Kerr-McGee sheds Gulf shelf assets
Small independent W&T Offshore pays $1.3 billion for about 500 wells producing 25,000 boe per day, sees 95 prospects
For Petroleum News
Kerr-McGee has essentially completed its corporate realignment with the sale of its Gulf of Mexico shelf properties for $1.34 billion in cash, plus assumption of abandonment liabilities, figured at roughly $135 million. Buyer is small independent W&T Offshore, which just went public last year.
[additional news subjects in this story]
Net proved reserves 74% gas
W&T now has 500 wells
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