SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 30, 1998
McMoRan Exploration Co.
Delaware 001-07791 72-1424200
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation or Number)
organization)
1615 Poydras Street
New Orleans, Louisiana 70112
Registrant's telephone number, including area code: (504) 582-4000
Item 5. Other Events.
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The following news release was made by McMoRan Exploration Co. on
December 30, 1998:
NEW ORLEANS, LA, December 30, 1998 - McMoRan Exploration Co.
(NYSE: MMR) today announced that its Board of Directors has
amended its stockholder rights plan to increase the percentage
ownership threshold at which the plan is activated. Previously,
the rights issued under the plan would have become exercisable
whenever an individual or group beneficially owns 15 percent or
more of MMR's common stock without approval by MMR's Board of
Directors. After the amendment, the rights will become
exercisable whenever an individual or group beneficially owns 25
percent or more of MMR's common stock, except when an individual
or group has agreed to certain approved "standstill"
arrangements, in which case the rights will become exercisable
whenever the individual or group beneficially owns 35 percent or
more of MMR's common stock. If a stockholder exceeds the 25 or
35 percent thresholds, as described above, all other stockholders
will be able to exercise their rights pursuant to MMR's
stockholder rights plan, which will entitle them to buy MMR
common stock at a discounted price.
MMR believes that the amended plan will continue to provide
appropriate protection for all of its stockholders.
MMR is an independent public company engaged in the
exploration, development and production of oil and gas offshore
in the Gulf of Mexico and onshore in the Gulf Coast area; and the
mining, purchasing, transporting, terminaling and marketing of
sulphur.
SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
McMoRan Exploration Co.
By: /s/ C. Donald Whitmire
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C. Donald Whitmire
Vice President & Controller -
Financial Reporting
(authorized signatory)
Date: January 12, 1999