Marathon’s SVP Heppner Says Company Not Interested in Citgo Assets

(Energy Analytics Institute, 31.Oct.2023) — Marathon Petroleum Corporation’s senior vice president of strategy and business development, Dave Heppner, responded to questions from analysts during the company’s third quarter 2023 conference call about rumors it was interested in Houston-based refiner Citgo Petroleum.

Heppner said that in the current environment that refining M&A was “one of the more challenging ways to create value,” responding to questions 31 Oct. 2023 during Marathon’s conference call with analysts.

“And with all that said, I would not anticipate us, or you shouldn’t anticipate us participating in the current auction process for the Citgo assets,” Heppner said. “I don’t know where the rumor came from, but we’re not interested in the auction process.”

Citgo, owned by Venezuela’s state-owned Petróleos de Venezuela (PDVSA), was originally entrusted to the Venezuelan opposition leader Juan Guaidó and his proclaimed government as part of Washington’s efforts to support a democratic transition in Venezuela. The idea was to protect Venezuela’s most prized asset, Citgo, so that any new pro-American government could retain its U.S. assets and potentially regain its market share in the U.S.

Citgo’s assets were finally put up for auction in Oct. 2023 as part of a process heavily pursued by creditors looking to recoup lost assets in Venezuela.

About Citgo

Citgo owns and operates three refineries located in Lake Charles, La.; Lemont, Ill.; and Corpus Christi, Texas, and wholly and/or jointly owns 37 active terminals, six pipelines and three lubricants blending and packaging plants.

With approximately 3,300 employees and a combined crude capacity of approximately 807,000 barrels-per-day (b/d), Citgo ranks as the fifth-largest and is one of the most complex independent refiners in the United States.

Citgo transports and markets transportation fuels, lubricants, petrochemicals and other industrial products, and supplies a network of approximately 4,200 locally owned and independently operated branded retail outlets, all located east of the Rocky Mountains. Citgo Petroleum Corporation is owned by Citgo Holding, Inc.


By Aaron Simonsky and Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.

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