Amber Energy Gains Court Approval to Acquire CITGO Petroleum Corporation

Amber Energy Inc. has officially secured approval to acquire PDV Holding, Inc., the parent company of CITGO Petroleum Corporation, as confirmed by Judge Leonard P. Stark of the U.S. District Court for the District of Delaware. This acquisition, celebrated by the leadership of Amber Energy, particularly CEO Gregory Goff, is expected to foster significant opportunities for growth and development across CITGO's operational landscape.

Commitment to Growth

Amber Energy's acquisition strategy outlines a commitment to not only maintaining but also enhancing CITGO's world-class assets. With the focus set on building strong partnerships with CITGO team members, Amber aims to leverage the company's rich history in the refining, transportation, and marketing of energy products that are essential to the U.S. economy. This move is seen as a strategic enhancement for CITGO's position in the energy market.

CEO Gregory Goff expressed optimism about this new chapter, stating, "We look forward to working with the talented CITGO team to strengthen the business through capital investment and operational excellence." His extensive background, spanning over 40 years in the energy sector, includes leadership roles at Andeavor and ConocoPhillips, where he has been pivotal in driving financial and operational improvements.

Reinvestment Strategy

Amber Energy’s plan for the future entails reinvesting in CITGO’s operations and infrastructure, paving the way for improved profitability and efficiency. The company's strategy also emphasizes cultivating strong relationships within the communities that CITGO serves, prioritizing local engagement as a key factor in enhancing performance and reliability within its network.

The finalization of this acquisition is expected to occur in 2026, contingent on necessary regulatory approvals and other closing conditions. Once completed, CITGO will continue its operations under its established brand, ensuring continuity for its employees and stakeholders. This approach assures that CITGO will remain integrated within the U.S. energy landscape while benefiting from the innovative strategies introduced by Amber Energy.

Leadership with Experience

Gregory Goff’s appointment as CEO of CITGO post-acquisition signals a strategic focus on operational excellence and leadership within the energy market. His tenure at Andeavor was marked by a successful financial transformation, which positions him well to spearhead similar growth initiatives at CITGO. Current operations will benefit from Goff’s vision and leadership ethos that prioritize collaborative success and financial sustainability.

Legal and Financial Structure

On the financial side, Barclays has taken the lead as the financial advisor for Amber Energy, supported by Citi along with Perella Weinberg Partners. The legal structure is being managed by Akin Gump Strauss Hauer & Feld LLP and Quinn Emanuel Urquhart & Sullivan LLP. This advisory team is expected to ensure that Amber Energy navigates the complexities of this acquisition smoothly.

About Amber Energy

Amber Energy stands out as an enterprise composed of seasoned energy executives focused on revitalizing CITGO's assets to continue delivering essential services to customers and communities alike. With a strong investor backing, Amber Energy is poised to play a crucial role in enhancing America’s energy capabilities while driving sustainable growth within the sector.

For further insights into Amber Energy’s vision and updates, those interested can visit AmberEnergy.com or reach out via their media contact, Braden Reddall.

In conclusion, the union of Amber Energy and CITGO heralds a promising future for energy distribution and service in the U.S., with an emphasis on growth, community engagement, and operational excellence.