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| UNITED STATES                                          |
|--------------------------------------------------------|
| SECURITIES AND EXCHANGE COMMISSION                     |
| Washington, D.C. 20549                                 |
|                                                   |
| FORM 10-Q/A                                            |
|  (Amendment No. 1)                                |
|                                                   |
| (Mark One)                                             |
| [X]                                                    | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
| SECURITIES EXCHANGE ACT OF 1934                        |
| For the quarterly period ended September 30, 2010      |
| OR                                                     |
| [  ]                                         | 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: 001-07791                      |
|                                                   |
|                                                        |
|                                                   |
| McMoRan Exploration Co.                                |
| (Exact name of registrant as specified in its charter) |

| Delaware                                                      | 72-1424200                        |
|---------------------------------------------------------------|-----------------------------------|
| (State or other jurisdiction ofincorporation or organization) | (IRS Employer Identification No.) |
|                                                          |                              |
| 1615 Poydras Street                                           |                              |
| New Orleans, Louisiana                                        | 70112                             |
| (Address of principal executive offices)                      | (Zip Code)                        |
|                                                          |
| (504) 582-4000                                                |
| (Registrant's telephone number, including area code)          |
|                                                          |

| Large accelerated filer  o               | Accelerated filer T         |
|----------------------------------------------------|-----------------------------|
| Non-accelerated filer o (Do not check if a smaller | Smaller reporting company o |
| reporting company)                                 |                        |

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| TABLE OF CONTENTS                                                                                   |
|-----------------------------------------------------------------------------------------------------|
|                                                                                                |   |
|                                                                                                | Page |
| Part I                                                                                              |   |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 1 |
|                                                                                                |   |
| Part II                                                                                             |   |
| Item 6. Exhibits                                                                                    | 16 |
|                                                                                                |   |
| Signatures                                                                                          | 17 |
|                                                                                                |   |
| Exhibit Index                                                                                       | 18 |

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Management's Discussion and Analysis of Financial Condition and Results of Operations

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|                              | Third Quarter |   | Nine Months |   |
|-----------------------------------|---------------|--------|-------------|--------|
|                              | 2010          |   | 2009        |   | 2010 |   | 2009 |   |
| Sales volumes:                    |          |   |        |   |   |   |   |   |
| Gas (thousand cubic feet, or Mcf) | 8,754,300     |   | 13,619,300  |   | 29,795,900 |   | 36,990,900 |   |
| Oil (barrels)                     | 534,000       |   | 761,600     |   | 1,851,900 |   | 2,262,300 |   |
| Plant products (Mcf equivalent) a | 1,484,700     |   | 1,568,300   |   | 4,681,300 |   | 3,988,100 |   |
| Average realizations b            |          |   |        |   |   |   |   |   |
| Gas (per Mcf)                     | $ 4.61        |   | $ 3.39      |   | $ 4.97 |   | $ 4.04 |   |
| Oil (per barrel)                  | 75.78         |   | 66.81       |   | 76.13 |   | 55.39 |   |

| a.   | Results include approximately $9.8 million and $34.3 million of revenues associated with plant products (ethane, propane, butane, etc.) during the third quarter and nine months ended September 30, 2010, respectively.  Plant product revenues for the comparable prior year periods totaled $8.6 million and $19.8 million.  One Mcf equivalent is determined using the ratio of six Mcf of natural gas to one barrel of crude oil, condensate or natural gas liquids. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b.   | Excludes the impact of gains and losses on derivative contracts. |
|----------------|------------------------------------------------------------------|

|                                                     | Third   |    |   | Nine   |    |
|----------------------------------------------------------|---------|---------|--------|--------|---------|
|                                                     | Quarter |    |   | Months |    |
| Oil and natural gas revenues – prior year period   | $       | 105,822 |   | $      | 294,969 |   |
| Increase (decrease)                                      |    |    |   |   |    |   |
| Price realizations:                                      |    |    |   |   |    |   |
| Natural gas                                              |    | 10,680  |   |   | 27,710  |   |
| Oil and condensate                                       |    | 4,790   |   |   | 38,408  |   |
| Sales volumes:                                           |    |    |   |   |    |   |
| Natural gas                                              |    | (16,492 | )      |   | (29,068 | ) |
| Oil and condensate                                       |    | (15,206 | )      |   | (22,732 | ) |
| Plant products revenues                                  |    | 1,216   |   |   | 14,518  |   |
| Other                                                    |    | (32     | )      |   | (78     | ) |
| Oil and natural gas revenues – current year period | $       | 90,778  |   | $      | 323,727 |   |

