October 25, 2018 / 11:25 AM / 24 days ago

Conoco gets $345 million in cash and commodities from Venezuela's PDVSA

HOUSTON, Oct 25 (Reuters) - U.S. oil producer ConocoPhillips on Thursday said it received $345 million in cash and commodities last quarter from Venezuelan state oil firm PDVSA under an arbitration settlement.

The proceeds were part of a first installment under a deal to satisfy a $2 billion arbitration award Conoco won earlier this year over broken oil contracts in the South American country more than a decade ago. (Reporting by Gary McWilliams)

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