Occidental Petroleum and the Republic of Ecuador Reach Understanding on Terms of Payment of ICSID Award
Petroleum Corporation (NYSE:OXY) announced today that it has reached
an understanding on the terms of payment for the amount payable to
Occidental by the Republic of Ecuador under a November 2015
International Centre for Settlement of Investment Disputes (ICSID)
arbitration award. This award relates to the country’s 2006
expropriation of the company’s Participation Contract for Block 15.
Ecuador will pay Occidental a total of approximately $1 billion. The
country has made initial payments of approximately $200 million to
Occidental, with full payment expected this year.
Occidental ended 2015 with approximately $4.4 billion of cash on hand.
About Occidental Petroleum
Petroleum Corporation is an international oil and gas exploration
and production company with operations in the United States, Middle East
region and Latin America. Headquartered in Houston, Occidental is one of
the largest U.S. oil and gas companies, based on equity market
capitalization. Occidental’s midstream and marketing segment gathers,
processes, transports, stores, purchases and markets hydrocarbons and
other commodities in support of Occidental’s businesses. The company’s
wholly owned subsidiary OxyChem manufactures and markets chlor-alkali
products and vinyls.
Portions of this press release contain forward-looking statements
including statements regarding expectations with respect to receipt of
payments owed to Occidental. Forward-looking statements involve risks
and uncertainties that could materially affect expected results of
operations, liquidity, cash flows and business prospects. You should not
place undue reliance on these forward-looking statements, which speak
only as of the date of this release. Unless legally required, Occidental
does not undertake any obligation to update any forward-looking
statements, as a result of new information, future events or otherwise.
Material risks that may affect Occidental’s results of operations and
financial position appear in Part I, Item 1A “Risk Factors” of the 2014
Form 10-K. Occidental posts or provides links to important information
on its website at www.oxy.com.
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Copyright Business Wire 2016
Source: Business Wire
(January 19, 2016 - 9:00 AM EST)
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