Simran Joshi
Exxon Mobil board director Gregory Goff has taken on a new role as CEO of Amber Energy, a company backed by Elliott Investment Management, which recently won a bid to acquire control of Venezuela-owned oil refiner Citgo Petroleum. Citgo, the seventh-largest U.S. oil refiner, has been auctioned to help settle billions in claims against Venezuela and state oil company PDVSA. Amber Energy’s successful bid values Citgo at up to $7.28 billion, marking a significant development in the U.S. oil refining sector.
Amber Energy’s Successful Bid for Citgo Petroleum
Amber Energy, a company backed by Elliott Investment Management, has emerged as the successful bidder for Citgo Petroleum in a recent U.S. court auction. The deal values Citgo, a Venezuela-owned oil refiner, at up to $7.28 billion in enterprise value. This auction was held to address up to $21.3 billion in claims against Venezuela and state-owned PDVSA for expropriations and debt defaults. Citgo, headquartered in Houston, operates refineries in Texas, Louisiana, and Illinois, and is known for its extensive fuel storage, pipeline network, and 4,200 independent retail outlets.
Citgo is the seventh-largest oil refiner in the U.S., while its new parent company, Exxon Mobil, ranks as the third-largest. The acquisition comes at a time of heightened competition in the motor fuels and lubrication markets, where both Citgo and Exxon are prominent players. Amber Energy’s bid signals a significant shift in the energy landscape, as it seeks to leverage Citgo’s assets and strengthen its position in the refining sector.
Gregory Goff’s Role in Amber Energy and Citgo’s Future
Gregory Goff, a board director at Exxon Mobil and former chairman and CEO of oil refiner Andeavor, was recently identified as the CEO of Amber Energy, Elliott’s affiliate. Goff brings with him over 40 years of experience in the energy industry, including leadership roles at Marathon Petroleum and Claire Technologies Inc. His involvement in Amber Energy was highlighted in the company’s statement announcing its successful bid for Citgo. However, no mention was made of his tenure at Exxon, where he currently chairs the audit committee and is a member of the executive and finance committees.
Goff’s leadership in Amber Energy will be critical in shaping Citgo’s future, particularly as the company navigates its role under new ownership. His past successes, including helping Marathon Petroleum improve operations and selling its Speedway retail fuel business to 7-Eleven for $21 billion, have positioned him as a key figure in the energy sector. Amber Energy’s acquisition of Citgo under Goff’s leadership is expected to drive strategic changes and potentially elevate Citgo’s standing in the U.S. refining market.
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