Citgo Swings to $100M Profit as Bidding War Intensifies for Parent Company ...Middle East

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Citgo Swings to $100M Profit as Bidding War Intensifies for Parent Company
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Citgo Petroleum, the U.S. refining arm owned by Venezuela, reported second-quarter net earnings of $100 million, rebounding from a $25 million loss in the same period a year earlier. The Houston-based company ended the quarter with $2.6 billion in liquidity, according to its statement on Thursday. The refiner, controlled by parent company PDV Holding, is currently the subject of a U.S. court-ordered auction intended to compensate creditors over Venezuela’s historic debt defaults and asset seizures. Citgo had posted losses in the previous…

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