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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)
McMoRan Exploration Co.
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(Name of Issuer)
Common Stock, par value $.01 per share
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(Title of Class of Securities)
582445-10-2
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(CUSIP Number)
Michael M. Boone, Haynes and Boone, L.L.P.
3100 NationsBank Plaza, Dallas, TX 75202,
(214) 651-5552
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
February 19, 1999
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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SCHEDULE 13D
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CUSIP No. 582445-10-2 Page 2 of 4 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gerald J. Ford, individually and as the sole trustee
and sole grantor of Turtle Creek Revocable Trust ###-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
BK, OO, PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
1,135,617
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY ------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 1,135,617
WITH ------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,135,617
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.1%
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14 TYPE OF REPORTING PERSON*
IN
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The Schedule 13-D, dated September 10, 1997, as amended by Amendment
No. 1 to Schedule 13D (the "Schedule 13D") of Gerald J. Ford relating to the
Common Stock of McMoRan Exploration Co., a Delaware corporation, is hereby
amended as set forth below. Initially capitalized terms used but not defined
herein have the meanings ascribed to them in the Schedule 13D.
Item 2. Background.
Item 2 is hereby amended by the addition of the following paragraph:
"Mr. Ford currently serves as a Director of the Company."
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 is hereby amended by the addition of the following paragraph:
"The Trust acquired 682,437 shares of Common Stock on February
19, 1999 for an aggregate purchase price of $10,100,067. The 682,437
shares were purchased with funds borrowed under a $40 million revolving
credit facility with NationsBank of Texas, N.A. and funds borrowed in
the ordinary course of the Trust's business activities from a margin
account with Goldman Sachs & Co. Amounts loaned under the credit
facility bear interest, at the option of Mr. Ford, either at (i) the
Prime Rate announced by NationsBank of Texas, N.A. from time to time or
(ii) a LIBOR rate, as determined by NationsBank of Texas, N.A., for the
relevant interest period plus 1% per annum. Amounts bearing interest at
the LIBOR-based rate must be repaid at the end of the relevant interest
period."
Item 5. Interest in Securities of the Issuer.
(a) Mr. Ford beneficially owns 1,135,617 shares of Common Stock (which
is approximately 8.1% of the shares of Common Stock outstanding on February 18,
1999 based on information provided by the Company).
(b) Mr. Ford has sole voting power and sole dispositive power with
respect to the 1,135,617 shares of Common Stock he beneficially owns.
(c) The only transaction in the shares of Common Stock by Mr. Ford or
the Trust in the last 60 days was the purchase of 682,437 shares of Common Stock
from a stockholder not affiliated with the Company for a purchase price of
$14.80 per share in a private transaction.
(d) Not applicable.
(e) Not applicable.
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: February 23, 1999
/s/ Gerald J. Ford
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Gerald J. Ford, individually and as sole
trustee of Turtle Creek Revocable Trust
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