ConocoPhillips announces $2B settlement with Venezuela’s PDVSA

HOUSTON, CARACAS - ConocoPhillips 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