ConocoPhillips, Ecuador Sign $337M Deal To Settle Oil Dispute

Law360, New York (December 4, 2017, 4:13 PM EST) -- ConocoPhillips Co. has reached a $337 million deal with Ecuador to settle a dispute over oil profits involving the expropriation of a subsidiary’s investment, the company said Monday.

The terms of payment to Burlington Resources Inc., a wholly owned subsidiary of ConocoPhillips, of a $380 million award issued in February include an offset of $42 million awarded to Ecuador related to its counterclaims in the dispute, the company said in a press release on its website. 

The announcement of the deal follows an Aug. 31 decision...
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