Amber Energy Approved as Acquirer of CITGO by U.S. District Court for the District of Delaware

Amber Energy reaffirms commitment to enhancing the world-class assets of CITGO and continuing to deliver vital products to help power the U.S. economy

Transaction will provide growth opportunities for CITGO employees, customers, and local communities

HOUSTON, Nov. 25, 2025 /PRNewswire/ -- Amber Energy Inc. ("Amber Energy") announced today that it has been approved as the acquirer of PDV Holding, Inc. ("PDVH"), the parent of CITGO Petroleum Corporation ("CITGO" or "the Company"), through a sale of shares, by Judge Leonard P. Stark of the United States District Court for the District of Delaware.

Amber Energy – led by Chief Executive Officer Gregory Goff – is committed to partnering with CITGO team members to build on its historic foundation and further strengthen CITGO as a leader in the refining, transportation, and marketing of products vital to the U.S. economy.

Amber Energy's strategy for growth includes reinvestment in the business and operational enhancements, as well as strategic investments to improve CITGO's profitability. In addition, Amber Energy is focused on supporting the people running CITGO's operations, maintaining strong relationships with communities across its network, and driving projects that improve reliability and performance.

The transaction is expected to close in 2026, pending regulatory approvals and the satisfaction of other closing conditions. Upon closing, the Company will continue to operate as CITGO, and Mr. Goff will assume the role of Chief Executive Officer.

"We look forward to working with the talented CITGO team to strengthen the business through capital investment and operational excellence," said Mr. Goff. "I am confident that together we will help enhance America's energy leadership position."

Mr. Goff has more than 40 years of experience managing and improving the financial and operational performance of energy and energy-related businesses while accelerating their growth. Mr. Goff previously served as Chairman, President, and Chief Executive Officer of Andeavor, where he spearheaded a successful financial transformation. Prior to joining Andeavor, Mr. Goff spent nearly 30 years at ConocoPhillips, where he held various leadership positions in the company's Exploration & Production, Downstream, and Commercial segments. Mr. Goff currently serves as Chief Executive Officer of Claire Technologies, Inc., a technology company providing low-carbon solutions to decarbonize the energy and transportation sectors.

Advisors

Barclays is acting as lead financial advisor to Amber Energy. Citi and Perella Weinberg Partners are also acting as financial advisors to Amber Energy. Akin Gump Strauss Hauer & Feld LLP and Quinn Emanuel Urquhart & Sullivan LLP are acting as primary legal advisors to Amber Energy.

About Amber Energy

Led by accomplished energy executives, Amber Energy is focused on strengthening the world-class assets of CITGO to continue to deliver vital products for the benefit of its customers and communities and to enhance America's energy advantage. The Amber Energy management team has a track record of improving financial and operational performance, as well as accelerating growth, at companies across the energy industry. Amber Energy is backed by a group of strategic U.S. energy investors and is committed to fueling American growth, innovation, and competitiveness in the energy sector.

For more information, visit AmberEnergy.com.

Media Contact
Braden Reddall
[email protected]

SOURCE Amber Energy Inc.