who owns citgo

Citgo's Ownership Shift: From Venezuela to New Hands Citgo Petroleum Corporation, headquartered in Houston, Texas, has long been a major player in U.S. refining with operations spanning refineries, terminals, and pipelines. Its ownership story reads like a high-stakes international thriller—tied to Venezuelan state control, massive debts, U.S. sanctions, and a courtroom showdown that reshaped its future. As of early 2026, the company has transitioned out of direct Venezuelan influence following a landmark court- approved sale.

Ownership Timeline

• 1980s-2010s: Venezuelan Takeover – Venezuela's state oil company, PDVSA (Petróleos de Venezuela), acquired full control of Citgo through subsidiaries like PDV Holding, Inc., turning it into a key asset amid nationalizations.

• 2020s Crisis: Debt and Sanctions – Venezuela's $20+ billion in claims from bondholders and expropriations led to U.S. court actions freezing Citgo shares, setting the stage for an auction to repay creditors.

• 2025 Auction Climax – After bids from various players, a Delaware court greenlit a $5.9 billion deal in late 2025, expected to finalize in 2026.

Current Owner: Amber Energy's Winning Bid

Amber Energy, an affiliate of Elliott Investment Management—a powerhouse known for activist investing and corporate turnarounds—emerged victorious. The deal covers Citgo Petroleum and its parent entities, with Elliott committing $2.1 billion upfront to bondholders collateralized by Citgo equity. Gregory Goff, Amber's CEO (and Citgo's incoming leader), pledged to retain the Citgo brand, Houston HQ, and grow via investments—no major layoffs signaled yet.

"We look forward to working with the talented Citgo team to strengthen the business through capital investment and operational excellence." – Gregory Goff

This isn't just a sale; it's a pivot. Analysts note Elliott's track record could streamline operations, boost profits at Citgo's three refineries (Lake Charles, Lemont, Corpus Christi), and unlock value without breaking it apart.

What It Means for Workers and Markets

Houston's several hundred Citgo staff can breathe easier—Goff emphasized stability and expansion. Nationally, Citgo ranks as the U.S.'s fifth-largest independent refiner (807,000 barrels/day capacity), so new ownership eyes efficiency gains amid volatile oil prices. Trending chatter on forums highlights relief over avoiding asset fire sales, though some speculate on Elliott's aggressive style sparking changes down the line.

Aspect| Pre-Sale (Venezuela/PDVSA)| Post-Sale (Amber/Elliott)
---|---|---
Control| Frozen by U.S. courts/sanctions 1| U.S.-based, shareholder- focused 3
HQ/Jobs| Houston base retained 2| No cuts planned; growth focus 3
Strategy| Debt-burdened, sanctioned 7| Investments, operational tweaks 5
Value| Auctioned for creditor payoff 3| Potential for higher profits 1

Trending Views and Next Steps

Forums buzz with optimism—Elliott's "ain't no stoppin' us now" vibe signals bold moves, per energy blogs. Skeptics point to past bidders like those tied to Trump Media (e.g., Devin Nunes links), but Amber's bid ruled the day. By mid-2026, watch for deal closure, leadership shifts, and market ripples—Venezuela's grip ends, U.S. refining gets a new chapter.

TL;DR: Amber Energy (Elliott-backed) now owns Citgo post-2025 court auction, promising stability and growth over Venezuela's old control.

Information gathered from public forums or data available on the internet and portrayed here.