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Citgo

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Citgo Petroleum Corporation
Company typePrivate
IndustryOil and gasoline
Founded1910;114 years ago(1910)[1]inBartlesville,Oklahoma,U.S.
HeadquartersHouston,Texas,U.S.
Key people
Carlos E. Jordá (CEO)
ProductsFuels, lubricants and petrochemicals
RevenueUS$24.113 billion (2021)[2]
US$246 million (2019)[3]
OwnerPetróleos de Venezuela, S.A.
Number of employees
3,400 (2020)
Websitewww.citgo
CITGO branded stations map as of September 2020.

Citgo Petroleum Corporation,orCitgo(stylized asCITGO), is aUnited States–based refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products.[4]Headquartered in theEnergy Corridorarea ofHouston,it is majority-owned byPDVSA,a state-owned company of theVenezuelangovernment (although due to U.S.sanctionsin 2019, they no longer economically benefit from Citgo).[5]

History

[edit]

Cities Service period

[edit]
Cities Service station in Key West, Florida, in 1965.
1922 newspaper ad promoting the new Cities Service Oils.

The company traces its heritage back to the early 1900s and oil entrepreneurHenry Latham Doherty.[6]After quickly climbing the ladder of success in the manufactured gas andelectricutilityworld, Doherty in 1910 createdCities Service Companyto supply gas and electricity to small public utilities. He began by acquiring gas-producing properties in the mid-continent and southwest.

The company then developed apipelinesystem, tapping dozens ofgas pools.To make this gas available to consumers, Doherty moved to acquire distributing companies and tied them into a common source of supply. Cities Service became the first company in the mid-continent to use the slack demand period of summer to refill depleted fields near its market areas. Thus, gas could be conveniently and inexpensively withdrawn during peak demand times. In 1931, Cities Service completed the nation's first long-distance high-pressure natural gas transportation system, a 24-inch pipeline 1,000 miles long fromAmarillo, TexastoChicago.

A logical step in the company's program for finding and developing supplies of natural gas was its entry into the oil business. This move was marked by major discoveries atAugusta, Kansas,in 1914, and in El Dorado a year later. In 1928, a Cities Service subsidiary,Indian Territory Illuminating Oil Company,discovered theOklahoma Cityfield,[7]one of the world's largest. Another participated in the discovery of the East Texas field, which, in its time, was the most sensational on the globe.

Over three decades, the company sponsored theCities Service ConcertsonNBCradio. The long run of these musical broadcasts was heard on NBC from 1925 to 1956, encompassing a variety of vocalists and musicians. In 1944, it was retitledHighways in Melody,and later the series was known asThe Cities Service Band of America.In 1964, the company moved its headquarters fromBartlesville,Oklahoma,toTulsa.

At the height of Cities Service's growth, Congress passed thePublic Utility Holding Company Act of 1935,which forced the company to divest itself of either its utility operations or its oil and gas holdings. Cities Service elected to remain in the petroleum business. The first steps to liquidate investments in its public utilities were taken in 1943 and affected over 250 different utility corporations.

At the same time, the government was nearing completion of a major refinery at Rose Bluff just outsideLake Charles, Louisiana,which would become the foundation of the company's manufacturing operation. Using designs developed by Cities Service and the Kellogg Co., the plant was dedicated only 18 months after groundbreaking. A month before Allied troops landed inFrance,it was turning out enough 100-octaneaviation gasolineto fuel 1,000 dailybombersorties fromEnglandtoGermany.Government funding through theDefense Plant Corporation(DPC) also prompted Cities Service to build plants to manufacturebutadiene,used to makesynthetic rubber,andtoluene,a fuel octane booster and solvent.

Gas station in Bergen, NY

In the years that followed, Cities Service grew into a fully diversified oil and gas company with global operations. Its green, expanding circle marketing logo became a familiar sight across much of the nation. During this time CEOs such asW. Alton JonesandBurl S. Watsonran the company.

