Kerr-McGee Corp., taking into account the unfinished merger withOryx Energy (See Daily GPI, Oct. 16), revealed Friday a $545million capital budget for 1999. The merged company plans 1999daily production volumes at 190,000 barrels of oil and 580 MMcf ofgas.

After the merger, which is expected to close in the firstquarter of this year, $430 million will be allocated to thecompany’s exploration and production operations. Of that amount,the largest expenditure will be $160 million for Gulf of Mexicooperations. Other areas receiving funds include the North Sea with$140 million, U.S. onshore with $65 million, and $65 million toother international areas. Capital expenditures for chemicaloperations are budgeted at $110 million. The last $5 million willgo to corporate costs

The merging company also announced it its taking a $250 millionfourth quarter charge due to low oil and gas prices

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