SECURITIES AND EXCHANGE COMMISSION
                                  WASHINGTON, D. C.  20549

                                          FORM 10-Q

(Mark One)
  X           QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
              SECURITIES EXCHANGE ACT OF 1934

                        For the quarterly period ended MARCH 31, 1997

              TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
              SECURITIES EXCHANGE ACT OF 1934

          For the transition period from ............to............

                                Commission file number 1-959


                         THE LOUISIANA LAND AND EXPLORATION COMPANY
                    Exact name of registrant as specified in its charter



              MARYLAND                                   72-0244700
State or other jurisdiction of                  I.R.S. Employer
incorporation or organization                  Identification No.

909 POYDRAS STREET, NEW ORLEANS, LA.                       70112  
Address of principal executive offices                   Zip Code


 Registrant's telephone number, including area code 504-566-6500


                          NO CHANGE
     Former name, former address and former fiscal year, if 
                   changed since last report

       Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.  Yes    X  .  No       .

       Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable
date.

                                                     Outstanding at
          Class                                         May 1, 1997
CAPITAL STOCK, $.15 PAR VALUE                     34,271,253 SHARES

                                              
                                                                  <PAGE>
<PAGE>
                         THE LOUISIANA LAND AND EXPLORATION COMPANY

                                            INDEX


                                                           Page
                                                           Number
_________________________________________________________________

PART  I.       FINANCIAL INFORMATION:

   Item 1.   Financial Statements:

         (The March 31, 1997 and 1996 consolidated financial
         statements included in this filing on Form 10-Q have been
         reviewed by KPMG Peat Marwick LLP, independent auditors, in
         accordance with established professional standards and
         procedures for such a review.  The report of KPMG Peat
         Marwick LLP commenting upon their review is included
         herein.)

         Consolidated Balance Sheets - March 31, 1997 and
               December 31, 1996.............................        3

         Consolidated Statements of Earnings - three months
               ended March 31, 1997 and 1996.................        4

         Consolidated Statements of Cash Flows - three months
               ended March 31, 1997 and 1996.................        5

         Notes to Consolidated Financial Statements........      6-7

         Independent Auditors' Review Report...............        8

   Item 2.   Management's Discussion and Analysis of 
                     Financial Condition and Results of 
                     Operations...............................     9-11

   Petroleum Segment Information.........................       12

   Operating Data........................................    13-14


PART II.       OTHER INFORMATION:

   Item 6.   Exhibits and Reports on Form 8-K............       15

<PAGE>
<PAGE>
<TABLE>
                               Part I.  FINANCIAL INFORMATION

Item 1.   Financial Statements.


                         THE LOUISIANA LAND AND EXPLORATION COMPANY

                                 CONSOLIDATED BALANCE SHEETS
                                         (UNAUDITED)
<CAPTION)
                                    (Millions of dollars)

                                                                       March 31,      December 31,
ASSETS                                                                      1997              1996
_____________________________________________________________________________________
<S>                                                                    <C>                <C>
CURRENT ASSETS:
Cash, including cash equivalents (March 31,
  1997-$3.1; December 31, 1996-$1.2)                                   $    14.9               9.0
Accounts and notes receivable, principally trade                           109.2             150.7
Income taxes receivable                                                       .5                 -
Prepaid expenses                                                            11.2              10.7
Deferred income taxes                                                         .7                .7
_____________________________________________________________________________________
TOTAL CURRENT ASSETS                                                       136.5             171.1
_____________________________________________________________________________________
Investments in affiliates                                                   12.0               8.1
Property, plant and equipment                                            3,113.7           3,100.6
Less accumulated depletion, depreciation and amortization               (1,969.8)         (1,940.9)
_____________________________________________________________________________________
NET PROPERTY, PLANT AND EQUIPMENT                                        1,143.9           1,159.7
_____________________________________________________________________________________
Other assets                                                                25.4              25.9
_____________________________________________________________________________________
                                                                       $ 1,317.8           1,364.8
_____________________________________________________________________________________