Cities Service Company inaugurated use of the Citgo brand in 1965 (officially styled "CITGO" ) for its refining, marketing and retail petroleum businesses (which became known internally as the RMT Division, for Refining, Marketing and Transportation). CITGO continued to be only a trademark, and not a company name, until the 1983 sale of what had been the RMT Division of Cities Service to Southland Corporation (now7-Eleven Inc.).

Demise of Cities Service and birth of Citgo Petroleum Corporation

[edit]

In 1982,T. Boone Pickens,founder of Mesa Petroleum, offered to buy Cities Service Company. Citgo responded by offering to buy Mesa,[8]which was the first use of what became known as thePac-Mantake-over defense; i.e., a counter-tender offer initiated by a takeover target. Cities Service also threatened to dissolve itself by incremental sales rather than being taken over by Mesa, stating that it believed that the pieces would sell for more than Pickens was offering for the whole. Cities Service Company located what they thought would be a "white knight" to give them a better deal and entered into a merger agreement withGulf OilCorporation. Late in the summer of 1982, Gulf Oil terminated the merger agreement claiming that Cities Service's reserve estimates were over-stated. Over fifteen years of litigation resulted. (For a more detailed discussion of the Cities Service vs. Gulf Oil litigation, seeGulf Oil#Demise.) Ironically, two years later, Gulf Oil itself would collapse as a result of a Pickens-initiated takeover attempt.

In the chaos that ensued after Gulf Oil's termination of its deal, Cities Service eventually entered into a merger agreement with, and was acquired by,Occidental Petroleum Corporation—a deal that was closed in the fall of 1982. That same year, Cities Service Company transferred all of the assets of its Refining, Marketing and Transportation division (which comprised its refining and retail petroleum business) into the newly formed Citgo Petroleum Corporation subsidiary, to ease the divestiture of the division, which Occidental had no interest in retaining. Pursuant to an agreement entered into in 1982, Citgo and the Citgo and Cities Service brands were sold by Occidental in 1983 toSouthland Corporation,original owners of the7-Elevenchain ofconvenience stores.

Venezuelan ownership

[edit]
See also:Citgo Six
A CITGO station in Chicago with the new street image

Fifty percent of Citgo was sold toPetróleos de Venezuela, S.A.(PDVSA) in 1986, which acquired the remainder in 1990, resulting in the current ownership structure.[9][10][11][12]In September 2010, in connection with the centennial of its original owner, Cities Service Company, Citgo unveiled a new retail design.[13]Within five years, Citgo planned for all locations to display the new street image.[14]With full ownership of Citgo, PDVSA at its peak controlled 10% of the US domestic oil market, creating a lucrative export chain from Venezuelan oil to American consumers,[citation needed]as the two largest buyers of Venezuelan petroleum are the United States andChina,respectively.[15]

In October 2010, thenPresident of Venezuela,Hugo Chávez,announced the intention to have PDVSA sell its Citgo subsidiary calling it a "bad business" and citing low profits since 2006. The minimum sale price was set at 10 billion US dollars; however, PDVSA has been unable to find a buyer at that price.[16][17][18]It was confirmed in January 2015 that Citgo would not be sold, but rather bonds were sold by Citgo to give a dividend to PDVSA.[19]The Bonds sold included a $1.5bn five-year bond and a $1.3bn term loan to be fully repaid in three and a half years.[20][21]

In a 2016 deal, Venezuela pledged 49.9% of Citgo to Russian oil firmRosneftas collateral for a $1.5 billion loan.[22]Both Republicans and Democrats in the United States urged oversight on this deal, describing Citgo's sale to Russia as a risk to the national security of the United States.[23]

