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Covington Advises Kerr-McGee in $18 Billion Merger into Anadarko

June 23, 2006

NEW YORK, June 23, 2006  -  The board of directors of Kerr-McGee Corp. (NYSE: KMG) has approved an all cash offer of $70.50 per common share to merge into Anadarko Petroleum Corp. (NYSE: APC).  According to Kerr-McGee's press release , the $18 billion merger is dependent on the approval of Kerr-McGee stockholders.  It is expected to be finalized by the end of the third quarter.

Covington & Burling represented Kerr-McGee Corp., an Oklahoma City-based oil and natural gas producer, in the merger with Anadarko Petroleum Corp.  Covington has represented Kerr-McGee for over thirty years.  Last year, a Covington team led by Peter Nickles, Len Chazen and Scott Smith represented Kerr-McGee in the successful defense of the hostile proxy battle with Carl Icahn.  Also last year, David Martin and Carey Roberts lead Kerr-McGee's IPO/Spin Off of Tronox, Inc., the former chemical business of the company.

Covington's legal team was led by Scott Smith and Stephen Infante, and included Andrew Ment, Ingrid Loreen, Maia Ridberg, Michael Francese (benefits), Katherine Gongora (benefits), Robert Heller (tax), and John Gourary (finance).  Other Covington team members include George Chester (antitrust), James Dean (antitrust), Andrew Muratore (securities), and Daniel Goldberg (securities).  The team worked with Kerr-McGee General Counsel Greg Pilcher and other in-house counsel John Reichenberger, and Justin Byrne.

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