View Full Version : Kerr-McGee exits North Sea for $2.95 B

11-18-2005, 08:21 AM
Posted: Thursday, November 17, 2005

Kerr-McGee Corp. today announced that it has completed the sale of 100 percent of the stock of Kerr-McGee (G.B.) Ltd. to Maersk Olie og Gas AS, a subsidiary of A.P. Moller - Maersk A/S, for $2.95 billion. This transaction, which is effective as of July 1, 2005, completes Kerr-McGee's exit from the North Sea. The combination of this transaction and the previously closed sale of the non- operated portion of the company's North Sea properties provides net after-tax proceeds of approximately $3.1 billion to Kerr-McGee.

"The company now has closed approximately 75 percent of the expected $4.4 billion in net after-tax proceeds to be received this year, which enables us to continue our efforts to reduce leverage," said Bob Wohleber, Kerr-McGee chief financial officer. "We expect to receive the remaining proceeds by year-end 2005. In addition, we currently are evaluating bids for our Gulf of Mexico shelf properties."

What exactly does this mean? What are the chances Kerr-Mcgee will be around OKC in the next 5 years?

11-18-2005, 05:30 PM
I don't know what this news has to do with the location of their corporate headquarters.

11-18-2005, 11:14 PM
Absolutely nothing.