Exxon Director Joins Elliott Group in Bid to Acquire Citgo Petroleum, According to Reuters

HOUSTON (Reuters) – Gregory Goff, a board director at Exxon Mobil, has recently joined a newly established company backed by Elliott Investment Management that aims to take control of Citgo Petroleum, which is owned by Venezuela.

Citgo and Exxon are competitors in the motor fuels and lubricants sector, with Exxon being the third-largest oil refiner in the U.S. by capacity and Citgo ranking seventh.

Goff, who became part of Exxon’s board in 2021 through a contested election, has been named CEO of Amber Energy, an affiliate of Elliott, following its selection as the winning bidder in a U.S. court auction for shares in PDV Holding, Citgo’s parent company.

Exxon has yet to comment on Goff’s position within the organization. According to the company’s board of directors webpage, Goff serves as the chairman of the audit committee and is a member of the executive and finance committees.

A spokesperson for Amber Energy did not provide comments on the matter.

Amber’s bid places an enterprise value of up to $7.28 billion on the Houston-based refiner. The auction of shares in Citgo’s parent company aims to address up to $21.3 billion in claims against Venezuela and its state oil firm, PDVSA, due to expropriations and defaults on debts.

Citgo operates refineries located in Texas, Louisiana, and Illinois, along with an extensive fuel storage and pipeline network, and has 4,200 independent retail locations. For 2023, Citgo reported a net profit of $2 billion.

Amber’s announcement regarding the Citgo bid highlights Goff’s 40 years of experience in the energy sector, omitting mention of his time at Exxon but referencing his previous roles as chairman and CEO of oil refiner Andeavor and CEO of Claire Technologies Inc.

Prior to 2019, he was vice chairman at Marathon Petroleum. Elliott Investment Management significantly profited from its investment in Marathon, which it encouraged to streamline operations and divest parts of its business. In 2021, Marathon sold its Speedway retail fuel division to 7-Eleven for $21 billion.