Kerr-McGee announces record yearNews // January 26, 2001
Net income for 2000 was $842 million ($8.37 per share), compared with $142 million ($1.64 per share) in 1999. These amounts include $30 million ofafter-tax foreign currency gains in 2000, compared with $10 million in 1999.
For the 2000 fourth quarter, income before special items was $276 million($2.67 per share), compared with $130 million ($1.51 per share) in theprior-year quarter.
Including special items, quarterly net income was $282 million ($2.73 per share), compared with $110 million ($1.27 per share) in the 1999 fourth quarter. These results include $6 million in after-tax foreign currency losses in the 2000 fourth quarter,compared with after-tax foreign currency gains of $4 million in the 1999 quarter.
"Kerr-McGee continued to build on our many accomplishments throughout 2000, which resulted in record income and operating achievements in both of our core businesses - oil and gas exploration and production and titanium dioxide pigment," said Luke R Corbett, Kerr-McGee chairman and chief executive officer.
"During 2000, we successfully integrated the acquisition of Repsol's North Sea oil and gas assets and two titanium dioxide pigment plants into our operations, began development of four new oil and gas fields that are progressing toward initial productionby early 2002, began appraisal of three additional oil discoveries, and increased our acreage inventory of drillable prospects by 25 per cent. We believe that this attractive prospect inventory provides opportunities for Kerr-McGee to build on our proven record of drilling success."