-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, O5l13QISGt99VkVJnIoxuMmsx6rZQOtWrnnC581oqQbxWLJNHNiO7DINEX4Zhjl2 M6Fhw2ZSow7VBFzxVR+dNg== 0000055458-99-000019.txt : 19990701 0000055458-99-000019.hdr.sgml : 19990701 ACCESSION NUMBER: 0000055458-99-000019 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KERR MCGEE CORP CENTRAL INDEX KEY: 0000055458 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 730311467 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-03939 FILM NUMBER: 99656753 BUSINESS ADDRESS: STREET 1: KERR MCGEE CTR STREET 2: 123 ROBERT S KERR CITY: OKLAHOMA CITY STATE: OK ZIP: 73125 BUSINESS PHONE: 4052701313 MAIL ADDRESS: STREET 1: P O BOX 25861 CITY: OKLAHOMA CITY STATE: OK ZIP: 73125 FORMER COMPANY: FORMER CONFORMED NAME: KERR MCGEE OIL INDUSTRIES INC DATE OF NAME CHANGE: 19671227 11-K 1 ANNUAL REPORT SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K ANNUAL REPORT Pursuant to Section 15(d) of the Securities Exchange Act of 1934 For the Year Ended December 31, 1998 Commission File Number 1-3939 Kerr-McGee Corporation Savings Investment Plan (full title of the Plan) Kerr-McGee Corporation Kerr-McGee Center Oklahoma City, Oklahoma 73102 (Name of the issuer of the securities held pursuant to the Plan and address of its principal executive office) REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Kerr-McGee Corporation Benefits Committee: We have audited the accompanying Statement of Net Assets Available for Benefits of the KERR-McGEE CORPORATION SAVINGS INVESTMENT PLAN (the Plan) as of December 31, 1998 and 1997, and the related Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 1998. These financial statements and the schedules referred to below are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements and schedules based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits as of December 31, 1998 and 1997, and the changes in the net assets available for benefits for the year ended December 31, 1998, in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedule of Assets Held for Investment Purposes as of December 31, 1998, and the supplemental Schedule of Reportable Transactions for the year ended December 31, 1998, are presented for purposes of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information in the Statement of Net Assets Available for Benefits and Statement of Changes in Net Assets Available for Benefits is presented for purposes of additional analysis rather than to present the net assets available for benefits and the changes in net assets available for benefits of each fund. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. (ARTHUR ANDERSEN LLP) ARTHUR ANDERSEN LLP Oklahoma City, Oklahoma, June 16, 1999 KERR-MCGEE CORPORATION SAVINGS INVESTMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS December 31, 1998 (Thousands of dollars)
Putnam Putnam Putnam Putnam Putnam Bal- Conser- Kerr- Putnam Growth Interna- Putnam Growth anced vative McGee Putnam Stable Putnam & tional S&P Port- Port- Port- Stock Income Value Vista Income Growth 500 folio folio folio Loan Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Account Total ------- ------ ------- ------ ------- -------- ------ ------ ------ ------- ------- ------ ASSETS: Investments, at fair value: Kerr-McGee Corporation Common Stock $38,580 $ $ $ $ $ $ $ $ $ $ $ 38,580 Putnam Income Fund 1,789 1,789 Putnam Stable Value Fund 17,486 17,486 Putnam Vista Fund 26,209 26,209 Putnam Growth and Income Fund 31,255 31,255 Putnam International Growth Fund 4,942 4,942 Putnam S&P 500 Index Fund 8,693 8,693 Putnam Asset Allocation Growth Fund 1,844 1,844 Putnam Asset Allocation Balanced Fund 4,052 4,052 Putnam Asset Allocation Conservative Fund 885 885 Loans to participants 6,332 6,332 Short-term investments 162 162 ------- ------ ------- ------- ------- ------ ------ ------ ------ ---- ------ -------- Total Investments 38,742 1,789 17,486 26,209 31,255 4,942 8,693 1,844 4,052 885 6,332 142,229 Dividends receivable 460 460 Receivable from investments sale 35 35 Other assets 17 17 ------- ------ ------- ------- ------- ------ ------ ------ ------ ---- ------ -------- Total Assets 39,254 1,789 17,486 26,209 31,255 4,942 8,693 1,844 4,052 885 6,332 142,741 ------- ------ ------- ------- ------- ------ ------ ------ ------ ---- ------ -------- LIABILITIES: Purchases pending settlement 158 158 ------- ------ ------- ------- ------- ------ ------ ------ ------ ---- ------ -------- NET ASSETS AVAILABLE FOR BENEFITS $39,096 $1,789 $17,486 $26,209 $31,255 $4,942 $8,693 $1,844 $4,052 $885 $6,332 $142,583 ======= ====== ======= ======= ======= ====== ====== ====== ====== ==== ====== ======== The accompanying notes are an integral part of this statement.
