Occidental Petroleum and the Republic of Ecuador Reach Understanding on Terms of Payment of ICSID Award
20 January 2016 - 1:00AM
Business Wire
Occidental 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
Occidental 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.
Forward-Looking
Statements
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160119006116/en/
Media:Melissa E.
Schoeb713-366-5615melissa_schoeb@oxy.comorInvestors:Christopher M.
Degner212-603-8111christopher_degner@oxy.comOn the web:
www.oxy.com
Occidental Petroleum (NYSE:OXY)
Historical Stock Chart
From Apr 2024 to May 2024
Occidental Petroleum (NYSE:OXY)
Historical Stock Chart
From May 2023 to May 2024