LIABILITIES AND STOCKHOLDERS' EQUITY
_____________________________________________________________________________________
CURRENT LIABILITIES:
Accounts payable and accrued expenses                                      143.2             138.9
Income taxes payable                                                        14.8               9.4
_____________________________________________________________________________________
TOTAL CURRENT LIABILITIES                                                  158.0             148.3
_____________________________________________________________________________________
Deferred income taxes                                                       78.6              78.4
Long-term debt                                                             427.9             505.7
Other liabilities                                                          158.1             157.8
_____________________________________________________________________________________
STOCKHOLDERS' EQUITY:
Capital stock                                                                5.1               5.1
Additional paid-in capital                                                  46.0              44.6
Retained earnings                                                          444.1             424.9
_____________________________________________________________________________________
TOTAL STOCKHOLDERS' EQUITY                                                 495.2             474.6
_____________________________________________________________________________________
                                                                       $ 1,317.8           1,364.8
_____________________________________________________________________________________


See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
                              THE LOUISIANA LAND AND EXPLORATION COMPANY

                                  CONSOLIDATED STATEMENTS OF EARNINGS
                                              (UNAUDITED)

                                   (Millions, except per share data)
<CAPTION>
                                                                               Three months ended
                                                                                    March 31,
                                                                                1997         1996
_____________________________________________________________________________________
<S>                                                                           <C>             <C>
REVENUES:
Oil and gas                                                                   $170.8          147.7
Refined products                                                                   -          114.8
Gain on sale of petroleum assets                                                  .4              -
_____________________________________________________________________________________
                                                                               171.2          262.5
_____________________________________________________________________________________
COSTS AND EXPENSES:
Lease operating and facility expenses                                           31.1           30.0
Refinery cost of sales and operating expenses                                      -          114.4
Dry holes and exploratory charges                                               46.3           21.5
Depletion, depreciation and amortization                                        43.7           43.5
Taxes, other than on earnings                                                    6.3            6.2
General, administrative and other expenses                                       9.3            8.9
_____________________________________________________________________________________
                                                                               136.7          224.5
_____________________________________________________________________________________
                                                                                34.5           38.0
OTHER INCOME (EXPENSE):
Interest and debt expenses                                                      (7.9)          (9.2)
Other income (expense), net                                                      6.5            3.0
_____________________________________________________________________________________
Earnings before income taxes                                                    33.1           31.8
Income tax expense                                                              11.9           11.2
_____________________________________________________________________________________

NET EARNINGS                                                                  $ 21.2           20.6
_____________________________________________________________________________________

EARNINGS PER SHARE                                                            $ 0.62           0.61
_____________________________________________________________________________________

AVERAGE SHARES                                                                  34.5           33.7
_____________________________________________________________________________________

CASH DIVIDENDS PER SHARE                                                      $ 0.06           0.06
_____________________________________________________________________________________


See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
                              THE LOUISIANA LAND AND EXPLORATION COMPANY

                                 CONSOLIDATED STATEMENTS OF CASH FLOWS
                                              (UNAUDITED)

                                         (Millions of dollars)

<CAPTION>
                                                                               Three months ended
                                                                                    March 31,
                                                                                1997         1996
_____________________________________________________________________________________
<S>                                                                           <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings                                                                  $ 21.2           20.6
Adjustments to reconcile to cash flows
 from operations:
   Depletion, depreciation and amortization                                     43.7           43.5
   Deferred income taxes                                                          .2            6.8
   Dry holes and impairment charges                                             33.4           13.3
   Gain on sales of petroleum assets                                             (.4)             -
   Other                                                                        (3.7)            .4
_____________________________________________________________________________________
                                                                                94.4           84.6
   Changes in operating assets and liabilities:
     Net (increase) decrease in receivables                                     41.8           (3.4)
     Net decrease in inventories                                                   -            3.7
     Net (increase) decrease in prepaid items                                    (.5)           4.3
     Net increase (decrease) in payables                                        15.5           (7.0)
     Other                                                                       1.2           (6.3)
_____________________________________________________________________________________
NET CASH FLOWS FROM OPERATING ACTIVITIES                                       152.4           75.9
_____________________________________________________________________________________
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures                                                           (67.2)         (43.4)
Proceeds from asset sales                                                        1.7             .1
Other                                                                           (1.7)           3.3
_____________________________________________________________________________________
NET CASH FLOWS FROM INVESTING ACTIVITIES                                       (67.2)         (40.0)
_____________________________________________________________________________________

