Citgo Petroleum Corp raised its 2026 earnings forecast before interest, taxes, depreciation, and amortization (EBITDA) to a range of $7.7 billion to $8 billion, up from a previous estimate of $5.8 billion.
This information was reported by Bloomberg News, which gained access to a document containing updated projections and preliminary third-quarter results that were shared with investors on Friday.
The new forecast represents an increase of approximately $2 billion over the estimate the company provided following the second quarter, in August.
According to the document cited by Bloomberg, the adjustment is due to a raise in fuel refining margins, whose prices have risen more sharply than the price of crude oil.
Citgo—a U.S.-based, Venezuelan-owned company operating three major refineries in that country, did not issued comments on the revised forecasts. However, it has scheduled to release its third-quarter results on November 12, when it will report on an EBITDA of between $4.5 billion and $4.8 billion for the nine months termending September 30, according to the document.