The transaction is expected to close in mid-2025.

September 30, 2024

Amber Energy Inc. has been selected as the acquirer of PDV Holding Inc., the parent company of Citgo Petroleum Corporation, Amber Energy announced last week.

Amber Energy is backed by a group of strategic U.S. energy investors, including Elliott Investment Management L.P.

Reuters reported that Amber's bid puts an up to $7.28 billion enterprise value on the oil refiner.

“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, chief executive officer, 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, customers, and communities.”

Goff was on Exxon Mobil’s board of directors in 2021 and had a nearly 30-year career with ConocoPhillips Company, according to Amber Energy.

Citgo’s main assets are three refineries in Illinois, Louisiana, and Texas that together account for roughly 4% of the country’s fuel-making capacity, reported The New York Times. It also owns pipelines and other facilities.

“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 Jeff Stevens, president of Amber Energy. “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.”

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 Energy said that its “strategy for growth includes plans to reinvest in the business and potentially pursue strategic investments that enhance the profitability of Citgo.”