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<P style="margin:0pt; font-family:Arial" align=center>SECURITIES AND EXCHANGE COMMISSION</P>
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<P style="margin:0pt; font-family:Arial" align=center>Washington, D.C. &nbsp;20549</P>
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<P style="margin:0pt; font-family:Arial" align=center>FORM 8-K</P>
<P style="margin:0pt; font-family:Arial" align=center><BR></P>
<P style="margin:0pt; font-family:Arial" align=center>CURRENT REPORT</P>
<P style="margin:0pt; font-family:Arial" align=center><BR></P>
<P style="margin:0pt; font-family:Arial" align=center>Pursuant to Section 13 or 15(d) of the</P>
<P style="margin:0pt; font-family:Arial" align=center><BR></P>
<P style="margin:0pt; font-family:Arial" align=center>Securities Exchange Act of 1934</P>
<P style="margin:0pt; font-family:Arial" align=center><BR></P>
<P style="margin:0pt; font-family:Arial" align=center>Date of Report (Date of earliest event reported): &nbsp;January 22, 2004</P>
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<P style="margin:0pt; font-family:Arial" align=center>McMoRan Exploration Co.</P>
<P style="margin:0pt; font-family:Arial" align=center><BR></P>
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<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:144pt; font-family:Arial">&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:180pt; font-family:Arial" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 001-07791&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:252pt; font-family:Arial">&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72-1424200</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(State or other</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:144pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:216pt; font-family:Arial">&nbsp;&nbsp; (Commission</P>
<P style="margin:0pt; text-indent:324pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (IRS Employer </P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;jurisdiction of</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:216pt; font-family:Arial">&nbsp;&nbsp;&nbsp; File Number)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P style="margin:0pt; text-indent:324pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Identification</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;incorporation or</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:288pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:324pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number)</P>
<P style="margin:0pt; text-indent:36pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;organization)</P>
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<P style="margin:0pt; font-family:Arial" align=center>1615 Poydras Street</P>
<P style="margin:0pt; font-family:Arial" align=center>New Orleans, Louisiana &nbsp;70112</P>
<P style="margin:0pt; font-family:Arial"><BR></P>
<P style="margin:0pt; font-family:Arial" align=center>Registrant's telephone number, including area code: &nbsp;(504) 582-4000</P>
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<P style="margin:0pt; padding-left:14.4pt; text-indent:-14.4pt; font-family:Arial"><U>Item
12. Results of Operations and Financial Condition</U></P>
<P style="margin:0pt; font-family:Arial"><BR></P>
<P style="margin:0pt; font-family:Arial">McMoRan Exploration Co. issued a press release dated January 22, 2004 announcing its fourth-quarter and twelve months 2003 results and updated its Gulf of Mexico drilling and Main Pass Energy Hub<FONT FACE="Helvetica"><SUP>TM</SUP></FONT> activities (Exhibit 99.1).  McMoRan also presented slides
that are available on its web site and which accompanied its quarterly earnings conference call (Exhibit 99.2).</P>
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<P style="margin:0pt; font-family:Arial" align=center>SIGNATURE</P>
<P style="margin:0pt; font-family:Arial" align=center>------------------</P>
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<P style="margin:0pt; text-indent:36pt; font-family:Arial">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>
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<P style="margin:0pt; text-indent:216pt; font-family:Arial">McMoRan Exploration Co.</P>
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<P style="margin:0pt; text-indent:216pt; font-family:Arial">By: &nbsp;/s/ C. Donald Whitmire, Jr.</P>
<P style="margin:0pt; text-indent:216pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;------------------------------------</P>
<P style="margin:0pt; text-indent:216pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Donald Whitmire, Jr.</P>
<P style="margin:0pt; text-indent:216pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;Vice President &amp; Controller &#150;</P>
<P style="margin:0pt; padding-left:216pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Reporting </P>
<P style="margin:0pt; text-indent:216pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;(authorized signatory and </P>
<P style="margin:0pt; padding-left:216pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Accounting Officer)</P>
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<P style="margin:0pt; font-family:Arial">Date: &nbsp;January 23, 2004</P>
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<P style="margin:0pt; font-family:Arial" align=center>McMoRan Exploration Co. </P>
<P style="margin:0pt; font-family:Arial" align=center>Exhibit Index</P>
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<P style="margin:0pt; font-family:Arial">Exhibit</P>
<P style="margin:0pt; font-family:Arial"><U>Number</U></P>
<P style="margin:0pt; padding-left:40.5pt; text-indent:-40.5pt; font-family:Arial">99.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press release dated January
22, 2004 &quot;McMoRan Exploration Co. Reports Fourth-Quarter and Twelve Month 2003
Results &amp; Updates Gulf of Mexico Drilling and Main Pass Energy Hub<sup>TM </sup>
Activities.&quot;</P>
<P style="margin:0pt; padding-left:40.5pt; text-indent:-40.5pt; font-family:Arial">
99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Slides presented in conjunction with
January 22, 2004 McMoRan Fourth-Quarter 2003 earnings conference call conducted
via the internet.<BR></P>
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Mmr-1-22-038k3.doc  (MMR-1-~4.DOC;1)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):  January 22, 2004
McMoRan Exploration Co.
Delaware
001-07791
72-1424200
(State or other
(Commission
(IRS Employer
jurisdiction of
File Number)
Identification
incorporation or
Number)
organization)
1615 Poydras Street
New Orleans, Louisiana  70112
Registrant's telephone number, including area code:  (504) 582-4000
Item
12. Results of Operations and Financial Condition
McMoRan Exploration Co. issued a press release dated January 22, 2004 announcing its fourth-quarter and twelve months 2003 results and updated its Gulf of Mexico drilling and Main Pass Energy Hub
TM
activities (Exhibit 99.1).  McMoRan also presented slides
that are available on its web site and which accompanied its quarterly earnings conference call (Exhibit 99.2).
SIGNATURE
------------------
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
McMoRan Exploration Co.
By:  /s/ C. Donald Whitmire, Jr.
------------------------------------
C. Donald Whitmire, Jr.
Vice President & Controller –
Financial Reporting
(authorized signatory and
Principal Accounting Officer)
Date:  January 23, 2004
McMoRan Exploration Co.
Exhibit Index
Exhibit
Number
99.1       Press release dated January
22, 2004 "McMoRan Exploration Co. Reports Fourth-Quarter and Twelve Month 2003
Results & Updates Gulf of Mexico Drilling and Main Pass Energy Hub
TM
Activities."
99.2       Slides presented in conjunction with
January 22, 2004 McMoRan Fourth-Quarter 2003 earnings conference call conducted
via the internet.