CASH FLOWS FROM FINANCING ACTIVITIES:
Additions to long-term debt                                                        -           42.9
Repayments of long-term debt                                                   (77.8)         (92.0)
Advances against cash surrender value                                              -            9.6
Dividends                                                                       (2.0)          (2.0)
Repayment of loans to ESOP                                                         -             .6
Other                                                                             .5            3.9
_____________________________________________________________________________________
NET CASH FLOWS FROM FINANCING ACTIVITIES                                       (79.3)         (37.0)
_____________________________________________________________________________________
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                              $  5.9           (1.1)
_____________________________________________________________________________________


See accompanying notes to consolidated financial statements.
</TABLE>

<PAGE>
<PAGE>
                              THE LOUISIANA LAND AND EXPLORATION COMPANY

                              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.    In the opinion of the Company, the accompanying unaudited consolidated
      financial statements contain all adjustments (consisting only of
      normal recurring accruals) necessary to present fairly the financial
      position as of March 31, 1997, and the results of operations and cash
      flows for the three-month periods ended March 31, 1997 and 1996. 
      Certain amounts have been reclassified to conform with the current
      period's presentation.  

2.    On July 31, 1996, the Company completed the sale of its crude oil
      refinery and terminal near Mobile, Alabama, including crude oil and
      refined product inventories, for approximately $70 million resulting
      in a pretax gain of approximately $2 million.  The net book value of
      refinery property, plant and equipment at that date totaled
      approximately $33 million.  The following table sets forth the
      refinery operating results for the period indicated.  

<TABLE>
<CAPTION>
                                                                                  (Unaudited)   
                                                                              Three months ended
                                                                                       March 31,
(Millions of dollars)                                                                       1996
____________________________________________________________________________________
<S>                                                                                         <C>
REFINING OPERATIONS
Refining Operating Profit (Loss):
  Revenues:
    Refined products*                                                                       $121.1
    Other                                                                                       .1
____________________________________________________________________________________
                                                                                             121.2
____________________________________________________________________________________
  Cost and expenses:
    Cost of sales*                                                                           109.2
    Operating expenses                                                                        11.5
    Depreciation                                                                                .4
    Taxes, other than income                                                                    .4
____________________________________________________________________________________
                                                                                             121.5
____________________________________________________________________________________
                                                                                            $  (.3)
____________________________________________________________________________________
*Before the elimination of intercompany 
  transfers to the Company's refinery                                                       $  6.3
____________________________________________________________________________________
</TABLE>

3.    For the three months ended March 31, 1997 and 1996, interest costs
      incurred were $9.5 million and $12.6 million, respectively, of which
      $1.6 million and $3.4 million, respectively, were capitalized as part
      of the cost of property, plant and equipment.

4.    As prescribed by Accounting Principles Board Opinion No. 15, "Earnings
      Per Share, ("Opinion No. 15"), earnings per share are calculated on
      the weighted average number of shares outstanding during each period
      for capital stock and, when dilutive, capital stock equivalents, which
      assumes exercise of stock options.
<PAGE>
<PAGE>
                        NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)


     In February 1997, the Financial Accounting Standards Board issued
     Statement of Financial Accounting Standards Statement No. 128,
     "Earnings Per Share" ("SFAS No. 128").  SFAS No. 128 supersedes Opinion
     No. 15, will be effective for the Company's year ended December 31,
     1997, and cannot be adopted earlier.  After adoption, all prior period
     earnings per share must be restated to conform with SFAS No. 128.  Due
     to the insignificant number of potentially dilutive securities (stock
     options) outstanding, SFAS No. 128 will not have a material impact on
     the Company's earnings per share.  

5.   In accordance with Regulation S-X, Rule 3-09, the audited consolidated
     financial statements of the Company's 50%-owned affiliate, MaraLou
     Netherlands Partnership (MaraLou) and its wholly-owned consolidated
     subsidiary, CLAM Petroleum Company (CLAM), were filed with the
     Company's Annual Report on Form 10-K for the year ended December 31,
     1996.

