Amber Energy

What Amber Energy does

Amber Energy Inc. is a private U.S. energy investment company headquartered in Houston, Texas, and affiliated with Elliott Investment Management L.P. The firm was created as a special-purpose vehicle to acquire PDV Holding, Inc., the parent of CITGO Petroleum Corporation, and was approved as the acquirer by the U.S. District Court for the District of Delaware on November 25, 2025, with a $5.9 billion bid. The transaction is expected to close in 2026 pending OFAC and Treasury regulatory approvals. Once closed, Amber Energy will operate CITGO's three refineries in Corpus Christi (Texas), Lemont (Illinois), and Lake Charles (Louisiana), representing more than 800,000 barrels per day of crude processing capacity, more than 4,000 employees, and a network of more than 2,000 independently owned branded gasoline stations.

Amber Energy's core business model is not software or services but industrial asset ownership and operational improvement in petroleum refining. Its technology stack is oil refining and petroleum processing infrastructure, with revenue generated through wholesale and spot-market sales of refined products including gasoline, diesel, jet fuel, and asphalt. Pricing is commodity-market determined, with the firm serving wholesale fuel distributors, industrial customers, independent station operators, and government/defense buyers. The company is led by CEO Gregory J. Goff (former Andeavor/Tesoro Chairman, President and CEO) and President Jeff A. Stevens (co-founder of Western Refining and Franklin Mountain Energy), with a board including investor-group representatives.

Amber Energy has committed more than $11 billion to modernize and expand CITGO's operations, including a $1 billion Corpus Christi refinery expansion, a $1 billion refined-products pipeline, a $500 million Lemont coker expansion, and a $250 million Lake Charles upgrade. The program targets up to 125,000 additional barrels per day of crude processing capacity and 1.9 billion gallons per year of additional refined products by the end of 2030, including 29,000 bpd of incremental jet fuel capacity for U.S. military requirements. Financial advisors on the transaction are Barclays, Citi, and Perella Weinberg Partners; legal advisors are Akin Gump and Quinn Emanuel.

Name

Amber Energy

Legal name

Amber Energy Inc.

Website

https://amberenergy.com

Company type

Private

Founded year

2017

Operating status

Operating

Short description

Amber Energy is a private Houston-based energy investment firm, affiliated with Elliott Investment Management, that won court approval to acquire CITGO Petroleum for $5.9 billion and plans to invest over $11 billion to modernize its three U.S. refineries.

Ownership category

akta.pro rank

Product category

Petroleum Refining

NAICS

Petroleum and Coal Products Manufacturing (3241)

SIC

Petroleum Refining (2911)

akta.pro primary industry

Energy Systems & Power Engineering Consulting (BPAHAIAG)

akta.pro secondary industry

Energy & Renewables Specialty Contracting (Solar PV, Storage, EV Charging) (IMAFALAJ)

Keywords

• Petroleum refining operations
• Energy asset acquisition
• Refinery modernization services
• Wholesale fuel distribution
• Energy investment management

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D

Revenue model

1. Petroleum refining and product sales: Amber Energy generates revenue through ownership and operation of petroleum refineries, processing crude oil into refined products (gasoline, diesel, jet fuel, asphalt) for sale to wholesale and retail distributors, industrial customers, and through branded retail station networks.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

Amber Energy is an energy investment company formed to acquire, strengthen, and modernize CITGO Petroleum Corporation's U.S. refining, transportation, and marketing assets. Its core business is owning and operating three refineries (Corpus Christi TX, Lemont IL, Lake Charles LA) that process crude oil into gasoline, diesel, jet fuel, and asphalt for wholesale distributors, industrial customers, branded retail station operators, and government/defense buyers. The company plans to deploy more than $11 billion in capital for modernization, expansion, and pipeline infrastructure projects.

Product overview

Amber Energy is an energy investment company focused on acquiring and strengthening CITGO Petroleum Corporation's refining, transportation, and marketing assets. The company does not offer discrete software products or services; rather, it operates as a holding/investment entity that plans to modernize CITGO's refining infrastructure through capital investment, operational enhancements, and strategic projects. The primary offering is the planned acquisition and operational improvement of CITGO's three refineries in Texas, Louisiana, and Illinois, with over 800,000 barrels per day of crude processing capacity.

Differentiator

Problem solved

Functional benefit

Products and services

• CITGO Refining Operations (Gasoline, Diesel, Jet Fuel, Asphalt)
• CITGO Branded Retail Fuel Supply

Quantifiable outcome

• Up to 125,000 additional barrels per day of crude processing capacity by end of 2030
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core, major and minor.

• CITGO Petroleum CorporationcoreStrategic or Co-development Partner · 25 November 2025Amber Energy was approved as the acquirer of PDV Holding, Inc. (parent of CITGO Petroleum) through a court-supervised sale. Upon closing, Amber Energy will assume ownership and operational control of CITGO's refining, transportation, and marketing assets, continuing the CITGO brand while modernizing and expanding operations.
• Akin Gump Strauss Hauer & Feld LLPmajorImplementation/ SI/ Consulting PartnerAkin Gump served as primary legal advisor to Amber Energy for the CITGO acquisition.
• Quinn Emanuel Urquhart & Sullivan LLPmajorImplementation/ SI/ Consulting PartnerQuinn Emanuel served as primary legal advisor to Amber Energy alongside Akin Gump for the CITGO acquisition.
• Taifa Gas Tanzania LimitedminorStrategic or Co-development PartnerTaifa Gas Tanzania Limited partnered with Amber Energy Investment L.L.C-FZ in a separate transaction to purchase Pan African Energy Corporation (Mauritius) from Orca Energy Group for nominal consideration of $10.00.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Delek US Holdings: Downstream energy company with refineries producing gasoline, diesel, and jet fuel and retail/marketing operations including branded stations, comparable in scale to CITGO's mid-sized refining operations.
• Valero Energy: One of the largest U.S. independent refiners with similar product mix (gasoline, diesel, jet fuel), wholesale distribution model, and focus on operational excellence in refining margins.
• Phillips 66: Major U.S. independent refiner and integrated midstream/marketing company with comparable refining capacity, pipeline assets, and retail marketing operations across similar geographies.
• Marathon Petroleum: The largest U.S. independent refining company with comparable refining, marketing, and pipeline operations. Marathon acquired Andeavor (where Amber Energy's CEO previously led) and Western Refining (co-founded by Amber's President), making it both a strategic and historical peer.
• HF Sinclair (HollyFrontier): Independent U.S. petroleum refiner operating refineries producing gasoline, diesel, and jet fuel with comparable midstream and marketing operations including branded retail distribution.
• CVR Energy: Diversified holding company with petroleum refining operations and nitrogen fertilizer manufacturing, with comparable refining operations and similar focus on operational improvement and capital discipline.
• PBF Energy: Independent petroleum refiner and supplier of unbranded transportation fuels, heating oil, and other petroleum products, with comparable refining scale and customer base including wholesale and industrial customers.

Broad incumbents

• LyondellBasell: Large diversified chemical and refining company operating in adjacent downstream petroleum and petrochemical markets, providing a broader incumbent benchmark for downstream energy operations.

Others

• PDVSA (Petróleos de Venezuela): Venezuelan state-owned oil company and current parent of CITGO's parent PDV Holding—relevant as the counterparty in the divestiture transaction and source of the asset's legal/regulatory complexity.
• Elliott Investment Management: Amber Energy's parent/affiliate and a major activist investor that has historically pursued operational improvements and structural changes at energy companies—relevant as a strategic shareholder rather than a direct operational peer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Amber Energy