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Exxon Seeks More Restitution

Oil company and Venezuela to continue arguments before international panel in February.

By Joe Carroll and Nathan Crooks, Bloomberg News | Updated on January 03, 2012

Exxon Mobil Corp.’s four-year hunt for billions of dollars in nationalized Venezuelan oil profits isn’t finished after an international panel slashed the U.S. oil company’s claim by 89 percent.

Venezuela’s state-controlled oil producer, known by the acronym PDVSA, was ordered to pay Exxon $746.9 million for the 2007 seizure of oil wells, crude-processing facilities and related equipment, according to a copy of the International Chamber of Commerce’s Dec. 23 ruling obtained by Bloomberg News. The award represents 11 percent of the $7 billion sought by Exxon, the world’s largest company by market value.

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