     Accordingly, the following unaudited summarized consolidated income
     statement information for MaraLou and its consolidated subsidiary,
     CLAM, for the three-month periods ended March 31, 1997 and 1996 are
     presented in accordance with Regulation S-X, Rule 10-01(b).

<TABLE>
<CAPTION>
                                                                                    (Unaudited)   
                                                                                Three months ended
                                                                                     March 31,
                                                                                1997          1996
      _________________________________________________________________________________
      <S>                                                                     <C>              <C>
      Gross revenues                                                          $ 28.0            31.7
      _________________________________________________________________________________
      Operating profit                                                          16.6            16.9
      _________________________________________________________________________________
      Net earnings                                                               6.5             8.0
      _________________________________________________________________________________
</TABLE>

6.    The Company has been notified by the U.S. Environmental Protection
      Agency that it is one of many Potentially Responsible Parties (PRP)
      with respect to certain National Priorities List sites.  Based on its
      evaluation of the potential total cleanup costs, its estimate of its
      potential exposure, and the viability of the other PRP's, the Company
      believes that any costs ultimately required to be borne by it at these
      sites will not have a material adverse effect on the results of
      operations, cash flow or financial position of the Company.

      The Company is subject to other legal proceedings, claims and
      liabilities which arise in the ordinary course of its business.  In the
      opinion of Management, the amount of ultimate liability with respect
      to these actions will not have a material adverse effect on results of
      operations, cash flow or financial position of the Company.  


<PAGE>
<PAGE>
                                  INDEPENDENT AUDITORS' REVIEW REPORT




The Board of Directors
The Louisiana Land and Exploration Company:

We have reviewed the consolidated balance sheet of The Louisiana Land and
Exploration Company and subsidiaries as of March 31, 1997, and the related
consolidated statements of earnings and cash flows for the three-month
periods ended March 31, 1997 and 1996.  These consolidated financial
statements are the responsibility of the Company's management.  

We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants.  A review of interim
financial information consists principally of applying analytical
procedures to financial data and making inquiries of persons responsible
for financial and accounting matters.  It is substantially less in scope
than an audit conducted in accordance with generally accepted auditing
standards, the objective of which is the expression of an opinion regarding
the financial statements taken as a whole.  Accordingly, we do not express
such an opinion. 

Based on our review, we are not aware of any material modifications that
should be made to the consolidated financial statements referred to above
for them to be in conformity with generally accepted accounting principles.

We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet of The Louisiana Land and
Exploration Company and subsidiaries as of December 31, 1996, and the
related consolidated statements of earnings (loss), stockholders' equity,
and cash flows for the year then ended (not presented herein); and in our
report dated February 7, 1997, we expressed an unqualified opinion on those
consolidated financial statements.  In our opinion, the information set
forth in the accompanying consolidated balance sheet as of December 31,
1996, is fairly presented, in all material respects, in relation to the
consolidated balance sheet from which it has been derived.




                                               /KPMG PEAT MARWICK LLP

                                               KPMG PEAT MARWICK LLP

New Orleans, Louisiana
May 9, 1997


<PAGE>
<PAGE>

Item 2.     Management's Discussion and Analysis of Financial Condition and
                 Results of Operations.


SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995

     Statements, other than historical facts, contained in this Quarterly
Report on Form 10-Q, including statements of estimated oil and gas
production and reserves, drilling plans, future cash flows, anticipated
capital expenditures and Management's strategies, plans and objectives, are
"forward looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended.  Although the Company believes that its
forward looking statements are based on reasonable assumptions, it cautions
that such statements are subject to a wide range of risks and uncertainties
incident to the exploration for, acquisition, development and marketing of
oil and gas, and it can give no assurance that its estimates and
expectations will be realized.  Important factors that could cause actual
results to differ materially form the forward looking statements include,
but are not limited to, changes in production volumes, worldwide demand,
and commodity prices for petroleum natural resources; the timing and extent
of the Company's success in discovering, acquiring, developing and
producing oil and gas reserves; risks incident to the drilling and
operation of oil and gas wells; future production and development costs;
the effect of existing and future laws, governmental regulations and the
political and economic climate of the United States and foreign countries
in which the Company operates; the effect of hedging activities; and
conditions in the capital markets.  Other risk factors are discussed
elsewhere in this Form 10-Q, including those risk factors described in Note
6 of "Notes to Consolidated Financial Statements."