KERR-MCGEE CORPORATION SAVINGS INVESTMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS December 31, 1997 (Thousands of dollars)
Putnam Putnam Putnam Putnam Putnam Bal- Conser- Kerr- Putnam Growth Interna- Putnam Growth anced vative McGee Putnam Stable Putnam & tional S&P Port- Port- Port- Stock Income Value Vista Income Growth 500 folio folio folio Loan Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Account Total ------- ------ ------- ------- ------- -------- ------ ------ ------ ------- ------- ------ ASSETS: Investments, at fair value: Kerr-McGee Corporation Common Stock $62,894 $ $ $ $ $ $ $ $ $ $ $ 62,894 Putnam Income Fund 1,928 1,928 Putnam Stable Value Fund 26,758 26,758 Putnam Vista Fund 29,698 29,698 Putnam Growth and Income Fund 40,193 40,193 Putnam International Growth Fund 5,262 5,262 Putnam S&P 500 Index Fund 4,484 4,484 Putnam Asset Allocation Growth Fund 1,697 1,697 Putnam Asset Allocation Balanced Fund 5,122 5,122 Putnam Asset Allocation Conservative Fund 420 420 Loans to participants 10,654 10,654 Short-term investments 17 17 ------- ------ ------- ------- ------- ------ ------ ------ ------ ---- ------ -------- Total Investments 62,911 1,928 26,758 29,698 40,193 5,262 4,484 1,697 5,122 420 10,654 189,127 Dividends receivable 449 449 Receivable from investments sale 30 30 Other assets 6 6 ------- ------ ------- ------- ------- ------ ------ ------ ------ ---- ------ -------- Total Assets 63,396 1,928 26,758 29,698 40,193 5,262 4,484 1,697 5,122 420 10,654 189,612 ------- ------ ------- ------- ------- ------ ------ ------ ------ ---- ------ -------- LIABILITIES: Purchases pending settlement 19 19 ------- ------ ------- ------- ------- ------ ------ ------ ------ ---- ------ -------- NET ASSETS AVAILABLE FOR BENEFITS $63,377 $1,928 $26,758 $29,698 $40,193 $5,262 $4,484 $1,697 $5,122 $420 $10,654 $189,593 ======= ====== ======= ======= ======= ====== ====== ====== ====== ==== ======= ======== The accompanying notes are an integral part of this statement.
