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February 4, 2004
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McMoRan Exploration Co. said Tuesday that it has separated the roles of chairman and CEO to strengthen its corporate governance structure. McMoRan named Glenn A. Kleinert president and CEO, noting that James R. Moffett and Richard C. Adkerson will continue to serve as co-chairmen of the board. McMoRan will be managed through an office of the chairman consisting of Messrs. Moffett, Adkerson and Kleinert. The company said that the office of the chairman will direct the business activities of McMoRan, with Moffett continuing to focus on exploration activities and business strategy including McMoRan's efforts to develop an LNG facility at its Main Pass Energy Hub offshore Louisiana. Adkerson will focus on financial and administrative activities and financial strategy including the commercial and financing activities for the LNG facility and Kleinert will be responsible for executive management functions including acreage development and production activities. In other McMoRan mangement news, B. M. Rankin, Jr. will continue on as vice chairman of McMoRan's board, while C. Howard Murrish, executive vice president, will continue in his role in McMoRan's oil and gas exploration activities. The independent oil and gas E&P company operates offshore in the Gulf of Mexico and onshore in the Gulf Coast area.

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