Which international arbitration cases have ConocoPhillips and ExxonMobil won against Venezuela and what sums were awarded?
Executive summary
ConocoPhillips secured a multi-billion‑dollar victory against Venezuela in two international forums: an ICSID tribunal awarded roughly $8.7 billion (often reported as $8.5–8.7 billion) for unlawful expropriation in 2019, plus related awards and settlements against PDVSA totaling roughly $2 billion, while accrued interest has pushed enforcement claims higher [1] [2] [3] [4]. ExxonMobil’s wins are smaller and more contested: an ICSID tribunal issued awards tied to expropriated Cerro Negro and La Ceiba projects (figures reported variably as $1.6 billion in 2014 and lower awards like $179.3 million or $77 million in different phases), and some of those awards were later annulled or subject to fresh proceedings, leaving Exxon’s practical recoveries and legal status mixed [5] [6] [7] [8].
1. ConocoPhillips’ headline ICSID award: what was decided and how much was ordered
An ICSID tribunal unanimously found Venezuela’s 2007 nationalizations of ConocoPhillips’ Hamaca, Petrozuata and related investments unlawful and ordered the Republic to pay approximately US$8.7 billion in damages plus about US$20.4 million in arbitration costs—figures the company and multiple legal trackers cite from the March 8, 2019 award [1] [2] [9]. Reporting after legal challenges records the award in public discussion as approximately $8.5–8.7 billion, and tribunals rejecting Venezuela’s annulment attempt left the principal award intact [10] [11].
2. Parallel ICC claim and PDVSA settlement: an additional ~US$2 billion
Separately, ConocoPhillips pursued contractual claims against state oil company PDVSA before an ICC tribunal and secured an indemnity-style award of about US$1.9–2.0 billion directly against PDVSA; Conoco later reached a US$2 billion settlement with PDVSA in December 2019 to resolve enforcement friction and allow PDVSA to resume certain exports under payment arrangements [12] [3] [9].
3. Interest, aggregation and enforcement: why headline numbers keep changing
Interest and enforcement maneuvers materially affect headline totals: reporting indicates the ICSID award carries a compounded 5.5% annual interest rate that has increased the ConocoPhillips claim into the double digits (reports show the figure surpassing US$11 billion with interest by 2025), and courts across jurisdictions have been used to attach Venezuelan assets and PDVSA payments to collect awards [4] [13] [10]. Venezuela’s repeated procedural challenges, asset scarcity, sanctions and competing creditor claims complicate real‑world recovery despite definitive arbitral awards [10] [13].
4. ExxonMobil’s awards: multiple figures and an annulment that matters
ExxonMobil fought over the 2007 nationalization of Cerro Negro and La Ceiba and obtained an ICSID award figure widely reported at US$1.6 billion in 2014 versus the company’s larger claims, but that specific ICSID award was annulled by an annulment committee in 2015—prompting resubmissions, new claims and subsequent rulings with materially different dollar figures [5] [8]. Legal analyses note awards in related Exxon cases as low as US$179.3 million (reflecting invested capital) and even US$77 million in other resubmitted claims—illustrating that different tribunals and phases reached different valuations and that both sides have claimed victory at times [6] [7].
5. Competing narratives, legal strategy and geopolitical stakes
Coverage from company press releases, specialist arbitration outlets and news agencies reveals divergent emphases: ConocoPhillips emphasizes its multi‑billion triumphs and enforcement steps [1] [3], while legal commentators stress that Exxon’s outcomes are fragmentary and procedurally unstable after annulment and re‑filings [6] [8]. Venezuela’s strategy has mixed procedural defenses and jurisdictional arguments aimed at delay or reduction of payment obligations; observers point out that enforcement depends less on tribunal merits than on locating attachable assets and navigating sanctions and competing creditors [13] [10].
6. Bottom line
The clearest, durable win on record is ConocoPhillips’ ICSID award of roughly US$8.5–8.7 billion (plus costs) and a separate ~US$2 billion ICC/settlement recovery versus PDVSA, with interest and enforcement activity pushing the total claimed higher [1] [12] [3] [4]. ExxonMobil’s situation is more fragmented: historic ICSID rulings produced awards reported at US$1.6 billion in one phase but later faced annulment and produced smaller tribunal awards (e.g., US$179.3 million or US$77 million) and ongoing litigation to restore or enforce the original claims [5] [6] [7] [8]. Reporting limitations prevent a definitive single “collected” sum for either company because enforcement remains an ongoing, jurisdiction‑by‑jurisdiction process [13] [10].