ConocoPhillips Targets PDVSA Stake, Claims Default

ConocoPhillips Targets PDVSA Stake, Claims Default

Corporate & Sovereign Strategy

Moody’s has upgraded Merey Sweeny’s outlook to positive from stable and affirmed its Baa2 debt rating after ConocoPhillips notified the agency that it has exercised a call option to buy PDVSA’s 50% Merey stake, which is held through PDV Texas and PDV Sweeny. ConocoPhillips alleges that PDVSA and its subsidiary, PDVSA P&G, have defaulted on certain financial damages owed under long-term crude oil supply agreements. The claimed damages apparently arise from sharply reduced crude deliveries sin

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