Dave Hager Quotations

Kerr-McGee has booked less than (1 trillion cubic feet of oil equivalent) as proven, which means we have the potential for a fivefold increase to existing proved reserves in this field alone.

This truly is a remarkable achievement by our employees and contractors whose execution of this project was second to none. This team not only expanded the capacity of the spar, but kept the project in line with budget and persevered through two massive hurricanes in the Gulf of Mexico to safely install the Constitution spar on schedule.

The sale of the shelf assets is the final step in our announced strategy to divest of lower-growth, shorter-lived properties and focus on higher-impact opportunities.

This is an exciting and meaningful opportunity for Kerr-McGee. The Chinook field has outstanding rock quality, and its potential could expand as we continue our appraisal program to delineate the full extent of the reservoir.

The Constitution facility is Kerr-McGee's sixth operated hub in the deepwater Gulf of Mexico. The value of each of these hubs continues to grow through the allocation of expenses and processing fees as additional satellite fields are developed. In addition to the significant value of the Ticonderoga field, we have added $50 million in value to our Constitution facility by expanding its capacity to process the Ticonderoga production.