Amber Energy Inc., a U.S.-based group of energy executives with a track record of improving performance and accelerating growth at companies across the industry, announced that it has been selected as the acquirer of PDV Holding, Inc., the parent of CITGO Petroleum Corporation, 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.”
