FORM 10-Q
                    SECURITIES AND EXCHANGE COMMISSION
                          Washington, D. C. 20549


           [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                  OF THE SECURITIES EXCHANGE ACT OF 1934

             For the Quarterly Period Ended September 30, 1995

                                    OR

          [ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                  OF THE SECURITIES EXCHANGE ACT OF 1934

             For the Transition Period from        to        

                       Commission File Number 1-3939


                          KERR-McGEE CORPORATION
          (Exact Name of Registrant as Specified in its Charter)


                     A Delaware Corporation 73-0311467
          (State or Other Jurisdiction of (I.R.S. Employer
          Incorporation or Organization) Identification No.)

             Kerr-McGee Center, Oklahoma City, Oklahoma 73125
           (Address of Principal Executive Offices and Zip Code)

  Registrant's telephone number, including area code (405) 270-1313


Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.

                          Yes   X        No      

Number of shares of common stock, $1.00 par value, outstanding as
of October 31, 1995:  51,599,959

<PAGE>

                         PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

<TABLE>
                KERR-McGEE CORPORATION AND SUBSIDIARY COMPANIES
                        CONSOLIDATED STATEMENT OF INCOME
                                  (UNAUDITED)
<CAPTION>
                                 Three Months Ended  Nine Months Ended
(Millions of dollars,               September 30,      September 30,
except per-share amounts)          1995      1994      1995      1994

<S>                             <C>      <C>       <C>       <C>
Sales                           $ 456.0  $  408.4  $1,376.6  $1,202.4

Costs and Expenses
 Costs and operating expenses     260.1     228.8     764.4     690.9
 Selling, general, and
   administrative expenses         19.7      28.0      58.8      70.8
 Depreciation and depletion        83.5      75.1     241.0     222.3
 Asset impairment                 227.4         -     227.4         -
 Exploration, including dry holes
   and amortization of
   undeveloped leases              31.0      15.8      74.8      58.3
 Provisions for environmental
   reclamation and remediation
   of inactive sites               27.5       4.9      42.1       9.6
 Taxes, other than income taxes    16.0      14.4      49.2      50.2
 Interest and debt expense         13.5      14.8      48.4      41.6
   Total Costs and Expenses       678.7     381.8   1,506.1   1,143.7

                                 (222.7)     26.6    (129.5)     58.7
Other Income                        2.4       3.5      11.4      10.7

Income (Loss) from Continuing
 Operations before Income Taxes  (220.3)     30.1    (118.1)     69.4
Provision (Benefit) for
 Income Taxes                     (87.4)      9.5     (57.2)     21.6

Income (Loss) from Continuing
 Operations                      (132.9)     20.6     (60.9)     47.8

Income (Loss) from Discontinued
 Operations
   [net of provision (benefit)
   for income taxes of $(5.9)
   and $(1.2) for the third
   quarter of 1995 and 1994,
   respectively, and NIL and
   $13.3 for the first nine
   months of 1995 and 1994,
   respectively]                  (10.2)     (2.9)       .2      21.9

Net Income (Loss)               $(143.1)   $ 17.7  $  (60.7) $   69.7

Net Income (Loss) per
 Common Share
   Continuing operations        $ (2.56)   $  .40  $  (1.17) $    .92
   Discontinued operations         (.20)     (.05)        -       .43

     Total                      $ (2.76)   $  .35  $  (1.17) $   1.35

Cash Dividends Declared
 per Common Share               $   .38    $  .38  $   1.14  $   1.14
Average Number of Shares
 Outstanding (thousands)         51,858    51,667    51,783    51,661

 The accompanying notes are an integral part of this statement.
</TABLE>
<PAGE>

                KERR-McGEE CORPORATION AND SUBSIDIARY COMPANIES
                           CONSOLIDATED BALANCE SHEET
                                  (UNAUDITED)

                                         Sept. 30,       Dec. 31,
(Millions of dollars)                         1995           1994

