Oil, Gas and Consumable Fuels
Company Overview of Kerr-McGee Corporation
Kerr-McGee Corporation offers oil and natural gas exploration and production services in the United States. The company acquires leases and concessions, as well as explores, develops, produces, and markets crude oil and natural gas. It explores for oil and gas in onshore in the United States, the U.S. Gulf of Mexico, and offshore China. It also explores in proven hydrocarbon basins worldwide, including the North Slope of Alaska and offshore Angola, Bahamas, Benin, Brazil, Morocco, and Trinidad and Tobago. Kerr-McGee Corporation was formerly known as Kerr-McGee Oil Industries, Inc. and changed its name to Kerr-McGee Corporation in 1965. The company was founded in 1929 and is based in The Okla...
123 Robert South Kerr Avenue
Oklahoma City, OK 73102
Founded in 1929
Key Executives for Kerr-McGee Corporation
Chief Information Officer and Vice President
Vice President, Assistant Secretary and Deputy General Counsel
Vice President of Human Resources
Vice President of Safety and Environmental Affairs
Compensation as of Fiscal Year 2015.
Kerr-McGee Corporation Key Developments
Anadarko Petroleum Corp.'s Agreement to Pay $5.15 Billion to Resolve All Claims Against Kerr-Mcgee Corp. Receives Approval from Federal Judge
Nov 10 14
Anadarko Petroleum Corp.'s agreement to pay $5.15 billion to resolve all claims against its wholly-owned subsidiary Kerr-McGee Corp. has received approval from a federal judge. It was on April 4 that Anadarko announced the $5.15 billion settlement deal with plaintiffs and the U.S. government to resolve all claims against Kerr-McGee Corp., for alleged actions by Kerr-McGee prior to its acquisition by Anadarko in 2006. The U.S. government and the plaintiffs were seeking damages from Tronox Inc., which was a company created in 2005 through a spin-off of the polluting chemicals operations of Kerr-McGee. The settlement will see Anadarko paying a total of $5.15 billion, which includes a principal sum of about $3.98 billion plus a 6% interest on the sum from May 2009, the date when the complaint was filed.
Kerr-McGee Unit to Pay $5.2 Billion
May 29 14
Anadarko Petroleum Corp.'s agreement to pay $5.2 billion for pollution cleanup across the U.S. was approved over objections from people who said their contamination-related illnesses won't be properly covered. U.S. Bankruptcy Judge Allan Gropper in Manhattan approved the settlement, which the federal government called the larger distribution of funds for environmental cleanup ever. Under the deal, Anadarko's Kerr-McGee's unit will pay 88% of the money to the U.S. and 12% to people with personal injury claims. The only objections came from people near a wood-treatment plant in Columbus, Miss., where creosote had been used. A local lawyer, a church and a group of individuals all said their injury claims hadn't been properly represented and people with cancer and other ailments would get less than $2,000 or $3,000. Gropper said there was no evidence to show the money wouldn't be enough to cover the personal injury claims of people in Columbus. Resolution of the long-running case will free Anadarko, based in The Woodlands, to pursue its global ambitions. The agreement, announced last month, resolves a lawsuit in which the U.S. had said Kerr- McGee spun off a new company, Tronox, in 2006 to hinder recoveries by parties such as the Environmental Protection Agency, which became Tronox's biggest creditor when it filed for bankruptcy in 2009. The U.S. had originally sought $25 billion to clean 2,772 polluted sites and compensate about 8,100 people affected by the contamination. The settlement approved Wednesday covers 49 sites. Pollution by Kerr-McGee over a span of 85 years stretched from uranium mines in Navajo territory to creosote plants in Mississippi and Pennsylvania. After Kerr-McGee spun off its chemicals business and old environmental liabilities as Tronox, Anadarko bought the oil and gas business that remained for $18 billion. Those transactions were a "two-step" fraud that forced Tronox into bankruptcy in 2009, enriched the Kerr-McGee managers who joined Anadarko and left no money to clean up pollution or pay for injury claims, the U.S. alleged in its lawsuit against Anadarko. Gropper ruled in favor of the U.S. in December, setting potential damages at $5.2 billion to $14.2 billion. The settlement announced April 4 fell near the low end of the judge's range.
United States Announces $5.15 Billion Settlement of Litigation against Kerr-McGee Corporation and Anadarko Petroleum Corp. to Remedy Fraudulent Conveyance Designed to Evade Environmental Liabilities
Apr 3 14
The United States has entered into a settlement agreement with the Kerr-McGee Corporation and certain of its affiliates (New Kerr-McGee), and their parent Anadarko Petroleum Corporation, in a fraudulent conveyance case brought by the United States and co-plaintiff Anadarko Litigation Trust (Trust) in the bankruptcy of Tronox Inc. and its subsidiaries. The bankruptcy court had previously found, in December 2013, that the historic Kerr-McGee Corporation (Old Kerr-McGee) fraudulently conveyed assets to New Kerr-McGee to evade its debts, including its liability for environmental clean-up at contaminated sites around the country. Pursuant to the settlement agreement, the defendants agree to pay $5.15 billion to settle the case, of which approximately $4.4 billion will be paid to fund environmental clean-up and for environmental claims.
Similar Private Companies By Industry
Recent Private Companies Transactions
|No transactions available in the past 12 months.|