----

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| 1.01   | Base      Paymeans the Employee’s      annualized base rate of pay at the time of the Employee’s termination      (excluding all bonuses, overseas premiums, employer paid portion of      employee benefits, deferred compensation, and all other fringe benefits,      but before withholding of payroll taxes and insurance      premiums).  Notwithstanding the foregoing, if an Employee      changes from full-time to part-time status in the twelve month period      prior to termination, such Employee’s base pay will be determined based      upon such Employee’s base rate of pay when employed on a full-time      basis. |
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| 1.02   | Cause means      (a) the Employee’s failure to perform the duties, obligations, or tasks      assigned to him in a satisfactory manner; (b) the Employee’s failure to      cooperate with the winding up and orderly transfer of pending work; (c)      the Employee’s failure or refusal to acknowledge his or her existing and      continuing obligation to maintain certain information as confidential; (d)      dishonesty, gross negligence or willful misconduct by the Employee; (e)      the conviction of the employee of, or the entry of a plea of guilty or      nolo contendere by Employee to any crime involving moral turpitude or any      felony; or (f) fraud, embezzlement or theft against the      Company. |
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| 1.03   | Code means the Internal Revenue Code of 1986, as      amended from time to    time. |
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| 1.04   | Code Section      409A  means      Section 409A of the Code, and all Treasury Regulations and IRS      guidance promulgated under or related to such Code      section. |
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| 1.05   | Comparable      Employment means employment: (i)      that is not temporary or known to be of a limited duration; (ii) for which      the total compensation package is determined to be reasonable by the Plan      Administrator; (iii) that is reasonably consistent with the Employee’s      abilities and skill as performed for the Employer prior to the date of the      Employee’s termination or it is judged that such Employee has the ability      to absorb training for the job as is necessary to enable that Employee to      perform the job satisfactorily; (iv) that the Employee is physically able      to perform; and (v) for which the distance from the present residence to      the new work location is considered reasonable, all as determined by the      PlanAdministrator. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.06   | Companymeans McMoRan      Exploration Co. and any successor to or assignee of (whether direct or      indirect, by purchase, merger, consolidation or otherwise) all or      substantially all of the assets of the    Company. |
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| 1.07   | Core      Company means      Freeport-McMoRan, Inc. and its affiliates (prior to its merger into IMC      Global), Freeport-McMoRan Copper & Gold Inc., FM Services Company, and      its affiliates, McMoRan Oil & Gas Co. and Stratus Properties, Inc. and      its affiliates (formerly FM Properties      Inc.). |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.08   | Eligible      Employee has the meaning attributed to it in Section      2.01. |
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| 1.09   | Eligible      Retireemeans a Retiree      as defined in the McMoRan Exploration Co. Retiree Benefit      Plan. |
|------------------|----------------------------------------------------------------------------------------------------------------|

