Kerr-McGee Corp. said late Monday it has entered into sales agreements with multiple parties to sell some noncore assets located in Texas, Oklahoma, Louisiana, Colorado and Wyoming. The sales, which are expected to net the company about $330 million, are part of a previously announced divestiture program of select U.S. onshore oil and natural gas properties.
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Articles from Noncore
Devon Asset Sales Reach $2.3B, 1Q Earnings Up
Devon Energy Corp. will receive $2.3 billion — more than expected — for all of the noncore U.S. and Canadian properties it put up for sale last year, the company said last week. The sales represent an average price of $14/boe for the proved reserves, based on year-end 2004 estimates. Combined, the divestitures produced 6.9 MMboe in 1Q2005.
May 9, 2005
Devon Assets Sales Reach $2.3B, 1Q Earnings Up
Devon Energy Corp. said Wednesday that it will receive $2.3 billion — more than expected — for all of the noncore U.S. and Canadian properties it put up for sale last year. The sales represent an average price of $14/boe for the proved reserves, based on year-end 2004 estimates. Combined, the divestitures produced 6.9 MMboe in 1Q2005.
May 5, 2005
El Paso Speeds Exit of Noncore Businesses to Pay Down Debt
El Paso Corp. said last week that it intends to get out of all its noncore businesses and pay down debt quicker in hopes of hitting net income of up to $750 million in 2006. The announcement Thursday followed news earlier in the week that the company had a net loss of more than $1 billion last year.
March 21, 2005
Kerr-McGee Sheds More NonCore E&P Properties, Exits Forest Products
Kerr-McGee Corp. Oil & Gas Onshore LP has sold a portion of its West Texas and Oklahoma producing assets for $127 million to Aethon I, LP. The sale includes 16 fields with estimated net production of 4,900 b/d of oil and 7 MMcf/d of gas. Kerr-McGee said proceeds from the sale have been used to reduce debt.
December 23, 2002
Kerr-McGee Sheds More NonCore E&P Properties, Exits Forest Products
Kerr-McGee Corp. Oil & Gas Onshore LP has sold a portion of its West Texas and Oklahoma producing assets for $127 million to Aethon I, LP. The sale includes 16 fields with estimated net production of 4,900 b/d of oil and 7 MMcf/d of gas. Kerr-McGee said proceeds from the sale have been used to reduce debt.
December 17, 2002
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