In the midst of a heated bidding war, Citgo Petroleum, the US refining arm owned by Venezuela, reported second-quarter net earnings of $100 million, rebounding from a $25 million loss in the same period a year earlier.

The Houston-based company ended the quarter with $2.6 billion in liquidity, according to its statement on Thursday.

Meanwhile, Bermudian-domiciled Gold Reserve has provided an update on the ongoing court-supervised auction for the parent company of Citgo Petroleum Corp, an American refinery owned by Venezuela.

Gold Reserve’s American affiliate, Dalinar Energy Corp, was previously named the Special Master’s recommended bidder with a $7.382  billion proposal to acquire PDV Holding, Inc, the indirect parent of Citgo.

However, the filing of reply briefs from numerous parties, including major players such as Crystallex, ConocoPhillips entities, bondholders and the Venezuelan government, has added complexity to the process.

This development follows the court officer’s request to adjourn the sale hearing, originally scheduled for Monday, due to late-stage competing bids from hedge funds like Vitol and Elliott. The court has approved the delay, and Judge Leonard Stark will determine a new hearing date after consulting with involved parties.

Gold Reserve has formally contested a competing unsolicited proposal from Red Tree Investments and stressed that any rival offer must meet strict financial and procedural criteria, such as exceeding the purchase price, covering termination fees and including cash-only conditions, to be considered valid.

This marks another twist in an eight-year legal battle originating in a 2017 arbitration victory by Gold Reserve against Venezuela. The outcome could determine control of Citgo, one of Venezuela’s most valuable international assets.