July 22, 2014 11:05 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Kerr-McGee Corporation

Company Overview

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 Wood...

1201 Lake Robbins Drive

The Woodlands, TX 77380

United States

Founded in 1929

3,865 Employees

Phone:

832-636-1000

Key Executives for Kerr-McGee Corporation

Senior Vice President
Age: 54
Executive Vice President
Age: 70
Chief Information Officer and Vice President
Age: 55
Corporate Vice President and Treasurer
Age: 44
Vice President
Age: 61
Compensation as of Fiscal Year 2014.

Kerr-McGee Corporation Key Developments

Kerr-McGee Unit to Pay $5.2 Billion

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

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.

Anadarko Petroleum Corp. Claims $14.5 Billion Judgment Against Kerr-McGee Corp

Anadarko Petroleum Corp. has filed a claim in federal court under Section 502 of the U.S. Bankruptcy Code, claiming the $14.5 billion judgment against subsidiary Kerr-McGee Corp. was improperly determined. In December 2013, a federal judge in New York found in favor of Tronox Inc. in its suit against Anadarko in federal bankruptcy court. In the suit, Tronox claimed that Kerr-McGee acted with intent to delay and hinder Tronox's creditors" when it spun off Tronox, its chemicals wing, in 2005. Kerr-McGee and its oil and natural gas assets were acquired by Anadarko later that year. Tronox went into bankruptcy protection in 2009 and successfully emerged in 2011. In the filing, Anadarko said the court overstated the penalty against Kerr-McGee by using unproven estimates from Tronox and said use of the court's framework for calculating its claim "should use specific finding of $1.757 billion to define the amount of environmental and tort liabilities as of the date of IPO in 2005.

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