Oil Giant ConocoPhillips Asks Court To Postpone Awards Overlap Ruling Until Venezuela Asset Auction: Report (CORRECTED)

Zinger Key Points
  • ConocoPhillips reportedly seeks court delay on Venezuela awards, pending Citgo Petroleum parent auction outcome.
  • Auction in U.S. court to address $21.3B in Venezuela claims; ConocoPhillips' claims exceed $11.5B, with possible overlap deduction.

Editor’s note: The headline of this story has been updated to accurately portray ConocoPhillips’ request to postpone awards overlap decision until Venezuelan asset auction.

On Friday, ConocoPhillips COP reportedly asked a U.S. court to postpone its decision on overlapping awards against Venezuela until the proceeds from the auction of shares in a Citgo Petroleum parent are determined.

The U.S. District Court in Delaware is overseeing an auction of shares in a Houston-based Citgo Petroleum parent company to address $21.3 billion in claims related to Venezuela’s past expropriations and debt defaults, as per Reuters.

The auction is expected to conclude this year and put the Venezuela-owned refiner in the hands of rivals or investors.

As per the report, Conoco’s three claims total over $11.5 billion, more than half of the amount of money sought in the case. 

However, a provision in the award mandates the deduction of a partial overlap in two of the awards.

Conoco’s lawyers are asking the court to reject Venezuela’s stance and said in a filing, “The possibility of a double recovery will not arise until, if ever, the sale process raises at least $16.3 billion,” 

Also ReadOil Prices Hit ConocoPhillips Q4 Revenue But EPS Beat, Eyes $9B Capital Return

Investors can gain exposure to the stock via IShares U.S. Oil & Gas Exploration & Production ETF IEO and SPDR Select Sector Fund – Energy Select Sector XLE.Price Action: COP shares are up 0.57% at $128.00 premarket on the last check Monday.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: EquitiesLarge CapNewsMediaBriefsStories That Matter
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!