A New Chapter in the Oil Industry

Gregory Goff, an Exxon Mobil director, has become CEO of Amber Energy, backed by Elliott Investment Management, as the company seeks to acquire Citgo Petroleum, a Venezuelan-owned oil refiner. This move heightens competition in the oil sector.

Citgo, the seventh-largest U.S. oil refiner, is auctioning shares of its parent company, PDV Holding, to address $21.3 billion in claims against Venezuela and PDVSA. Amber’s bid for Citgo is valued at approximately $7.28 billion.

Although Exxon has not commented on Goff’s transition, he has been on its board since 2021, contributing his extensive experience, including previous roles as CEO of Andeavor and vice chairman at Marathon Petroleum.

Citgo’s assets include refineries in Texas, Louisiana, and Illinois, as well as a large fuel storage and pipeline network. With a reported net profit of $2 billion in 2023, Citgo remains an attractive prospect for investors.

Analysts are closely monitoring the bid, given the competitive oil refining landscape. Goff’s leadership could significantly impact Citgo’s future, leveraging his expertise in operational efficiency.

As the oil industry faces challenges like fluctuating prices and geopolitical tensions, Goff’s experience will be crucial in enhancing Citgo’s market position.

While Amber Energy has not disclosed specific bid details, its backing by Elliott Investment Management signals strong financial support for the acquisition. The outcome could reshape both companies and the broader energy market.

Industry observers will be watching closely to see if Goff can guide Citgo into a new era of ownership and operational success.