MCMORAN EXPLORATION CO. EXTENDS
    MATURITY OF SULPHUR UNIT BANK CREDIT FACILITY AND OBTAINS
    EXTENSION FROM MMS FOR SUPPLEMENTAL BONDING FOR MAIN PASS
                           FACILITIES

     NEW ORLEANS, LA, February 1, 2002 - McMoRan Exploration Co.
    (NYSE:MMR) today announced that its wholly owned subsidiary,
    Freeport-McMoRan Sulphur LLC (FSC) has been in discussions
    with its bank group and anticipates approval to extend the
    maturity of its $60.5 million bank credit facility from
    January 31, 2002 through February 22, 2002.  As of January
    31, 2002, $56 million was outstanding under this Credit
    Facility.  During this period, FSC expects to receive final
    governmental approval for the issuance of long-term
    industrial revenue bonds (IRBs) to facilitate repayment of
    FSC's bank debt.  On January 10, 2002 FSC received
    preliminary governmental approval for issuance of the IRBs
    and expects final approval in the third week of February.
    FSC will also be working with a group of commercial banks to
    provide credit support for the bond issuance.  As previously
    announced, FSC intends to contribute its sulphur
    transportation and terminaling assets to a new joint
    venture, which is expected to use the IRB financing to
    acquire these assets from FSC.

              MMR also announced that it has reached an
    agreement with the Minerals Management Service (MMS) to
    extend the February 3, 2002 date for MMR to satisfy certain
    financial requirements of the MMS regarding reclamation of
    MMR's sulphur facilities located in the Gulf of Mexico.
    This agreement, which is now being documented, resulted from
    MMR's recently announced agreement to sell interests in
    three of its offshore oil and gas properties for $60 million
    which will be used to repay all of MMR's existing oil and
    gas bank debt and the significant progress it has achieved
    in establishing and financing the joint venture to acquire
    its sulphur transportation and terminaling assets.


     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 our 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.