**MMR**

**COMPUTATION      OF RATIO OF EARNING TO FIXED CHARGES**

**(in      Thousands)**

| **Computation                of Ratio of Earnings**          |                                    |    |
|--------------------------------------------------------------|-----------------------------------------|---------|
| **to                Fixed Charges:**                         |                                    |    |
|                                                         | Years                Ended December 31, |    |
|                                                         | **2005**                                |    | **2004** |   | **2003** |   | **2002** |   | **2001** |   |
| Income                (Loss) from Continuing Operations (a)  | (31,470                                 | )       | (52,032 | ) | (41,847 | ) | 18,544 |   | (104,801 | ) |
| ADD:                                                         |                                    |    |   |   |   |   |   |   |   |   |
| Provision                for Income Taxes                    | -                                       |    | - |   | 1 |   | 7 |   | 8 |   |
| Interest                Expense                              | 15,282                                  |    | 10,252 |   | 4,599 |   | 704 |   | 357 |   |
| Rental                Expense Factor (b)                     | 60                                      |    | 66 |   | 74 |   | - |   | - |   |
| Earnings                Available For Fixed Charges          | (16,128                                 | )       | (41,714 | ) | (37,173 | ) | 19,255 |   | (104,436 | ) |
|                                                         |                                    |    |   |   |   |   |   |   |   |   |
| Interest                Expense                              | 15,282                                  |    | 10,252 |   | 4,599 |   | 704 |   | 357 |   |
| Capitalized                Interest                          | 2,121                                   |    | 892 |   | - |   | 250 |   | 1,450 |   |
| Rental                Expense Factor                         | 60                                      |    | 66 |   | 74 |   | - |   | - |   |
| Fixed                Charges                                 | 17,463                                  |    | 11,210 |   | 4,673 |   | 954 |   | 1,807 |   |
|                                                         |                                    |    |   |   |   |   |   |   |   |   |
| Ratio                of Earnings to Fixed Charges            | -                                       | (c)     | - | (c) | - | (c) | 20.18 |   | - |   |
|                                                         |                                    |    |   |   |   |   |   |   |   |   |
| **Computation                of Ratio of Earnings:**         |                                    |    |   |   |   |   |   |   |   |   |
| **to                Fixed Charges and Preferred Dividends:** |                                    |    |   |   |   |   |   |   |   |   |
|                                                         | Years                Ended December 31, |    |
|                                                         | **2005**                                |    | **2004** |   | **2003** |   | **2002** |   | **2001** |   |
| Income                (Loss) from Continuing Operations (a)  | (31,470                                 | )       | (52,032 | ) | (41,847 | ) | 18,544 |   | (104,801 | ) |
| ADD:                                                         |                                    |    |   |   |   |   |   |   |   |   |
| Provision                for Income Taxes                    | -                                       |    | - |   | 1 |   | 7 |   | 8 |   |
| Interest                Expense                              | 15,282                                  |    | 10,252 |   | 4,599 |   | 704 |   | 357 |   |
| Rental                Expense Factor (b)                     | 60                                      |    | 66 |   | 74 |   | - |   | - |   |
| Earnings                Available For Fixed Charges          | (16,128                                 | )  | (41,714 | )  | (37,173 | ) | 19,255 |   | (104,436 | ) |
|                                                         |                                    |    |   |   |   |   |   |   |   |   |
| Interest                Expense                              | 15,282                                  |    | 10,252 |   | 4,599 |   | 704 |   | 357 |   |
| Capitalized                Interest                          | 2,121                                   |    | 892 |   | - |   | 250 |   | 1,450 |   |
| Preferred                dividends (d)                       | 1,503                                   |    | 1,531 |   | 1,631 |   | 924 |   | - |   |
| Rental                Expense Factor                         | 60                                      |    | 66 |   | 74 |   | - |   | - |   |
| Fixed                Charges                                 | 18,966                                  |    | 12,741 |   | 6,304 |   | 1,878 |   | 1,807 |   |
|                                                         |                                    |    |   |   |   |   |   |   |   |   |
| Ratio                of earnings to fixed charges            | -                                       | (e)     | - | (e) | - | (e) | 10.25 |   | - | (e) |
|                                                         |                                    |    |   |   |   |   |   |   |   |   |
|                                                         |                                    |    |   |   |   |   |   |   |   |   |

| (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 $31.5 million in              2005,              $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 $17.5              million in 2005, $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 $31.5 million in              2005,              $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 $19.0              million in 2005, $12.7 million in 2004, $6.3 million in 2003 and $1.8              million in 2001. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|