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KERR-MCGEE REPORTS ESTIMATED FIRST-QUARTER INCOME AND SOUTH CHINA SEA LEASE AGREEMENT

 OKLAHOMA CITY, April 20 /PRNewswire/ -- Kerr-McGee Corp. (NYSE: KMG) announced estimated first-quarter 1993 net income and an agreement on a South China Sea lease today at a security analysts' meeting in New York.
 The estimated first-quarter net income is $24 million, or about 50 cents per share. This compares with restated net income of $13 million, or 26 cents per share, in the first quarter of 1992 before adjusting for an extraordinary charge for the early retirement of 9.75 percent debt and the cumulative effect of accounting changes as of Jan. 1, 1992. After these adjustments, Kerr-McGee had a first-quarter 1992 loss of $60 million, or $1.24 per share.
 The company plans to release its first-quarter 1993 results this month.
 The lease agreement with the China National Offshore Oil Corp. and Amoco Corp. gives Kerr-McGee a 50 percent interest in a 4 million-acre block in the South China Sea.
 The prospect is the age equivalent of the Liuhua oil field 150 miles to the northeast, the largest known field discovered to date in the South China Sea. Kerr-McGee will participate in a 9,000-foot test on this prospect in 1993.
 -0- 4/20/93
 /CONTACT: Dow Dozier of Kerr-McGee, 405-270-2877/
 (KMG)


CO: Kerr-McGee Corp. ST: Oklahoma IN: OIL SU: ERP

BB -- DV013 -- 8279 04/20/93 16:29 EDT
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Date:Apr 20, 1993
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