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Kerr-McGee Corp. sets its budget at $170 million exploration and $890 million for capital expenditures. Of the capex budget, $310 million is allocated to the North Sea, $280 million to the Gulf of Mexico, $125 million to U.S. onshore and $65 million to other international projects. A worldwide exploration expense of $170 million will fund drilling of 20 to 30 wildcats, including 10 to 15 in deepwater Gulf of Mexico.
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