- CITGO
The Third Circuit heard the appeal against the sale of Citgo's parent to Amber Energy and set no date to rule.
Oferta de Amber: US$5.900 M · financiamiento de Amber: vence en abril de 2027 · posición del Gobierno de EE.UU.: ninguna
affects creditors of Venezuela and PDVSA, and Amber Energy
- SERVICIOS PETROLEROS
Weatherford booked its first revenue in Venezuela in the third quarter and sees potential for triple-digit revenue in 2027.
Pedido: 46 bombas de cavidad progresiva · guía del 4T: US$1.280–1.330 M de ingresos · taladros activos en octubre: 2
affects oil technicians and operators with mature wells
- CRUDO
Rubio's visit to Reliance in Jamnagar ended with no announcement on Venezuelan crude; the Department of Energy will handle the details.
India en septiembre: 253.000 b/d · licencias nuevas de la OFAC: ninguna · Jamnagar: 1,4 MMb/d
affects PDVSA and its exporting partners
In the Citgo sale, the clock that matters is not the court's. Even if the Third Circuit upholds the order, Amber can close only seven days after OFAC grants it the license, and its financing expires in April 2027. That license is the Treasury's decision, not the judges', and the U.S. government told the court it has no views on the case. Venezuela asked for the appeal to be frozen while it restructures its debt, a restructuring that has yet to publish the sustainability analysis that would open it. What the Treasury does with the license will say more about Citgo's fate than the date of the ruling.
U.S. refiners received 571,000 barrels a day of Venezuelan crude in the week to October 16, 116,000 more than the week before and about 10% of their crude imports.
In the same week of 2025 the figure was 302,000 barrels a day. The weekly series is volatile: it hit its high for the year, 782,000, in the week to September 11, and fell to 455,000 in the week to October 9. The average for the last four weeks, about 551,000, came in below the 641,000 of the four before. Gulf Coast refineries, where most Merey is processed, ran at 95.9% of capacity. At that utilization, more Venezuelan crude headed to the U.S. competes for the same refining capacity.
The Third Circuit Court of Appeals heard arguments on Wednesday, October 21, against the sale of Citgo's parent to Elliott's Amber Energy, and set no date to rule.
Judges Restrepo, Porter and Matey heard Venezuela, PDVSA and Gold Reserve in Philadelphia on Wednesday the 21st against the order approving the sale of shares in PDV Holding, Citgo's parent, to Elliott affiliate Amber Energy, and Crystallex and Amber in its defense. Venezuela argued that Delaware law does not allow PDV Holding to be attached without a finding of fraud; PDVSA and Gold Reserve attacked the process advisers' ties to Elliott and the price. There was no ruling and no date for one.
Tribunal de Apelaciones del Tercer Circuito ↗Panel: Restrepo, Porter y Matey · 30 minutos por parte · oferta de Amber: US$5.900 M, con unos US$2.100 M para tenedores de bonos · financiamiento de Amber: hasta abril de 2027The Delaware judge approved Amber's $5.9 billion bid in November 2025, which includes about $2.1 billion for holders of defaulted Venezuelan bonds, and the sale is not stayed. Gold Reserve had bid more. PDVSA argued the price "shocks the conscience," and the appellants point out that Weil and Evercore, advisers to the process, worked for bondholders who gain if Amber's bid closes.
Amber Energy and Crystallex: with no order staying it, the sale depends on the ruling and the OFAC license.
The Republic and PDVSA: they head into their debt restructuring with Citgo's parent, their most valuable foreign asset, still up for sale.
INDICADORThe Third Circuit ruling on the sale order. · Sin fecha; el financiamiento de Amber vence en abril de 2027.
Weatherford said on Wednesday, October 21, that it had its first revenue in Venezuela in the third quarter and that the business could reach triple-digit revenue in 2027, with purchase orders in hand.
On its earnings call on Wednesday the 21st, Weatherford said it saw its first revenue in Venezuela in the third quarter and that the fourth will bring a "tangible" contribution, with significant startup costs. It added that it sees potential for the business to rise to "triple-digit" revenue in 2027 and that its headcount in the country has grown substantially in weeks. The purchase orders come from international operators it did not name.
Weatherford — vía The Motley Fool (transcripción) ↗Primer ingreso en Venezuela: 3T de 2026 · pedido: 46 bombas de cavidad progresiva · potencial 2027: ingresos «de tres dígitos» · guía del 4T: US$1.280–1.330 M · taladros activos en octubre: 2The known orders are for artificial lift: on Tuesday the company reported to the SEC a contract for 46 progressive cavity pumps with an operator it does not name. Its fourth-quarter guidance of $1.28 billion to $1.33 billion in revenue already factors in startup costs in Venezuela. If the environment stays stable, the company says the business could approach its prior peak within a few years.
Oil technicians and engineers in Venezuela: the company says it is "furiously hiring" in the country.
Weatherford's near-term margins: the fourth quarter carries startup costs in Venezuela that the company did not quantify.
INDICADORWeatherford or its customers naming the operators and contracts in Venezuela. · En los próximos meses, según la empresa.
HOW OUR CALLS ARE DOING
indicators we issued in earlier editionsOn October 21 we flagged whether Marco Rubio's meeting with Reliance in Jamnagar would bring an announcement or an OFAC license to refine more Venezuelan crude.
Rubio spent a few hours in Jamnagar on Wednesday the 21st. Reliance issued a statement on new energy, data centers and digital infrastructure that does not mention Venezuela, and OFAC took no action on the country. Before flying out, Rubio said the Department of Energy would handle "the details of any specific ask."