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|                                | Third Quarter |   | Nine Months |   |
|-------------------------------------|---------------|--------|-------------|--------|
|                                |          |   | Per         |   |   |   | Per |   |   |   | Per |   |   |   | Per |   |
|                                | 2010          |   | Mcfe        |   | 2009 |   | Mcfe |   | 2010 |   | Mcfe |   | 2009 |   | Mcfe |   |
| Lease operating expense             | $25.2         |   | $1.87       |   | $31.5 |   | $1.59 |   | $78.9 |   | $1.73 |   | $87.4 |   | $1.59 |   |
| Workover costs                      | 9.6           |   | 0.71        |   | 5.5 |   | 0.27 |   | 17.3 |   | 0.38 |   | 12.5 |   | 0.23 |   |
| Hurricane related expenses          | 1.2           |   | 0.09        |   | (0.5 | ) | (0.02 | ) | 3.9 |   | 0.09 |   | 14.2 |   | 0.26 |   |
| Insurance                           | 6.5           |   | 0.48        |   | 6.5 |   | 0.33 |   | 19.7 |   | 0.43 |   | 17.8 |   | 0.33 |   |
| Transportation and production taxes | 4.8           |   | 0.36        |   | 5.8 |   | 0.29 |   | 16.5 |   | 0.36 |   | 15.1 |   | 0.28 |   |
| Other                               | (0.2          | )      | (0.01       | )      | 0.3 |   | 0.02 |   | - |   | - |   | (0.1 | ) | - |   |
| Total production and delivery costs | $47.1         |   | $3.50       |   | $49.1 |   | $2.48 |   | $136.3 |   | $2.99 |   | $146.9 |   | $2.69 |   |

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|                               | Third Quarter |   | Nine Months |
|------------------------------------|---------------|--------|-------------|
|                               |          |   | Per         |   |   |   | Per |   |   |   | Per |   |   |   | Per |
|                               | 2010          |   | Mcfe        |   | 2009 |   | Mcfe |   | 2010 |   | Mcfe |   | 2009 |   | Mcfe |
| Depletion and depreciation expense | $30.7         |   | $2.28       |   | $56.4 |   | $2.86 |   | $117.1 |   | $2.57 |   | $153.6 |   | $2.82 |
| Accretion expense                  | 6.6           |   | 0.49        |   | 8.4 |   | 0.42 |   | 15.6 |   | 0.34 |   | 24.9 |   | 0.45 |
| Impairment charges/losses          | 11.3          |   | 0.84        |   | 11.2 |   | 0.57 |   | 82.0 |   | 1.80 |   | 64.8 |   | 1.19 |
| Total                              | $48.6         |   | $3.61       |   | $76.0 |   | $3.85 |   | $214.7 |   | $4.71 |   | $243.3 |   | $4.46 |

|                                        | Third Quarter |   | Nine Months |   |
|---------------------------------------------|---------------|--------|-------------|--------|
|                                        | 2010          |   | 2009        |   | 2010 |   | 2009 |   |
| Geological and geophysical                  |          |   |        |   |   |   |   |   |   |   |   |   |
| including 3-D seismic purchases a           | $             | 4.9    |        | $      | 2.6 |   | $ | 13.9 |   | $ | 19.4 |   |
| Non-productive exploratory costs, including |          |   |        |   |   |   |   |   |   |   |   |   |
| related lease costs                         |          | 0.1    |        |   | 7.3 | b |   | 7.5 | c |   | 61.7 | d |
| Other                                       |          | 0.3    |        |   | 0.9 |   |   | 6.7 |   |   | 5.0 |   |
|                                        | $             | 5.3    |        | $      | 10.8 |   | $ | 28.1 |   | $ | 86.1 |   |

| a.   | Includes compensation costs associated with outstanding stock-based awards totaling $1.4 million in the third quarter of 2010 and $7.3 million in the nine months ended September 30, 2010 compared with $1.3 million and $5.6 million of compensation costs during comparable periods in 2009 (see “Stock-Based Compensation” below).   The nine months ended September 30, 2010 amounts includes reimbursements of seismic data from our partners totaling $1.8 million. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b.   | Includes non-productive well costs of $6.3 million related to the Sherwood well. |
|----------------|----------------------------------------------------------------------------------|

