HOUSTON (Reuters) – Exxon Mobil board supervisor Gregory Goff lately signed up with a freshly created Elliott Investment Management- backed firm looking for to obtain control of Venezuela- had oil refiner Citgo Petroleum.
Citgo and Exxon are opponents in the electric motor gas and lubrications company. Exxon is the third-largest united state oil refiner by ability and Citgo is the seventh-largest.
Goff, that signed up with Exxon in 2021 as component of an unorthodox slate of supervisors, got on Friday recognized as chief executive officer of Amber Energy, an Elliott associate, in a declaration proclaiming its option as the effective prospective buyer in a united state court public auction of shares in Citgo moms and dad PDV Holding.
Exxon had no prompt talk about Goff’s condition at the firm. The firm’s board of supervisors page listings Goff as chairman of its audit board and participant of its exec and money boards.
A representative for Amber Energy decreased to comment.
Amber’s quote places an approximately $7.28 billion business worth on the Houston- based oil refiner. Shares in a Citgo moms and dad whose only possession is the refiner are being auctioned to pay off approximately $21.3 billion in cases versus Venezuela and state oil company PDVSA for expropriations and financial debt defaults.
Citgo possesses refineries in Texas, Louisiana and Illinois, a considerable gas storage space and pipe network, and 4,200 independent sellers. It had 2023 web earnings of $2 billion.
Amber’s disclosure of the Citgo quote defines Goff as having 40 years of experience in power and energy-related services. It makes no reference his Exxon period, however does define him as the previous chairman and chief executive officer of oil refiner Andeavor and CHIEF EXECUTIVE OFFICER of Claire Technologies Inc.
He was a vice chairman at Marathon Petroleum up until 2019. Elliott made billions of bucks after taking a risk in Marathon and pushing it to enhance procedures and hive off items of its company. Marathon marketed its Speedway retail gas company to 7-Eleven for $21 billion in 2021.
(Reporting by Gary McWilliams; Editing by Chizu Nomiyama)