                                         REVIEW OF OPERATIONS

     First quarter 1997 net earnings totaled $21.2 million, up from the
$20.6 million earned in the first quarter of 1996.  The improvement in net
earnings resulted from a 16% increase in oil and gas revenues due to higher
natural gas volumes and improved product prices.  


                                        OIL AND GAS OPERATIONS

     Revenues from the Company's oil and gas operations were up $23 million
from the first quarter of 1996.  Liquids revenues were up $11 million due
to the effect of higher worldwide crude oil prices ($10 million).  Natural
gas revenues were up $12 million as a result of higher deliveries ($11
million) and prices ($1 million).  

     Crude oil volumes were 1100 barrels per day (BPD) lower than first
quarter 1996 volumes due to production declines at North Sea and other
foreign properties, which more than offset higher domestic production. 
North Sea operations were down 1900 BPD as temporary mechanical problems 
                                                                    <PAGE>
<PAGE>
Item 2.     Management's Discussion and Analysis of Financial Condition and
                 Results of Operations.  (Continued)


at the Toni Field and natural declines at other North Sea properties more
than offset new production from the Thelma Field.  Other foreign crude
volumes declined 700 BPD due to natural declines at the KAKAP concession,
offshore Indonesia.  New wells onstream at south Louisiana and Gulf of
Mexico properties contributed to higher domestic volumes which were up 1500
BPD.

     Natural gas deliveries were up 35 million cubic feet per day from the
prior year first quarter due to higher domestic production.  Domestic
deliveries were up due to new wells onstream in the Gulf of Mexico and
south Louisiana.  The higher domestic deliveries were partially offset by
the effects of natural declines at mature producing properties and wells
shut-in for maintenance and repairs.  North Sea deliveries remained at the
same level as the prior year period.  Partially offsetting the higher
domestic production were lower volumes from the Company's 50%-owned
affiliate, CLAM Petroleum Company.  

     Lease operating and facility expenses (LOE) were up as higher workover
costs and facilities expenses offset reductions in operating costs and
repair charges.  Depletion, depreciation and amortization (DD&A) was up
marginally as a result of the DD&A associated with new wells onstream. 
This increase in DD&A was partially offset by natural production declines
on mature producing properties.  Dry holes and exploratory charges
increased due to the write-off of unsuccessful exploratory wells and higher
seismic costs incurred.  Interest and debt expenses were down from the 1996
quarter primarily as a result of the significant reduction in long-term
debt over the last twelve months.


                                    LIQUIDITY AND CAPITAL RESOURCES

     In the first quarter of 1997, the Company generated approximately $152
million in cash from operations which, along with available cash, was used
for capital projects ($67 million), reductions of long-term debt ($78
million) and dividends paid ($2 million).   

     The Company expects to fund its 1997 expenditures, including capital
and exploration expenditures of approximately $280 million, primarily from
operating cash flows.  However, the Company expects to supplement its
working capital, from time-to-time, through its commercial paper program
and its existing revolving credit facility.  The Company's expenditures are
continually reviewed, and revised as necessary, based on perceived current
and long-term economic conditions. 

     The Company's commodity price hedging program was designed to minimize
the price risks associated with future natural gas and crude oil production
and is not used for speculative purposes.  This program utilizes futures,
forwards, options and swap contracts in series of transactions designed to
set a floor price for future production and at the same time allow the
Company to participate in market price increases above a set level over the 
                                                                         