In November 2017, six executives working for Citgo, including five American citizens, were arrested while attending a meeting at the headquarters of PDVSA in Caracas, and as of June 2020 remained imprisoned without consular access and without a trial.[24][25][26]Although granted house arrest in Venezuela in December 2019, the six men were transferred to harsher conditions inEl Helicoideprison following U.S. President Donald Trump's hosting of opposition leader Juan Guaido at the2020 State of the Union Address.[27][28]

Amid the COVID-19 pandemic, U.S. Secretary of State Mike Pompeo called for their release on humanitarian grounds, stating that they were "wrongfully detained" and that they had been incarcerated without evidence presented against them for over two years.[29]On March 9, 2022, one of the Citgo 6 was released following a visit by US officials, including US Ambassador to VenezuelaJames B. Story,to Venezuela, where they met with Venezuelan PresidentNicolás Maduro.[30]Later that year, on October 1, the remaining five members of the Citgo 6 were released following aprisoner exchange.[31]

Other Venezuelan oil executives were arrested in whatBloomberg Newsdescribed as a "purge" designed to bolster more economic power behind the President of Venezuela, Nicolás Maduro.[32]Asdrúbal Chávez,cousin of late Venezuelan president Hugo Chávez, was chosen as president of Citgo in November 2017.[33]

Citgo also has a much earlier connection to Venezuela, dating to the turn of the 20th century. Predecessor Warner-Quinley Asphalt's principal business was competition to the "Asphalt Trust" by means of a bitumen resources concession it held in Venezuela.[34]

Crisis in Venezuela

[edit]
Further information:Crisis in Venezuela (2012–present)

Following the death ofHugo Chávezin 2013, his successorNicolás Maduropresided in office through an era of economic depression caused by decreasing oil prices and sanctions.[35][36][37]The destabilized economy resulted inhyperinflation,aneconomic depression,shortages in Venezuelaand drastic increases in poverty, disease, child mortality, malnutrition, and crime.[38][39][40][41]As a result of the crisis, Venezuela's debt toChinaandRussia– two political allies – increased.[23]Due to the financial burden of this debt, Venezuela offered Citgo as collateral for Russian debt in 2016, raising the possibility that the Russian government could own Citgo due toVenezuela's high risk of default.[23]

In July 2018, Citgo presidentAsdrúbal Chávezhad his work and tourist visas revoked by the United States and was ordered to leave the country within thirty days.[42]

2019 U.S. sanctions

[edit]

On January 28, 2019, theU.S. Governmentimposed sanctions on PDVSA, freezing its assets in the U.S., and barring any U.S. firms and citizens from doing business with it.[43][44][45]In February, Citgo cut ties with the PdVSA, and halted payments to them, placing them in a "blocked account". However, the sanctions limited Citgo's ability to refinance debt. In March, at the behest of theU.S. Treasury,35 financial institutions secured a $1.2 billion loan to fund Citgo's daily operations and refinancing, allaying concerns about Citgo's ability to continue operating in the U.S.[5][46][47][48]

On June 6, 2019, the U.S. Treasury expanded the sanctions, clarifying that exports ofdiluentsto Venezuela could be subject to sanctions.[49]

2020 bond

[edit]

In 2020, Citgo borrowed money in the form of a bond, and used 50.1% of the company's equity as collateral. If the bond is not repaid, the institutional investors that lent the money will obtain ownership of the 50.1%.[50]

Possible bankruptcy

[edit]

In May 2024, Bloomberg reported that opposition-appointed executives of Petroleos de Venezuela were considering placing Citgo intoChapter 11 bankruptcyprotection to slow down or completely block the sale of oil assets under the company's control. The opposition's plan would help it retain control of its most important overseas asset, which is up for auction.[51]

[edit]

On May 30, 2024, two former Citgo executives who were imprisoned by the Venezuelan government, sued Citgo for over $400 million, claiming that their imprisonment was a conspiracy and was wrongful, refused to keep them protected from harm, and increased emotional distress on both of them.[52]

Controversies

[edit]

United States–Venezuela relations

[edit]
Further information:United States–Venezuela relations
Sign on a 7-Eleven gas station pump

