What Citgo’s Auction Means for Hundreds of Houston Employees

The Houston Chronicle talked with Weaver’s Mike Collier for his point of view on Amber Energy’s winning bid for Houston-based oil refining company, Citgo.

“Amber Energy won the bidding process for Citgo, according to a Friday court filing, after it agreed to buy the oil refining company based in Houston for $7.29 billion. Amber said in a statement that it plans to reinvest in the company, and that it would ‘potentially pursue’ larger strategic investments that could make the company more profitable. It declined to comment further.

“‘Amber’s statements about growth could be good news for employees,’ said Mike Collier, transaction advisory services partner with Weaver, a Houston-based accounting firm. ‘It’s going to unlock a lot of value here for shareholders,’ he said. ‘What that means for employees depends on whether the strategy is to grow or break it apart.’”

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