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KERR-McGEE'S FIRST-QUARTER NET INCOME UP 94 PERCENT

 OKLAHOMA CITY, April 27 /PRNewswire/ -- Kerr-McGee Corp.'s (NYSE: KMG) net income for the first quarter of 1993 was $24.4 million (50 cents per share), up 94 percent from last year's restated first- quarter net income of $12.6 million (26 cents per share). The 1992 restated amounts do not include the extraordinary charge for the early retirement of 9.75 percent debt and the prior years' cumulative effect of accounting changes adopted effective Jan. 1, 1992. After these adjustments, Kerr-McGee's first-quarter 1992 loss was $59.6 million ($1.24 per share).
 The first quarter benefited from improved operating profit from Kerr-McGee's exploration and production and coal operations, compared with the same 1992 quarter, said Frank A. McPherson, chairman and chief executive officer. Results from chemical operations and refining and marketing were about the same as in the corresponding 1992 period.
 Exploration and production results reflected higher natural gas sales prices and lower operating expenses, partially offset by lower natural gas sales volumes and higher exploration costs, compared with the 1992 quarter. Coal's operating profit was higher due to lower per- unit production cost and increased sales volumes.
 Net interest expense for this year's first quarter was down from the 1992 period, due to the 1992 early retirement of $100 million of 9.75 percent debt and lower average interest rates.
 Crude oil production averaged 51,000 barrels per day in the 1993 first quarter, up from 50,700 barrels per day. Crude oil prices averaged $16.95 per barrel, compared with $16.73 for the 1992 period. Natural gas sales decreased 8 percent to 293 million cubic feet per day. Gas sales prices were up 39 percent compared with the 1992 first quarter.
 First-quarter sales were $784 million, about the same as last year's first quarter. Cash flow from operations totaled $105 million, compared with $87 million in the 1992 first quarter. Capital expenditures rose to $120 million from $106 million in the 1992 first quarter.
 KERR-McGEE CORP.
 OPERATING RESULTS
 (In millions of dollars, except per-share amounts)
 Three Months Ended Percent
 March 31, Increase
 1993 1992 (1) (Decrease)
 Sales $783.5 $782.7 ---
 Income before Extraordinary
 Charge and Cumulative Effect
 on Prior Years of Accounting
 Changes 24.4 12.6 94
 Extraordinary Charge,
 Net of Income Taxes --- (2.4) NM
 Cumulative Effect on Prior Years
 of Accounting Changes, Net
 of Income Taxes --- (69.8) NM
 Net Income (Loss) 24.4 (59.6) NM
 Income (Loss) per Common Share
 Income before Extraordinary
 Charge and Cumulative Effect
 on Prior Years of Accounting
 Changes $ .50 $ .26 92
 Extraordinary Charge, Net of
 Income Taxes --- (.05) NM
 Cumulative Effect on Prior Years
 of Accounting Changes, Net of
 Income Taxes --- (1.45) NM
 Net Income (Loss) $ .50 $(1.24) NM
 Weighted Average Shares
 Outstanding (thousands) 48,294 48,267 ---
 Shares Outstanding at End of
 Period (thousands) 48,299 48,267 ---
 Net Income Plus Net Noncash
 Operating Items $105.4 $87.2 21
 Cash Provided by Operating
 Activities 162.2 22.5 NM
 Interest Expense, Net of
 Interest Income 10.9 16.1 (32)
 Nonoperating Expense, Net 8.1 5.6 45
