Kerr-McGee Completes Sale of Gas Processing Facility

Kerr-McGee Corp. has completed the sale of its 40% non-operating interest in the Javelina gas processing and fractionation facility in Corpus Christi, Texas, to MarkWest Energy Partners, L.P. for approximately $156 million, including adjustments for working capital. Kerr-McGee plans to use all net after-tax cash proceeds, estimated at approximately $110 million, to reduce debt.

This transaction is part of Kerr-McGee's strategic plan to divest of noncore assets and focus on its oil and natural gas exploration and production business.