U.S. court orders Venezuela to pay ConocoPhillips $8.7B for asset seizures
A U.S. court upheld a World Bank tribunal's $8.75B award to ConocoPhillips (NYSE:COP) over the expropriation of the company's Venezuelan oil assets, granting a default judgment in the case on Friday.
The decision gives ConocoPhillips (COP) new authority to collect on the 2019 award from the World Bank's International Centre for the Settlement of International Disputes, which includes interest that adds at least $1B to the amount owed.
The District Court judge found that Venezuela was bound by the terms of the tribunal's award and Conoco (COP) had properly notified the country of its lawsuit through the U.S. State Department.
ConocoPhillips (COP) generated incredibly strong cash flow in Q2 with a near 20% free cash flow yield, and it is continuing to improve efficiency in its portfolio increasing realizations and profits per barrel, The Value Portfolio writes in a bullish analysis published recently on Seeking Alpha.