**Exxon Director Joins Bid to Acquire Citgo Petroleum Through New Elliott-Backed Company**

A recent development in the oil industry sees Gregory Goff, a board director at Exxon Mobil, stepping into a leadership role at a newly formed company backed by Elliott Investment Management that aims to take control of Citgo Petroleum. This move comes as an intriguing twist given that Citgo and Exxon are prominent rivals in the motor fuels and lubrications sector.

Goff, who became part of Exxon's board in 2021 through a dissident slate of directors, has been named CEO of Amber Energy. Amber Energy, an affiliate of Elliott, emerged as the successful bidder in a U.S. court auction of shares in Citgo's parent company, PDV Holding. As of now, Exxon has not provided any comments regarding Goff's current status within the company.

Amber Energy's winning bid values the Houston-based Citgo at up to $7.28 billion. This auction is a significant event, as shares in Citgo's parent are being sold to help pay off up to $21.3 billion in claims against Venezuela and its state oil firm, PDVSA, due to expropriations and debt defaults. Citgo, which operates refineries in Texas, Louisiana, and Illinois, also boasts a substantial fuel storage and pipeline network and has 4,200 independent retailers under its umbrella. In 2023, Citgo reported a net profit of $2 billion.

Goff brings a wealth of experience to Amber Energy, with four decades in the energy sector. His professional background includes roles as chairman and CEO of oil refiner Andeavor and CEO of Claire Technologies Inc. Additionally, he served as vice chairman at Marathon Petroleum until 2019, a period during which Elliott made notable financial gains by investing in Marathon and encouraging strategic operational improvements. Notably, Marathon sold its Speedway retail fuel business to 7-Eleven for $21 billion in 2021.

While Amber Energy's spokesperson and Exxon have both declined to comment further on the specifics of this bid and Goff's involvement, the impacts of this move could be substantial, reshaping dynamics within the oil refining sector.