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
June 8, 1998
(Date of Report - Date of earliest event reported)
KERR-MCGEE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-3939 73-0311467
(State of (Commission File Number) (IRS Employer
Incorporation) Identification No.)
Kerr-McGee Center
Oklahoma City, Oklahoma 73125
(Address of principal executive offices) (Zip Code)
(405) 270-1313
(Registrant's telephone number)
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Item 5. Other Events
Kerr-McGee Corporation announced that it has reached agreement to sell
its coal mining operations for $600 million in cash.
Kerr-McGee's Jacobs Ranch Mine in the Powder River Basin of Wyoming will
be sold to Kennecott Energy and Coal Company, and its Galatia Mine in the
Illinois Basin will be sold to the American Coal Company. The sale of the
Galatia Mine is scheduled to close prior to June 30. The sale of the Jacobs
Ranch Mine is scheduled to occur promptly following compliance with regulatory
requirements.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
99.1 News Release dated June 8, 1998, announcing Kerr-McGee
Corporation reached agreement to sell its coal mining
operations.
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: (Deborah A. Kitchens)
Deborah A. Kitchens
Vice President and Controller
Dated: June 8, 1998
EXHIBIT INDEX
Exhibit No. Description
99.1 News Release dated June 8, 1998 announcing Kerr-McGee
Corporation reached agreement to sell its coal mining
operations.
Kerr-McGee Announces Sale of Coal Operations
OKLAHOMA CITY (June 8, 1998) - Kerr-McGee Corp. (NYSE: KMG) announced
today that it has reached agreement to sell its coal mining operations for $600
million in cash.
Kerr-McGee's Jacobs Ranch Mine in the Powder River Basin of Wyoming will
be sold to Kennecott Energy and Coal Company, and its Galatia Mine in the
Illinois Basin will be sold to The American Coal Company. The sale of the
Galatia Mine is scheduled to close prior to June 30. The sale of the Jacobs
Ranch Mine is scheduled to occur promptly following compliance with regulatory
requirements.
"Thanks to the dedicated efforts of the coal employees we were able to
negotiate these transactions successfully," said Luke R. Corbett, Kerr-McGee
chairman and chief executive officer. "Upon completion of this process the
company will be completely focused on further growing its worldwide oil and gas
and titanium dioxide pigment operations."
Kerr-McGee was advised in this transaction by Lazard Freres & Co. LLC
and Simpson Thacher & Barlett.
