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 reduced its takeover offer by 5 percent to $14.75 per share on Dec. 28 after McMoRan failed to unclog the Davy Jones No.1 well in the Gulf of Mexico.McMoRan reported net loss of $1.2 million, or 1 cent per share, in the fourth quarter, compared with a profit of $28.4 million, or 16 cents per share, a year earlier.Revenue fell 31 percent to $84.2 million.
Freeport-McMoRan Copper & Gold Inc. (FCX) is an international mining company. Shares of FCX remained unchanged at $34.08. 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 0.
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 remained unchanged at $15.99. 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 0.
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