McMoRan Exploration down on wider Q3 loss
McMoRan Exploration Co. (NYSE: MMR) shares are down after the oil exploration and development firm reported a wider third-quarter net loss of $52.2 million, or $1.50 per share, missing Wall Street expectations of a $0.19 loss per share and compared with a loss of $19 million, or $0.67 per share, a year earlier.
The company’s third-quarter revenue rose to $133.3 million, below analyst projections of $155 million, but above $60.4 million during the same period of 2006.
During the quarter, McMoRan completed its acquisition of Gulf of Mexico Shelf properties from Newfield Exploration Company for about $1.1 billion.
In morning trading, MMR shares are down 7.63%, or $1.19, at $14.41. Over the last 52 weeks, shares have ranged from $11.36 to $18.11.
