In a long-term claim against Venezuela, Exxon Mobil Corporation (NYSE:XOM)was awarded $77 million.
Venezuela expropriated ExxonMobil’s oil projects Cerro Negro and La Ceiba in 2007, resulting in lengthy international arbitration cases.
To satisfy claims against Venezuela, the federal court will hold an auction to sell shares in PDV Holding, one of the parents of Venezuela-owned oil refiner Citgo Petroleum.
ExxonMobil had earlier declined to participate in the litigation initiated by miner Crystallex International, which drew the attention of many other firms trying to attach their claims.
In recent years, creditors owed billions of dollars by Venezuela due to expropriations and defaults have turned to US courts to enforce court judgements and arbitration awards against the government.
A minimum of 20 companies submitted summaries in order to participate in the auction, which will begin in October. The court received almost $10 billion in claims.
ExxonMobil cited three awards it has won since 2007, including $179 million for La Ceiba, $1.4 billion for Cerro Negro, and $9 million for Cerro Negro production and export curtailments. A portion of the claims have been settled over time.
Price Efficiency
ExxonMobil stock has outpaced the industry over the last three months. The stock has increased by 3.8% compared to the industry’s 2.1% increase.
Featured Image: Megapixl © Erikdegraaf
Author Stephanie Bédard-Châteauneuf 
