C-store industry giant CITGO Petroleum Corp., along with its parent company PDV Holding, will soon be acquired by Amber Energy. The decision was signed off on by Robert Pincus, the Special Master appointed by the U.S. District Court for the District of Delaware to oversee the sale of PDV. Amber, which won the bid through a court-approved process, is backed by a group of U.S. energy investors, including Elliott Investment Management.
“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, Amber CEO. “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, customers, 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.”
CITGO is a Venezuelan-owned company with U.S. headquarters in Houston, Texas. Parent company Petróleos de Venezuela S.A. (PDVSA) operates CITGO refineries Lake Charles, La., Lemont, Ill., and Corpus Christi, Texas. The deal is worth an estimated $7.3 billion.
What’s Next?
Amber has shared some of its preliminary plans for the CITGO brand, which include preserving its legendary legacy which spans for more than a century.
“Amber Energy recognizes the importance of the CITGO brand and the significant role the company has played in the global energy economy,” the company noted in a statement. “Amber Energy intends to maintain the brand and will work alongside CITGO team members to build upon its more than 110-year history, while strengthening the long-term potential of the business through a focus on operational improvements, strategic growth efforts, and a continued focus on sustainability.
Amber’s strategy going forward includes reinvesting in the business and potentially pursuing strategic investments that “enhance the profitability of CITGO.” The company also plans to support the growth and development of people powering CITGO’s operations, maintain strong relationships with communities across its network, drive operational enhancements and support projects to improve reliability and reduce environmental impact.
“Amber Energy believes the success of CITGO is inextricably linked to the people who power it, and the leadership team is committed to their growth and development. Amber Energy is committed to working alongside CITGO team members to continue to strengthen performance at offices and refineries across CITGO’s operations, including its refineries in Texas, Louisiana and Illinois,” the statement continued. “Amber Energy recognizes CITGO’s strong relationships with, and commitments to, the communities in which it operates, and under Amber Energy’s leadership, CITGO will continue to be a responsible partner to those it serves.”
The transaction is expected to close in mid-2025, pending certain regulatory and other approvals, including approval by the U.S. District Court for the District of Delaware, and the satisfaction of certain conditions including those related to the court process.
The deal includes more than 4,300 U.S. c-stores.
Amber’s Expertise
Amber Energy is led by CEO Gregory Goff and President Jeff Stevens. The company’s management team has decades of experience across the energy industry.
Goff himself has more than 40 years of experience managing, accelerating growth and improving the financial and operational performance of energy and energy-related businesses. Goff previously served as Chairman, President and CEO of Andeavor, where he spearheaded a successful financial transformation. Prior to joining Andeavor, Goff had a nearly 30-year career with ConocoPhillips Co., where he held various leadership positions in Exploration & Production, Downstream, and Commercial.
Goff currently serves as CEO of Claire Technologies, Inc., a technology company providing low-carbon solutions to decarbonize the energy and transportation sectors.
Stevens is a skilled industry veteran with more than 40 years of experience driving growth across the energy value chain. He currently serves as the President of Franklin Mountain Energy (FME), which is focused on the acquisition and development of oil and gas properties in the Permian Basin. During his tenure at FME, he championed the company’s growth into one of the largest private U.S. oil producers. Stevens was also Founding Partner and previously served as CEO of Western Refining, Inc., a Fortune 200 independent refining and marketing company.