ASSETS
Current Assets
 Cash                                     $  102.2       $   81.7
 Notes and accounts receivable               412.4          421.7
 Inventories                                 221.1          398.7
 Deposits and prepaid expenses                62.6           60.3
     Total Current Assets                    798.3          962.4

Property, Plant, and Equipment, net        2,210.7        2,551.7

Investments and Other Assets                 197.4          184.1

                                          $3,206.4       $3,698.2

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
 Short-term borrowings and
   accounts payable                       $  403.0       $  686.9
 Other current liabilities                   190.6          202.7
     Total Current Liabilities               593.6          889.6

Long-Term Debt                               576.8          672.8

Deferred Credits and Other Liabilities       586.3          592.4

Stockholders' Equity
 Common stock, par value $1 - 150,000,000
   shares authorized, 53,485,583 shares
   issued at 9-30-95 and 53,304,076
   at 12-31-94                                53.5           53.3
 Capital in excess of par value              317.0          309.3
 Preferred stock purchase rights                .5             .5
 Retained earnings                         1,200.5        1,320.3
 Unrealized gain on securities
   available-for-sale                         22.1           11.5
 Common shares in treasury, at
   cost - 1,610,090 shares at
     9-30-95 and 1,610,438 at 12-31-94       (62.6)         (62.6)
 Deferred compensation                       (81.3)         (88.9)
     Total Stockholders' Equity            1,449.7        1,543.4

                                          $3,206.4       $3,698.2


The "successful efforts" method of accounting for oil and gas
exploration and production activities has been followed in
preparing this balance sheet.

 The accompanying notes are an integral part of this balance sheet.

<PAGE>

                KERR-McGEE CORPORATION AND SUBSIDIARY COMPANIES
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                  (UNAUDITED)



                                          Nine Months Ended September 30,
(Millions of dollars)                             1995              1994     

Operating Activities
Net income (Loss)                               $(60.7)           $ 69.7
Adjustments to reconcile to net
 cash provided by operating activities -
   Depreciation, depletion, and
     amortization                                269.0             255.5
   Deferred income taxes                         (65.5)              1.4
   Gain on sale of refining and
     marketing operations                         (1.7)                -
   Asset impairment                              227.4                 -
   Provision for environmental reclamation
     and remediation of inactive sites            53.6               9.6
   Noncash items affecting net income             50.6              52.4
   Other net cash used in operating
     activities                                 (136.1)           (122.4)
       Net Cash Provided by Operating
         Activities                              336.6             266.2

Investing Activities
Capital expenditures                            (369.1)           (309.5)
Proceeds from sale of refining and
 marketing operations                            386.1                 -
Purchase of long-term investments                 (7.6)            (35.3)
Other investing activities                        35.9              45.8
       Net Cash Provided by (Used in)
         Investing Activities                     45.3            (299.0)

Financing Activities
Increase (decrease) in short-term
 borrowings                                     (219.9)            141.8
Repayment of long-term debt                      (90.4)            (47.4)
Dividends paid                                   (59.0)            (58.8)
Other financing activities                         7.9                .4
       Net Cash Provided by (Used in)
         Financing Activities                   (361.4)             36.0

Net Increase in Cash and Cash Equivalents         20.5               3.2

Cash and Cash Equivalents at Beginning
 of Period                                        81.7              94.4

Cash and Cash Equivalents at End of Period      $102.2            $ 97.6


The accompanying notes are an integral part of this statement.

