Amber Energy Named Winning Bidder for CITGO
HOUSTON — Amber Energy Inc. will acquire PDV Holding Inc., parent company of CITGO Petroleum Corp., after being selected by Robert Pincus, the special master appointed by the U.S. District Court for the District of Delaware, to oversee the sale. The deal is expected to close mid-2025, pending certain regulatory and other approvals.
Amber Energy is backed by a group of strategic U.S. energy investors, including Elliott Investment Management LP, and is committed to further strengthening CITGO as a leader in the refining, transportation, and marketing of products vital to the economy, the company said.
"We thank the special master for selecting Amber Energy as the successful bidder and recommending that the court approve Amber Energy's acquisition of CITGO's world-class assets," said Gregory Goff, CEO of Amber Energy. "Building upon CITGO's legacy, and with a focus on the future, we will prioritize operational excellence to lay a foundation for stability, strength, and long-term success for the benefit of the company's people, customer, and communities. We look forward to partnering with the people of CITGO to ensure that the company continues to operate with the highest standards of safety and reliability."
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Goff has more than four decades of experience managing, accelerating growth, and improving the financial and operational performance of energy and energy-related businesses. He previously served as chairman, president and CEO of Andeavor, where he spearheaded a successful financial transformation. Before that, he spent nearly 30 years with ConocoPhillips Co., where he held various roles in exploration and production, downstream and commercial.
He also serves as CEO of Claire Technologies Inc., a technology company providing low-carbon solutions to decarbonize the energy and transportation sectors.
"By enhancing the value of its core assets, CITGO has the potential to significantly improve its ability to provide attractive future growth opportunities for its customers, team members, and the local communities it serves," said Amber Energy President Jeff Stevens. "We believe in CITGO's fundamental strengths and are confident we have the operational expertise and capital necessary to elevate CITGO as a leader in the refining, transportation, and marketing of products that help power our economy."
Stevens currently serves as president of Franklin Mountain Energy and was a founding partner and previous CEO of Western Refining Inc.
Amber Energy recognizes the importance of the CITGO brand and the significant role it has played in the global energy economy, according to the company. It plans to maintain the CITGO brand and strengthen its long-term potential through a focus on operational improvements, strategic growth efforts and a continued focus on sustainability.
Houston-based CITGO is a recognized leader in the refining industry and operates under the CITGO brand. CITGO owns and operates three refineries located in Lake Charles, La.; Lemont, Ill.; and Corpus Christi, Texas, and wholly and/or jointly owns 42 active terminals, six pipelines and three lubricants blending and packaging plants. With approximately 3,600 employees and a combined crude capacity of approximately 807,000 barrels-per-day, CITGO ranks as the fifth largest independent refiners in the United States.