Venezuela's state-run oil company PDVSA is using the sale of its Citgo Petroleum Corp refining assets to hinder the ability of ConocoPhillips to collect an expected arbitration award, the U.S. oil company said in a Texas court filing. Evidence indicates PDVSA is liquidating its Citgo interests "to remove the proceeds from the United States to Venezuela or elsewhere with the specific intent to hinder, delay or defraud its creditors," Conoco said on Monday in a petition for court approval to investigate that claim.Conoco's oil projects in Venezuela were nationalized by the government of president Hugo Chavez in 2007. At the end of that year U.S. firms Exxon Mobil Corp and Conoco introduced arbitration claims at several international courts.Conoco said the claim it is investigating does not "seek to prevent a sale of Citgo or its assets for reasonable value, but to prevent the parties to the Citgo transaction from structuring the transaction to allow Citgo and its related companies to expatriate the proceeds."PDVSA was not immediately available to comment.
ConocoPhillips is an independent exploration and production (E&P) company, based on proved reserves and production of liquids and natural gas. Shares of COP fell by 0.76% or $-0.545/share to $71.18. In the past year, the shares have traded as low as $62.74 and as high as $87.09. On average, 7012980 shares of COP exchange hands on a given day and today's volume is recorded at 2634253.
Exxon Mobil Corporation is a manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a range of specialty products. Shares of XOM traded higher by 0.01% or $0.01/share to $94.79. In the past year, the shares have traded as low as $86.91 and as high as $104.76. On average, 12184500 shares of XOM exchange hands on a given day and today's volume is recorded at 3175655.
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