SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 12, 1995
KERR-McGEE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-3939 73-0311467
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Kerr-McGee Center, Oklahoma City, Oklahoma 73125
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (405) 270-1313
Not Applicable
(Former name or former address, if changed since last report)
Item 5. Other Events.
On September 12, 1995, Kerr-McGee Corporation announced the
following actions by its Board of Directors:
1. Authorized management to purchase Company stock from time to
time in an aggregate amount of up to $300 million or
approximately 10% of the current outstanding shares at current
prices.
2. The quarterly dividend payable January 2, 1996, will be raised
from $.38 per share to $.41 per share.
3. Authorized a divestiture program of non-strategic oil and gas
properties that constitute approximately 10% of the Company's
crude oil and natural gas reserves, accounts for 10% of
current oil and gas production volumes and accounts for 5%
percent of the Company's annual cash flow.
4. Authorized write down of certain oil and gas properties to
fair market value consistent with Statement of Financial
Accounting Standards No. 121, "Accounting for the Impairment
of Long-Lived Assets and for Long-Lived Assets to be Disposed
Of", which together with the divestiture program in Number 3
above will result in an after tax charge against income in the
range of $100 million to $125 million that will be recognized
in the third quarter of 1995.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
KERR-McGEE CORPORATION
By:(JOHN C. LINEHAN)
John C. Linehan
Senior Vice President and
Chief Financial Officer
Date: September 26, 1995
