HOUSTON (Reuters] – Citgo Petroleum Corp., eighth largest U.S. oil refiner reported Monday its seventh quarter loss over the past two years. The company also reshuffled their board of directors and named three new members.

The COVID-19 fallout, higher oil prices and reduced access by the U.S. to Venezuelan oil have put pressure on earnings at Petroleos de Venezuela (PDVSA) – Venezuela’s national oil company.

This refiner will fight creditors’ attempts to take it over for unpaid Venezuelan debts.

Citgo posted a fourth-quarter loss in third quarter. The company blamed weaker marketing margins for the decline and outages that reduced Citgo’s crude throughput from 87% to 85%. Due to low fuel demand and coronavirus lockdowns, Citgo suffered a $248 million loss in the previous year.

The company reported that refined product exports increased to 136,000 barrels/day (bpd), up from 132,000 in the second quarter, and 114,000 last year.

Carlos Jorda, the Chief Executive Officer said that “while our quarterly results have been challenged in spite of a better market environment, we are still working to fix operational problems.”

Increased mobility means more people are looking for our products. He said, “I’m sure we are making the right steps to make 2021 a great year.”

Jorda and Jack Lynch, Citgo’s legal executive, joined the board as directors. Sam Wilhelm is the president of a Citgo parent company board. They will assist the company in negotiations with creditors and its parent boards.

Half-year capital expenses will fall to $425 million from $568million at the beginning of this year. It said that some savings were made after shifting the cost of a plant overhaul to next year.

Citgo was dissolved its relationship with PDVSA in response to sanctions placed on Venezuela by the United States. Since then, Citgo is controlled by Juan Guaido, a Venezuelan opposition politician.

Luis Giusti was a Venezuelan businessman who is currently a member of the board. He was elected to be chairman of the seven person board. Jose Ramon Pocaterra is still a director.