Amber Energy selected to acquire CITGO Petroleum

Amber Energy Inc., a U.S.-based energy company backed by Elliott Investment Management, has been selected by the Special Master appointed by the U.S. District Court for the District of Delaware to acquire PDV Holding Inc., the parent company of CITGO Petroleum Corporation. This move places CITGO, one of the largest refining and marketing companies in the United States, under new ownership.

CITGO Petroleum Corporation owns and operates three refineries in the United States, with a total refining capacity of approximately 769,000 barrels per day (bpd), located in Lake Charles, Louisiana (418,000 bpd), Corpus Christi, Texas (167,000 bpd), and Lemont, Illinois (184,000 bpd).

Amber Energy’s leadership team, which includes CEO Gregory Goff and President Jeff Stevens, brings decades of industry experience in improving operational and financial performance. Goff, who previously transformed Andeavor as CEO, and Stevens, who led growth initiatives at Franklin Mountain Energy and Western Refining, are committed to strengthening CITGO’s operations.

Goff expressed gratitude for the selection, stating, “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.”

“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,” added 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.”

The transaction is expected to close by mid-2025, pending regulatory approvals and court conditions.