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ConocoPhillips announces $2B settlement with Venezuela's PDVSA

Published 08/20/2018, 08:21 AM
© Reuters.  ConocoPhillips announces $2B settlement with Venezuela's PDVSA
COP
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  • ConocoPhillips (NYSE:COP) said it reached a settlement with Venezuela's PDVSA state-owned oil company to recover ~$2B, the full amount awarded by an arbritral tribunal convened under the rules of the International Chamber of Commerce, plus interest.
  • COP says PDVSA agrees to recognize the judgment and make a ~$500M initial payment within 90 days, with the balance of the settlement to be paid quarterly over four and a half years.
  • As a result of the settlement, COP will suspend legal enforcement actions relating to the award.
  • COP has a separate and independent legal action pending against Venezuela's government before a tribunal under the World Bank's International Center for Settlement of Investment Disputes
  • Now read: Crestwood Equity Partners: Good Per Unit DCF Growth Prospects


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