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ConocoPhillips Signs $2 Bln Settlement Deal With PDVSA - Quick Facts

ConocoPhillips (COP) said it has entered into a settlement agreement with Petróleos de Venezuela, S.A. or PDVSA, the Venezuelan state-owned oil company, to recover about $2 billion.

This is the full amount awarded to ConocoPhillips by an arbitral tribunal constituted under the rules of the International Chamber of Commerce or ICC, plus interest through the payment period.

As a result of the settlement, ConocoPhillips has agreed to suspend its legal enforcement actions of the ICC award, including in the Dutch Caribbean.

ConocoPhillips said it has ensured that the settlement meets all appropriate U.S. regulatory requirements, including any applicable sanctions imposed by the U.S. against Venezuela. Further details of the agreement are confidential.

On April 25, 2018, the ICC tribunal awarded ConocoPhillips about $2 billion arising out of PDVSA's failure to uphold its contractual commitments.

The ICC arbitration award relates to the unlawful expropriation of ConocoPhillips' investments in the Hamaca and Petrozuata heavy crude oil projects in Venezuela in 2007 and other pre-expropriation fiscal measures. The award is final and binding upon the parties.

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