Update on Agreement with Oil & Gas Partner 

In October 2023, the Town of Firestone approved a Cooperative Development Plan Agreement with Kerr-McGee, an oil and gas operator. Kerr-McGee prepared a drilling plan with three locations outside but near Firestone limits. In exchange for Firestone's willingness to grant right-of-way access permits and enter into certain license agreements, the company agreed to some substantial elements that greatly benefit the Town:

• A one-time cash payment of $4 million to the Town of Firestone
• A land donation of 78 acres to the Town of Firestone, this land is located at the southwest corner of Grant Avenue and Frontier Street. 
• Specific operational standards to mitigate impacts to residents around the operations and within the Town of Firestone
• The commitment to plug and abandon 57 wells within the Town of Firestone boundaries.

The Town of Firestone strongly believes in collaborating with our energy partners. A cooperative relationship and a balanced approach is best for the Firestone community. 

"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", remarked Town Manager A.J. Krieger. "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."   "This agreement will help the Town advance several critical initiatives, including getting dozens of older wells plugged and abandoned and reclaiming acreage in Central Park, which will significantly benefit our development plans there," he continued.  

Town Manager A.J. Krieger added, "Personally and professionally, I've always felt that working to achieve mutually beneficial outcomes is the best approach. This is just the latest example of the Town of Firestone acting strategically to enhance important partnerships and secure great benefits for our community".

Because Kerr-McGee has met certain operational milestones, the one-time cash payment has been delivered, and the land donation is complete. In addition, the plug and abandoning process of the 57 wells is ongoing.