Oklahoma

Economy, Energy, Natural Resources: Policy to People

“Kerr-McGee Settlement Money to Go Into Trust”

Last week, a U.S. Bankruptcy Court ruled Kerr-McGee was wrong to dump polluted oil and gas sites into a spinoff company before being sold to Houston-based Anadarko Petroleum. Now that spinoff company, Tronox Ltd., says most of the money it recovers will go toward cleaning those sites.

Most of the money — 88 percent — will go to trusts and other governmental entities to remediate polluted sites. The remaining 12 percent will be distributed to a tort trust to compensate individuals injured as a result of Kerr-McGee’s environmental failures.

Read more at: www.oklahoman.com


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