12 Feb 2003substantial holder notice● Neutral
Reid S. Walker, G. Stacy Smith disclosed a new substantial MCMORAN EXPLORATION CO /DE/ shareholding (5.60% of votes).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Jan 2003drilling progress report▲ GoodMajor
McMoRan furnished its fourth-quarter 2002 results: net income of $5.9 million for the quarter and $17.2 million for the year, versus a $148.1 million loss in 2001. The results include a $14.1 million gain from forming the K-Mc joint venture with K1 Ventures, in which McMoRan holds a one-third interest in the entity that took over its Main Pass oil assets; K1 USA received warrants for about 1.74 million McMoRan shares at $5.25. Drilling continues at JB Mountain (indicated significant hydrocarbon pay), Lighthouse Point Deep and Cyprus, with Mound Point Offset planned for Q1 2003; under the El Paso-linked program, the operator funds McMoRan's costs on four prospects and 50% of the program's interests revert to McMoRan after 100 Bcfe of production.
26 Dec 2002substantial holder notice● Neutral
k disclosed a new substantial MCMORAN EXPLORATION CO /DE/ shareholding (20.30% of votes).
15 July 2002auditor change● Neutral
On July 10, 2002, McMoRan replaced Arthur Andersen LLP with Ernst & Young LLP as its auditor. The filing reports no disagreements with Andersen, and notes that Andersen's opinion on the 2001 financials was modified for uncertainty about McMoRan's ability to continue as a going concern. Andersen said it would stop practicing before the SEC on August 31, 2002.
10 July 2002substantial holder notice● Neutral
Alpine Capital, L.P, Robert W. Bruce III, Algenpar, Inc, J. Taylor Crandall, Susan C. Bruce, The Anne T. and Robert M. Bass Foundation, Anne T. Bass, Keystone, Inc, Robert M. Bass, The Robert Bruce Management Company, Inc. Defined Benefit Pension Trust reported a MCMORAN EXPLORATION CO /DE/ shareholding of 4,301,598 shares (24.80% of votes) in a periodic institutional filing.
28 June 2002asset acquisition disposition● NeutralMajor
On June 14, 2002, McMoRan's sulphur subsidiary sold its sulphur transportation and terminaling assets to Gulf Sulphur Services (a venture of IMC Global and Savage Industries) for $58 million, also settling litigation with IMC and ending the sulphur supply contract. McMoRan expects a roughly $2.0 million loss on the sale and a roughly $5.0 million gain from completed Caminada reclamation work, both in discontinued sulphur operations. On June 21 it also raised about $33.5 million net from 1.4 million shares of 5% convertible preferred stock ($35 million gross), used to repay the remaining sulphur credit facility; the preferred is convertible into common at about $4.81 per share and has a mandatory redemption date of June 30, 2012. The Port Sulphur terminal was not sold and is being marketed separately. This continues the exit from sulphur and follows the earlier oil and gas sale to Halliburton.
25 June 2002substantial holder notice● Neutral
Alpine Capital, L.P, Robert W. Bruce III, Algenpar, Inc, J. Taylor Crandall, Susan C. Bruce, The Anne T. and Robert M. Bass Foundation, Anne T. Bass, Keystone, Inc, Robert M. Bass, The Robert Bruce Management Company, Inc. Defined Benefit Pension Trust reported a MCMORAN EXPLORATION CO /DE/ shareholding of 4,545,068 shares (26.30% of votes) in a periodic institutional filing.
18 June 2002securities registration● Neutral
MCMORAN EXPLORATION CO /DE/ filed a prospectus supplement for an offering off its existing shelf.
1 Apr 2002late filing notice▼ Bad
MCMORAN EXPLORATION CO /DE/ notified the SEC that its annual report would be filed late.
11 Mar 2002asset acquisition disposition● NeutralMajor
On February 22, 2002, McMoRan's subsidiary sold its interests in three Gulf of Mexico fields (Lombardi, Shiner, and 80% of its Raptor interest) to Halliburton Energy Services for $60 million. The proceeds repaid the $51.7 million oil and gas credit facility, which was terminated, and the rest goes to working capital; McMoRan expects a gain of about $29 million in Q1 2002. 75% of the interests sold revert to McMoRan after Halliburton has received $60 million plus an agreed return, and Halliburton's earlier right to join McMoRan's exploration successes ended with the sale.
14 Feb 2002substantial holder notice● Neutral
Strong Capital Management, Inc, Richard S. Strong disclosed a new substantial MCMORAN EXPLORATION CO /DE/ shareholding (7.40% of votes).
10 Sept 2001substantial holder notice● Neutral
Alpine Capital, L.P, Robert W. Bruce III, Algenpar, Inc, J. Taylor Crandall, Susan C. Bruce, The Anne T. and Robert M. Bass Foundation, Anne T. Bass, Keystone, Inc, Robert M. Bass, The Robert Bruce Management Company, Inc. Defined Benefit Pension Trust reported a MCMORAN EXPLORATION CO /DE/ shareholding of 3,027,939 shares (19.10% of votes) in a periodic institutional filing.