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Kerr-McGee updates Q2 results, net loss $0.58 shr
Reuters, 08.02.02, 1:10 AM ET
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NEW YORK, Aug 2 (Reuters) - Exploration and production
company Kerr-McGee Corp.
(nyse: KMG - news - people) said on Friday it had to add
additional items to its second quarter results and was posting
a net loss of 52 cents a share.
The items included an additional environmental noncash
provision of $48.9 million after tax for remediation of former
plant sites and an increase to exploration expense of $1.5
million after tax. Both items will be included in the company's
10-Q filing with the Securities and Exchange Commission.
As a result of these subsequent events, income from
continuing operations before special items for the second
quarter was $92.1 million, or 92 cents per diluted common
share, the company said in a press release.
The net loss for the period was $58 million, or 58 cents
per share.
In previous release on July 24, Kerr-McGee posted a net
loss for the second-quarter of 8 cents a share, hurt by lower
oil and natural gas prices and hefty charges for assets the
company plans to sell.
The previous release indicated that excluding items, the
energy company earned 93 cents a share.
Copyright 2002, Reuters News Service
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