<PAGE>
<PAGE>
Item 2.     Management's Discussion and Analysis of Financial Condition and
                 Results of Operations.  (Continued)


floor price and outside of specific ranges.  At March 31, 1997,
approximately 70 trillion British Thermal Units (BTU) of domestic natural
gas production for the remainder of 1997 were covered by a series of
transactions designed to set an average floor price of $1.81 per million
BTU with the Company's nonparticipation in market price increases above the
floor price limited to $0.18 per million BTU.  For 1998, approximately 57
trillion BTU of domestic natural gas were similarly hedged at an average
floor price of $1.79 per million BTU with the Company's nonparticipation
in market price increases above the floor price limited to $0.24 per
million BTU.  While these transactions have nominal carrying values, their
fair value, represented by the estimated amount that would be required to
terminate the contracts, were a net benefit of $.2 million for the 1997
hedges and a net benefit of $1.1 million for the 1998 hedges.  (The Company
estimates that its domestic natural gas production averages approximately
1.07 million BTU for each thousand cubic feet.)  In addition, approximately
two million barrels of the Company's worldwide crude oil production for the
remainder of 1997 were similarly hedged at an average floor price of $18.95
per barrel with the Company's nonparticipation in market price increases
above the floor price limited to $1.90 per barrel.  These transactions also
have nominal carrying values, but their fair value at March 31, 1997
amounted to a net benefit of $.9 million.


                            CAPITAL STOCK, DIVIDENDS AND OTHER MARKET DATA

     In February 1997, the Company's Board of Directors authorized the
repurchase of up to two million shares of the Company's capital stock.  No
shares have been repurchased under the program.



NOTE:       The accompanying consolidated financial statements and notes
            thereto included in Item 1. of this Form 10-Q and the petroleum
            segment information and operating data following this Item 2. are
            an integral part of this discussion and analysis and should be
            read in conjunction herewith.

<PAGE>
<PAGE>
<TABLE>
                              THE LOUISIANA LAND AND EXPLORATION COMPANY

                                     PETROLEUM SEGMENT INFORMATION

                                         (Millions of dollars)

<CAPTION>
                                                                               Three months ended
                                                                                    March 31,
                                                                                1997         1996
_____________________________________________________________________________________
<S>                                                                           <C>             <C>
Sales to unaffiliated customers:
  Domestic1                                                                   $127.0          218.9
  North Sea                                                                     38.4           37.1
  Other foreign                                                                  5.8            6.5
_____________________________________________________________________________________
  Total revenues                                                              $171.2          262.5
_____________________________________________________________________________________

Earnings (loss) before income taxes:
  Operating profit (loss):
    Domestic1                                                                   34.1           41.7
    North Sea                                                                   16.7           12.1
    Other foreign                                                               (4.6)          (4.3)
_____________________________________________________________________________________
                                                                                46.2           49.5
  Other income (expense), net                                                  (13.1)         (17.7)
_____________________________________________________________________________________
    Earnings before income taxes                                              $ 33.1           31.8
_____________________________________________________________________________________

Capital expenditures:
  Exploration:
    Domestic                                                                    32.9           17.9
    North Sea                                                                    1.0              -
    Other foreign                                                                4.6            2.1
_____________________________________________________________________________________
                                                                                38.5           20.0
_____________________________________________________________________________________

  Development:
    Domestic                                                                    13.3           10.2
    North Sea                                                                    4.0            6.0
    Other foreign                                                                3.5            2.4
_____________________________________________________________________________________
                                                                                20.8           18.6
_____________________________________________________________________________________
                                                                                59.3           38.6
  Capitalized interest                                                           1.6            3.4
  Other                                                                           .6             .8
_____________________________________________________________________________________
                                                                              $ 61.5           42.8
_____________________________________________________________________________________

1 The 1996 period includes the operations of the Company's refinery which was sold in
July 1996.  See Note 2 of "Notes to Consolidated Financial Statements."

