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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
McMoRan Oil & Gas 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)
September 10, 1997
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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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CUSIP NO. 582445-10-2 SCHEDULE 13D PAGE 2 OF 6 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Gerald J. Ford ###-##-####
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
PF, BK, OO
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
5 [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
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SOLE VOTING POWER
7
NUMBER OF
750,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 0
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EACH SOLE DISPOSITIVE POWER
9
REPORTING
750,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
750,000
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.3%
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TYPE OF REPORTING PERSON*
14
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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Item 1. Security and Issuer.
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This statement relates to the common stock, par value $.01 per share (the
"Common Stock"), of McMoRan Oil & Gas Co., a Delaware corporation (the
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"Company"). The address of the principal executive offices of the Company is
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1615 Poydras Street, New Orleans, Louisiana 70112.
Item 2. Identity and Background.
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The person filing this statement is Gerald J. Ford, whose business address is
200 Crescent Court, Suite 1350, Dallas, Texas 75201. Mr. Ford's principal
occupation is Chairman and Chief Executive Officer of California Federal Bank, A
Federal Savings Bank. The executive offices of California Federal Bank are at
200 Crescent Court, Suite 1350, Dallas, Texas 75201.
Mr. Ford has not, during the last five years, been convicted in a criminal
proceeding (excluding traffic violations and similar misdemeanors). Mr. Ford
has not, during the last five years, been a party to a court proceeding or a
judicial or administrative body of competent jurisdiction and as a result of
such proceeding was or is subject to a judgment, decree or final order enjoining
future violations or, prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
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Mr. Ford purchased the 750,000 shares of Common Stock for an aggregate
purchase price of $3,044,263. Of the $3,044,263 aggregate purchase price for the
shares of Common Stock purchased, Mr. Ford borrowed approximately $589,000 under
a $32 million revolving credit facility with NationsBank of Texas, N.A. Amounts
loaned under such 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.
Amounts bearing interest at the Prime Rate must be repaid on July 18, 1998. Mr.
Ford also borrowed approximately $2,359,600 in the ordinary course of its
business activities from a margin account with Goldman Sachs & Co.
Item 4. Purpose of the Transaction.
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Mr. Ford acquired the shares of Common Stock for investment purposes. Except
as described herein, Mr. Ford does not have any present plans or intentions
which would result in or relate to any of the transactions described in
subparagraphs (a) through (j) of Item 4 of Schedule 13D.
Mr. Ford reserves the right to acquire additional securities of the Company,
to dispose of such securities at any time, or to formulate other purposes, plans
or proposals regarding the Company or any of its securities, to the extent
deemed advisable in light of his general investment policies, market conditions
or other factors.
Item 5. Interest in Securities of the Issuer.
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(a) Mr. Ford beneficially owns 750,000 shares of Common Stock (which is
approximately 5.3% of the shares of Common Stock outstanding on September 3,
1997 based on information reported in the Company's Proxy Statement on Schedule
14A filed with the Securities and Exchange Commission on September 5, 1997).
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(b) Mr. Ford has sole voting power and sole dispositive power with respect to
the 750,000 shares of Common Stock he beneficially owns.
(c) The only transactions in the shares of Common Stock by Mr. Ford during the
past 60 days are set forth on Exhibit A to this Schedule 13D. All of such
purchases were open market transactions.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
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to Securities of the Issuer.
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None.
Item 7. Material to be Filed as Exhibits.
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None.
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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: September 18, 1997
/s/ Gerald J. Ford
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Gerald J. Ford
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EXHIBIT A
GERALD J. FORD
MCMORAN OIL & GAS STOCK
<TABLE>
<CAPTION>
NO. PRICE
TRADE DATE OF SHARES PER SHARE COST TOTAL COST
<S> <C> <C> <C> <C>
07/28/97 3,000 3.4375 10,312.50 10,387.50
07/29/97 200 3.3750 675.00 680.00
07/30/97 11,800 3.6250 42,775.00 43,070.00
07/30/97 5,000 3.6875 18,437.50 18,562.50
07/30/97 15,000 3.6875 55,312.50 55,687.50
07/31/97 115,000 3.9375 452,812.50 455,687.50
07/31/97 4,000 3.6875 14,750.00 14,850.00
08/01/97 85,000 3.9375 334,687.50 336,812.50
08/01/97 10,000 3.8125 38,125.00 38,375.00
08/04/97 11,000 3.7500 41,250.00 41,525.00
08/04/97 13,000 3.7500 48,750.00 49,075.00
08/04/97 5,000 3.6875 18,437.50 18,562.50
08/05/97 15,000 3.9375 59,062.50 59,437.50
08/05/97 15,000 4.0000 60,000.00 60,375.00
08/05/97 5,000 3.8125 19,062.50 19,187.50
08/29/97 120,000 4.0625 487,500.00 490,500.00
09/05/97 15,000 4.0625 60,937.50 61,312.50
09/08/97 30,000 4.1250 123,750.00 124,500.00
09/08/97 1,000 4.0625 4,062.50 4,087.50
09/09/97 100,000 4.1875 418,750.00 421,250.00
09/10/97 171,000 4.1875 716,062.50 720,337.50
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750,000 3,044,262.50
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</TABLE>
