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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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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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