McMoRan Exploration Co. swings to a loss in Q2
McMoRan Exploration Co. (NYSE: MMR), which is engaged in the exploration, development and production of oil and natural gas in the Gulf of Mexico and in the Gulf Coast region, reported a net loss for the second quarter today.
While, the company reported a loss for the quarter, its loss was narrower than analysts expected. For the three months ended June 30, the New Orleans, LA.-based company recorded a net loss of $6.5 million, or $0.23 per share, compared with net income of $14.1 million, or $0.32 per share, for the second quarter of 2006. Four analysts polled by Thomson Financial expected a net loss of $0.50 per share for the second quarter.
Shares of McMoRan edged down 0.16%, or $0.03, to $17.41 in pre-market trading.
