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.