Entering text into the input field will update the search result below

ConocoPhillips files to seize Citgo shares to collect arbitration award

Nov. 26, 2019 6:48 PM ETConocoPhillips (COP) StockCOPBy: Carl Surran, SA News Editor7 Comments
  • ConocoPhillips (NYSE:COP) filed a motion in a Delaware court today seeking to seize shares in Citgo Petroleum's parent company to collect on a $2B arbitration award against Venezuela, Reuters reports.
  • Citgo, the U.S. refining unit of Venezuelan state oil company PDVSA, is being targeted by many parties seeking payment, but any ownership transfer is restricted by U.S. sanctions aimed at Venezuela's Pres. Maduro.
  • The International Chamber of Commerce last year awarded COP $2B as compensation for Venezuela's 2007 takeover of the company's assets, but COP says PDVSA was ~$12M short of its required Q3 payment and has not paid any of the required Q4 amount.

Recommended For You

About COP Stock

SymbolLast Price% Chg
Market Cap
PE
Yield (TTM)
Rev Growth (YoY)
Prev. Close
Compare to Peers

Related Stocks

SymbolLast Price% Chg
COP--
ConocoPhillips