7 Jan 2011substantial holder notice● Neutral
Freeport-McMoRan Copper & Gold Inc, Freeport-McMoRan Preferred LLC disclosed a new substantial MCMORAN EXPLORATION CO /DE/ shareholding (16.60% of votes).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Jan 2011substantial holder notice● Neutral
Plains Exploration & and 1 other disclosed a new substantial MCMORAN EXPLORATION CO /DE/ shareholding (32.40% of votes).
4 Jan 2011asset acquisition disposition● NeutralMajor
The PXP deal closed on December 30, 2010 after shareholders approved the issuance of 51 million shares to PXP; McMoRan paid $75 million cash plus those shares. At closing it also issued $200 million of 4% convertible senior notes due 2017, 200,000 shares ($200 million) of 5.75% Series 1 convertible perpetual preferred to institutional investors, and 500,000 shares ($500 million) of Series 2 preferred to a Freeport-McMoRan subsidiary. This resolves the September 2010 pending acquisition and financing, adding the PXP shelf assets and new debt and preferred stock alongside the large share issuance.
21 Dec 2010listing compliance notice● NeutralMajor
MCMORAN EXPLORATION CO /DE/'s exchange filed to remove a class of its securities from listing.
10 Nov 2010quarterly activities report▼ Bad
MCMORAN EXPLORATION CO /DE/ reported quarterly revenue of $99.0 million and a net loss of $20.7 million for the period ended 2010-12-31.
9 Nov 2010quarterly activities report▼ Bad
MCMORAN EXPLORATION CO /DE/ reported quarterly revenue of $99.0 million and a net loss of $20.7 million for the period ended 2010-12-31.
18 Oct 2010quarterly activities report▼ Bad
MCMORAN EXPLORATION CO /DE/ reported quarterly revenue of $94.8 million and a net loss of $20.7 million for the period ended 2010-09-30.
23 Sept 2010business combination● NeutralMajor
McMoRan agreed on September 19, 2010 to buy Plains Exploration & Production's shallow-water Gulf of Mexico shelf properties (in which McMoRan already owns working interests in substantially all of the properties) for $75 million cash and 51 million McMoRan shares (valued at $818 million total at $14.57 a share). It also lined up $900 million of convertible securities to fund and accompany the deal: $200 million of 4% convertible notes and $200 million of 5¾% convertible perpetual preferred to institutional investors, plus $500 million of the preferred sold to Freeport-McMoRan Copper & Gold. The deal needs shareholder approval of the share issuances, antitrust clearance and the financings closing, and terminates if not completed by February 28, 2011. Issuing 51 million shares to PXP would be significant dilution for existing holders, and PXP would get two board seats.
9 Aug 2010quarterly activities report▼ Bad
MCMORAN EXPLORATION CO /DE/ reported quarterly revenue of $94.8 million and a net loss of $20.7 million for the period ended 2010-09-30.
19 July 2010quarterly activities report▼ Bad
MCMORAN EXPLORATION CO /DE/ reported quarterly revenue of $108.0 million and a net loss of $16.5 million for the period ended 2010-06-30.
1 July 2010capital raising announcement● Neutral
McMoRan induced conversion of a further 16,574 shares (about 43% of those outstanding) of its 8% convertible preferred into about 2.4 million common shares, paying $3.3 million in cash. The filing says this saves about $1.3 million a year in dividends and leaves about 22,000 8% preferred shares, 1.6 million shares of 6¾% mandatory convertible preferred and about 95.5 million common shares outstanding; this continues the February 2010 conversions.
10 May 2010quarterly activities report▼ Bad
MCMORAN EXPLORATION CO /DE/ reported quarterly revenue of $108.0 million and a net loss of $16.5 million for the period ended 2010-06-30.
19 Apr 2010quarterly activities report▼ Bad
MCMORAN EXPLORATION CO /DE/ reported quarterly revenue of $132.5 million and a net loss of $53.4 million for the period ended 2010-03-31.
16 Feb 2010substantial holder notice● Neutral
Credit Suisse AG reported a MCMORAN EXPLORATION CO /DE/ shareholding of 164,863 shares (0.20% of votes) in a periodic institutional filing.
