HOUSTON (Reuters) – Exxon Mobil (NYSE:) Director Gregory Goff recently joined a newly formed Elliott Investment Management-backed firm seeking to acquire Venezuelan-owned oil refiner Citgo Petroleum.
Citgo and Exxon are competitors in the automotive fuel and lubricants business. Exxon is the third largest oil refiner in the United States by capacity, and Cetgo is the seventh largest.
Goff, who joined Exxon in 2021 as part of a breakaway slate of directors, was named on Friday as chief executive of Amber Energy, an Elliott subsidiary, in a statement heralding its selection as the successful bidder in a US court auction of shares in Citgo’s parent company. BDV Holdings.
Exxon had no immediate comment on Goff’s status at the company. The company’s board of directors web page lists Goff as chairman of the audit committee and a member of its executive and finance committees.
A spokesperson for Amber Energy declined to comment.
Amber’s offer puts an enterprise value of $7.28 billion on the Houston-based oil refiner. Shares of Citgo’s parent company, whose only asset is the refining company, are being auctioned off to pay up to $21.3 billion in claims against Venezuela and state oil company PDVSA over seizures and debt defaults.
Citgo has refineries in Texas, Louisiana, and Illinois, an extensive fuel storage and pipeline network, and 4,200 independent retailers. It achieved net profits for 2023 of $2 billion.
Amber’s reveal of the Citgo bid describes Gove as having 40 years of experience in energy and energy-related businesses. The report did not mention his tenure at Exxon, but described him as former chairman and CEO of oil refining company Endeavor and CEO of Clear Technologies.
He was vice chairman of Marathon Petroleum (NYSE:) until 2019. Elliott made billions of dollars after taking a stake in Marathon and urging it to improve operations and spin off parts of its business. Marathon sold its Speedway fuel retail business to 7-Eleven for $21 billion in 2021.
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