Exxon Mobil Director Joins Elliott Investment-Backed Company Seeking Control of Citgo

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Exxon Mobil,Citgo Petroleum,Elliott Investment Management

Gregory Goff, a board director at Exxon Mobil, has joined Amber Energy, a company backed by Elliott Investment Management, aiming to acquire control of Venezuela-owned oil refiner Citgo Petroleum. This move pits Goff against his former employer as Citgo and Exxon are rivals in the motor fuels and lubricants business.

HOUSTON - Exxon Mobil board director Gregory Goff recently joined a newly formed Elliott Investment Management-backed company seeking to acquire control of Venezuela-owned oil refiner Citgo Petroleum.

Exxon had no immediate comment on Goff's status at the company. The company's board of directors webpage lists Goff as chairman of its audit committee and member of its executive and finance committees.Amber's bid puts an up to $7.28 billion enterprise value on the Houston-based oil refiner. Shares in a Citgo parent whose only asset is the refiner are being auctioned to repay up to $21.

He was a vice chairman at Marathon Petroleum until 2019. Elliott made billions of dollars after taking a stake in Marathon and prodding it to improve operations and hive off pieces of its business. Marathon sold its Speedway retail fuel business to 7-Eleven for $21 billion in 2021.Ibrahima Konate’s header and a Mohamed Salah penalty either side of Rayan Ait-Nouri’s equaliser made it five wins from six league games.

 

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