Citgo posts $936 million profit in Q2 2026 amid looming embargo threats

Venezuelan state-owned oil company Citgo Petroleum Corporation announced a net profit of $936 million for the second quarter of 2026, attributing the strong performance to "solid margins of refined products." This marks a significant financial upturn for the company, which is the primary Venezuelan state asset abroad.

For the first six months of 2026, Citgo accumulated a net profit of $1.093 billion. This figure starkly contrasts with the mere $18 million earned in the first half of 2025. The company's operational performance, measured by EBITDA (earnings before interest, taxes, depreciation, and amortization), also saw a substantial rise, reaching $1.381 billion in the second quarter, more than tripling the $368 million recorded in the previous quarter. Year-to-date, EBITDA summed to $1.749 billion, compared to $413 million in the first half of 2025.

"CITGO registered another quarter of solid operational and financial performance, thanks to the excellent execution of our team and the strength of our refining and commercialization system," said Carlos Jordá, President and CEO of Citgo Petroleum Corporation. However, the company's future is uncertain as it is threatened by creditors seeking to seize its assets to recover Venezuelan debt accumulated over the past 25 years.

The Venezuelan government under Nicolás Maduro pledged 50.01% of Citgo Holding's shares as collateral for illegal debt bonds known as Ven 2020. These bonds, which defaulted on interest and capital payments in late 2017, were never approved by the legislature. Additionally, companies whose assets were confiscated by Hugo Chávez are pursuing claims totaling over $20 billion, seeking to collect through Citgo. A federal court in Delaware approved a $5.9 billion auction of the company to Amber Energy, a subsidiary of Elliot Investment Management, though the sale is currently suspended pending final approval from the U.S. Department of the Treasury. U.S. Treasury Office of Foreign Assets Control (OFAC) licenses have effectively protected Citgo from asset seizure since 2019 by prohibiting the negotiation of the Ven 2020 bonds and their obligations.

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CITGO registered another quarter of solid operational and financial performance, thanks to the excellent execution of our team and the strength of our refining and commercialization system.