KERR-MCGEE CORPORATION SAVINGS INVESTMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS For the Year Ended December 31, 1998 (Thousands of dollars)
Nonparti- pant- Directed Participant-Directed -------- ------------------------------------------------------------------------------------------------- Putnam Putnam Con- Putnam Putnam Putnam Bal- serva- Kerr- Kerr- Putnam Growth Interna- Growth anced tive McGee McGee Putnam Stable Putnam & tional Putnam Port- Port- Port- Stock Stock Income Value Vista Income Growth S&P 500 folio folio folio Loan Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Account Total ------- ------- ------ ------- ------- ------- ------- ------ ------ ------ ----- ------- -------- Investment income (loss): Dividends $ 460 $ 1,363 $ 142 $ 1,356 $ 1,922 $ 3,005 $ 148 $ - $ 49 $ 145 $ 40 $ - $ 8,630 Interest - 125 12 43 69 93 37 81 43 40 6 - 549 Net appreciation (depreciation) of investments (6,298) (18,642) (69) (2) 2,483 1,598 659 1,653 110 290 3 - (18,215) ------- ------- ------ ------- ------- ------- ------ ------ ------ ------ ---- ------- -------- Total investment income (loss) (5,838) (17,154) 85 1,397 4,474 4,696 844 1,734 202 475 49 - (9,036) Employee contributions - 2,599 305 784 1,968 2,532 965 2,208 922 898 208 - 13,389 Distributions to terminating and withdrawing participants (7,487) (4,600) (922) (8,979) (8,013)(11,088) (1,582) (2,764) (904) (1,578) (483) (2,963) (51,363) Loans to participants, net of repayments - (52) 17 (208) 70 212 231 579 216 257 37 (1,359) - Transfers (to) from other funds - 8,251 376 (2,266) (1,988) (5,290) (778) 2,452 (289) (1,122) 654 - - ------- ------- ------ ------- ------- ------- ------ ------ ------ ------ ---- ------- -------- Increase (decrease) in net assets (13,325) (10,956) (139) (9,272) (3,489) (8,938) (320) 4,209 147 (1,070) 465 (4,322) (47,010) Net assets available for benefits: Beginning of year 23,224 40,153 1,928 26,758 29,698 40,193 5,262 4,484 1,697 5,122 420 10,654 189,593 ------- ------- ------ ------- ------- ------- ------ ------ ------ ------ ---- ------- -------- End of year $ 9,899 $29,197 $1,789 $17,486 $26,209 $31,255 $4,942 $8,693 $1,844 $4,052 $885 $ 6,332 $142,583 ======= ======= ====== ======= ======= ======= ====== ====== ====== ====== ==== ======= ======== The accompanying notes are an integral part of this statement.
KERR-McGEE CORPORATION SAVINGS INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1998 AND 1997 (1) DESCRIPTION OF THE PLAN General - The Kerr-McGee Corporation Savings Investment Plan (the Plan) is a defined contribution plan in which eligible employees of Kerr-McGee Corporation and its affiliated companies (collectively referred to as the Company) may participate. The Plan and the trust established thereunder (the Trust) were executed on September 26, 1975, and became fully effective on January 1, 1976. The Plan allows participants to defer taxable earnings through contributions to the Plan as provided for under Section 401(k) of the Internal Revenue Code (the Code), and to borrow from their accounts within the Plan. The Plan is administered by the Kerr-McGee Corporation Benefits Committee (the Committee), which is appointed by the Board of Directors of the Company. Accounting and administration for the Plan are provided by the Company at no cost to the Plan. In addition, all expenses of the Trust are borne by the Company. During 1998, the Company paid $46,000 of administrative and trust expenses The Company intends to continue the Plan indefinitely, but reserves the right to alter, amend, modify, revoke or terminate the Plan at any time upon the direction of the Company's Board of Directors. If the Plan is terminated for any reason, the Committee will direct that the participants' account balances be distributed as soon as practical. The Company has no continuing liability under the Plan after the final disposition of the assets of the Plan. Effective January 1, 1990, all employer matching contributions are made to the Employee Stock Ownership Plan (ESOP), which was established in September 1989. All matching contributions are invested in Kerr-McGee Corporation common stock. The ESOP is not part of the Plan; therefore, the employer contributions to the ESOP and the ESOP assets and earnings are not included in the Plan's accompanying financial statements. The maximum Company matching contribution is 6% of salary, and the maximum employee contribution is 15% of salary. Employees are allowed to participate in the Plan from their initial date of employment. Company contributions vest on the basis of 20% for each completed year of vesting service. Vesting service is completed years of Company service reduced in certain limited situations. Prior to January 