Exhibit
12.1
 **MMR****COMPUTATION
      OF RATIO OF EARNING TO FIXED CHARGES****(in
      Thousands)****Computation
      of Ratio of Earnings****to
      Fixed Charges:**Years
      Ended December 31,2004
    
    2003
    
    2002
    
    2001
    
    2000Income
      (Loss) from Continuing Operations (a)
    (52,032
    )
    (41,847
    )
    18,544
    
    (104,801)
    
    (34,859
    )ADD:Provision
      for Income Taxes
    -
    
    1
    
    7
    
    8
    
    34,942Interest
      Expense
    10,252
    
    4,599
    
    704
    
    357
    
    3,134Rental
      Expense Factor (b)
    66
    
    74
    
    -
    
    -
    
    -Earnings
      Available For Fixed Charges
    (41,714
    )
    (37,173
    )
    19,255
    
    (104,436
    )
    3,217Interest
      Expense
    10,252
    
    4,599
    
    704
    
    357
    
    3,134Capitalized
      Interest
    892
    
    -
    
    250
    
    1,450
    
    -Rental
      Expense Factor
    66
    
    74
    
    -
    
    -
    
    -Fixed
      Charges
    11,210
    
    4,673
    
    954
    
    1,807
    
    3,134Ratio
      of Earnings to Fixed Charges
    -
    (c)
    -
    (c)
    20.18
    
    -
    (c)
    1.03**Computation
      of Ratio of Earnings****to
      Fixed Charges and Preferred Dividends:**Year
      Ended December 31,2004
    
    2003
    
    2002
    
    2001
    
    2000Income
      (Loss) from Continuing Operations (a)
    (52,032
    )
    (41,847
    )
    18,544
    
    (104,801
    )
    (34,859
    )ADD:Provision
      for Income Taxes
    -
    
    1
    
    7
    
    8
    
    34,942Interest
      Expense
    10,252
    
    4,599
    
    704
    
    357
    
    3,134Rental
      Expense Factor (b)
    66
    
    74
    
    -
    
    -
    
    -Earnings
      Available For Fixed Charges
    (41,714
    )
    (37,173
    )
    19,255
    
    (104,436
    )
    3,217Interest
      Expense
    10,252
    
    4,599
    
    704
    
    357
    
    3,134Capitalized
      Interest
    892
    
    -
    
    250
    
    1,450
    
    -Preferred
      dividends (d)
    1,531
    
    1,631
    
    924
    
    -
    
    -Rental
      Expense Factor
    66
    
    74
    
    -
    
    -
    
    -Fixed
      Charges
    12,741
    
    6,304
    
    1,878
    
    1,807
    
    3,134Ratio
      of earnings to fixed charges
    -
    (e)
    -
    (e)
    10.25
    
    -
    (e)
    1.03
 
 (a)
    Income
      (loss) represents McMoRan's continuing oil and gas operations.
 (b)
    McMoRan's
      rental expense has historically related solely to its discontinued sulphur
      operations.
 (c)
    McMoRan
      sustained a net loss from continuing operations of $52.0 million in 2004,
      $41.8 million in 2003 and $1.8 million in 2001. These losses were
      inadequate to cover McMoRan fixed charges of $11.2 million in 2004, $4.7
      million in 2003 and $1.8 million in 2001.
 (d)
    Preferred
      dividends associated with McMoRan's 5% mandatorily reedeemable convertible
      preferred stock
 (e)
    McMoRan
      sustained a net loss from continuing operations of $52.0 million in 2004,
      $41.8 million in 2003 and $1.8 million in 2001. These losses were
      inadequate to cover McMoRan fixed charges of $12.7 million in 2004, $6.3
      million in 2003 and $1.8 million in 2001.