| 1.10   | Employeemeans any      person in full-time active service with the Participating Employer who is      regularly assigned to work for the Employer, and is on the payroll of the      Employer, excluding (a) any individual who is classified as an independent      contractor or consultant; (b) any person who is covered by a collective      bargaining agreement which does not provide that he is to be covered by      this Plan; (c) any person who is classified by the Employer as a contract      or leased employee or personnel or who is seconded or loaned from another      employer; (d) any person considered a temporary employee or in a position      known to be of a limited duration; (e) any person who is classified as an      “extra” or “temp”; (f) any person who is employed by Copper Overseas      Services Company pursuant to an employment contract that identifies the      individual as a contract employee; and (g) any person who is a      non-resident alien; provided, however, the Plan Administrator may in his      sole discretion include as an Employee any non-resident alien employee of      the Employer if such employee is paid from a payroll administered in the      United States.  An “extra” or “temp” is an employee not      scheduled for any specific number of hours and called in by the Employer      on an “as needed”basis. |
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| 1.11   | Employermeans the      Company and any Participating Employer.  Employer includes all      members of a controlled group of corporations (within the meaning of Code      Section 414(b)) that include the Employer, all trades or business (whether      or not incorporated) that are included in a group of trades or businesses      under common control (within the meaning of Code Section 414(c)) of the      Employer. |
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| 1.12   | Involuntary Separation      from Servicemeans the      Employer’s independent exercise of authority to terminate the Employee’s      services, other than due to the Employee’s implicit |
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| 1.13   | Participating      Employermeans the      Company, Freeport-McMoRan Energy L.L.C. (formerly Freeport-McMoRan      Sulphur, Inc.), McMoRan Oil & Gas L.L.C. and any corporation that has      been designated by the President of the Employer as a Participating      Employer for the employees of which the benefits of this Plan are      available. |
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| 1.14   | Plan      means this McMoRan Exploration Co. Severance Plan, including any      amendments or attachments adopted pursuant to Section      5.02. |
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| 1.15   | Plan      Administratormeans the      Company’s Administrative  Committee. |
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| 1.16   | Plan      Year means the calendar      year. |
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| 1.17   | Retiree Benefit      Planmeans the      McMoRan Exploration Co. Retiree Benefit  Plan. |
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| 1.18   | Separation from      Service  means a      termination of employment with the Employer in such a manner as to      constitute a “separation from service” as defined under Treasury      Regulations Section 1.409A-1(h), for any reason other than      death. |
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| 1.19   | Separation      Paymeans      compensation that will not be paid under any circumstances unless the      Employee has had a Separation from Service, including payments in the form      of reimbursements of expenses incurred and the provision of in-kind      benefits.  Separation Pay includes amounts payable due to a      Separation from Service, regardless of whether payment is conditioned upon      the execution of a release of claims, non-competition or nondisclosure      provisions, or other similar requirement.  Notwithstanding the      foregoing, any amount, or entitlement to any amount, that acts as a      substitute for, or replacement of, amounts deferred by the service      recipient under a nonqualified deferred compensation plan constitutes a      payment of compensation or deferral of compensation under such      nonqualified deferred compensation  plan. |
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| 1.20   | Weekly Base Pay or      Weeks of Base Paymeans Base Pay      divided by 52. |
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| 1.21   | Window      Programmeans a program      established by an Employer, for a period of no more than twelve months,      under which Employees who voluntarily Separate from Service during that      period or who separate under certain circumstances will receive Separation      Pay.  The definition of “Window Program” in Treasury Regulation      Section 1.409A-1(b)(9)(vi) is incorporated      herein. |
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| 1.22   | Years of      Servicemeans the      period commencing on the first day of employment with the Employer or Core      Company and ending upon a Separation from Service; subject to the      followingadjustments: |
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| 2.01   | Eligible Employee.  Except as otherwise provided in Sections 2.02      and 2.03, an Employee is eligible to receive the pay and benefits of this      Plan if: |
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| (a)   | he      or she is considered actively employed on the scheduled work day preceding      the effective date of his or her termination due to a change in business      needs or a reduction in force or applicable event and (i) is involuntarily      terminated or involuntarily retired by the Employer or (ii) he or she      becomes eligible under an event amendment in Section 2.03(b) hereof;      and |
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| (b)   | if      applicable to the Employee’s position, such Employee is a participant in      the Employer’s Annual Business Ethics/Conflicts of Interest Certification      process relating to the year of termination and the preceding year (if      applicable).  The Employee will be permitted to complete the      annual Business Ethics/Conflicts of Interest questionnaire within a      reasonable period of time following termination of      employment.  Such Employee will have participated in the Annual      Business Ethics/Conflicts of Interest Certification process when he or she      has read the Company’s Business Conduct Policy and either completes the      Annual Business Ethics/Conflicts of Interest Certifications or notifies      the Company’s compliance officer of any facts that should be investigated      to determine whether or not the Business Conduct Policy was      violated. |
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| 2.02   | Ineligible      Employee.  An Employee is not eligible for severance pay      and/or benefits under this Plan if the Employee      was: |
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| (a)   | Termination for      Cause.  Discharged for Cause as determined by the Plan      Administrator; |
|-----------------|-----------------------------------------------------------------------------------------------------------|

| (b)   | Voluntary      Separation.  Voluntarily separated from the Employer,      unless such separation is pursuant to a Window Program established by the      Employer and provided in an event      amendment; |
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| (c)   | Death.  Separated from the Employer by reason of      death; |
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| (d)   | Other Events.  Terminated for any reason, event, or cause      outside of the control of the Employer, such as a natural disaster, act of      God or war; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | Insolvency.  Terminated as      a result of the insolvency, voluntary or involuntary bankruptcy, assignment for the benefit      of creditors or similar action taken by the Employer or by a related      entity by which the Employee was      employed; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | Leave of Absence or      Disability.  Not actively at work and receiving long-term      disability benefits or has been on leave for a period of six months or      more; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g)   | Comparable      Employment.  Offered and accepted Comparable Employment      with the Employer, a Core Company or a Participating Employer or a company      which acquires some or all of the assets of the operations in which the      Employee isemployed. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h)   | Contract or Consulting      Services.  Further, an Employee who has terminated      employment with the Employer but continues to provide services as a      consultant or advisor to, or through an entity that provides services to,      the Employer or a Core Company.  Such services provided to the      Employer or Core Company pursuant to this paragraph (h) must be deemed by      the Plan Administrator to be Comparable Employment in order for this      paragraph (h) toapply. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.03   | Eligible      Termination Benefits.  An Employee whose employment is terminated      under the circumstances described in Section 2.01 shall receive, subject      to Section 2.02, benefits under this Plan pursuant to one of the      following: |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | Involuntary      Separation from      Service.  An Employee who is not an Eligible Retiree      will receive the benefits described in Article III except for Retiree      Medical.  An Employee who is an Eligible Retiree will receive      the benefits described in Article  III. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Voluntary Window      Program.  An Employee, including an Eligible Retiree,      who meets the eligibility requirements of this Plan, and elects to      voluntarily terminate pursuant to a Window Program will receive the      severance and medical benefits in Article III if provided in an event      amendment to thisPlan. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.01   | Severance. |
|------------------|------------|

| (a)   | Severance Pay.  The Eligible Employee will receive severance      payment(s) equal to four Weeks of Base      Pay. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Reductions.  The      amount of severance benefit paid to any Employee shall be reduced by any      amount required to be paid to such Employee on account of the same      separation under the Worker Adjustment and Retraining Notification Act. |
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| (c)   | Employment      Agreements. To the      extent an Employee is a party to an Employment Agreement with the Company      that provides severance benefits that are more favorable than the benefits      provided herein, the Employee shall be paid the severance benefits under      the Employment Agreement and shall not receive severance benefits provided      in the Plan.  If a conflict exists between this document and      another agreement, the other agreement    applies. |
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| 3.02   | Welfare and Other      Benefits. |
|------------------|----------------------------------|

| (a)   | This      Section 3.02 regarding reimbursements or in-kind payments applies to      involuntary or voluntary terminations.  The reimbursements must      be directly related to the Separation from  Service. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Medical and Dental      COBRA Coverage.  If an Eligible Employee      (and his dependents, if applicable) is eligible for and elects COBRA      continuation group health and dental coverage during the COBRA election      period, the Company will pay the full cost of that coverage for the      following timeperiods: |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | If      the Employee has one or more Years of Service, for a six month period      beginning on the first day of the month following the month in which the      termination occurred; or |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | If      the Employee has less than one Year of Service, for a three month period      from the first day of the month following the month in which the      termination occurred. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Retiree Medical.  If the      Employee is an Eligible Retiree such individual will be eligible for      benefits under the Retiree Benefit Plan in lieu of medical and dental      COBRA coverage described in Section 3.02(b).  If the Eligible      Retiree is involuntarily terminated, the Company will pay      the full cost of      Retiree Benefit Plan coverage for a six month period beginning on the      first day of the month following the month in which the termination      occurred. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | Other Plan      Benefits.  Participation in the employee benefit programs      of the Employer will cease on or after the date of termination as      determined by the provisions of the individual benefit programs of the      Employer. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 3.03   | Deductions.  Appropriate withholdings and deductions will      be made. |
|------------------|-----------------------------------------------------------------------------------|

| 4.01   | Form and Timing of      Payment. |
|------------------|----------------------------------|

