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MORGAN STANLEY TO HELP EVALUATE KERR-MCGEE'S REFINING UNIT

 MORGAN STANLEY TO HELP EVALUATE KERR-MCGEE'S REFINING UNIT
 OKLAHOMA CITY, June 30 /PRNewswire/ -- Kerr-McGee Corp. (NYSE: KMG) has retained the investment banking firm of Morgan Stanley & Co. Inc. to assist in the evaluation of strategic alternatives for its refining and marketing subsidiary. Frank A. McPherson, chairman and chief executive officer of Kerr-McGee, said it is too early in the evaluation process to predict whether the subsidiary will be sold. Other options include continuing, expanding or restructuring the business, he said.
 The subsidiary, Kerr-McGee Refining Corp., processes crude oil into refined products at two refineries, located in Oklahoma and Texas, and at a small plant in Louisiana. Total refining capacity is 155,000 barrels per day.
 The company markets products east of the Rocky Mountains through a distribution system that includes wholesale terminals and retail service stations. A subsidiary produces lubricating oils and greases. In 1991 Kerr-McGee Refining recorded sales of $2.1 billion.
 Kerr-McGee Corp. is an energy and chemical company with approximately $3.3 billion in annual sales from domestic and international operations.
 -0- 6/30/92
 /CONTACT: Dow Dozier of Kerr-McGee Corp., 405-270-2877/
 (KMG) CO: Kerr-McGee Corp.; Morgan Stanley & Co. Inc. ST: Oklahoma IN: OIL SU:


MC-BB -- DV002 -- 5156 06/30/92 11:55 EDT
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Publication:PR Newswire
Date:Jun 30, 1992
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