Kerr-McGee to sell more US properties

By OGJ editors
HOUSTON, Nov. 1 -- Kerr-McGee Corp. has agreements with multiple parties for the sales of onshore oil and gas properties with gross proceeds expected to be $510 million.

The Oklahoma City company said on Oct. 31 that it will realize net, after-tax proceeds of $330 million from the sales, which are expected to close by yearend.

The divestiture involves noncore assets in Texas, Oklahoma, Louisiana, Colorado, and Wyoming. Proved reserves associated with the divestitures are 48 million boe, of which 50% are undeveloped. The properties produce 8,000 boe/d.

The sale includes estimated proceeds from an auction of minor properties, a recently closed property trade, and the previously announced agreement with Encore Acquisition Co., Fort Worth.

Encore agreed to buy oil and gas properties in the Permian and Anadarko basins from Kerr-McGee for $104 million (OGJ Online, Oct. 19, 2005).

Related Articles

India’s ONGC to invest in Daman development in Arabian Sea

08/29/2014 India’s Oil & Natural Gas Corp. will invest $864.5 million to enhance natural gas and condensate production from its Tapti Daman block in the A...

Nexen boosts CNOOC’s first-half production

08/29/2014 Nexen Energy ULC contributed 36.3 million boe during this year’s first half to CNOOC Ltd.’s total net oil and gas production of 211.6 million boe, ...

Fitch: Drilling downturn might prompt some consolidation

08/28/2014 A cyclical downturn in offshore drilling might provide an opportunity for driller contractors having financial flexibility to buy their peers at fa...

Verma named managing director at India’s ONGC Videsh

08/27/2014 India’s ONGC Videsh Ltd. has named Narendra Verma its managing director. Verma’s previous positions include director of exploration of Maharatna ON...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected