31 Jan 2007director interest notice● Neutral
MCMORAN EXPLORATION CO /DE/ President and CEO Glenn A Kleinert received a stock option grant for 75,000 shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2007director interest notice● Neutral
MCMORAN EXPLORATION CO /DE/ EVP C Howard Murrish received a stock option grant for 75,000 shares.
31 Jan 2007director interest notice● Neutral
MCMORAN EXPLORATION CO /DE/ insider Mestayer Suzanne T received a stock option grant for 1,750 shares.
23 Jan 2007debt financing● NeutralMajor
Effective January 19, 2007, McMoRan's subsidiary signed a five-year, $100 million second-lien senior secured term loan maturing January 19, 2012. Interest is the base rate plus 6.0% or eurodollar rate plus 7.0%, with prepayment premiums of 3%, 2% and 1% over the first three years. The April 2006 revolver was amended and its borrowing base set at $50 million, from $70 million, and its security stays senior. This adds secured debt ahead of shareholders.
10 Jan 2007substantial holder notice● Neutral
Columbia Wanger Asset Management, L.P reported a MCMORAN EXPLORATION CO /DE/ shareholding of 1,585,300 shares (5.60% of votes) in a periodic institutional filing.
19 Dec 2006director interest notice● Neutral
MCMORAN EXPLORATION CO /DE/ insider B M Jr. Rankin gifted 500 shares.
16 Nov 2006material agreement● Neutral
The Freeport-McMoRan services subsidiary renewed director B. M. Rankin Jr.'s consulting agreement for 2007, on unchanged terms, continuing the annual renewal.
11 Sept 2006securities registration● Neutral
MCMORAN EXPLORATION CO /DE/ filed the final prospectus for a registered offering.
26 July 2006director interest notice● Neutral
MCMORAN EXPLORATION CO /DE/ insider B M Jr. Rankin exercised stock options for 2,000 shares and disposed of 2,000 shares.
2 June 2006director interest notice● Neutral
MCMORAN EXPLORATION CO /DE/ insider Gerald J Ford received a stock option grant for 3,500 shares.
2 June 2006director interest notice● Neutral
MCMORAN EXPLORATION CO /DE/ insider H Devon Jr. Graham received a stock option grant for 3,500 shares.
2 June 2006director interest notice● Neutral
MCMORAN EXPLORATION CO /DE/ insider Robert Day received a stock option grant for 3,500 shares.
2 June 2006director interest notice● Neutral
MCMORAN EXPLORATION CO /DE/ insider Morrison C Bethea received a stock option grant for 3,500 shares.
2 June 2006director interest notice● Neutral
MCMORAN EXPLORATION CO /DE/ insider B M Jr. Rankin received a stock option grant for 3,500 shares.
2 June 2006director interest notice● Neutral
MCMORAN EXPLORATION CO /DE/ insider Gabrielle K Mcdonald received a stock option grant for 3,500 shares.
2 June 2006director interest notice● Neutral
MCMORAN EXPLORATION CO /DE/ insider J Taylor Wharton received a stock option grant for 3,500 shares.
31 May 2006director interest notice● Neutral
MCMORAN EXPLORATION CO /DE/ EVP C Howard Murrish bought 18,600 shares on the open market.
25 May 2006director interest notice● Neutral
MCMORAN EXPLORATION CO /DE/ Co-Chairman of the Board James R Moffett bought 19,600 shares on the open market.
25 May 2006director interest notice● Neutral
MCMORAN EXPLORATION CO /DE/ Co-Chairman of the Board James R Moffett bought 144,300 shares on the open market.
25 May 2006director interest notice● Neutral
MCMORAN EXPLORATION CO /DE/ Co-Chairman of the Board James R Moffett bought 227,700 shares on the open market.
25 May 2006director interest notice● Neutral
MCMORAN EXPLORATION CO /DE/ Co-Chairman of the Board James R Moffett bought 108,400 shares on the open market.
5 May 2006material agreement● Neutral
The board made technical amendments to six stock incentive plans: participants can no longer pay excess tax withholding with shares, and shares used to pay option exercise prices are valued at the exercise date. It also raised the exercise price on replacement options for two advisory directors to market value at grant (for tax-rule compliance), and renamed and broadened an executive services program. No new money or share counts are involved.
2 May 2006director interest notice● Neutral
MCMORAN EXPLORATION CO /DE/ insider Robert Day exercised stock options for 441 shares and disposed of 441 shares.
26 Apr 2006director interest notice● Neutral
MCMORAN EXPLORATION CO /DE/ insider B M Jr. Rankin exercised stock options for 6,257 shares and disposed of 6,257 shares.
25 Apr 2006debt financing● NeutralMajor
On April 19, 2006, McMoRan's subsidiary McMoRan Oil & Gas LLC entered a four-year, $100 million senior secured revolving credit facility with JPMorgan Chase as agent. The initial borrowing base is $55 million and it can grow to $150 million, secured by oil and gas properties and guaranteed by McMoRan. It is the first bank facility since the 2002 facilities were repaid, and borrowing depends on receiving assignments of working interests from third parties.
13 Apr 2006securities registration● Neutral
MCMORAN EXPLORATION CO /DE/ filed the final prospectus for a registered offering.
3 Mar 2006substantial holder notice● Neutral
MERRILL LYNCH PIERCE, FENNER & SMITH, INCORPORATED reported a MCMORAN EXPLORATION CO /DE/ shareholding of 353,749 shares (1.30% of votes) in a periodic institutional filing.
27 Feb 2006capital raising announcement● Neutral
McMoRan induced another $7.1 million of 6% notes to convert into 0.5 million shares. For Q1 2006 the 6% notes are down $29.1 million in total and the 5¼% notes by $25.0 million. It paid $4.3 million cumulatively, expects a net charge of about $4.0 million, and estimates annual interest savings of about $3.1 million. Shares outstanding are now about 28.3 million, so dilution continues.
16 Feb 2006substantial holder notice● Neutral
DKR Saturn Management L.P. reported no remaining MCMORAN EXPLORATION CO /DE/ shareholding in its periodic institutional filing.
14 Feb 2006substantial holder notice● Neutral
Credit Suisse, on behalf of the Investment Banking division disclosed a new substantial MCMORAN EXPLORATION CO /DE/ shareholding (6.90% of votes).