"Safe" Investors Who Don't Get Out of Cash NOW Could Lose Everything Over the Next Six Months

The next six months are going to be some of the most precarious times to invest in the history of the United States. Because for the first time, your money is at risk of being completely wiped out, even when you think it is safest. This bubble is on a schedule and to get out before your portfolio becomes shark bait, you need to...

Oil Giant ConocoPhillips Asks Court to Hit Pause on Venezuela Asset Auction: Report

Lekha Gupta
April 01, 2024

On Friday, ConocoPhillips (NYSE:COP) reportedly asked a U.S. court to postpone its decision on overlapping awards against Venezuela until the proceeds from the auction of shares in a Citgo Petroleum parent are determined.

The U.S. District Court in Delaware is overseeing an auction of shares in a Houston-based Citgo Petroleum parent company to address $21.3 billion in claims related to Venezuela’s past expropriations and debt defaults, as per Reuters.

The auction is expected to conclude this year and put the Venezuela-owned refiner in the hands of rivals or investors.

As per the report, Conoco’s three claims total over $11.5 billion, more than half of the amount of money sought in the case. 

However, a provision in the award mandates the deduction of a partial overlap in two of the awards.

Conoco’s lawyers are asking the court to reject Venezuela’s stance and said in a filing, “The possibility of a double recovery will not arise until, if ever, the sale process raises at least $16.3 billion,” 

Also ReadOil Prices Hit ConocoPhillips Q4 Revenue But EPS Beat, Eyes $9B Capital Return

Investors can gain exposure to the stock via IShares U.S. Oil & Gas Exploration & Production ETF (BATS:IEO) and SPDR Select Sector Fund – Energy Select Sector (NYSE:XLE).

Price Action: COP shares are up 0.57% at $128.00 premarket on the last check Monday.

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