Kerr-McGee Increases Dividend 25%; Declares Two-for-One Stock Split
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 potential investors."