OKLAHOMA CITY, Sept 06, 2005 /PRNewswire-FirstCall

 

Kerr-McGee Corp. (NYSE: KMG) today announced that it has now restarted a total of approximately 105,000 barrels of oil equivalent per day (BOE/d) of its total net Gulf of Mexico production, which averaged approximately 130,000 BOE/d prior to the hurricane. On a worldwide basis, the company's production has reached approximately 93% of its average pre-hurricane net daily production.

The Kerr-McGee-operated deepwater facilities, Nansen, Boomvang, Gunnison and Red Hawk, and shelf facilities operated by the company in the central and western gulf are producing at pre-hurricane levels. The company continues to inspect and repair minor damage to its eastern gulf shelf operations that remain shut in, including Main Pass 102, Main Pass 108 and Breton Sound. The Neptune facility has been fully inspected and is ready to restart production. Startup of remaining production will be dependent upon reopening of onshore oil terminals, gas processing facilities and pipelines.

The company resumed installation activities for the Constitution and Ticonderoga development in the deepwater gulf, which remains on schedule to achieve first production in mid-2006. The spar hull and topsides for the development sustained no damage from the hurricane.

Kerr-McGee is an Oklahoma City-based energy and inorganic chemical company with worldwide operations and assets of more than $15 billion.

Statements in this news release regarding the company's or management's intentions, beliefs or expectations, or that otherwise speak to future events, are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include those statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "estimates," "projects," "target," "budget," "goal," "plans," "objective," "outlook," "should," or similar words. In addition, any statements regarding possible commerciality, development plans, capacity expansions, drilling of new wells, ultimate recoverability of reserves, future production rates, cash flows and changes in any of the foregoing are forward-looking statements. Future results and developments discussed in these statements may be affected by numerous factors and risks, such as the accuracy of the assumptions that underlie the statements, the success of the oil and gas exploration and production program, the price of oil and gas, drilling risks, uncertainties in interpreting engineering data, demand for consumer products for which Kerr- McGee's oil and gas business supplies raw materials, the financial resources of competitors, changes in laws and regulations, the ability to respond to challenges in international markets (including changes in currency exchange rates), political or economic conditions in areas where Kerr-McGee operates, trade and regulatory matters, general economic conditions, and other factors and risks identified in the Risk Factors section of the company's Annual Report on Form 10-K and other U.S. Securities and Exchange Commission filings. Actual results and developments may differ materially from those expressed or implied in this news release.

SOURCE Kerr-McGee Corp.

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