<PAGE>

              KERR-McGEE CORPORATION AND SUBSIDIARY COMPANIES
                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                            SEPTEMBER 30, 1995

A.  The condensed financial statements included herein have been
    prepared by the company, without audit, pursuant to the rules
    and regulations of the Securities and Exchange Commission and,
    in the opinion of management, include all adjustments,
    consisting only of normal recurring accruals, necessary to
    present fairly the resulting operations for the indicated
    periods.  Certain information and footnote disclosures
    normally included in financial statements prepared in
    accordance with generally accepted accounting principles have
    been condensed or omitted pursuant to such rules and
    regulations, although the company believes that the
    disclosures are adequate to make the information presented not
    misleading.  It is suggested that these condensed financial
    statements be read in conjunction with the financial
    statements and the notes thereto included in the company's
    latest annual report on Form 10-K.

B.  After adding the dilutive effect of the conversion of options
    to the weighted average number of shares outstanding, the
    shares used to compute net income per common share were
    52,089,204 and 51,785,493 for the three months ended September
    30, 1995 and 1994, respectively, and 51,947,026 and 51,740,673
    for the nine months ended September 30, 1995 and 1994,
    respectively.

C.  The company has entered into various contracts or letters of
    intent to sell its refining and marketing assets.  The sale of
    a small refinery was completed in the first quarter of 1995. 
    The sale of a lubricating oil and grease operation and the
    Residuum Oil and Supercritical Extraction (ROSE(registered trademark)) 
    process was completed in the second quarter of 1995.  Sales of refineries
    at Corpus Christi, Texas, and Wynnewood, Oklahoma, a pipeline
    gathering system in Oklahoma, and most of the company-
    operated retail service stations were completed in the third
    quarter of 1995.  The sales of the remaining refining and
    marketing assets are scheduled for closing or are in various
    stages of negotiation.  The company intends to complete its
    plan to exit the refining and marketing business in 1995;
    therefore, refining and marketing operations are reported as
    a discontinued operation.  No material gain or loss will
    result from the disposal of the segment.

    Revenues applicable to the discontinued operations totaled
    $174.5 million and $490.6 million for the three months ended
    September 30, 1995 and 1994, respectively, and $1.1 billion
    and $1.4 billion for the nine months ended September 30, 1995
    and 1994, respectively.  Refining and marketing assets not yet
    sold are included as part of the appropriate line items in the
    Consolidated Balance Sheet.  Included at September 30, 1995,
    are accounts and notes receivable of $88.8 million;
    inventories of $21.6 million; net property, plant, and
    equipment of $35.8 million; accounts payable of $41.2 million;
    and other current liabilities of $26.1 million.

D.  The crude oil and refined petroleum products inventories of
    the remaining refining and marketing operations are priced at
    cost under the LIFO method.  The  carrying values of these
    inventories under the LIFO method are based on an annual
    determination of quantities and costs as of the last day of
    the fiscal year.  However, since these inventories are held
    for sale, the carrying values at September 30, 1995, were
    based on quantities and costs expected to exist at the
    anticipated date of disposition.  

E.  Net cash provided by operating activities reflects cash
    payments for income taxes and interest as follows:

                                         Nine Months Ended
                                           September 30,
    (Millions of dollars)                1995        1994

    Income taxes                        $47.3       $37.5
    Interest                             51.3        53.3

F.  On September 12, 1995, the company announced certain actions
    by its board of directors, including an increase in the
    quarterly dividend payable on January 2, 1996, from $.38 per
    share to $.41 per share.  Additionally, management was
    authorized to purchase from time to time company stock of up
    to $300 million or approximately 10% of the currently
    outstanding shares at market prices.

G.  The company adopted the provisions of the Statement of
    Financial Accounting Standards No. 121, "Accounting for the
    Impairment of Long-Lived Assets and for Long-Lived Assets to
    Be Disposed Of," during the third 1995 quarter.  In
    conjunction with the adoption of this statement, the company
    now evaluates impairment of its proved oil and gas assets on
    a field-by-field basis rather than the previously used area-
    of-interest basis.  Chemical, coal, and other assets are
    evaluated on an individual asset basis or logical groupings of
    assets.

