McMoRan Exploration Co reported its fourth straight quarterly loss on higher costs resulting from repeated failures to launch a key gas well, a delay that has prompted bidder Freeport-McMoRan Copper & Gold Inc to lower its offer.Freeport-McMoRan cut its bid for McMoRan by about 5 percent to $14.75 days before announcing plans to purchase the oil and gas company on Dec. 5, prompted by poor test results at McMoRan's Davy Jones No.1 well, according to a regulatory filing.McMoRan's exploration costs shot up 80 percent to $5.2 million in the fourth quarter. The company has sunk in nearly $1 billion in the 29,000-foot Davy Jones No.1 well.The company is evaluating plans to pump a mixture of fluids including proppants, used to hold open fissures in wells, to facilitate movement of gas into the well bore, the company said on Friday.
Freeport-McMoRan Copper & Gold Inc. (FCX) is an international mining company. Shares of FCX fell by 0.53% or $-0.18/share to $33.90. In the past year, the shares have traded as low as $30.54 and as high as $48.96. On average, 19238000 shares of FCX exchange hands on a given day and today's volume is recorded at 5608615.
McMoRan Exploration Co. (McMoRan) is engaged in the exploration, development and production of oil and natural gas in the shallow waters (less than 500 feet of water) of the Gulf of Mexico and onshore in the Gulf Coast area of the United States. Shares of MMR fell by 0.37% or $-0.059/share to $15.93. In the past year, the shares have traded as low as $7.25 and as high as $16.13. On average, 5687630 shares of MMR exchange hands on a given day and today's volume is recorded at 736997.
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