New Orleans-based independent petroleum producer McMoRan Exploration Co. posted a fourth-quarter profit on higher oil prices and a settlement of its 2008 hurricane insurance claims, the company reported Jan. 17.
For the October-through-December quarter, McMoRan earned $28.4 million, or 16 cents per share, on revenue of $121.9 million. In the fourth quarter of 2010, McMoRan lost $84.3 million, or 83 cents per share, on revenue of $99 million.
McMoRan said it posted a one-time gain of $39.1 million to settle storm claims.
Analysts surveyed by FactSet had forecast a per-share loss of 13 cents on revenue of $116.5 million. Those forecasts typically do not include one-time items.
McMoRan has been focusing much of its activity on deep drilling for natural gas reserves in the shallow-water shelf of the Gulf of Mexico. During the fourth quarter, the company realized an average gas price of $3.57 per thousand cubic feet, down from $4.05 a year ago, along with an oil price of $111.46 per barrel, up from $83.23.
Compared with the fourth quarter of 2010, natural gas production rose 27 percent, oil production fell 8 percent and natural gas liquids production rose 40 percent, the company said.
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