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Kerr-McGee
Stockholders Adopt Merger Agreement
Oklahoma
City, Aug. 10, 2006 - Kerr-McGee Corp. (NYSE: KMG) today announced that at
a
special stockholder meeting in Oklahoma City, the stockholders of the company
voted to adopt the merger agreement providing for the merger of Kerr-McGee
with
a subsidiary of Anadarko Petroleum Corporation (NYSE: APC).
The
proposed merger was announced on June 23, 2006, and is expected to be completed
immediately, following the satisfaction of customary closing conditions set
forth in the merger agreement. Under the terms of the merger agreement,
Kerr-McGee stockholders will receive $70.50 per share in cash for each share
of
common stock.
Kerr-McGee
is an Oklahoma City-based oil and natural gas exploration and production company
focused in the U.S. onshore, deepwater Gulf of Mexico and select proven
world-class hydrocarbon basins. For more information on Kerr-McGee, visit
www.kerr-mcgee.com.
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Statements
in this press release regarding the company's or management's intentions,
beliefs or expectations, or that otherwise speak to future events, are
"forward-looking statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements include those
statements preceded by, followed by or that otherwise include the words
"expects," "estimates," or similar words. Future results and developments
discussed in these statements may be affected by numerous factors and risks,
such as the accuracy of the assumptions that underlie the statements, changes
in
laws and regulations, the ability to respond to challenges in international
markets, political or economic conditions in areas where Kerr-McGee operates,
trade and regulatory matters, general economic conditions, progress made with
respect to and developments related to the Company’s proposed merger with
Anadarko Petroleum Corporation, and other factors and risks identified in the
Risk Factors section of the company's Annual Report on Form 10-K and other
U.S.
Securities and Exchange Commission filings. Actual results and developments
may
differ materially from those expressed or implied in this
filing.
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Media
contact:
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John
Christiansen
Direct:
405-270-3995
Cell:
405-406-6574
jchristiansen@kmg.com
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