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CITGO Performance 2004 Outlook 2005

CITGO's 2004 performance showcased exceptional achievements, with record earnings of approximately $1,200 million in operating income driven by soaring petroleum product demand, particularly in the U.S. and China. The company improved its safety and environmental metrics significantly, achieving an OSHA RIR of 0.28 and reducing recordable incidents. In 2005, CITGO plans to expand crude processing capabilities and prepare for ultra-low sulfur diesel production. Changes in leadership and potential asset evaluations are also on the horizon, promising a dynamic future for the company.

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CITGO Performance 2004 Outlook 2005

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  1. CITGO Performance2004Outlook2005

  2. 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

  3. 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

  4. 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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