Kerr-McGee Converts Subordinated Debentures

Kerr-McGee Corp. (NYSE: KMG) announced the conversion of all of its 5.25% convertible subordinated debentures due 2010, with a face value of $600 million, into shares of Kerr-McGee common stock, totaling approximately 9.8 million shares.

As a result of the conversion, Kerr-McGee's total debt as a percent of total capital has been reduced to approximately 31%, and total shares outstanding are approximately 162 million.