    As a result of this change in accounting principle, certain
    oil and gas fields in the United States and Canada and certain
    coal and other assets were deemed to be impaired because the
    assets are not expected to recover their entire carrying value
    through future cash flows.  The write-down amount, totaling
    $123.6 million and included in the income statement caption
    "Asset Impairment," was determined as the difference between
    the carrying value and the estimated fair value.  The fair
    value for these impaired assets was generally determined based
    on the estimated present value of future cash flows.  The
    asset impairment by segment was $99.6 million for exploration
    and production, $22.9 million for coal, and $1.1 million for
    other.

    During the third quarter of 1995, the company's exploration
    and production operating unit announced a divestiture and
    restructuring program.  Included in this program are a number
    of crude oil and natural gas properties that are considered
    nonstrategic.  The majority of these properties are located
    onshore in the United States; however, certain of these
    properties are located in the Gulf of Mexico, Canada, and the
    North Sea.  These properties constitute approximately 10% of
    the company's oil and gas reserves, account for 10% of the
    current oil and gas production volumes and 5% of the company's
    annual cash flow, and are expected to be sold or abandoned by
    the end of 1996.  The carrying value of these assets totaled
    $172.2 million prior to the write-down discussed in the
    following paragraph.

    As a result of the divestiture program, these nonstrategic oil
    and gas properties have been written down to their estimated
    fair value less the cost to sell if the carrying value of the
    property exceeded such fair value net of the estimated cost of
    selling the property.  The write-down on the properties for
    which a loss was indicated totaled $103.8 million and has been
    included in the income statement as part of the expense
    caption "Asset Impairment."

    In connection with the divestiture program, the exploration
    and production operating unit has implemented a restructuring
    program to reorganize its administrative and operating func-
    tions.  As a result of this restructuring program, it is
    expected that approximately 120 employees will be terminated
    during the remainder of 1995 or in 1996.  The company accrued
    a total of $6.2 million for future compensation, outplacement,
    and the cost of special termination benefits for retiring
    employees to be paid from retirement assets.

H.  CONTINGENCIES

    West Chicago -

    Since August 1979, when the company's wholly owned subsidiary,
    Kerr-McGee Chemical Corporation (KMCC), filed a plan with the
    Nuclear Regulatory Commission to decommission a former
    operation in West Chicago, Illinois, KMCC has been involved in
    a number of related judicial and administrative proceedings. 
    The operation, which was closed in 1973, processed thorium
    ores, leaving ore residues, process buildings, and equipment
    with some low-level radioactivity on site.  While a number of
    these proceedings have been settled or resolved, the following
    discusses the remaining proceedings.

    Decommissioning - Several approvals have been received for the
    decommissioning process, but a license amendment to
    decommission has not been issued by the State of Illinois (the
    State).  The State has jurisdiction over the site and requires
    offsite disposal of contaminated material.  In July 1994,
    KMCC, the City of West Chicago, and the State executed a
    Settlement Agreement (the Agreement) regarding the
    decommissioning of the closed West Chicago facility.  Pursuant
    to the Agreement, KMCC built or leased appropriate support
    facilities during the summer of 1994 and began shipments of
    material from the site to a licensed permanent disposal
    facility in Utah in September 1994.

    Under the Illinois Uranium and Thorium Mill Tailings Control
    Act (the Act), KMCC is obligated to pay an annual storage fee
    of $2.00 per cubic foot of byproduct material located at the
    former facility.  Under the Agreement, the amount of the
    storage fee paid each year shall not exceed $26 million, and
    all amounts paid pursuant to the Act are to be reimbursed to
    KMCC as decommissioning expenditures are incurred.  KMCC has
    received reimbursement for all amounts paid under the Act to
    the State through September 30, 1995, and will continue to
    seek reimbursement for future amounts paid under the Act as
    decommissioning costs are incurred.