1, 1990, employer matching contributions were made into the Plan and invested in Kerr-McGee Corporation common stock. The 1998 activity related to these contributions is shown as nonparticipant-directed in the Kerr-McGee Stock Fund in the accompanying Statement of Changes in Net Assets Available for Benefits. The participants' contributions to the Plan and earnings thereon are fully vested at all times. For both years ended December 31, 1998 and 1997, the participants' share of the Company contributions and earnings thereon were fully vested. Each participant's account is credited with the participant's contributions and an allocation of Plan earnings. Allocations are based on the rate of return of participant earnings on elected investment options. With the exception of the Kerr-McGee Stock Fund, participants designate how their balances are invested in any one or more of several investment options. On termination of service due to death, disability, or retirement, a participant or participant's beneficiary may elect to receive an amount equal to the value of the participant's account. The normal form of such distribution is a single lump sum payment; however, certain eligible members may elect to have an annuity purchased from an insurance company in lieu of a lump sum payment. Terminating participants with more than $5,000 in the Plan may defer distribution until age 70 1/2. Investments relating to these participants remain in the Trust until the terminated participant requests distribution. Participants who defer distribution continue to share in earnings and losses of the Plan. The following is a description of the investment options available under the Plan at December 31, 1998 : Kerr-McGee Stock Fund - common stock of the Company. Income Fund - debt securities including both government and corporate obligations, preferred stocks and dividend paying common stock. Stable Value Fund - primarily investments in contracts issued by insurance companies, banks and similar financial institutions. Vista Fund - shares of stock in companies believed to have the potential for above-average growth. Growth and Income Fund - primarily stocks of mature companies that offer long-term growth while providing income. International Fund - primarily stocks and bonds of companies and governments outside of the United States. S&P 500 Fund - mirrors the performance and composition of Standard & Poor's 500 Composite Index through investments in common stocks. Growth Portfolio - asset allocation for capital appreciation typically consisting of 80% domestic and international stocks and 20% bonds and money market investments. Balanced Portfolio - asset allocation for total return typically consisting of 65% domestic and international stocks and 35% bonds and money market investments. Conservative Portfolio - asset allocation for capital preservation typically consisting of 35% domestic and international stocks and 65% bonds and money market investments. The Kerr-McGee Stock Fund is the only fund consisting of both participant-directed contributions and nonparticipant-directed company matching contributions as follows: Participant- Company Total (Dollars in thousands) Directed Matching Fund ------------ ---------- ---------- 1998 ---- Market Value $ 29,197 $ 9,899 $ 39,096 Shares 753,924 254,700 1,008,624 1997 ---- Market Value $ 42,564 $ 20,330 $ 62,894 Shares 672,273 321,110 993,383 The Putnam Stable Value Fund investment option is a collective investment trust that invests in various investment contracts. This investment option is fully benefit-responsive and is, therefore, recorded at contract value in the accompanying Statements of Net Assets Available for Benefits. Contract value represents the principal balance of the fund, plus accrued interest at the stated contract rate, less payments received and contract charges by the fund manager. The crediting interest rate is based on the average rates of the underlying investment contracts. The average yield of this fund for the year ended December 31, 1998 was 5.8%. The crediting interest rate at December 31, 1998, the Putnam Stable Value Fund's fiscal year-end, was 6.1%. The fair value of the fund approximates contract value at December 31, 1998. SMART and CAPITAL Savings Programs - All participants participate in the Plan under the SMART and CAPITAL Savings Programs. Participants may direct their savings, up to a maximum of 15% of salary, to be invested in 1% increments among one or more of the funds provided for under the Plan. An unlimited number of transfers are allowed between funds. Contributions to the SMART Savings Program are from a participant's salary, before income taxes. The participant's income taxes on the pre-tax