5 Feb 2010capital raising announcement● Neutral
McMoRan agreed privately to induce conversion of about 43,000 shares (49%) of the 8% convertible preferred issued in 2009 into about 6.2 million common shares, paying $7.9 million in cash to the holders. The filing says this saves about $3.4 million a year in preferred dividends and leaves about 92 million common shares and about 44,000 preferred shares outstanding, so existing shareholders are diluted somewhat in exchange for lower dividend costs.
29 Dec 2009substantial holder notice● Neutral
Alpine Capital, L.P, Algenpar, Inc, J. Taylor Crandall, The Anne T. and Robert M. Bass Foundation, Anne T. Bass, Keystone Group, L.P, Keystone MGP, LLC, Keystone Manager, LLC, Stratton R. Heath III, Robert M. Bass, Capital Partnership, L.P, Capital Genpar, L.L.C, Christopher Maddox Bass Trust, Timothy Richardson Bass Trust, Anne Chandler Bass Trust, Margaret Lee Bass Trust, Panther City Investment Company, Panther City Production Company, Annie R. Bass Grandson's Trust for Robert M. Bass, William P. Hallman, Jr reported a MCMORAN EXPLORATION CO /DE/ shareholding of 3,173,118 shares (3.70% of votes) in a periodic institutional filing.
22 June 2009securities registration● Neutral
MCMORAN EXPLORATION CO /DE/ filed a free-writing prospectus - marketing material for an offering in progress.
19 June 2009material agreement● NeutralMajor
McMoRan signed underwriting agreements with J.P. Morgan on June 16, 2009 to sell 16,675,000 common shares (including 2,175,000 overallotment shares) and 86,250 shares of a new 8% convertible perpetual preferred stock (including 11,250 overallotment shares), off its 2007 shelf registration. A press release says the base offerings priced at 14.5 million common shares at $5.75 and 75,000 preferred shares at $1,000 each, which adds new shares and a new preferred class to the share count; the filing does not state how the proceeds will be used.
18 June 2009substantial holder notice● Neutral
Alpine Capital, L.P, Algenpar, Inc, J. Taylor Crandall, The Anne T. and Robert M. Bass Foundation, Anne T. Bass, Keystone Group, L.P, Keystone MGP, LLC, Keystone Manager, LLC, Stratton R. Heath III, Robert M. Bass reported a MCMORAN EXPLORATION CO /DE/ shareholding of 4,298,852 shares (5.10% of votes) in a periodic institutional filing.
17 June 2009securities registration● Neutral
MCMORAN EXPLORATION CO /DE/ filed the final prospectus for a registered offering.
17 June 2009securities registration● Neutral
MCMORAN EXPLORATION CO /DE/ filed a free-writing prospectus - marketing material for an offering in progress.
17 June 2009securities registration● Neutral
MCMORAN EXPLORATION CO /DE/ filed the final prospectus for a registered offering.
17 June 2009securities registration● Neutral
MCMORAN EXPLORATION CO /DE/ filed a free-writing prospectus - marketing material for an offering in progress.
16 June 2009securities registration● Neutral
MCMORAN EXPLORATION CO /DE/ filed a prospectus supplement for an offering off its existing shelf.
16 June 2009securities registration● Neutral
MCMORAN EXPLORATION CO /DE/ filed a prospectus supplement for an offering off its existing shelf.
17 Feb 2009substantial holder notice● Neutral
Credit Suisse disclosed a new substantial MCMORAN EXPLORATION CO /DE/ shareholding (8.40% of votes).
17 Feb 2009substantial holder notice● Neutral
The Ospraie Portfolio Ltd., Ospraie Management, LLC, Ospraie Holding I, L.P., Ospraie Management, Inc., Dwight Anderson reported no remaining MCMORAN EXPLORATION CO /DE/ shareholding in its periodic institutional filing.
6 Feb 2009substantial holder notice● Neutral
Franklin Resources, Inc, Charles B. Johnson, Rupert H. Johnson, Jr reported a MCMORAN EXPLORATION CO /DE/ shareholding of 2,069,000 shares (2.90% of votes) in a periodic institutional filing.
4 Feb 2009substantial holder notice● Neutral
Iridian Asset Management LLC, The Governor and Company of the Bank of Ireland, BIAM Holdings reported a MCMORAN EXPLORATION CO /DE/ shareholding of 3,657,058 shares (5.20% of votes) in a periodic institutional filing.
14 Nov 2008listing compliance notice● NeutralMajor
MCMORAN EXPLORATION CO /DE/'s exchange filed to remove a class of its securities from listing.