HOUSTON (Reuters) – Exxon Mobil board supervisor Gregory Goff currently signed up with a freshly created Elliott Investment Management- backed agency searching for to acquire management of Venezuela- had oil refiner Citgo Petroleum.
Citgo and Exxon are opponents within the electrical motor fuel and lubrications firm. Exxon is the third-largest united state oil refiner by capability and Citgo is the seventh-largest.
Goff, that signed up with Exxon in 2021 as element of an unorthodox slate of supervisors, acquired on Friday acknowledged as chief govt officer of Amber Energy, an Elliott affiliate, in a declaration proclaiming its possibility because the efficient potential purchaser in a united state courtroom public public sale of shares in Citgo mothers and pa PDV Holding.
Exxon had no immediate speak about Goff’s situation on the agency. The agency’s board of supervisors web page listings Goff as chairman of its audit board and participant of its exec and cash boards.
A consultant for Amber Energy decreased to remark.
Amber’s quote locations an roughly $7.28 billion enterprise value on the Houston- based mostly oil refiner. Shares in a Citgo mothers and pa whose solely possession is the refiner are being auctioned to repay roughly $21.3 billion in instances versus Venezuela and state oil firm PDVSA for expropriations and monetary debt defaults.
Citgo possesses refineries in Texas, Louisiana and Illinois, a substantial fuel cupboard space and pipe community, and 4,200 unbiased sellers. It had 2023 internet earnings of $2 billion.
Amber’s disclosure of the Citgo quote defines Goff as having 40 years of expertise in energy and energy-related providers. It makes no reference his Exxon interval, nevertheless does outline him because the earlier chairman and chief govt officer of oil refiner Andeavor and CHIEF EXECUTIVE OFFICER of Claire Technologies Inc.
He was a vice chairman at Marathon Petroleum up till 2019. Elliott made billions of dollars after taking a danger in Marathon and pushing it to boost procedures and hive off objects of its firm. Marathon marketed its Speedway retail fuel firm to 7-Eleven for $21 billion in 2021.
(Reporting by Gary McWilliams; Editing by Chizu Nomiyama)
