McMoRan Exploration Co. Declares Quarterly Cash Dividend on Convertible Preferred Stock

Business Wire, Feb 27, 2003

Energy Editors/Business Editors

NEW ORLEANS--(BUSINESS WIRE)--Feb. 27, 2003

McMoRan Exploration Co. (NYSE: MMR) today declared, for the period from January 1, 2003 through March 31, 2003, a cash dividend of $0.3125 per share payable on March 31, 2003 to holders of record as of March 14, 2003 for its 5% convertible preferred stock (OTCBB: MMREP.OB).

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. Additional information about McMoRan is available on our web site mcmoran.com.