| (a)   | Involuntary      Termination as a Short Term Deferral -      If an Employee involuntarily Separates      from Service or participated in a Window Program, the Separation Pay will      be paid in lump sum upon the Separation from Service date, within the same      calendar year or, if later, by March 15 following the calendar year in      which the Separation from Service occurs.  Payment may be      delayed due to unforeseeable circumstances as described in Treasury      Regulation Section      1.409A-1(b)(4)(ii). |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Reimbursements      - The period during which expenses described in Section 3.02 may be      incurred, or during which in-kind benefits may be provided by the Employer      or a third party paid by the Employer, cannot extend beyond the last day      of the second taxable year (December 31) of the Employee following the      taxable year of the Employee in which the Separation from Service      occurred.  The period during which reimbursements for such      expenses must be paid may not extend beyond the third taxable year of the      Employee following the taxable year of the Employee in which the      Separation from Service occurred.  See Treasury Regulations      Section 1.409A-1(b)(9)(v). |
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| (c)   | Effect of Death on      Benefits - If a Separation Payment is due but not      yet paid as of the Employee’s death, such benefit will be paid to the      Employee’s beneficiary no later than the later of December 31 of the year      in which the death occurs, or the 15th      day of the third month following the month in which the death      occurs.  The payment will be made to the beneficiary who would      receive Employer provided Basic Life insurance benefits with respect to      the Employee. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.02   | Exemptions to      Circumvent Code Section 409A(a) .  The exemptions for Separation Pay arrangements      described in this Article can not be used to pay deferred compensation      that may be payable to an Employee under a separate nonqualified deferred      compensation arrangement, such as the Supplemental Executive Capital      AccumulationPlan. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.01   | Non-Assignment of      Severance.  The      right to severance payments to be made in accordance with this Plan may      not be assigned |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.02   | Plan Amendment and      Termination.  The Plan may      be amended or terminated at any time by the Plan Administrator in its      discretion; provided, however, that no amendment or termination may      decrease or eliminate benefits to which an Employee has previously become      entitled hereunder.  If the Company amends this Plan, Code      Section 409A provisions may apply that require a delay in payment to      Specified Employees.  Specified Employee means an Employee who      is a key employee of the Employer under Code |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.03   | Interpretation of the      Plan.  The Plan      Administrator, or its authorized designee(s), shall have the sole      discretionary authority to construe and interpret the Plan and determine      all questions of eligibility for participation and for      benefits.  All decisions of the Plan Administrator shall be      final and binding on all    parties. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.04   | Funding.  The Company shall pay the benefits under this      Plan out of its general assets at the time the benefits are to be      paid. |
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| 5.05   | Named Fiduciary, Plan      Administrator, and Agent for Service of Process.  Administrative Committee, McMoRan Exploration      Co., c/o FM Services Company, 1615 Poydras Street, New Orleans, LA 70112,      (504) 582-4000, is the “named fiduciary and Plan Administrator” of this      Plan.  The named fiduciary shall have the authority to control      and manage the operation and administration of this Plan and is designated      as the administrator of this Plan with the authority to interpret this      Plan.  The Plan Administrator shall make all reports and      disclosures required by  law. |
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| 5.06   | Plan Sponsor and      Number.  The Plan Sponsor is McMoRan Exploration Co.      (EIN: 72-1392855), c/o FM Services Company, 1615 Poydras Street, New      Orleans, LA 70112.  A complete list of the Employers      participating in this Plan may be obtained from the Plan Administrator at      this address.  This Plan has been assigned number      531. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.07   | Claims Procedures.  Benefits      under the Plan will ordinarily be paid without the need to file a request      for payment.  Any inquiry, any transaction or any claim for      benefits under this Plan shall be made as      follows: |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)   | Filing of a Claim for      Benefits.  Claims for benefits under the Plan are      to be presented in writing by the claimant or an authorized representative      to the employee’s Human Resources      Department. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Notification to      Claimant of Decision.  If a claim is wholly or partially denied, a      notice of the decision rendered in accordance with the rules set forth      below will be furnished to the claimant not later than 90 days after      receipt of the claim by the employee’s Human Resources      Department. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (c)   | Content of      Notice.  The      Plan Administrator will provide to every claimant who is denied a claim      for benefits written or electronic notice setting forth in a clear and      simple manner: |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | The      specific reason or reasons fordenial; |
|-----------------|------------------------------------------------|

| (ii)   | Specific      reference to pertinent plan provisions on which denial is      based; |
|------------------|-------------------------------------------------------------------------------------|

| (iii)   | A      description of any additional material or information necessary for the      claimant to perfect the claim and an explanation of why such materials or      information is necessary; and |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | Appropriate      information as to the steps to be taken if the claimant wishes to submit      his or her claim for review, including the right to bring a civil action      under ERISA Section 502(a) following an adverse determination on      review. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | Review Procedure.  After the claimant has received written      notification of the denial of the claim, the claimant or a duly authorized      representative will have 60 days within which to appeal, in writing, a      denied claim to the Plan Administrator.  The Plan Administrator      will afford the claimant a full and fair review of the denial of the      claim.  The claimant should include in his written appeal the      following information to support his claim for      benefits: |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)   | A      list of the issues in the claim denial that he chooses to contest, if any,      and that he wishes the Plan Administrator to review on    appeal; |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | His      position on each issue; |
|------------------|----------------------------------|

| (iii)   | Any      additional facts that he believes support his position on each issue;      and |
|-------------------|-----------------------------------------------------------------------------------------|

| (iv)   | Any      legal or other arguments he believes support his position on each      issue. |
|------------------|----------------------------------------------------------------------------------------|

| (v)   | The      claimant or a duly authorized representative will be permitted to submit      issues and comments relevant to the claim.  Upon request, the      claimant will be given reasonable access to, and copies of, all documents      and information relevant to the claim for benefits, at no      charge. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (vi)   | The      review will consider all items submitted by the claimant, regardless of      whether such information was submitted or considered in the initial      benefit determination. |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e)   | Decision on      Review.  The      decision on review by the Plan Administrator will be rendered as promptly      as is feasible, but not later than 60 days after the receipt of a request      for review unless the Plan Administrator, in his sole discretion,      determines that special circumstances require an extension of time for      processing, |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 5.08   | ERISA Rights.  Employees are entitled to certain rights and      protections under the Employee Retirement Income Security Act of 1974,      Public Law 93-406, 29 U.S.C. §1001 et seq., and regulations and rulings      issued thereunder, as amended from time to time (ERISA).  ERISA      provides that all plan participants shall be entitled      to: |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 5.09   | Governing Law.  To the extent this Plan is not governed by the      Employee Retirement Income Security Act, the Internal Revenue Code, or      other federal law, it shall be interpreted and construed under the laws of      the State of Louisiana. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----