Joe Hernández, Latino entrepreneur and board member of the group bidding for Citgo’s U.S. refining and retail assets, explains the structure and value behind their $10B offer. The bid, made through a Blue Water SPAC, targets three refineries and more than 4,000 gas stations, with Hernández arguing the business could be worth $15–$20B given Citgo’s $40–45B in annual revenue and comps like Valero trading near 6× sales.
The SPAC provides flexibility, allowing creditors to choose cash or equity while using trust capital and a PIPE raise to recapitalize the company. Hernández stresses that their proposal keeps Citgo an American public company and offers broader participation compared with rival bids.
He also shares his background as a Cuban immigrant and explains why he has entered politics, motivated by gratitude to the U.S. and a desire to defend opportunity against socialist agendas.
For investors, the deal represents potential value expansion, structural flexibility, and a path to restoring Citgo to American ownership, boosted by Hernández’s growing public profile.
