Exxon Mobil's Board Director Takes CEO Role at New Energy Firm

HOUSTON (Reuters) – Gregory Goff, a board director at Exxon Mobil (NYSE:XOM), has joined Elliott Investment Management's newly formed company, aiming to acquire control of Citgo Petroleum, owned by Venezuela.

Citgo and Exxon compete in the motor fuels and lubricants sector, with Exxon ranking as the third-largest U.S. oil refiner and Citgo the seventh.

Goff became associated with Exxon in 2021 through a dissident slate of directors and was recently named CEO of Amber Energy, an Elliott affiliate. This follows the announcement of Amber as the successful bidder in a U.S. court auction for shares of Citgo's parent company, PDV Holding.

Exxon has not commented on Goff's position within the company, although he is listed as the chairman of its audit committee and serves on the executive and finance committees.

Amber Energy’s bid evaluates Citgo at an enterprise value of up to $7.28 billion. The shares of Citgo’s parent, primarily comprising the refiner, are being auctioned to settle approximately $21.3 billion in claims against Venezuela and PDVSA related to expropriations and debt defaults.

Citgo operates refineries in Texas, Louisiana, and Illinois, and has an extensive fuel storage and pipeline network, along with 4,200 independent retailers. The company reported a net profit of $2 billion in 2023.

Amber's announcement of the Citgo bid highlights Goff’s 40 years of experience in the energy sector but does not reference his tenure at Exxon. It notes he is the former chairman and CEO of oil refiner Andeavor and has held previous roles, including vice chairman at Marathon Petroleum (NYSE:MPC) until 2019. Elliott Investment Management has previously profited significantly by acquiring interests in Marathon and pushing for operational improvements, including the sale of its Speedway retail business for $21 billion in 2021.