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April 14, 2005
NEW YORK, NY, April 14, 2005 - Kerr-McGee Corporation announced today its intention to repurchase up to $4 billion of common stock through a modified "Dutch Auction" tender offer. Covington advised Kerr-McGee on this matter.Kerr-McGee has also obtained commitments from JP Morgan and Lehman Brothers, Inc., which will be used to finance the tender offer and ongoing working capital needs. Kerr-McGee is an Oklahoma City-based energy and inorganic chemical company with worldwide operations and assets of more than $14 billion.The Covington team included Scott Smith, Stephen Infante, Peter Laveran, Frank London and Emily Zarins who handled the Tender Offer. John Gourary, Andrew Baraff, Peter Schwartz, Charles Jeanfreau and Justin Griffith handled bank matters. Elizabeth Kessenides and Rob Heller provided tax advice.