    The aggregate cost to decommission the former facility is
    difficult to estimate because of the many contingencies,
    including the terms of the license amendment required to
    complete the decommissioning process.  Decommissioning costs
    to KMCC will be reduced by any amounts recovered pursuant to
    the Federal Energy Policy Act of 1992 (which could total up to
    $42 million, of which $18 million has been received).  At
    December 31, 1994, reserves provided for the cost to
    decommission the site under the plan proposed by KMCC were
    $157 million (before any further recovery under the Energy
    Policy Act of 1992), payable over the time necessary to
    relocate the materials, which was estimated at year-end 1994
    to be between four and six years.  During the first nine
    months of 1995, additions to the reserve totaled $43 million.

    Offsite Areas - The U.S. Environmental Protection Agency (EPA)
    has listed four areas in the vicinity of the West Chicago
    facility on the National Priority List that the EPA
    promulgates under authority of the Comprehensive Environmental
    Response, Compensation, and Liability Act of 1980 and has
    designated KMCC as a potentially responsible party in these
    four areas.  The EPA issued a unilateral administrative order
    for one of these areas (referred to as the residential area),
    which requires KMCC to conduct a removal action to excavate
    contaminated soils and to ship the soil elsewhere for
    disposal.  At December 31, 1994, the estimated cost to clean
    up the residential area was $22 million.  Without waiving any
    of its rights or defenses, in May 1995 KMCC began the cleanup
    of this site.

    Judicial Proceedings - Several personal injury lawsuits have
    been filed against KMCC by residents of West Chicago seeking
    compensation for illnesses allegedly caused by exposure to
    thorium wastes from the former West Chicago facility.  One
    case was settled in 1994 with a payment by KMCC.  The
    remaining cases continue in the judiciary process.  KMCC will
    continue its defense of these cases and its efforts to recover
    insurance proceeds from policies on the former facility.

    Summary -

    The plants and facilities of the company and its subsidiaries
    are subject to various environmental laws and regulations. 
    The company or its subsidiaries have been notified that they
    may be responsible in varying degrees for a portion of the
    costs to clean up certain waste disposal sites and former
    plant sites.  As reported in the most recent 10-K, the company
    or its subsidiaries have spent $228 million on remediation and
    cleanup through December 31, 1994. Additionally, the remaining
    reserves provided for the cost to investigate and/or remediate
    all presently identified sites of former or current operations
    were $239 million at December 31, 1994, which total includes
    $179 million for the former KMCC facility and offsite areas in
    West Chicago.  During the first nine months of 1995,
    expenditures charged to the reserves totaled $42 million;
    additions to the reserves were $108 million, including $52
    million resulting from the sale of refining and marketing
    properties.

    In addition to the environmental issues previously discussed,
    the company or its subsidiaries are also a party to a number
    of other legal proceedings pending in various courts or
    agencies in which the company or a subsidiary appears as
    plaintiff or defendant.  Because of continually changing laws
    and regulations, the nature of the company's businesses, and
    pending legal proceedings, it is not possible to reliably
    estimate the amount or timing of all future expenditures
    relating to contingencies.  The company provides for costs
    related to contingencies when a loss is probable and the
    amount is reasonably estimable.  Although management believes,
    after consultation with general counsel, that adequate
    reserves have been provided for all known contingencies, it is
    possible, due to the above-noted uncertainties, additional
    reserves could be required in the future that could have a
    material effect on results of operations in a particular
    quarter or annual period.  However, the ultimate resolution of
    these commitments and contingencies, to the extent not
    previously provided for, should not have a material adverse
    effect on the company's financial position.


Item 2.     Management's Discussion and Analysis of Results of Opera-
            tions and Financial Condition.