Texacosold some Citgo gas stations in the southeast whenChevrongained exclusive rights to theTexacobrand name in the U.S. in June 2006. On September 27, 2006, the7-Elevenchain of convenience stores announced its 20-year contract with Citgo was coming to an end and would not be renewed. 7-Eleven spokeswoman Margaret Chabris said "Regardless of politics, we sympathize with many Americans' concern over derogatory comments about our country and its leadership recently made by Venezuela's president. CertainlyChavez's position and statements over the past year or so didn't tempt us to stay with Citgo. "[53]

7-Eleven stations subsequently went either unbranded or switched to competitor brands, most notablyMarathon,which owned rival chainSpeedwayat the time. (Marathon coincidentally sold Speedway to 7-Eleven in 2021.) Marathon purchased Citgo's assets inOhioduring this time and led to the near-complete withdrawal of the Citgo brand from the state except in theYoungstownarea, which were supplied by Citgo terminals in neighboringPennsylvaniadue to its proximity to the Ohio-Pennsylvania border.[54]In the years since, Marathon has had periods of considering buying Citgo outright, with the Venezuelan ownership being a major roadblock.[55]

Citgo launched a national ad campaign in the fall of 2006 emphasizing the company'scorporate social responsibility.[56]National television ads featuringJoe Kennedyalso aired through February 2007 featuring ordinary Americans thanking Citgo and Venezuela for providing discountedheating oilto low-income people.[57]

Environmental and safety concerns

[edit]

During the 2000s, Citgo faced several legal actions over the operation of itsCorpus Christi, Texasoil refinery.In 2007, it was convicted of a violation of theClean Air Actfor operating an oil-water separator without properpollution-control equipment. It was found not guilty of a charge of emitting illegal levels ofbenzeneinto the environment.[58][59]In 2009, a fire at thealkylationunit of the same plant resulted in the release of toxichydrofluoric acidand the injury of two workers, one with severe burns.[60][61][62]In February 2011, the company was fined over $300,000 for the incident.[63]

In 2015,Amazon Watchsaid 11 percent of crude oil processed at the Corpus Christi refinery and 1 percent processed at the Lake Charles refinery was sourced from theAmazon rainforest.[64]

Refinery locations

[edit]

Former refineries

[edit]

In 1901, the Warner-Quinlan Asphalt Company purchased several properties inLinden, New Jerseyfor use as an asphalt manufacturing plant at the Tremley Point development, later a part of the planned Montgomery Terminal.[34][65]In 1937, Cities Services took over substantially all assets of Warner-Quinlan under a bankruptcy reorganization, including the Linden plant.[66]The plant suffered several major fires and explosions. A tank exploded in July 1914,[67]and two major fires occurred at the plant, one in June, 1921 (still under Warner-Quinlan), and another in October, 1938 (under Cities Services).[68][69][70][71]The 1921 fire destroyed almost the entire plant.

Other brands

[edit]
Davenport, FloridaMystik location, old design

In addition to Citgo's own brand of lubricants, they also own theClarionandMystikbrand names.[72]

Although primarily associated with lubricants, starting on October 1, 2003, Citgo began offering the Mystik brand name as a retail name.[73][74]

