By January 19, 2016 Read More →

Occidental Petroleum awarded $1 billion from Republic of Ecuador by arbitrator

Occidental Petroleum’s Block 15 was expropriated by Ecuador in 2006

Occidental PetroleumHOUSTON, Texas – Occidental Petroleum Corporation announced Tuesday that it has reached an understanding with the Republic of Ecuador for the payment of $1 billion after the country expropriated the company’s assets in 2006.

The arbitration was awarded in Nov. by the International Centre for Settlement of Investment Disputes to compensate Occidental Petroleum for the loss of Block 15.

The country has made initial payments of approximately $200 million to Occidental Petroleum, with full payment expected this year.

Occidental Petroleum ended 2015 with approximately $4.4 billion of cash on hand.

Occidental Petroleum 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.

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