COMPARISON OF 1995 RESULTS WITH 1994 RESULTS

CONSOLIDATED OPERATIONS

Loss from continuing operations for the 1995 third quarter totaled
$132.9 million, compared with income of $20.6 million for the same
1994 period.  For the first nine months of 1995, loss from
continuing operations was $60.9 million, down from income of $47.8
million for the 1994 period.  Both the 1995 third-quarter and nine-
month periods include noncash charges to income of $227.4 million
for the divestiture of certain oil and natural gas properties and
the adoption of Financial Accounting Standard (FAS) No. 121,
"Accounting for the Impairment of Long-Lived Assets and for Long-
Lived Assets to be Disposed Of;" an additional $27.5 million net
provision for environmental remediation of inactive sites related
principally to the company's closed facility in West Chicago,
Illinois; and a $6.2 million provision for restructuring costs in
the Exploration and Production Division as a result of the
divestiture program.

Third-quarter 1995 net loss totaled $143.1 million, compared with
net income of $17.7 million for the same 1994 period.  For the
first nine months of 1995, net loss totaled $60.7 million, compared
with net income of $69.7 million for the same 1994 period.

For the third quarter and nine months ended September 30, 1995, the
company had an operating loss, compared with operating profit in
the same 1994 periods, as a result of the asset impairment
discussed in Note G, higher exploration costs, and lower natural
gas sales prices.  Partially offsetting were higher titanium
dioxide pigment sales prices, higher coal sales volumes, and higher
crude oil and natural gas sales volumes.

Third-quarter 1995 nonoperating expense of $48.7 million was 36%
higher than for the 1994 quarter due primarily to higher environ-
mental provisions, partially offset by the cost of the company's
1994 restructuring program.  Nonoperating expense for the first
nine months of 1995 was $110.3 million, compared with $86.7 million
for the same 1994 period.  This increase was due primarily to
higher environmental provisions, partially offset by the cost of
the company's 1994 restructuring program.


SEGMENT OPERATIONS

Following is a summary of sales and operating profit and a
discussion of major factors influencing the results of each of the
company's business segments for the third quarter and first nine
months of 1995, compared with the same periods last year.

                                 Three Months Ended   Nine Months Ended
                                    September 30,       September 30,
(Millions of dollars)              1995      1994      1995      1994

Sales
 Exploration and production(1)  $(176.4    $161.9  $  518.3  $  464.8
 Chemicals                        169.0     161.1     546.5     480.7
 Coal                              96.1      73.7     270.7     224.1
 Other                             14.5      11.7      41.1      32.8
   Total Sales                  $ 456.0    $408.4  $1,376.6  $1,202.4

Operating Profit (Loss)
 Exploration and production     $(199.3)   $ 30.3  $ (140.0) $   53.1
 Chemicals                         29.1      25.0      94.1      68.8
 Coal                              (3.1)      9.6      29.9      35.1
 Other                              1.7       1.1       8.2       (.9)
   Total Operating Profit
     (Loss)                      (171.6)     66.0      (7.8)    156.1
Nonoperating Expense               48.7      35.9     110.3      86.7
Provision (Benefit) for
 Income Taxes                     (87.4)      9.5     (57.2)     21.6
Income (Loss) from Continuing
 Operations                      (132.9)     20.6     (60.9)     47.8
Income (Loss) from Discontinued
 Operations,
   Net of Income Taxes            (10.2)     (2.9)       .2      21.9
Net Income (Loss)               $(143.1)   $ 17.7  $  (60.7) $   69.7


(1)Includes sales of primarily crude oil to discontinued operations
  in the amount of $25.8 and $40.8 for the third quarter of 1995
  and 1994, respectively, and $112.1 and $116.9 for the nine
  months ended September 30, 1995 and 1994, respectively.

Exploration and Production -

Exploration and production had an operating loss of $199.3 million
for the third quarter of 1995, compared with operating profit of
$30.3 million for the same 1994 quarter.  For the first nine months
of 1995, operating loss totaled $140 million, compared with
operating profit of $53.1 million last year.  In addition to the
write-down to fair value of nonstrategic properties included in the
divestiture program and the asset impairment resulting from the
adoption of FAS No. 121, which totaled $203.4 million (see Note G),
exploration and productions operating profit was adversely affected
in both 1995 periods by higher exploration expenses and lower
natural gas sales prices, partially offset by higher crude oil
sales volumes.  For the first nine months of 1995, the operating
loss was also partially offset by higher crude oil sales prices.

