We purchased our gasoline at CITGO stations whereever possible in our travels this summer. An article on VHeadline came out today on CITGO’s profits. Here is an excerpt:
VHeadline.com oil industry commentarist Oliver Campbell writes: CITGO has continued to make excellent profits and in the first semester 2005 produced a net income of $326 millions compared with $226 millions in 2004. The following figures (in millions of US dollars) show how CITGO’S income and costs have varied between 2005 and 2004.
(A chart is inserted in the online article with figures)
Both sales and the cost of oil purchases in 2005 reflect the increase in oil prices as the year has progressed. CITGO produces no crude oil itself and so must purchase it from PDVSA and third parties. These upstream suppliers extract most of the profit and CITGO is left to make a modest profit by refining and selling products in the USA market.
Read the rest of the article at:
CITGO’S first semester results are excellent
Deanna Dee-Dee Taylor 