In a surprise move, a high-ranking executive at Exxon Mobil has taken the reins of a new company backed by Elliott Investment Management, with sights set on acquiring a controlling stake in Citgo Petroleum, a Venezuelan-owned oil refiner. The development pits two industry giants against each other, as Exxon Mobil and Citgo Petroleum are major players in the motor fuels and lubrications market.
Gregory Goff, who joined Exxon Mobil’s board of directors in 2021, has been named CEO of Amber Energy, an affiliate of Elliott Investment Management. Amber Energy emerged as the successful bidder in a recent U.S. court auction, with a bid valuing Citgo Petroleum at up to $7.28 billion.
Goff brings a wealth of experience to his new role, with a 40-year track record in the energy sector. His previous positions include chairman and CEO of Andeavor, CEO of Claire Technologies Inc., and vice chairman at Marathon Petroleum. Under his leadership, Marathon Petroleum underwent significant transformations, including the sale of its Speedway retail fuel business to 7-Eleven for $21 billion in 2021.
Citgo Petroleum, which operates refineries in Texas, Louisiana, and Illinois, as well as an extensive fuel storage and pipeline network, reported a net profit of $2 billion in 2023. The company’s ownership is currently being auctioned off to repay up to $21.3 billion in claims against Venezuela and state oil firm PDVSA for expropriations and debt defaults.
Exxon Mobil has declined to comment on Goff’s status within the company, where he serves as chairman of the audit committee and member of the executive and finance committees.
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