EXHIBIT 99.2

                    McMoRan EXPLORATION CO. EXTENDS
                   MATURITY OF BANK CREDIT FACILITY

    NEW ORLEANS, LA, August 30, 2001 - McMoRan Exploration Co.
    (NYSE:MMR) today announced that its wholly owned subsidiary,
    Freeport-McMoRan Sulphur LLC (FSC), has extended the maturity of
    its $64.2 million bank credit facility from August 31, 2001 to
    October 31, 2001, or the date of the transfer of FSC's
    transportation and terminaling business to a previously announced
    proposed sulphur transportation and marketing joint venture with
    Savage Industries Inc., if earlier.

         In the proposed joint venture to be equally owned by FSC and
    Savage, FSC would contribute its sulphur transportation and
    terminaling assets and Savage would contribute cash.  The joint
    venture participants are now negotiating long-term contracts to
    provide off-take, terminaling, transportation and marketing
    services to major oil and gas companies producing by-product
    recovered sulphur.  These contracts would provide the basis for
    financing the joint venture.  Upon formation of the joint venture,
    expected by October 31, 2001, proceeds from the financing along
    with capital contributed by Savage would be distributed to FSC and
    used to repay FSC's bank debt. The formation of the joint venture
    is also subject to completion of definitive agreements and board
    approvals.

        McMoRan Exploration Co. is an independent public company
    engaged in the exploration, development and production of oil and
    natural gas offshore in the Gulf of Mexico and onshore in the Gulf
    Coast area; and the purchasing, transporting, terminaling,
    processing and marketing of sulphur.  Additional information about
    McMoRan is available on our Internet web site ("www.mcmoran.com").

     Cautionary Statement:  This press release contains forward-
     looking statements.  Forward-looking statements are all
     statements other than historical facts, including statements
     regarding plans and objectives of management for future
     operations, formation of the sulphur joint venture and
     future financing activities.  Important factors that could
     cause actual results to differ materially from expectations
     include the ability to form the proposed sulphur joint
     venture, the availability of financing, the ability to
     satisfy future cash obligations and other factors described
     in our most recent Form 10-K and subsequent Forms 10-Q filed
     with the SEC.