Kerr-McGee Corp. has sold the outstanding capital stock of KM Indonesia, Ltd. to Petronas Carigali Overseas Sdn Bhd, a subsidiary of Petroliam Nasional Bhd for $170 million. The proceeds will be used to reduce debt. The sale includes the company's 30% non-operating interest in the Jabung block.
"This transaction is part of our long-term strategic plan to rationalize non-core assets and focus on growth in our core areas," said Luke R. Corbett, Kerr-McGee chairman and chief executive officer. "We will continue to review our asset portfolio to maximize shareholder value."