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McMoRan Exploration Co. (MMR)

- NYSE
MMR is defunct.
  • Jun. 3, 2013, 3:10 PM
    In a foregone conclusion, Freeport McMoRan (FCX +1%) completes the final step of its three-way combination with Plains Exploration and McMoRan Exploration (MMR +0.6%), as MMR shareholders vote to approve the $2.2B part of the deal between the two companies.
    | 4 Comments
  • May 20, 2013, 10:07 AM
    Paulson & Co., whose funds own ~9.9% of the outstanding shares (12.8M) of Plains Exploration (PXP +7%), says it will vote in favor of Freeport McMoRan's (FCX -0.9%) proposed takeover of PXP and McMoRan Exploration (MMR) as it "adds another avenue for growth, diversifies its cash flows, and increases the proportion of earnings from the United States."
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  • Jan. 24, 2013, 5:57 PM
    Freeport-McMoRan's (FCX) $9B deal to buy two energy companies has prompted the unusual step from shareholders of the acquiring company to go after their own directors for overpaying; more typical are class actions from shareholders of target companies who say the purchase price is too low. Six FCX directors also on MMR's board will reap $131M for their stock in near-bankrupt MMR, according to lawsuits.
    | 7 Comments
  • Dec. 6, 2012, 10:28 AM
    Jim Cramer's take on Freeport McMoran's (FCX) big deal for McMoRan (MMR) and Plains (PXP): "It doesn't pass the smell test." For FCX shareholders, the "instant re-coloration" of the company from copper to oil and copper should cause worry that maybe something's wrong with the copper side. The deal shows the fallacy of playing the mining stocks instead of the ore; the way to play copper is through JJC.
    | 2 Comments
  • Dec. 5, 2012, 5:28 PM
    Freeport's (FCX) mega-deal for McMoRan (MMR) and Plains (PXP) looks "incestuous" to Jim Mueller: Just for starters, PXP owns 31.5% of MMR and CEO James Flores sits on its board; MMR CEO Jim Bob Moffett is chairman of FCX; B.M. Rankin, a co-founder of FCX with Moffett, sits on MMR’s board. With such a web of relationships, how much independent due diligence was done in reaching the deal?
    | 10 Comments
  • Dec. 5, 2012, 12:57 PM
    Dahlman Rose analysts say that while Freeport (FCX -13.8%) investors, who viewed the company as a copper play, may look down on today's deal, the miner's balance sheet will better enable the expensive development of Plains' (PXP +25.2%) deepwater fields as well as McMoRan's (MMR +82.4%) Davy Jones prospect. The firm reiterates its Buy rating and $45 price target on FCX.
    | 3 Comments
  • Dec. 5, 2012, 12:40 PM
    BlackRock, one of Freeport McMoRan's (FCX) largest shareholders, slams the $9B deal to acquire McMoRan Exploration (MMR) and Plains Exploration (PXP), saying FCX management broke shareholder trust. "I haven't heard anything on this [conference] call that in any way justifies why these companies should be put together," managing director Evy Hambro says.
    | 22 Comments
  • Dec. 5, 2012, 11:37 AM
    In its conference call on the purchase of McMoRan (MMR +82.2%) and Plains Exploration (PXP +26.1%), Freeport McMoRan's (FCX -13.5%) Richard Adkerson says the deal is an add-on to its mining business and not a diversion from current strategy, and FCX will continue to look for new mining opportunities. With margins and cash flows strong, FCX anticipates continuing its current dividend.
    | 7 Comments
  • Dec. 5, 2012, 8:55 AM
    It's official: Freeport McMoRan (FCX) will acquire Plains Exploration (PXP) for ~$6.9B in cash and stock, and acquire McMoRan Exploration (MMR) for ~$3.4B in cash, or $2.1B net of 36% of the MMR interests currently owned by FCX and PXP. MMR +74.3%, PXP +25.2%, FXC -13.2% premarket.
    | 15 Comments
  • Dec. 5, 2012, 8:16 AM
    McMoRan Exploration (MMR) now up 50% premarket as the WSJ says Freeport McMoRan's acquisition could be valued at close to $20B and may be announced today. Plains Exploration (PXP) - also maybe a target - gains 25%. FCX -9.3% premarket.
    | 6 Comments
  • Dec. 5, 2012, 7:27 AM
    McMoRan Exploration (MMR) soars 21% premarket after the FT reports Freeport McMoRan (FCX) is looking to get back into the energy production business, with MMR acquisition target #1. Another possibility is Plains Exploration (PXP), which has ties to both FCX and MMR.
    | 4 Comments
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Company Description
We engage in the exploration, development and production of oil and natural gas offshore in the Gulf of Mexico and onshore in the Gulf Coast area. We have one of the largest acreage positions in the shallow waters of these areas, which are our regions of focus. Our focused strategy enables us to... More