(Corrects second paragraph to say Freeport-McMoRan cut its bid
for McMoRan before announcing the deal on Dec. 5, not on Dec. 28
Jan 18 McMoRan Exploration Co reported
its fourth straight quarterly loss on higher costs resulting
from repeated failures to launch a key gas well, a delay that
has prompted bidder Freeport-McMoRan Copper & Gold Inc
to lower its offer.
Freeport-McMoRan cut its bid for McMoRan by about 5 percent
to $14.75 days before announcing plans to buy the oil and gas
company on Dec. 5, prompted by poor test results at McMoRan's
Davy Jones No.1 well, according to a regulatory
McMoRan reported net loss of $1.2 million, or 1 cent per
share, in the fourth quarter, compared with a profit of $28.4
million, or 16 cents per share, a year earlier.
Revenue fell 31 percent to $84.2 million.
(Reporting by Swetha Gopinath in Bangalore)