| c.   | Includes costs of the Blueberry Hill offset appraisal well incurred below 19,000 feet.  Results below 19,000 feet were determined to be non-commercial, and we commenced sidetracking efforts in April 2010 to a location southwest of the pay sands seen in 2009. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d.   | Includes non-productive well costs of $6.3 million related to the Sherwood well, $25.5 million related to the Ammazzo well, $11.0 million related to the Cordage well, $11.1 million related to the Tom Sauk well and $6.2 million related to the Gladstone East well. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                       | Third Quarter |   | Nine Months |   |
|--------------------------------------------|---------------|--------|-------------|--------|
|                                       | 2010          |   | 2009        |   | 2010 |   | 2009 |   |
| General and administrative expenses        | $             | 1,629  |        | $      | 1,432 |   | $ | 8,153 |   | $ | 5,998 |   |
| Exploration expenses                       |          | 1,363  |        |   | 1,278 |   |   | 7,282 |   |   | 5,633 |   |
| Main Pass Energy Hub™ start-up costs |          | 52     |        |   | 76 |   |   | 266 |   |   | 335 |   |
| Total stock-based compensation cost        | $             | 3,044  |        | $      | 2,786 |   | $ | 15,701 |   | $ | 11,966 |   |
|                                       |          |   |        |   |   |   |   |   |   |   |   |   |

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|                  | Nine Months Ended |   |
|-----------------------|-------------------|--------|
|                  | September 30,     |   |
|                  | 2010              |   | 2009 |   |
| Continuing operations |              |   |   |   |   |   |
| Operating             | $                 | 120.3  |   | $ | 89.8 |   |
| Investing             |              | (157.3 | ) |   | (113.4 | ) |
| Financing             |              | (23.6  | ) |   | 159.1 |   |

|                    |   |                                        |   |   |                                        |   |
|-------------------------|--------|---------------------------------------------|--------|--------|---------------------------------------------|--------|
| Discontinued operations |   |                                        |   |   |                                        |   |
| Operating               |   | (0.6                                        | )      |   | (4.4                                        | )      |
| Investing               |   |        - |   |   |        - |   |
| Financing               |   |       -       |   |   |       -       |   |
|                    |   |                                        |   |   |                                        |   |
| Total cash flow         |   |                                        |   |   |                                        |   |
| Operating               |   | 119.7                                       |   |   | 85.4                                        |   |
| Investing               |   | (157.3                                      | )      |   | (113.4                                      | )      |
| Financing               |   | (23.6                                       | )      |   | 159.1                                       |   |

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| Item |      6.    Exhibits. |
|------|--------------------------------------------------------------|

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SIGNATURE

|                               | McMoRan Exploration Co.                        |
|------------------------------------|------------------------------------------------|
|                               |                                           |
|                               | By:  /s/ Nancy D. Parmelee           |
|                               | Nancy D. Parmelee                              |
|                               | Senior Vice President, Chief Financial Officer |
|                               | and Secretary                                  |
|                               | (authorized signatory and Principal            |
|                               | Financial Officer)                             |
|                               |                                           |
|                               |                                           |
|                               |                                           |
| Date:  November 10, 2010 |                                           |

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EXHIBIT INDEX

|    |                                                                                                       | Filed       |                      |     |       |
|---------|------------------------------------------------------------------------------------------------------------|-------------|---------------------------|----------|------------|
| Exhibit |                                                                                                       | with this   | Incorporated by Reference |
| Number  | Exhibit Title                                                                                              | Form 10-Q/A | Form                      | File No. | Date Filed |
| 15.1    | Letter dated November 10, 2010 from Ernst & Young LLP regarding unaudited interim financial statements | X           |                      |     |       |
| 31.1    | Certification of Principal Executive Officer pursuant to Rule 13a–14(a)/15d-14(a)                    | X           |                      |     |       |
| 31.2    | Certification of Principal Financial Officer pursuant to Rule 13a–14(a)/15d-14(a)                    | X           |                      |     |       |
| 32.1    | Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350                            | X           |                      |     |       |
| 32.2    | Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350                            | X           |                      |     |       |

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