Kerr-McGee's 1997 budget up 9%
Kerr-McGee Corp. is budgeting $ 445 mm in capital expenditures for 1997, about $ 40 mm more than was spent in 1996. The 1997 budget includes approximately $ 300 mm for exploration and production (E&P). Of that amount, about $ 130 mm is targeted for Gulf of Mexico operations, $ 130 mm for North Sea operations, and $ 40 mm for other international operations. This is an increase of about $ 47 mm over what E&P spent in 1996. Chemical operations expenditures will be about $ 100 mm in 1997, a reduction of about $ 14 mm from what was spent in 1996. Major projects this year will include completing the expansion of the Hamilton, Miss., titanium dioxide pigment plant. Coal operations are budgeted at $ 37 mm for 1997, an increase of about $ 6 mm above 1996 expenditures. Most of this year's budget will be used for completion of expansion projects and replacement equipment at the company's two mines in northern Wyoming and southern Illinois. An additional $ 8 mm is budgeted for miscellaneous and corporate projects in 1997.