The Finch Formerly Known As Gold

8 August 2005

Think domestic

Kerr-McGee is selling off its North Sea oil operations, suggesting that the Oklahoma City-based company is planning to restructure itself as purely a domestic producer.

Most of the KMG holdings will be sold to the A.P. Moller-Maersk group of Denmark, with the rest dealt to England's Centrica PLC. The total take is estimated at $3.5 billion; KMG will use the after-tax proceeds to pay down debt.

Posted at 9:50 AM to City Scene , Family Joules