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CITGO Performance 2004 Outlook 2005. 2004 Industry Environment Highlights. Strong Economic Growth Worldwide Strong Petroleum Product & Petrochemical Demand Growth - Particularly U.S. & China New, Incremental Crude Oil Production was Mostly Heavy & Sour

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Citgo performance 2004 outlook 2005

CITGO Performance2004Outlook2005


2004 industry environment highlights
2004 Industry Environment Highlights

  • Strong Economic Growth Worldwide

  • Strong Petroleum Product & Petrochemical Demand Growth

    - Particularly U.S. & China

  • New, Incremental Crude Oil Production was Mostly Heavy & Sour

  • Result : Outstanding Refining Margins, Particularly for Heavy, Sour Refiners


2004 citgo performance highlights
2004 CITGO Performance Highlights

  • Record Earnings !!! ~ 1,200 MM Operating Income

  • Record Safety & Environmental Performance

    - OSHA RIR of 0.28 vs API average of 1.28

    - 30 Recordable Environmental Incidents vs 51 in 2003

    Cash Used:

    - $ 340 MM Capex

    - $ 320 MM Debt Reduction

    - $ 400 MM Dividend

  • Gasoline Sales Grew 3.2% vs Industry Growth of 2.2%

  • Tier II ( Low Sulfur ) Gasoline Units placed in Service at Lake Charles & Lemont

  • 100% of Needle Coker Complex Acquired at Lemont


2005 citgo outlook
2005 CITGO Outlook

  • Crude/Vacuum Expansion Project in Service at Lake Charles + 100 KB/D Crude

  • Project to Convert Needle Coker to Fuel Grade Coke will Increase Heavy Crude Runs at Lemont

  • Preparation for Ultra Low Sulfur Diesel Production & Sales in 2006

  • Complete Move of 730 Jobs from Tulsa to Houston

  • New CEO & Board of Directors

    - Evaluate Sale of All or Part of CITGO


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