McMoRan posts $145m loss for 2012

Sliding fortunes: McMoRan sees four loss-making quarters in a row

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Bill Lehane ,

News Wires

 18 January 2013 14:07 GMT

McMoRan Exploration has reported its fourth quarterly loss in a row and a loss for the full year, as lower production and higher costs resulting from successive troubles with its key Davy Jones 1 well hit home.

The New Orleans-based explorer reported net loss of $1.2 million in the fourth quarter, compared with a profit of $28.4 million a year earlier.

Revenue fell 31% to $84.2 million over the period as output tumbled 30% from 170 million cubic feet of natural gas equivalent per day in the last three months of 2011 to 119 million cubic feet of natural gas equivalent per day.

For 2012 as a whole, McMoRan reported a net loss attributable to common shareholders of $145.6 million, compared with a loss of $58.8 million in 2011, as…

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