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McMoRan Exploration Co. Reports Fourth-Quarter/Twelve-Month 2012 Results

McMoRan is the operator and holds a 63.4 percent working interest and a 50.2 percent net revenue interest in Davy Jones. Other working interest owners in Davy Jones include: EXXI (15.8%), JX Nippon Oil Exploration (Gulf) Limited (12%) and Moncrief Offshore LLC (8.8%). McMoRan’s total investment in Davy Jones, which includes $474.8 million in allocated property acquisition costs, totaled $1,024.0 million at December 31, 2012.

Development plans to complete and test the Middle Miocene sands at Blackbeard East on South Timbalier Block 144 and the Jackson/Yegua sands in the Upper Eocene at Lafitte on Eugene Island Block 223 are pending approval from the BSEE. McMoRan holds a 72.0 percent working interest and a 57.4 percent net revenue interest in Blackbeard East. Other working interest owners in Blackbeard East include EXXI (18.0%) and Moncrief Offshore LLC (10.0%). McMoRan’s total investment in Blackbeard East, which includes $130.5 million in allocated property acquisition costs, totaled $308.8 million at December 31, 2012. McMoRan holds a 72.0 percent working interest and a 58.3 percent net revenue interest in Lafitte. Other working interest owners in Lafitte include EXXI (18.0%) and Moncrief Offshore LLC (10.0%). McMoRan’s total investment in Lafitte, which includes $35.8 million in allocated property acquisition costs, totaled $196.8 million at December 31, 2012.

REVENUES

McMoRan’s fourth-quarter 2012 oil and gas revenues totaled $80.6 million, compared to $118.6 million during the fourth quarter of 2011. During the fourth quarter of 2012, McMoRan’s sales volumes totaled 7.1 Bcf of gas, 456,500 barrels of oil and condensate and 193,100 barrels of natural gas liquids, compared to 10.4 Bcf of gas, 577,000 barrels of oil and condensate and 298,000 barrels of natural gas liquids in the fourth quarter of 2011. McMoRan’s fourth-quarter comparable average realizations for gas were $3.68 per thousand cubic feet (Mcf) in 2012 and $3.57 per Mcf in 2011; for oil and condensate McMoRan received an average of $103.61 per barrel in fourth-quarter 2012 compared to $111.46 per barrel in fourth-quarter 2011; for natural gas liquids McMoRan received an average of $37.66 per barrel in fourth-quarter 2012 compared to $56.90 per barrel in fourth-quarter 2011.

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