(Corrects second paragraph to say Freeport-McMoRan cut its bid for McMoRan before announcing the deal on Dec. 5, not on Dec. 28 as mentioned)
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 filing.
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)