Kerr-McGee’s new logo signals new era

Kerr-McGee Corp., which has just about completed a major restructuring, also changed its logo Jan. 18, adopting a design that includes a very stylized K and M with the company’s name below the red and blue symbol. The new logo replaces a more obvious K and M, also red and blue, within a modified oval shape.

“Our new logo reflects a new era for Kerr-McGee as a pure-play exploration and production company,” said Luke Corbett, Kerr-McGee chairman and chief executive officer. “It promotes instant recognition and strong associations that build on our company’s solid reputation and positive image.”

Kerr-McGee, based in Oklahoma City, has been remaking its operations, splitting off its chemical business with an initial public offering of Tronox Inc. shares in November. Kerr-McGee still holds a Tronox controlling interest, which it plans to distribute to shareholders later this year.

The company sold off the remainder of its North Sea interests in November, and divested half a billion dollars worth of non-core E&P assets the month before. Its Gulf of Mexico shelf operations are currently on the block. Earlier in January the company announced a $1 billion stock buyback that will reduce the number of outstanding shares by about 9 percent.

Kerr-McGee is now concentrating its efforts on its Rocky Mountain assets, the deepwater Gulf of Mexico and international ventures, including China’s Bohai Bay. Of the 680 or so development wells planned this year, 560 are in the Greater Natural Buttes, Wattenberg and northern Rockies areas.

The company also has interests on the North Slope in Alaska where it is reportedly close to sanctioning its proposed Nikaitchuq oil project (see related story this issue).

Kerr-McGee expects 2006 daily production volumes to average 95,500 to 103,100 barrels of liquids and 830 million to 880 million cubic feet of gas. That compares with 161,400 barrels of liquids and 991 million cubic feet of gas daily in the third quarter of 2005.