Firestone earns $4M cash in drilling milestones reached by Kerr-McGee
FIRESTONE — Kerr-McGee and the Town of Firestone have come to the end of an agreement that called for a $4 million cash payment to the town, as well as a donation of 78 acres of land for the oil and gas company to drill near its residents and hitting certain milestones.
The payment and land are a part of a 2023 license agreement between the two that also called for Kerr-McGee plugging and abandoning 57 wells. The town granted right-of-way access permits allowing the oil and gas company to drill.
Because Kerr-McGee has met certain operational milestones, the one-time cash payment has been delivered, according to a news release, and the land donation is complete. In addition, the company is plugging and abandoning those 57 wells, the release said.
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“In Firestone, we take pride in working simultaneously to protect residents’ health and safety while also respecting private property rights. We believe that a cooperative, mutually beneficial approach is the right balance to strike for agreements that have lasting value for all parties”, Town Manager A.J. Krieger said in the release. “By working collaboratively with Kerr-McGee, we’ve reached an agreement that respects not only their right to drill and produce but also recognizes how important domestic energy production is to our Country.”
Kreiger said the money from the agreement will help the town reclaim acreage in Central Park.
Firestone experienced a home-explosion in 2017 due to a leaking, severed gas line from a well that had been abandoned. The gas seeped into the basement of the home and sparked an explosion, resulting in two deaths. The state fined Kerr McGee $18.25 million.
Krieger and Mayor Don Conyac did not return calls for this story prior to deadline.
Kerr-McGee and the Town of Firestone have come to the end of an agreement that called for a $4 million cash payment to the town.
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