Kerr-McGee Increases Dividend 25%; Declares Two-for-One Stock Split
The Kerr-McGee Corp. (NYSE: KMG) board of directors increased the company's quarterly dividend 25%, from 5 cents per share to 6.25 cents per share of common stock on a pre-split basis. The dividend paid per share for the quarter ending June 30, 2006, will be 6.25 cents per share.
The dividend will be payable July 3, 2006, to stockholders of record as of June 2, 2006.
In addition, the board authorized a two-for-one split of Kerr-McGee's outstanding common stock. The stock split is applicable to shareholders of record at the close of business on June 2, 2006. The stock split will be accomplished through a stock dividend to be issued on June 14, 2006. Kerr- McGee will have approximately 227 million common shares outstanding following the split. Kerr-McGee's common shares are expected to commence trading on a post-split basis on the New York Stock Exchange June 15, 2006.
"Today's actions by the board are a clear indication of the confidence
that we have in Kerr-McGee," said Luke R. Corbett, Kerr-McGee chairman and
chief executive officer. "By executing our strategic plan to transition into
a pure-play exploration and production company, we have greatly increased
value for our stockholders, and by splitting the stock two-for-one, we are
making shares of Kerr-McGee's common stock available to a larger pool of
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