April 26, 2018 / 5:07 PM / in 4 months

BRIEF-ConocoPhillips Says Will Be 'Aggressive and Persistent' To Recover PDVSA Award

April 26 (Reuters) - ConocoPhillips:

* CHIEF FINANCIAL OFFICE DON WALLETTE SAYS INTENDS TO BE ‘AGGRESSIVE AND PERSISTENT’ TO RECOVER $2 BILLION FROM PDVSA AFTER ICC ARBITRATION AWARD

* CFO SAYS BELIEVES WILL ‘TAKE TIME TO RECOVER THE VALUE THAT WE LOST’ IN VENEZUELA AFTER ASSETS WERE NATIONALIZED BY GOVERNMENT

* SAYS DID NOT RECEIVE A DIVIDEND FROM AUSTRALIA PACIFIC LNG IN FIRST QUARTER

* SAYS RECEIVED $105 MILLION DIVIDEND FROM AUSTRALIA PACIFIC LNG IN SECOND QUARTER

* SAYS SEEING INFLATIONARY COST PRESSURE FROM OILFIELD SERVICE PROVIDERS, ESPECIALLY IN LOWER 48 OPERATIONS

* SAYS WORKING TO OFFSET UPWARD PRESSURES ON SPENDING, TOO EARLY TO TELL HOW WILL AFFECT 2018 CAPEX BUDGET

* CFO: ‘WE THINK OUR STOCK IS UNDERVALUED AND HAS A LOT OF UPSIDE TO IT’

* CFO EXPECTS ARBITRATION RULING FROM ICSID LATER THIS YEAR ON NATIONALIZATION OF ASSETS IN VENEZUELA LIKELY WILL ‘REPRESENT FULL COMPENSATION FOR THE VALUE LOST’

* SAYS DOESN’T HAVE ANY SIGNIFICANT EXPORT CAPACITY OUT OF PERMIAN BASIN

* SAYS FULLY EXPOSED TO MIDLAND/CUSHING DIFFERENTIAL

* SAYS TALKING WITH MIDSTREAM COMPANIES NOW ABOUT SECURING SPACE ON FUTURE PIPELINES OUT OF PERMIAN Source text for Eikon: Further company coverage: (Reporting By Ernest Scheyder)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below