COP · 10-Q · 2026Q2 · Full report

Litigation and Legal Risk

CONOCOPHILLIPS · 2026-08-06 · Importance 65 · Surprise 60 · In source text

ConocoPhillips continues collection actions on international arbitration awards arising from Venezuela’s 2007 expropriation of the Petrozuata, Hamaca and Corocoro projects. An ICSID award of approximately $8.5 billion plus interest was upheld in full in January 2025, while separate ICC proceedings produced additional awards; the company had received approximately $[amount not provided] as of June 30, 2026. U.S. climate-change lawsuits, an Interior Board of Land Appeals decision upholding a BSEE decommissioning order for California offshore facilities, and a certified federal securities class action against Concho Resources and ConocoPhillips remain pending.

Key facts

• On January 22, 2025, an ICSID annulment committee dismissed Venezuela’s application to annul the tribunal’s decision and upheld the $8.5 billion award plus interest in full. source
• Collection actions for all three arbitration awards (ICSID and ICC) are ongoing as of the MD&A disclosure. source
• An ICSID tribunal in March 2019 unanimously ordered the government of Venezuela to pay ConocoPhillips approximately $8.7 billion (later reduced to $8.5 billion) plus interest for the unlawful expropriation of projects. source
• On June 9, 2026, the Interior Board of Land Appeals issued an order upholding BSEE's October 2020 decommissioning order related to OCS Lease P-0166; ConocoPhillips intends to appeal the decision. source

Impact estimates