 Income Tax Expense 11.6 1.6 NM
 Total Tax Expense 32.2 22.3 44
 Dividends Paid 18.3 18.4 (1)
 Capital Expenditures -
 Exploration and production 96.2 53.3 80
 Refining and marketing 8.2 13.2 (38)
 Chemicals 6.5 8.4 (23)
 Coal 8.7 24.6 (65)
 Other .5 6.6 (92)
 Total Capital Expenditures 120.1 106.1 13
 Exploration Expenses -
 Petroleum --- --- ---
 Dry hole costs 5.0 .4 NM
 Amortization of
 undeveloped leases 4.5 4.5 ---
 Other 3.7 6.5 (43)
 Total 13.2 11.4 16
 Minerals and other .7 .9 (22)
 Total Exploration Expenses 13.9 12.3 13
 Less - Amortization of oil and
 gas and minerals leases and
 other noncash expenses 4.5 4.5 ---
 9.4 7.8 21
 Total Capital Expenditures
 and Cash Exploration
 Expenses $129.5 $113.9 14
 (1) Restated to reflect the adoption of Financial Accounting
 Standards Board Statements No. 106 and No. 109 effective
 January 1, 1992.
 BUSINESS SEGMENT INFORMATION
 (In millions of dollars)
 Three Months Ended Percent
 March 31, Increase
 1993 1992 (1) (Decrease)
 Sales
 Exploration and production(2) $97.5 $87.6 11
 Refining and marketing 486.0 504.5 (4)
 Chemicals 121.1 113.6 7
 Coal 78.9 76.8 3
 Other --- .2 NM
 Total $783.5 $782.7 ---
 Operating Profit (Loss)
 Exploration and production $ 29.8 $ 10.3 189
 Refining and marketing (9.2) (8.2) 12
 Chemicals 14.8 16.1 (8)
 Coal 20.7 17.8 16
 Other (1.1) (.1) NM
 Total $ 55.0 $ 35.9 53
 Net Operating Profit (Loss)
 Exploration and production $ 18.7 $ 5.5 NM
 Refining and marketing (6.1) (5.3) 15
 Chemicals 9.5 11.1 (14)
 Coal 15.2 13.9 9
 Other (.7) (.1) NM
 Total 36.6 25.1 46
 Net Interest Expense (7.0) (9.6) (27)
 Net Nonoperating Expense (5.2) (2.9) 79
 Income before Extraordinary
 Charge and Cumulative Effect
 on Prior Years of Accounting
 Changes 24.4 12.6 94
 Extraordinary Charge, Net of
 Income Taxes --- (2.4) NM
 Cumulative Effect on Prior
 Years of Accounting Changes,
 Net of Income Taxes --- (69.8) NM
 Net Income (Loss) $ 24.4 $(59.6) NM
 (1) Restated to reflect the adoption of Financial Accounting
 Standards Board Statements No. 106 and No. 109 effective
 January 1, 1992.
 (2) Excludes intercompany sales, primarily crude oil sales, of
 $46.2 and $43.7 for the three months ended March 31, 1993 and
 1992, respectively.
 OPERATING STATISTICS
 Three Months Ended Percent
 March 31, Increase
 1993 1992 (Decrease)
 Crude oil & condensate prod.
 (thousands of bbls/day)
 United States 27.5 24.2 14
 Canada 4.9 5.2 (6)
 North Sea 14.3 17.0 (16)
 Other international 4.3 4.3 ---
 Total 51.0 50.7 1
 Average price of crude oil
 sold (per bbl.)
 United States $17.30 $16.73 3
 Canada 15.59 14.77 6
 North Sea 17.17 17.64 (3)
 Other international 15.72 15.87 (1)
 Average $16.95 $16.73 1
 Natural gas sales
 (MMCF/day) 293 319 (8)
 Average price of natural gas
 sold (per MCF) $ 1.74 $ 1.25 39
 Total refinery runs (thousands
 of bbls/day) 129.0 125.5 3
 Refined product sales
 (thousands of bbls/day) 230.0 245.4 (6)
 Industrial chemical sales
 (thousands of tons) 136 101 35
 Treated forest product sales
 (millions of board feet) 50 47 6
 Coal shipped from company mines
 (thousands of tons) 5,538 5,236 6
 -0- 4/27/93
 /CONTACT: Sigrid A. Bowman of Kerr-McGee, 405-270-3992/
 (KMG)


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

MC -- DV003 -- 1361 04/27/93 12:14 EDT
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