contributions are deferred until the contributions are distributed after termination, at the time of hardship withdrawal, or under minimum distribution rules at age 70 1/2. The annual SMART Savings Program contribution limitation is subject to annual adjustments for inflation and was $10,000 for 1998 in accordance with the Code. Participant contributions in excess of this amount are considered to be contributions to the CAPITAL Savings Program. Contributions to the CAPITAL Savings Program are from a participant's salary, after income taxes. If a participant has authorized less than 15% of their salary to be contributed to the SMART Savings Program, they may contribute the remaining whole percentages up to 15% to the CAPITAL Savings Program. Participant contributions may be invested in the same proportions and the same funds as outlined above for the SMART Savings Program. The maximum contributions allowed to each program may be limited for highly compensated employees, depending upon the balance of contributions at all levels. Participants may borrow from the Plan against their contributions to the SMART and CAPITAL Savings Programs and against their vested interest in Company matching contributions, held in the SIP. By administrative rule established by the Committee, new loans to participants bear interest at a fixed rate equal to the national average interest rate for five-year certificates of deposit (as published in The Wall Street Journal), plus 1.5%. Such interest is credited to the participant's accounts in the Plan when repaid. The average interest rate for new loans, which is adjusted quarterly, was 6.7% for 1998. The minimum loan amount, determined periodically by the Committee, is currently $1,000. The maximum amount of all loans to a participant under the Plan and any other plans of any employer may not exceed the lesser of (a) $50,000, reduced by an amount equal to the difference between (i) the participant's highest loan balance under the Plan during the one-year period ending on the day before the date on which such loan is made and (ii) the outstanding loan balance of the participant under the Plan on the date on which such loan was made or (b) one-half the current value of the participant's vested interest in their accounts. Loans must be repaid within five years from the initial date of the loan, with certain special provisions available for military reservists called to active duty. In the event of a participant's termination of employment and subsequent default on the loan, any outstanding balance will be considered a distribution and will be taxable to the participant as prescribed by the Code. (2) SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting - The financial statements of the Plan are prepared under the accrual method of accounting. Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from those estimates as additional information becomes known. Investment Valuation and Income Recognition - The Plan's investments are stated at fair value except for its investment contract which is valued at contract value (Note 1). Shares of registered investment companies are valued at quoted market prices which represent the net asset value of shares held by the Plan at year-end. The Company stock is valued at its quoted market price. Loans to participants are valued at cost which approximates fair value. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Payment of Benefits - Distributions to terminating and withdrawing participants are recorded when paid. (3) TAX STATUS The Plan is a qualified plan under provisions of Section 401(a) of the Code and is exempt from Federal income taxes under provisions of Section 501(a) of the Code. The Plan has been amended since receiving the latest determination letter, dated April 29, 1996. However, the Company is of the opinion that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code. Therefore, the Company believes the Plan is qualified and continues to be tax-exempt. Prior Company contributions and employee contributions to the SMART Savings Program are not taxed until the receipt of a distribution pursuant to the terms of the Plan. Taxes on any income earned thereon are also deferred until the receipt of a distribution. (4) LOANS TO PARTICIPANTS Loan activity during 1998 and 1997 is set forth below: (Thousands of dollars) 1998 1997 --------- -------- Balance at beginning of year $ 10,654 $10,090 New loans 3,628 5,807 Principal repayments (4,987) (4,734) Loans included as distributions to terminated participants (2,963) (509) --------- -------- Balance at end of year $ 6,332 $10,654 ========= ======= Interest income applicable to these loans during 1998 was $549,000 which is reported as interest income in