Attached files
| file | filename |
|---|---|
| 10-K - MMR 4Q10 10-K - MCMORAN EXPLORATION CO /DE/ | mmr4q10_10k.htm |
| EX-31.2 - EXHIBIT 31.2 - MCMORAN EXPLORATION CO /DE/ | exhibit31_2.htm |
| EX-99.1 - EXHIBIT 99.1 - MCMORAN EXPLORATION CO /DE/ | exhibit99_1.htm |
| EX-24.1 - EXHIBIT 24.1 - MCMORAN EXPLORATION CO /DE/ | exhibit24_1.htm |
| EX-32.2 - EXHIBIT 32.2 - MCMORAN EXPLORATION CO /DE/ | exhibit32_2.htm |
| EX-23.1 - EXHIBIT 23.1 - MCMORAN EXPLORATION CO /DE/ | exhibit23_1.htm |
| EX-21.1 - EXHIBIT 21.1 - MCMORAN EXPLORATION CO /DE/ | exhibit21_1.htm |
| EX-24.2 - EXHIBIT 24.2 - MCMORAN EXPLORATION CO /DE/ | exhibit24_2.htm |
| EX-23.2 - EXHIBIT 23.2 - MCMORAN EXPLORATION CO /DE/ | exhibit23_2.htm |
| EX-31.1 - EXHIBIT 31.L - MCMORAN EXPLORATION CO /DE/ | exhibit31_1.htm |
| EX-32.1 - EXHIBIT 32.1 - MCMORAN EXPLORATION CO /DE/ | exhibit32_1.htm |
| EX-10.52 - EXHIBIT 10.52 - MCMORAN EXPLORATION CO /DE/ | exhibit10_52.htm |
| EX-10.53 - EXHIBIT 10.53 - MCMORAN EXPLORATION CO /DE/ | exhibit10_53.htm |
McMoRan Exploration Co.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands)
|
Computation of Ratio of Earnings
|
||||||||||
|
to Fixed Charges:
|
||||||||||
|
Years Ended December 31,
|
||||||||||
|
2010
|
2009
|
2008
|
2007
|
2006
|
||||||
|
Loss from Continuing Operations a
|
(116,976
|
)
|
(204,889
|
)
|
(211,198
|
)
|
(63,561
|
)
|
(44,716
|
)
|
|
ADD:
|
||||||||||
|
(Benefit) Provision for Income Taxes
|
-
|
(2,445
|
)
|
2,508
|
-
|
-
|
||||
|
Interest Expense
|
38,216
|
42,943
|
50,890
|
66,366
|
10,203
|
|||||
|
Rental Expense Factor
|
653
|
598
|
387
|
248
|
41
|
|||||
|
Earnings Available For Fixed Charges
|
(78,107
|
)
|
(163,793
|
)
|
(157,413
|
)
|
3,053
|
(34,472
|
)
|
|
|
Interest Expense
|
38,216
|
42,943
|
50,890
|
66,366
|
10,203
|
|||||
|
Capitalized Interest
|
10,100
|
3,929
|
5,001
|
6,361
|
5,260
|
|||||
|
Rental Expense Factor
|
653
|
598
|
387
|
248
|
41
|
|||||
|
Fixed Charges
|
48,969
|
47,470
|
56,278
|
72,975
|
15,504
|
|||||
|
Ratio of Earnings to Fixed Charges
|
-
|
b
|
-
|
b
|
-
|
b
|
-
|
b
|
-
|
b
|
|
Computation of Ratio of Earnings
|
||||||||||
|
to Fixed Charges and Preferred Dividends:
|
||||||||||
|
2010
|
2009
|
2008
|
2007
|
2006
|
||||||
|
Loss from Continuing Operations a
|
(116,976
|
)
|
(204,889
|
)
|
(211,198
|
)
|
(63,561
|
)
|
(44,716
|
)
|
|
ADD:
|
||||||||||
|
(Benefit) Provision for Income Taxes
|
-
|
(2,445
|
)
|
2,508
|
-
|
-
|
||||
|
Interest Expense
|
38,216
|
42,943
|
50,890
|
66,366
|
10,203
|
|||||
|
Rental Expense Factor
|
653
|
598
|
387
|
248
|
41
|
|||||
|
Earnings Available For Fixed Charges and
|
||||||||||
|
Preferred Dividends
|
(78,106
|
)
|
(163,793
|
)
|
(157,413
|
)
|
3,053
|
(34,472
|
)
|
|
|
Interest Expense
|
38,216
|
42,943
|
50,890
|
66,366
|
10,203
|
|||||
|
Capitalized Interest
|
10,100
|
3,929
|
5,001
|
6,361
|
5,260
|
|||||
|
Preferred dividends c
|
77,101
|
14,332
|
22,286
|
3,367
|
1,494
|
|||||
|
Rental Expense Factor
|
653
|
598
|
387
|
248
|
41
|
|||||
|
Fixed Charges and Preferred Dividends
|
126,070
|
61,802
|
78,564
|
76,342
|
16,998
|
|||||
|
Ratio of earnings to fixed charges and preferred dividends
|
-
|
d
|
-
|
d
|
-
|
d
|
-
|
d
|
-
|
d
|
|
a.
|
Loss represents McMoRan's continuing oil and gas operations.
|
|
b.
|
McMoRan sustained a net loss from continuing operations of $117.0 million in 2010, $204.9 million in 2009, $211.2 million in 2008 and $44.7 million in 2006. These losses were inadequate to cover McMoRan’s fixed charges of $49.0 million in 2010, $47.5 million in 2009, $56.3 million in 2008 and $15.5 million in 2006. McMoRan’s earnings available for fixed charges for 2007 were insufficient to cover it fixed charges by $69.9 million.
|
|
c.
|
Preferred dividends associated with McMoRan's 8% convertible perpetual preferred stock, 6¾% mandatory convertible preferred stock and 5.75% convertible perpetual preferred stock. 2010 amount includes a $51.6 million preferred dividend recognized upon issuance of the 5.75% convertible perpetual preferred stock representing a beneficial conversion option for the intrinsic value of the amount by which McMoRan’s common stock at the date of issuance exceeded the conversion price of the 5.75% convertible perpetual preferred stock attributable to the total underlying equivalent common shares associated with the 5.75% convertible perpetual preferred stock.
|
|
d.
|
McMoRan sustained a net loss from continuing operations of $117.0 million in 2010, $204.9 million in 2009, $211.2 million in 2008 and $44.7 million in 2006. These losses were inadequate to cover McMoRan’s fixed charges and preferred dividends of $126.1 million in 2010, $61.8 million in 2009, $78.6 million in 2008 and $17.0 million in 2006. In 2007, McMoRan’s earnings available for fixed charges and preferred dividends were insufficient to cover its fixed charges and preferred dividends by $73.3 million.
|