AlwaysFree: Citgo Announces Board Reshuffle After Posting $4-Million Q3 Loss

Citgo Petroleum on Monday reported a loss of $4 million for the third quarter of 2021, marking a seventh quarterly loss in the past two years. The loss was attributed to weaker marketing margins and outages, which lowered its utilisation rates to 85% from 87% in the second quarter. The quarterly loss came, although the company’s refined product exports increased to 136,000 bpd from 114,000 bpd a year earlier. Citgo suffered a loss of $248 million in the third quarter of 2020 because of sluggish demand for fuel amid the COVID-19 pandemic. Citgo also announced three new directors of its board. They are Citgo Chief Executive Carlos Jorda, Citgo legal executive Jack Lynch, and Sam Wilhelm, the president of a Citgo parent board.