(Tulsa-AP) -- Profits at Citgo Petroleum Corporation fell 75% in the first quarter.

Fuel and Petrochemical production was down, compared to the first quarter of 2003. Also last year, the company had a large insurance gain.

Citgo is based in Tulsa and is a refiner and gasoline retailer. It earned $34.7-million in the first three months of this year.

In the first quarter of 2003, the company earned $139.8-million.