MMR Mcmoran Exploration Company

Freeport-McMoRan announced today that it and its two most senior executives will contribute $1.5 million in cash to the Louisiana Disaster Recovery Foundation Inc. to provide immediate assistance to victims of Hurricane Katrina. Freeport-McMoRan will contribute $1.0 million, and its executives, James R. Moffett and Richard C. Adkerson, will each contribute $250,000 individually. Mr. Moffett is Chairman and Mr. Adkerson is Chief Executive of Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) and they serve as Co-Chairmen of McMoRan Exploration Co. (NYSE: MMR). "Hurricane Katrina and its aftermath have stricken our community with a disaster of almost unimaginable proportions, brought pain to the lives of citizens in the metropolitan New Orleans area and tragedy to the communities throughout our region," said Messrs. Moffett and Adkerson. "Rebuilding New Orleans will be a significant task, and we must all work together to restore the lives of those in the greater New Orleans area who have suffered so much loss." The Louisiana Disaster Recovery Foundation has been established to provide immediate assistance to Louisiana citizens in need through a network of Louisiana charities, non-profit and governmental agencies. Freeport-McMoRan administrative offices are operating from temporary facilities in Baton Rouge, while assessing the needs of its employees and its business operations and MMR's oil and gas operating group is currently operating from offices in Houston, Texas. MMR's operations in the Gulf of Mexico and South Louisiana have not been significantly affected and FCX's mining operations in Indonesia were not affected. FCX explores for, develops, mines and processes ore containing copper, gold and silver in Indonesia, and smelts and refines copper concentrates in Spain and Indonesia. Additional information about FCX is available on our Internet website www.fcx.com. 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. McMoRan is also pursuing plans for the development of the MPEH(TM) which will be used for the receipt and processing of liquefied natural gas and the storage and distribution of natural gas. Additional information about McMoRan and the MPEH(TM) project is available on its internet website www.mcmoran.com and at www.mpeh.com.