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Decisive Court Victory for CITGO Boards of Directors

HOUSTON, August 21, 2019 – Today a Delaware court issued a Final Order and Judgment providing complete legal affirmation of the authority of the Guaidó government to appoint Boards of Directors of PDV Holding, Inc., CITGO Holding, Inc., and CITGO Petroleum Corporation through its authority to appoint the Directors of the PDVSA Ad hoc board (in Jiménez et al. v. Palacios et al.). This Final Order and Judgment constitute a resounding victory for the Guaidó-appointed Boards of Directors of the CITGO entities and the entire company. We are grateful the Court rightfully recognized the Boards as the legitimate Directors of CITGO. We are heartened that the Court disavowed this flagrant attempt on the part of the Maduro regime to use the U.S. judiciary to advance anti-democratic objectives. Since their naming in February, the Directors of CITGO have worked with senior leadership to ensure corporate and financial stability--resulting in a rating upgrade by a leading rating agency -- enhance corporate governance and protect company assets. The company has made progress across all three areas of focus. 

During this time, and throughout these proceedings, CITGO personnel have remained resolute in their determination to continue a more than 100-year legacy of providing top quality products and services to customers. With strong boards of Directors, an incoming, seasoned CEO, Carlos Jordá, and best-in-class workforce, CITGO is looking forward to another 100-plus years of success providing value to its customers and shareholder.

About CITGO

Headquartered in Houston, Texas, CITGO Petroleum Corporation is a recognized leader in the refining industry with a well-known brand. CITGO operates three refineries located in Corpus Christi, Texas; Lake Charles, La.; and Lemont, Ill., and wholly and/or jointly owns 48 terminals, nine pipelines and three lubricants blending and packaging plants. With approximately 3,500 employees and a combined crude capacity of approximately 749,000 barrels-per-day (bpd), CITGO is ranked as the fifth-largest, and 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 4,900 locally owned and operated branded retail outlets in 30 states and the District of Columbia. CITGO Petroleum Corporation is owned by CITGO Holding, Inc. For more information, visit www.CITGO.com.