Kerr-McGee outlines 2005 budget

Tuesday, November 16th 2004, 9:48 am
By: News On 6

OKLAHOMA CITY (AP) _ Energy and inorganic chemical company Kerr-McGee Corp. reported Tuesday it has budgeted about $1.9 billion for capital expenditures for 2005 and $380 million for exploration expenses.

The company said $1.7 billion of the capital budget is for oil and gas operations. Kerr-McGee plans to spend about $660 million on U.S. onshore operations, $645 million on operations in the Gulf of Mexico, $270 million on North Sea operations and $160 million to new ventures and other international projects.

Kerr-McGee reiterated its production estimate of 355,000 to 370,000 barrels of oil equivalent per day for 2005, a 15 percent to 19 percent increase over expected 2004 volumes.