Anadarko Petroleum Corp., Houston, (NYSE: APC) has closed the acquisition of Kerr-McGee Corp., Oklahoma City, (NYSE: KMG) for $70.50 per share in a deal valued at $16.4 billion, plus $1.6 billion in assumed debt. Kerr-McGee's core assets are in deepwater Gulf of Mexico, and onshore in Colorado and Utah. The company also has exploration assets in Alaska, Australia and China. Proved reserves at year-end 2005 (excluding pending Gulf of Mexico shelf divestitures) totaled 898 million barrels of oil equivalent (62% gas), with proven undeveloped reserves representing 30% of the total. Production this year is expected to be about 92 million barrels of oil equivalent (60% gas).
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