Exxon Mobil Director Joins Elliott-Backed Company Eyeing Citgo Buyout
In a groundbreaking move, Gregory Goff, a board director at Exxon Mobil, has joined forces with a newly formed company backed by Elliott Investment Management to potentially acquire control of Venezuela-owned oil refiner Citgo Petroleum. This development has sent shockwaves through the motor fuels and lubrications industry, as Citgo and Exxon are direct competitors in the market.
Goff, who became part of Exxon in 2021 as part of a dissident slate of directors, has now been identified as the CEO of Amber Energy, an affiliate of Elliott, following a successful bid in a U.S. court auction of shares in Citgo's parent company PDV Holding. This move puts a staggering $7.28 billion enterprise value on Citgo, a Houston-based oil refiner with significant assets and a solid financial standing.
Amber Energy's bid highlights Goff's impressive 40 years of experience in the energy sector, having held key positions at notable companies like Andeavor and Marathon Petroleum. Elliott's track record of success in the industry, including their involvement in Marathon's divestment of its Speedway retail fuel business for $21 billion, adds credibility to this latest venture.
This acquisition could have far-reaching implications for the energy market and investors alike. As Citgo boasts significant assets and a strong financial performance, a successful takeover by Amber Energy could lead to increased market consolidation and potentially drive up stock prices in the sector. Investors should closely monitor developments in this acquisition bid to capitalize on potential opportunities for growth and profitability in the energy industry.
In conclusion, Goff's move to join forces with Elliott-backed Amber Energy in the bid for Citgo signals a major shakeup in the energy sector. With his extensive experience and Elliott's proven track record, this acquisition bid has the potential to reshape the market landscape and create lucrative opportunities for savvy investors. Stay tuned for further updates on this developing story.