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NEW YORK ( TheStreet) -- McMoRan Exploration (NYSE: MMR) hit a new 52-week low Friday as it is currently trading at $8.24, below its previous 52-week low of $8.25 with 2.3 million shares traded as of 3:25 p.m. ET. Average volume has been 2.9 million shares over the past 30 days. McMoRan has a market cap of $1.52 billion and is part of the basic materials sector and energy industry. Shares are down 41.6% year to date as of the close of trading on Thursday. McMoRan Exploration Co. engages in the exploration, development, and production of oil and natural gas in the shallow waters of the Gulf of Mexico and onshore in the Gulf Coast area of the United States.