Amber Energy, backed by activist investor Elliott Investment Management, has been selected to buy Citgo Petroleum Corp. with a winning bid of $7.286 billion, according to filings from a special master appointed to oversee the sale of Citgo parent PDV Holding Inc.

The U.S. District Court in Delaware launched the sale process of PDV Holding in October 2023 and held two bid rounds. The sale was the result of a confluence of events, including U.S. sanctions placed on Venezuela’s PDVSA, the owner of PDV Holding.

PDVSA has also been sued by creditors related to Citgo. Cases brought by ConocoPhillips and other companies worldwide sought about $21.3 billion in compensation for asset expropriations under a prior Venezuelan government.

Conoco was a creditor in the Citgo case. As CEO Ryan Lance said in May, “we're owed quite a bit of money by the Venezuelans.”

U.S.-based Amber Energy is led by CEO Gregory Goff and President Jeff Stevens. Amber’s team “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,” the company said in a Sept. 27 press release.

Goff’s more than 40 years of experience includes previously serving as chairman, president and CEO of Andeavor. Goff also spent nearly three decades with ConocoPhillips, in various leadership roles.

Stevens, another industry veteran, is president of Permian Basin E&P Franklin Mountain Energy.

The Amber Energy board will include Goff, Stevens, and other representatives of the investor group with industry expertise.

 “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,” Goff said. “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.”

Stevens added that Citgo’s fundamental strengths are clear and Amber Energy is “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 in mid-2025, pending certain regulatory and other approvals, including approval by the Delaware district court, and the satisfaction of certain conditions including those related to the court process.

Barclays is acting as lead financial adviser to Amber Energy. Citi and Perella Weinberg Partners are also acting as financial advisers to Amber Energy. Akin Gump Strauss Hauer & Feld LLP and Latham & Watkins LLP are acting as legal advisers to Amber Energy.

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