Kerr-McGee, Oryx join U.S. merger frenzy

Kerr-McGee/Oryx Combination Profile [116,135 bytes] Consolidation continues apace in the U.S. oil and gas industry with the planned merger of Kerr-McGee Corp. and Oryx Energy Co. in an exchange of stock transaction valued at $1.86 billion. The merger, involving Kerr-McGee's acquisition of Oryx and its assumption of $1.3 billion in Oryx debt, will create what the two firms describe as the fourth largest independent exploration and production company in the U.S. The combined companies will have proved reserves totaling more than 1 billion boe worldwide. Kerr-McGee, based in Oklahoma City, has followed a strategy of fine-tuning its focus for a number of years, devolving fr...

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