Occidental Petroleum and Ecuador Reach Understanding on Terms of Payment of ICSID Award

Occidental Petroleum Corporation (NYSE:OXY) announced 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.
Source: Occidental Petroleum
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