COP · Earnings call · 2026Q3T · Full report

Venezuela Investment Conditions

CONOCOPHILLIPS · 2026-11-05 · Importance 44 · Surprise 24

ConocoPhillips continues to engage to understand opportunities in Venezuela but says investment requires a clear path to meaningful recovery of the $12 billion it is owed. Management said any potential investment would also need improved security and fiscal terms and would have to compete with the company’s existing portfolio. The company remains open to evaluating opportunities but described recovery of amounts owed as the starting point. The Citgo sale bid approved by Delaware courts remains subject to appeals and OFAC approvals, and management declined to speculate on its outcome or timing.

Key facts

• Before investing capital in Venezuela, CONOCOPHILLIPS needs a real pathway to meaningful recovery of the $12 billion it is owed.
• The Delaware courts approved a bid for Citgo, but the sale remains subject to appeals and OFAC approvals; CONOCOPHILLIPS would not speculate on specific outcomes or timing.
• Any Venezuela investment by CONOCOPHILLIPS would have to compete with the rest of its portfolio, even if there is a pathway to meaningful recovery, improved security, and improved fiscal terms.
• CONOCOPHILLIPS is monitoring the Citgo sale and would like to see whether there is a win-win solution to recovering what it is owed.
• CONOCOPHILLIPS continues to engage to understand opportunities in Venezuela.