Revenues, including sales to the discontinued refining and
marketing operations, were $176.4 million and $161.9 million for
the third quarter of 1995 and 1994, respectively, and $518.3
million and $464.8 million for the first nine months of 1995 and
1994, respectively.  The following table shows the company's
average crude oil and natural gas sales prices and volumes for both
the third quarter and first nine months of 1995 and 1994.


                                      Three Months Ended    Percent
                                         September 30,     Increase
                                       1995         1994   (Decrease)

Crude oil sales (thousands of bbls/day)
 United States                         28.5         25.0         14
 Canada                                 4.7          4.5          4
 North Sea                             36.9         34.9          6
 Other international(1)                   -          2.6         NM
   Total                               70.1         67.0          5

Average crude oil sales price (per barrel)
 United States                       $15.46       $15.74         (2)
 Canada                               16.08        15.04          7
 North Sea                            15.89        16.01         (1)
 Other international(1)                   -        14.86         NM
   Average                           $15.73       $15.80          -

Natural gas sold (MMCF/day)             283          259          9

Average natural gas sales price
 (per MCF)                            $1.44        $1.62        (11)


                                       Nine Months Ended    Percent
                                         September 30,     Increase
                                       1995         1994   (Decrease)

Crude oil sales (thousands of bbls/day)
 United States                         29.2         25.6         14
 Canada                                 4.6          4.6          -
 North Sea                             37.3         31.6         18
 Other international(1)                   -          3.6         NM
   Total                               71.1         65.4          9

Average crude oil sales price (per barrel)
 United States                       $15.76       $14.35         10
 Canada                               15.77        13.46         17
 North Sea                            16.42        14.88         10
 Other international(1)                   -        14.48         NM
   Average                           $16.10       $14.55         11

Natural gas sold (MMCF/day)             295          263         12

Average natural gas sales price
 (per MCF)                            $1.45        $1.83        (21)


(1)The 1994 sales were from ABK field in Arabian Gulf, which was
  sold in late 1994.

Chemicals - 

Third-quarter 1995 operating profit was $29.1 million on revenues
of $169 million, compared with operating profit of $25 million on
revenues of $161.1 million for the same 1994 quarter.  For the
first nine months of 1995 and 1994, operating profit was $94.1
million and $68.8 million, respectively, on revenues of $546.5
million and $480.7 million, respectively.  Revenues for the third
quarter of 1995 increased due to higher titanium dioxide pigment
sales prices.  Revenues for the first nine months of 1995 increased
due principally to higher titanium dioxide pigment sales prices and
sales volumes and higher sodium chlorate sales prices.  Operating
profit for both 1995 periods increased due principally to higher
revenues.  

Coal - 

Coal had an operating loss of $3.1 million for the third quarter of
1995, compared with operating profit of $9.6 million for the same
1994 quarter.  For the first nine months of 1995, operating profit
totaled $29.9 million, compared with $35.1 million for the 1994
period.  Revenues were $96.1 million and $73.7 million for the
third quarter of 1995 and 1994, respectively, and $270.7 million
and $224.1 million for the first nine months of 1995 and 1994,
respectively.  Revenues for the third quarter of 1995 increased due
to higher sales prices and higher sales volumes.  Revenues for the
first nine months of 1995 increased due to higher sales volumes,
partially offset by lower sales prices.  Operating profit for both
1995 periods decreased due to the $22.9 million asset impairment
resulting from the adoption of FAS No. 121 (see Note G), partially
offset by lower per-unit production costs and the higher revenues.

Nonoperating Expense - 

For a discussion of variances in nonoperating expenses, see
Consolidated Operations discussion on page 8.

