Conoco Is Collecting $2 Billion From Venezuela—One Barrel of Oil at a Time
- Oil producer received $345 million in ‘cash and commodities’
- Rest of initial payment to include proceeds from seized oil
This article is for subscribers only.
ConocoPhillips’ decade-old legal war with Venezuela began paying off this week as the embattled Latin American country started making good on a $2 billion arbitration settlement one barrel of crude at a time.
Venezuela’s state-run oil company has made an initial $345 million payment in “cash and commodities,” Houston-based Conoco said Thursday. The remittance helped allay fears the cash-strapped nation wouldn’t be able to pay off the award in a long-running dispute over asset seizures.