Summary

Portugal's Supreme Court upheld a decision recognizing the Company's 2014 international arbitration award (the "Award") against the Bolivarian Republic of Venezuela ("Venezuela") and rejecting the state's sovereign immunity and public policy defenses. The total amount owed by Venezuela under the Award, inclusive of interest, exceeds $1.1 billion. In February 2025, the Lisbon Court of Appeal issued an order granting the Company's application to confirm the Award in Portugal and entered judgment for the Company against Venezuela in the amount of the Award. In the present decision, the Supreme Court of Justice affirmed the Court of Appeal's decision. Venezuela also was ordered to pay costs.