operational restarts “remain largely dependent on resources including access to electricity and other utilities in the region.”, The two refineries make up about 4% of U.S. capacity, Lake Charles unlikely to have power for two to three weeks.
Current positive expectations about the second half of 2020 rest on assumptions that a demand recovery will lift refinery runs and refinery margins. The therater has laid off 75 percent of its staff and cancelled the rest of its 2019-2020 season, the Houston Chronicle reported. Ford is targeting the elimination of 1,400 U.S. salaried jobs by year end as part of a multiyear $11 billion restructuring.
“This reduces supplies at a time that gasoline inventories are more than adequate, and diesel inventories are nearly 30% higher than last year,” said Andy Lipow, president of Lipow Oil Associates in Houston. From high-quality gasoline at your local station to volunteers helping in your community, CITGO is always Fueling Good.
1 Adjusted EBITDA is a Non-GAAP financial measure. 1-800-992-4846, We are committed to protecting your privacy and we don’t sell your personal information to anyone. Chevron Corp. In a May meeting with the CITGO entities' ultimate shareholder, the PDVSA adhoc board, CITGO Board Chairwoman Luisa Palacios detailed the broader economic and market forces driving the first quarter environment. Extended downtime for the two refineries, which represent about 4% of U.S. crude processing capacity, could help shrink abundant supplies of gasoline and diesel that have stayed high as the Covid-19 pandemic decimated demand. The economic disruption led to a collapse of margins for petroleum products with the gasoline crack turning negative, a development not seen since the 2008 credit crisis. and .
This led to a significant cut in refining capacity utilization globally and in the United States since March. CITGO transports and markets transportation fuels, lubricants, petrochemicals and other industrial products and supplies a network of approximately 4,700 locally owned and operated branded retail outlets in 30 states and the District of Columbia. CIBC Cuts Portfolio Managers, Traders in 5% Staff Reduction By . CITGO Petroleum Corporation is owned by CITGO Holding, Inc. Certain information included in this release may be deemed to be "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995.
The lengthy outage for the two sites comes during a particularly tough time for some of America’s biggest fuel makers. Oil refineries owned by Citgo Petroleum Corp. and Phillips 66 in Louisiana may be facing many more weeks of downtime as they wrestle with the loss of … Every pump.
U.S. refinery utilization fell to a low of 68% and since has recovered to 72%. We caution readers that these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from the results that are projected, expressed or implied.
TOP TIER™ CITGO TriCLEAN® gasoline.
CITGO operates three refineries located in Corpus Christi, Texas; Lake Charles, La. Palacios pointed to the concrete, proactive steps taken by CITGO to ensure the company is well-positioned to weather current economic conditions and seize the initiative when markets improve.
CITGO Petroleum Corporation.
Company information: Industry/Area of Activity: Telecommunications ... -Sep 17, 2020 195,931 Shares $7.9M ELLIOTT GERALDINE T-Officer- Stock Award(Grant)-Sep 17, 2020 100,478 Shares $4.1M MARTINEZ MARIA-Officer- Stock Award(Grant)-Sep 17, 2020 80,382
The infrastructure damage is still being assessed by Citgo’s teams, Kate Robbins, a spokeswoman for Houston-based Citgo, said Friday in an email. COVID-19 and its development into a pandemic in March 2020 resulted in significant economic disruption, as the U.S. economy contracted nearly 5%, U.S. equity markets fell sharply, crude oil prices fell by 65% from the middle of March to end of May, and significant restrictions on travel and work severely impacted demand for gasoline, diesel and jet fuel.
These risks and uncertainties include, among others, risks related to the effects of the ongoing COVID-19 pandemic, general economic activity, developments in international and domestic petroleum markets, and refinery turnarounds and operations.
"We believe CITGO has proactively prepared itself for a stress scenario by reducing operating and capital costs, tapping the markets to obtain additional liquidity, and proceeding with planned maintenance activities in the second quarter while the opportunity cost and demand levels are low," said Palacios. With approximately 3,400 employees and a combined crude capacity of approximately 769,000 barrels-per-day (bpd), CITGO is ranked as the fifth-largest, and one of the most complex independent refiners in the United States. September 17, 2020, 11:07 AM EDT Updated on September 17, 2020, 6:05 PM EDT 3:03. We are committed to safety, sustainability and economic growth everywhere we operate. Bankruptcies, Apple Developing Smaller AirPods Pro, Revamped Entry-Level Model.
Paula Sambo. April marked the month with the largest refined products demand destruction of 38.5% in comparison to the same month in the previous year.
First quarter operational and performance highlights: Second Quarter Strategic Update: Keep your engine running its best.
"Our management team will continue monitoring the economic environment closely, using the flexibility of our refineries and the diversification of the markets where we operate to adjust our product slate and refinery runs while continuing to evaluate additional cost reductions.".
CITGO Headquarters 1-800-992-4846, We are committed to protecting your privacy and we don’t sell your personal information to anyone. From high-quality gasoline at your local station to volunteers helping in your community, CITGO is always Fueling Good.
About CITGO The forward-looking statements contained in this release are made only as of the date of this release.
CITGO Petroleum is a refiner, transporter and marketer of motor fuels, lubricants, petrochemicals and other industrial products.
“We are working diligently to get the units back in service.”. READ: Vast Grid Damage Will Leave Laura Victims in Dark for Weeks.
S&P 500 Tumbles Most in a Month on Virus Spread: Markets Wrap, Czechs Impose Curfew; Warnings in U.S. Midwest: Virus Update, Adelson’s Las Vegas Sands Exploring $6 Billion Sale of Vegas Casinos, Bond Defaults Deliver 99% Losses in New Era of U.S. We operate three state-of-the-art refineries in the Gulf Coast and Midwest, as well as lubricants blending plants across the country. The margin to refine a barrel of crude into fuel, as measured by futures prices, is stuck below $10 a barrel, the lowest for this time of year in almost a decade.
This is the extraordinary heritage of CITGO. HOUSTON, June 12, 2020 /PRNewswire/ -- CITGO Petroleum Corporation ("CITGO") today reported its first quarter 2020 performance results, including a net loss of $159 million and an adjusted EBITDA 1 of $38 million excluding the effect of special items..
However, as all states have recently lifted stay-at-home orders, analysts expect a gradual recovery in demand in the second half of 2020. Before it's here, it's on the Bloomberg Terminal. The layoffs will be achieved through voluntary buyouts.
Have a confidential tip for our reporters? HOUSTON, June 12, 2020 /PRNewswire/ -- CITGO Petroleum Corporation ("CITGO") today reported its first quarter 2020 performance results, including a net loss of $159 million and an adjusted EBITDA1 of $38 million excluding the effect of special items.
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