By Yahoo Finance – Zacks Equity Research
Aug 25, 2022
In 2013, the International Convention on the Settlement of Investment Disputes (“ICSID”) determined that Venezuela had unlawfully taken ConocoPhillips’ interests in three oil projects without payment. Notably, the ICSID deals with arbitration proceedings between contracting states.
A latest ruling granted the U.S. Corporation permission to acquire the World Bank tribunal’s 2019 award, which involves interest that raises the amount owed to the company by at least $1 billion.
In 2019, ConocoPhillips won the award after an international arbitration tribunal ruled that the government of former president Hugo Chavez violated one of Venezuela’s bilateral investment contracts when it assumed control of the company’s stakes in three oil projects.
Venezuela’s primary foreign asset is the United States-based Citgo Petroleum, an oil refiner that has been operating under legal protections from creditors issued by the U.S. Treasury Department. The Venezuela government rejected the court’s latest ruling, claiming that the country would continue to take legal action to preserve its possessions.
ConocoPhillips price | ConocoPhillips Quote
Based in Houston, TX, ConocoPhillips currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the energy space are Liberty Energy LBRT, TotalEnergies SE TTE and Petrobras S.A. PBR, currently sporting a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Liberty Energy offers hydraulic fracturing services to onshore upstream energy companies across multiple basins in North America. LBRT’s debt-to-capitalization stands at just 16% compared with many of its peers that are hugely burdened with debts, accounting for around 50% of their total capital structure.
Liberty Energy has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of A for Growth and B for Value. LBRT is expected to see earnings growth of 266.7% for 2022.
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Read More: Yahoo Finance – ConocoPhillips (COP) to Get $8.75B for Losing Venezuela Assets
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