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ConocoPhillips ask court to defer ruling on awards overlap until auction held


Gary McWilliams, Reuters

Energiesnet.com 03 30 2024

ConocoPhillips on Friday asked a U.S. court to put off a decision on overlaps among its awards against Venezuela for past expropriations until proceeds from an auction of shares in a Citgo Petroleum parent are known.

U.S. District Court in Delaware is conducting an auction of shares in a parent of the Houston-based Citgo Petroleum to satisfy $21.3 billion in claims against Venezuela’s past expropriations and debt defaults. The auction could conclude this year and put the Venezuela-owned refiner in the hands of rivals or investors.

Conoco’s three claims total more than $11.5 billion, more than half of the total amount of money sought in the case. But an award provision requires it deduct a partial overlap in two of the awards.

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

The highest offer in an initial round of bidding for shares in PDV Holding, the Citgo parent whose only asset is Citgo, was $7.3 billion. A second round of bidding is currently underway.

reuters.com 03 30 2024

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