HOUSTON–(BUSINESS WIRE)–Sep 27, 2024–
Amber Energy Inc. (“Amber Energy”), a U.S.-based group of accomplished energy executives with a track record of improving performance and accelerating growth at companies across the industry, announced today that it has been selected as the acquirer of PDV Holding, Inc., the parent of CITGO Petroleum Corporation (“CITGO” or “the Company”), by Robert Pincus, the Special Master appointed by the United States District Court for the District of Delaware to oversee the sale of PDV Holding, Inc. Amber Energy is backed by a group of strategic U.S. energy investors, including Elliott Investment Management L.P.
Amber Energy’s management team—led by Chief Executive Officer Gregory Goff and President Jeff Stevens—has decades of experience leading companies across the energy industry and is committed to further strengthening CITGO as a leader in the refining, transportation, and marketing of products vital to the economy.
Goff 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 Chief Executive Officer of Andeavor, where he spearheaded a successful financial transformation. Prior to joining Andeavor, Goff had a nearly 30-year career with ConocoPhillips Company, where he held various leadership positions in Exploration & Production, Downstream, and Commercial. Goff currently serves as Chief Executive Officer 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 Chief Executive Officer of Western Refining, Inc., a Fortune 200 independent refining and marketing company.
“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 Goff. “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.”
“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.”
Amber Energy’s Vision for CITGO
Amber Energy recognizes the importance of the CITGO brand and the significant role the Company has played in the global energy 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’s strategy for growth includes plans to reinvest in the business and potentially pursue strategic investments that enhance the profitability of CITGO. In addition, upon close, the transaction will enable Amber Energy to support the growth and development of the 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.
Commitment to People and Communities
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.
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.
Transaction Details
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. Amber Energy is committed to full compliance with all Court orders and maintains a commitment to a smooth transition to set CITGO up for success.
The Amber Energy Board of Directors will include Goff, Stevens, and other representatives of the investor group with deep industry expertise.
Advisors
Barclays is acting as lead financial advisor to Amber Energy. Citi and Perella Weinberg Partners are also acting as financial advisors to Amber Energy. Akin Gump Strauss Hauer & Feld LLP and Latham & Watkins LLP are acting as legal advisors to Amber Energy.
About Amber Energy
Led by accomplished energy executives, Amber Energy is focused on strengthening the world-class assets of CITGO and continuing to deliver vital products for the benefit of its customers and communities. The Amber Energy management team has a track record of improving financial and operational performance, as well as accelerating growth, at companies across the energy industry. It is backed by a group of strategic U.S. energy investors, including Elliott Investment Management L.P.
For more information, visit AmberEnergy.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20240926436660/en/
CONTACT: Media
Brian Schaffer / Aiden Woglom / Kiki O’Keeffe
Prosek Partners
[email protected]
KEYWORD: TEXAS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: OIL/GAS ENERGY
SOURCE: Amber Energy Inc.
Copyright Business Wire 2024.
PUB: 09/27/2024 02:43 PM/DISC: 09/27/2024 02:43 PM
http://www.businesswire.com/news/home/20240926436660/en