Provision for Income Taxes - 

Income tax benefits for the third quarter and first nine months of
1995 totaled $87.4 million and $57.2 million, respectively, 
compared with an income tax provision of $9.5 million and $21.6
million for the respective 1994 periods.  The 1995 amounts include
income tax benefits resulting from the asset impairment (see Note
G).

FINANCIAL CONDITION

At September 30, 1995, the company's net working capital position
was $204.7 million, compared with $72.8 million at December 31,
1994.  The current ratio was 1.3 to 1 at September 30, 1995,
compared with 1.1 to 1 at both December 31, 1994, and September 30,
1994.  The company's percentage of total debt to total capitaliza-
tion was 32% at September 30, 1995, compared with 39% at both
December 31, 1994, and September 30, 1994.

For the first nine months of 1995, net cash provided by operating
activities was $336.6 million, compared with $266.2 million for the
same 1994 period.  The increase was due principally to higher income
before noncash charges, which include the asset impairment and 
environmetal provisions, and working capital changes.  The 1995 amount 
was comprised principally of the net loss adjusted for noncash charges
of $472.7 million, and a decrease in current assets, excluding
cash, of $32.4 million, partially offset by a decrease in current
liabilities, excluding debt, of $106 million.

The company had unused lines of credit and revolving credit
facilities of $675.6 million at September 30, 1995.  Of this
amount, $330 million and $219.6 million can be used to support
commercial paper borrowings of Kerr-McGee Credit Corporation and
Kerr-McGee (U.K.) PLC, respectively.  

Cash capital expenditures for the first nine months of 1995 totaled
$369.1 million, compared with $309.5 million for the same 1994
period.  This 19% increase was related principally to continued
investments in offshore China projects and domestic lease acquisi-
tions.  Exploration and production expenditures were 83% of the
1995 amount.  Management anticipates that the cash requirements for
the next several years can be provided through internally generated
funds and selective long- and/or short-term borrowings.  


                        PART II - OTHER INFORMATION

Item 1.     Legal Proceedings.

    Kerr-McGee Chemical Corporation (KMCC), a wholly owned
    subsidiary of the company, has recently been indirectly
    informed by the Environmental Protection Agency (EPA) that it
    is one of several companies against whom a civil action may be
    filed for the recovery of remediation costs incurred by the
    EPA at the Bayou Bonfouca superfund site located at Slidell,
    Louisiana.  Public information indicates that the EPA has
    expended approximately $97 million for remediation of this
    site over the last several years.  
    KMCC was never notified by the EPA that it is a potentially
    responsible party at this site and was never offered an
    opportunity to participate in the formulation or
    implementation of a remediation plan.  KMCC never owned, nor
    operated the site, nor disposed of any waste at the site.  It
    is alleged that a subsidiary of American Creosoting
    Corporation had owned the site at one time but sold it in
    1958.  The company acquired American Creosoting Corporation in
    1964.

    After conferring with counsel the company believes there are
    meritorious defenses to be asserted should the EPA elect to
    pursue a civil action to recover remediation costs, and the
    company has not established a reserve for any such costs.

    Reference is made to the West Chicago matter on page 24 of the
    company's Form 10-K for the year ended December 31, 1994.  For
    the report on the current status of this matter, reference is
    made to Note H to the Consolidated Statements beginning on
    page 6 of this Form 10-Q.

Item 6.  Exhibits and Reports on Form 8-K.

    (a)  Exhibits

         27.0 Financial Data Schedule

    (b)  Reports on Form 8-K

         On September 12, 1995, the company filed a report on Form
         8-K, reporting Item 5, "Other Events."


                                 SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.


                          KERR-McGEE CORPORATION


Date:  November 13, 1995    By:  (John M. Rauh)   
                                 John M. Rauh
                                 Vice President and Controller
                                 and Chief Accounting Officer