1. CITGO Performance 2004 Outlook 2005

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