the funds to which the participants are currently contributing. (5) CONTRIBUTIONS Contributions to the Plan during 1998 totaled $13,389,000. This total amount represents contributions made by employees to the SMART and CAPITAL Savings Programs. The Company's matching contributions to the ESOP during 1998 totaled $8,535,000. Common stock of the Company held by the ESOP and allocated to participant's accounts totaled 1,182,879 shares with a market value of $45,245,000 at December 31, 1998. (6) SUBSEQUENT EVENTS In February 1999, the Company merged with Oryx Energy Company (Oryx). The total effect of the merger on the Plan and its net assets is not currently known. Oryx had a defined contribution plan, the Oryx Capital Accumulation Plan (Oryx CAP), which contained a 401(k) benefit. The 401(k) benefit of the Oryx CAP will be merged into the Plan on August 2, 1999. In May 1999, three new investment options were added to the plan. The Vanguard U.S. Growth Fund, Vanguard Windsor II Fund and Vanguard Balanced Index Fund. Additionally, all Company contributions to the ESOP beginning January 1999 are 100% vested in participants' accounts. KERR-McGEE CORPORATION SAVINGS INVESTMENT PLAN LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (Employer Identification Number 73-0311467) (Plan Number 007) DECEMBER 31, 1998 (Thousands of dollars)
(b) (c) (e) Identity of issue, borrower, Description of investment including maturity date, (d) Current (a)* lessor or similar party rate of interest, collateral, par or maturity value Cost Value ---- ---------------------------- --------------------------------------------------------- --------- ------- * Kerr-McGee Corporation Common Stock - 1,008,624 shares $47,742 $38,580 * Putnam Investments Putnam Income Fund - 258,566 shares 1,816 1,789 * Putnam Investments Putnam Stable Value Fund - 17,486,519 shares 17,486 17,486 * Putnam Investments Putnam Vista Fund - 2,005,295 shares 23,335 26,209 * Putnam Investments Putnam Growth & Income Fund - 1,525,384 shares 30,667 31,255 * Putnam Investments Putnam Asset Allocation Balanced Fund - 337,409 shares 3,892 4,052 * Putnam Investments Putnam International Growth Fund - 256,990 shares 4,527 4,942 * Putnam Investments Putnam S&P 500 Index Fund - 300,491 shares 7,268 8,693 * Putnam Investments Putnam Asset Allocation Growth Fund - 135,284 shares 1,759 1,844 * Putnam Investments Putnam Asset Allocation Conservative Fund - 85,227 shares 878 885 * Various Participants Participant loans - interest rates from 5.9% to 8.0%, maturity dates from January 1999 to September 2004 6,332 6,332 * Putnam Investments Collective Short-term Investment Fund 162 162 *Party-in-interest
KERR-McGEE CORPORATION SAVINGS INVESTMENT PLAN LINE 27d - SCHEDULE OF REPORTABLE TRANSACTIONS (Employer Identification Number 73-0311467) (Plan Number 007) FOR THE YEAR ENDED DECEMBER 31, 1998 (Thousands of dollars)
(f) (h) Expense Current incurred value (c) (d) (e) with (g) of asset on (i) (a) (b) Purchase Selling Lease trans- Cost of transaction Net gain Identity of party involved Description of asset price price rental action asset date or loss - -------------------------- -------------------- -------- -------- ------ -------- ------- ----------- -------- Kerr-McGee Corporation Common Stock $22,481 $ - - - $22,481 $22,481 - Putnam Investments Putnam Stable Value Fund 10,080 - - - 10,080 10,080 - Putnam Investments S&P 500 Fund 9,482 - - - 9,482 9,482 - Putnam Investments Putnam Growth & Income Fund 8,836 - - - 8,836 8,836 - Putnam Investments Putnam Vista Fund 7,276 - - - 7,276 7,276 - Kerr-McGee Corporation Common Stock - 21,857 - - 20,794 21,857 1,063 Putnam Investments Putnam Vista Fund - 13,251 - - 12,599 13,251 652 Putnam Investments Putnam Growth & Income Fund - 19,373 - - 19,509 19,373 (136) Putnam Investments Putnam Stable Value Fund - 19,349 - - 19,349 19,349 - Putnam Investments S&P 500 Fund - 6,926 - - 6,528 6,926 398
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Kerr-McGee Corporation Benefits Committee has duly caused this annual report to be signed by the undersigned thereunto duly authorized. KERR-McGEE CORPORATION SAVINGS INVESTMENT PLAN By (JOHN C. LINEHAN) John C. Linehan Chairman of the Kerr-McGee Corporation Benefits Committee Date: June 30, 1999 EX-23 2 CONSENT OF ACCOUNTANT EXHIBIT Consent of Independent Public Accountants As independent public accountants, we hereby consent to the incorporation of our report dated June 16, 1999, included in the Kerr-McGee Corporation Savings Investment Plan 1997 annual report in this Form 11-K, into the Company's previously filed Form S-8 File No. 333-28235. (ARTHUR ANDERSEN LLP) ARTHUR ANDERSEN LLP Oklahoma City, Oklahoma June 30, 1999 -----END PRIVACY-ENHANCED MESSAGE-----