Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Jon Cave who wrote (45085)	5/20/1999 1:12:00 PM
From: dfloydr	Read Replies (1) of 95453

PZE - Devon -KMG Just yesterday KMG put out the following press release. Interesting to note that the three KMB members of the board of Devon all resigned in preparation for this "Review". They must have been full aware of the PZE deal yesterday when they resigned. Hmmmm ..... what thoughts come to mind? KMG is no longer represented yet they own 20% X 60something% of the new Devon. Were the KMG members somehow a problem for the Devon-PZE deal? Or does this make it easier for KMG to stand back and decide whether to sell off their holdings or buy up the whole show? Or: as I recall, if you own 20% of a company you must consolidate its results in yours. Now KMG's holding will drop to the point where KMG need not consolidate results ... and that certainly warrants a "Review". _____________ Wednesday May 19, 7:00 pm Eastern Time - Company Press Release SOURCE: Kerr-McGee Corp. Kerr-McGee Reviewing Investment Alternatives Related to Devon OKLAHOMA CITY, May 19 /PRNewswire/ -- Kerr-McGee Corp. (NYSE: KMG - news) announced today that it is reviewing investment alternatives related to its investment in Devon Energy Corp. Kerr-McGee holds 9,954,000 shares (approximately 20%) of Devon common stock. In connection with this review, Luke R. Corbett, Tom J. McDaniel and Lawrence H. Towell, executives of Kerr-McGee, resigned from the Devon board of directors. Kerr-McGee is an Oklahoma City-based energy and chemical company with assets of $5.5 billion.

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