<ARTICLE> 5
<LEGEND>
This restated schedule contains summary financial information extracted from
McMoRan Oil & Gas Co. financial statements at March 31, 1998 and the three
months then ended. This schedule replaces the orginal schedule in its entirety.
</LEGEND>
<RESTATED> 
<CIK> 0000921941
<NAME> MCMORAN OIL & GAS CO.
<MULTIPLIER> 1000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               MAR-31-1998
<CASH>                                          11,803
<SECURITIES>                                         0
<RECEIVABLES>                                    4,659
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                47,638
<PP&E>                                          81,873
<DEPRECIATION>                                  15,678
<TOTAL-ASSETS>                                 114,000
<CURRENT-LIABILITIES>                           27,795
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           428
<OTHER-SE>                                      83,445
<TOTAL-LIABILITY-AND-EQUITY>                   114,000
<SALES>                                          5,779
<TOTAL-REVENUES>                                 5,779
<CGS>                                            6,186
<TOTAL-COSTS>                                    6,186
<OTHER-EXPENSES>                                 6,084
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                (7,020)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            (7,020)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   (7,020)
<EPS-PRIMARY>                                    (.16)
<EPS-DILUTED>                                    (.16)