Going for the Gulf

Gulf of Mexico oil and gas reserves are going like hot cakes this week.

Two deals were announced yesterday – Cal Dive International Inc. agreed to acquire Remington Oil and Gas Corp. for $1.4 billion – and said it was looking for more. The deal will double the company’s reserves in the region.

Also yesterday, W&T Offshore agreed to take Kerr McGee Corp. reserves in the region for $1.3 billion. Post-Hurricane Katrina, Kerr McGee’s reserves in the area were producing 150 million cubic feet of natural gas per day, or 35% less than they had been earlier in 2005. — Carolyn Murphy

Cal Dive picks up Remmington
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