Sponsorships

[edit]
TheBoston Citgo signas seen from Lansdowne Street in Boston

Citgo has sponsored severalmotorsportventures. The company was a sponsor of the No. 21Wood Brothers racingteam inNASCARfor many years, with drivers such asMichael Waltrip,Elliott Sadler,Kyle Petty,Neil Bonnett,Morgan ShepherdandDale Jarrett.They also sponsored the No. 99Roush Racingteam ofJeff Burtonfrom late 2000 until pulling out of the sport in 2003. The company sponsored the CitgoPontiac-Rileyof Venezuelan car driverMilka Dunoin theRolex Sports Car Series.Duno has three overall wins in the Rolex Series and finished second at the 200724 Hours of Daytona,becoming the highest-finishing female in the history of the famous race. Midway through the 2007 season, Citgo sponsored the No. 23SAMAX Motorsportentry in theIndyCar Seriesfor Duno. In 2008 and 2009 this sponsorship went with Duno to theDreyer & Reinbold RacingNo. 23 entry. She took the sponsorship toDale Coyne Racingin 2010. Citgo was the major sponsor ofE. J. VisoofKV Racing(2012) andAndretti Autosport(2013), and remained with Viso when he began racing in theStadium Super Trucksin 2014.[75]

Citgo is a major sponsor of the Bassmaster Fishing Tournaments, and is also the sponsor of a charitygolftournament benefiting theMuscular Dystrophy Association(MDA). The company's relationship with the MDA goes back to its 1983 purchase by Southland, an existing MDA sponsor. Citgo is MDA's biggest corporate sponsor, and its executives have appeared on theJerry Lewis MDA Telethon.[76]Consistent with its former sponsorship of theBoston Marathon,Citgo has for the past few years sponsored an elite level multisport team that competes in both adventure racing and triathlon events throughout the United States.[citation needed]

ACitgo billboard signoverlookingKenmore Squarein Boston is widely associated with theBoston Red Soxbaseball team, as it is visible from withinFenway Parkoverlooking its left field wall, theGreen Monster.[77][78][79]The sign's association with the team has also led to similar signs being installed at other baseball parks, including theHouston Astros'Minute Maid Parkas part of their sponsorship of the team (until 2012, the sign was also in left field, much like the Red Sox;Occidental Petroleumnow holds the placement).[80][81]andWhataburger Field,home field of one of the Astros' minor league affiliates, theCorpus Christi Hooks.[82]

Donald Trump inauguration

[edit]

According to filings with theU.S. Federal Election Commission,Citgo donated US$500,000 (US$524,180 in 2020 dollars) towards Donald Trump's presidential inauguration.[83][84][85][86][87][88][89][90][91][92]

Simón Bolívar Foundation

[edit]

In 2006, Citgo established the Simón Bolívar Foundation (SBF) as a501(c)(3)non-profit, charitable private foundation to "transform lives by connecting non-profits and community leaders to better improve the quality of life through the support of health initiatives". In 2020, the SBF provided grants of one $1M to provide humanitarian aid to Venezuela.[93]The SBF runs a programme to help Venezuelan cancer patients travel abroad from for transplants and for other life-saving treatment. The programme was endangered by US sanctions on Venezuela. In 2021, theUnited Nationscalled on the US and other countries "to respect, protect and fulfil the human rights of every person affected by direct international action".[94]

Headquarters

[edit]
Citgo headquarters in theEnergy Corridorarea ofHouston

Citgo has its headquarters in theEnergy Corridorarea ofHouston,Texas,United States.[95]

Before it was headquartered in Houston, Citgo had its headquarters inTulsa, Oklahoma.In 2003, theOklahoma governorBrad Henrymet an executive of Citgo to discuss possible incentives that would keep the Citgo headquarters in Oklahoma.[96]For eight months the company debated whether to move its headquarters or to keep its headquarters in Oklahoma. In 2004, the company announced that its headquarters were moving to Houston.[97]

At that point the company had not decided which location in Houston would have the headquarters. The company wanted 300,000 square feet (28,000 m2) of office space to house 700 employees. Citgo considered the1500 Louisianabuilding inDowntown Houston,theWilliams TowerinUptown Houston,theBMC Softwareheadquarters complex inWestchase,and the Aspentech Building in theEnergy Corridor.[98]In June of that year the company signed a lease in the five-storey Aspentech building so it could serve as a headquarters.[99][100]In September 2004 the company began moving its headquarters, and by September 24 Citgo had already relocated 150 employees to the Energy Corridor offices.[101]

See also

[edit]

References

[edit]
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