</TABLE>
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<TABLE>
                              THE LOUISIANA LAND AND EXPLORATION COMPANY

                                            OPERATING DATA

<CAPTION>
                                                                               Three months ended
                                                                                    March 31,
                                                                                1997         1996
_____________________________________________________________________________________
<S>                                                                           <C>             <C>
OIL AND GAS OPERATIONS1
CRUDE AND CONDENSATE2
Production (thousands of barrels per day):
  Domestic                                                                      21.4           19.9
  North Sea                                                                     14.4           16.3
  Other foreign                                                                  3.3            4.0
_____________________________________________________________________________________
                                                                                39.1           40.2
_____________________________________________________________________________________
Average price received (per barrel):
  Domestic                                                                    $22.37          19.06
  North Sea                                                                    21.38          18.76
  Other foreign                                                                19.66          17.68
  Consolidated                                                                 21.78          18.80
_____________________________________________________________________________________
PLANT PRODUCTS
Production (thousands of barrels per day):
  Domestic                                                                       2.7            1.9
  North Sea                                                                       .9             .9
_____________________________________________________________________________________
                                                                                 3.6            2.8
_____________________________________________________________________________________
Average price received (per barrel):
  Domestic                                                                    $18.99          12.35
  North Sea                                                                    23.79          16.56
  Consolidated                                                                 20.24          13.71
_____________________________________________________________________________________
NATURAL GAS
Production (millions of cubic feet per day):
  Domestic                                                                     301.0          255.2
  North Sea                                                                     37.4           37.9 
  CLAM Petroleum Company                                                        49.3           60.0
_____________________________________________________________________________________
                                                                               387.7          353.1
_____________________________________________________________________________________
Average price received (per MCF):
  Domestic                                                                    $ 2.85           2.87
  North Sea                                                                     2.71           2.22
  CLAM Petroleum Company                                                        2.82           2.83
  Consolidated                                                                  2.84           2.80
_____________________________________________________________________________________

1 Includes the Company's 50% equity interest in its unconsolidated affiliate, CLAM
  Petroleum Company.  
2 Before the elimination of intercompany transfers.
</TABLE>


<PAGE>
<PAGE>
<TABLE>
                             THE LOUISIANA LAND AND EXPLORATION COMPANY

                                     OPERATING DATA  (CONTINUED)

<CAPTION>
                                                                              Three months ended
                                                                                   March 31,
(Millions of dollars)                                                          1997         1996
____________________________________________________________________________________
<S>                                                                           <C>            <C>
GROSS WELLS DRILLED
Working Interest
Exploratory:
  Oil                                                                              1             2
  Gas                                                                              2             2
  Dry                                                                              2             3
____________________________________________________________________________________
                                                                                   5             7
____________________________________________________________________________________
Development:
  Oil                                                                              1             5
  Gas                                                                              1             1
  Dry                                                                              1             -
____________________________________________________________________________________
                                                                                   3             6
____________________________________________________________________________________
Total working interest                                                             8            13
Royalty Interest                                                                   5             2
____________________________________________________________________________________
Total wells                                                                       13            15
____________________________________________________________________________________
NET WELLS DRILLED
Exploratory:
  Oil                                                                             .5            .7
  Gas                                                                             .8           1.0
  Dry                                                                             .9            .9
____________________________________________________________________________________
                                                                                 2.2           2.6
____________________________________________________________________________________
Development:
  Oil                                                                             .9            .6
  Gas                                                                             .7            .5
  Dry                                                                             .5             -
____________________________________________________________________________________
                                                                                 2.1           1.1
____________________________________________________________________________________
Total net wells                                                                  4.3           3.7
____________________________________________________________________________________
</TABLE>
<PAGE>
<PAGE>


                                      PART II.  OTHER INFORMATION



Item 4.     Submission of Matters to a Vote of Security Holders.  

     At the Annual Meeting of Stockholders held on May 8, 1997, The
     Louisiana Land and Exploration Company 1997 Stock Option Plan was
     approved by a stockholder vote of:  For - 19,637,112; Against -
     2,962,078.  

Item 6.     Exhibits and Reports on Form 8-K.

     (a)    Exhibits:

            Exhibit 27 - Financial Data Schedules:

                   Quarter ended March 31, 1997
                   Quarter ended March 31, 1996 (restated)

     (b)    Reports on Form 8-K:

            NONE  


                                               SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.




                                 THE LOUISIANA LAND AND EXPLORATION COMPANY
                                               (REGISTRANT)




                          By:           /s/ J. N. Wood
                                 ___________________________________________
                                        J. N. WOOD
                                        VICE PRESIDENT AND CONTROLLER
                                        (PRINCIPAL ACCOUNTING OFFICER)


Dated:  May 12, 1997