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CITGO Performance 2004 Outlook 2005

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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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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