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On April 7, 2004, Westport Resources Corporation agreed to be acquired by Kerr-McGee Corporation in a deal worth about $3.4 billion and that the Wall Street Journal said, "... will create the U.S.'s fifth-largest independent oil-and-natural-gas producer." The U.S.-based Kerr-McGee reportedly is offering 0.71 share for each share of Westport, which only has operations in the United States. The estimated $3.4 billion sale price reportedly includes about $900 million of Westport debt that Kerr-McGee absorbed in addition to approximately $2.5 billion of Kerr-McGee stock that will be exchanged for Westport stock.
The following table provides company-level data and aggregate data from various public sources to inform discussions of this transaction. This data presentation is similar to data presentations that have been previously requested from EIA for other significant energy company mergers and/or corporate alliances.
Kerr-
McGee |
Westport
Resources |
Combined | U.S. Total | Share of U.S. Total | |||
Kerr-
McGee |
Westport
Resources |
Combined | |||||
(million barrels) | (percent) | ||||||
U.S. oil and natural gas liquids production | 29.0 | 7.9 | 36.9 | 2,759 | 1.1 | 0.3 | 1.3 |
U.S. oil and natural gas liquids reserves | 241.0 | 79.7 | 320.7 | 30,671 | 0.8 | 0.3 | 1.0 |
(billion cubic feet) | (percent) | ||||||
U.S. dry natural gas production | 241.0 | 117.0 | 358.0 | 19,353 | 1.2 | 0.6 | 1.8 |
U.S. dry natural gas reserves | 2,779.0 | 1,101.4 | 3,880.4 | 186,946 | 1.5 | 0.6 | 2.1 |
Note: Reserves are at year-end. Shares are calculated from unrounded numbers.
Sources: Company information: Kerr-McGee Corporation, 2003 Annual Report; and Westport Resources Corporation, 2003 U.S. Securities and Exchange Commision Form 10-K filing; U.S. totals: Energy Information Administration, U.S. Crude Oil, Natural Gas, and Natural Gas Liquids Reserves 2002 Annual Report, Table 1.
Financial Analysis Team, Office of Energy Markets and End Use, Energy Information Administration, April 12, 2004
OR
National Energy Information CenterURL: http://www.eia.doe.gov/emeu/finance/mergers/kwindex.html
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