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What: McMoRan Exploration
So What: McMoRan's per-share loss was nearly cut in half to $0.26, but investors were disappointed that revenue of $94.8 million missed expectations of $98.7 million. Production was down to 146 million cubic feet of gas equivalent per day, lower than expected.
Now What: As most Gulf of Mexico-centric drillers and explorers are enjoying higher prices, McMoRan is lagging because of a disappointing quarter. But as the Gulf of Mexico becomes open for drillers, this could provide a buying opportunity for McMoRan. Earnings missed estimates by only $0.01 and increased exploration in the Gulf should provide more opportunity next year.
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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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