Document:

exv10w1

Exhibit 10.1

STOCKHOLDER AGREEMENT

     This STOCKHOLDER AGREEMENT, dated as of December 30, 2010 (this “Agreement”), is entered into
by and between Plains Exploration & Production Company, a Delaware corporation (“PXP”), and McMoRan
Exploration Co., a Delaware corporation (“McMoRan”). McMoRan and PXP are sometimes referred to
collectively as the “Parties” and individually as a “Party.”

RECITALS

     WHEREAS, McMoRan, McMoRan Oil & Gas LLC, a Delaware limited liability company, McMoRan GOM,
LLC, a Delaware limited liability company, McMoRan Offshore LLC, a Delaware limited liability
company, PXP, PXP Gulf Properties LLC, a Delaware limited liability company (“PXP Gulf”), and PXP
Offshore LLC, a Delaware limited liability company (“PXP Offshore”), have entered into that certain
Agreement and Plan of Merger (the “Merger Agreement”), dated as of September 19, 2010, pursuant to
which McMoRan will acquire PXP Gulf and PXP Offshore in exchange for cash and shares of common
stock, par value $0.01 per share, of McMoRan (the “McMoRan Common Stock”); and

     WHEREAS, to induce PXP to enter into the Merger Agreement and to consummate the transactions
contemplated thereby, McMoRan is required to deliver this Agreement, duly executed by McMoRan, to
PXP contemporaneously with the closing of the transactions contemplated by the Merger Agreement;
and

     WHEREAS, McMoRan believes it to be in the best interests of McMoRan and its stockholders, and
PXP believes it to be in the best interests of PXP and its stockholders, to have certain agreements
in respect of PXP’s right to designate members of the board of directors of McMoRan (the “Board”)
pursuant to the terms of this Agreement; and

     WHEREAS, the Board has unanimously authorized and approved this Agreement and determined that
this Agreement and the transactions contemplated hereby are in the best interests of McMoRan and
its stockholders;

     NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged
by each Party hereto, the Parties hereby agree as follows:

AGREEMENT

Section 1. Defined Terms. The following capitalized terms, as used in this Agreement, shall have
the meanings set forth below. Capitalized terms used but not otherwise defined herein shall have
the meanings ascribed thereto in the Merger Agreement.

     “Agreement” shall have the meaning specified in the introductory paragraph of this Agreement.

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     “Beneficially Own,” “Beneficial Owner” and “Beneficial Ownership” mean ownership of securities
as a “Beneficial Owner” under Rule 13d-3 under the Exchange Act.

     “Board” shall have the meaning specified in the Recitals to this Agreement.

     “Designated Director” shall have the meaning specified in Section 2(a) of this
Agreement.

     “McMoRan” shall have the meaning specified in the introductory paragraph of this Agreement.

     “McMoRan Charter” means the Amended and Restated Certificate of Incorporation of McMoRan, as
in effect on the date hereof.

     “McMoRan Common Stock” shall have the meaning specified in the Recitals to this Agreement.

     “Merger Agreement” shall have the meaning specified in the Recitals to this Agreement.

     “NYSE” means the New York Stock Exchange.

     “Party” or “Parties” shall have the meaning specified in the introductory paragraph of this
Agreement.

     “PXP” shall have the meaning specified in the introductory paragraph of this Agreement.

     “PXP Credit Agreement” means the Amended and Restated Credit Agreement dated August 3, 2010
between PXP, as borrower, JPMorgan Chase Bank, N.A., as administrative agent and the lenders and
agents from time to time party thereto.

     “PXP Gulf” shall have the meaning specified in the Recitals of this Agreement.

     “PXP Offshore” shall have the meaning specified in the Recitals of this Agreement.

     “Resignation Event” means, with respect to a Designated Director, that such Designated
Director, as determined by the Board in good faith following compliance with the procedures set
forth below in this definition when applicable, (A) is prohibited or disqualified from serving as a
director of McMoRan under any rule or regulation of the SEC or NYSE or by applicable law; (B) has
engaged in acts or omissions constituting a breach of such Designated Director’s duty of loyalty to
McMoRan or its stockholders; (C) has engaged in any transaction involving McMoRan from which such
Designated Director derived an improper personal benefit; or (D) has engaged in acts or omissions
which involve intentional misconduct, intentional violation of law or crimes of moral turpitude.

     “Transfer” shall have the meaning specified in Section 6(a) of this Agreement.

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Section 2. Director Designation Rights.

          (a) On or prior to the date hereof, the Board has adopted resolutions that (i) increase the
number of individuals that constitute the whole Board by two persons, and (ii) resolved to fill the
newly-created directorships, effective as of the date hereof, with individuals designated by PXP
(each, a “Designated Director”). Each time the Board appoints a Designated Director, it will also
adopt resolutions such that each Designated Director (a) qualifies as a “Continuing Director” for
purposes of the indenture governing McMoRan’s 11.875% Senior Notes due 2014 and (b) will not be in
the class of persons serving on the Board that could result in (x) a “Change of Control” as defined
clause (iii) of the definition thereof in McMoRan’s indenture governing its 5-1/4% Convertible
Senior Notes due 2011, (y) a “Change in Control” as defined on clause (b) of the definition thereof
in McMoRan’s Amended and Restated Credit Agreement dated as of August 6. 2007, as amended, or (z) a
similar change of control under any other agreement to which McMoRan is a party.

          (b) For so long as PXP and its Affiliates are the Beneficial Owners of at least 10% of the
issued and outstanding shares of McMoRan Common Stock, then PXP shall have the right to designate
two Designated Directors. In the event that PXP and its Affiliates are the Beneficial Owners of
less than 10% but at least 5% of the issued and outstanding shares of McMoRan Common Stock, then
PXP shall have the right to designate one Designated Director. In the event that PXP and its
Affiliates are the Beneficial Owners of less than 5% of the issued and outstanding shares of
McMoRan Common Stock, PXP shall have no right to designate any directors to the Board.

          (c) Each Designated Director shall, in the reasonable judgment of McMoRan, (i) have the
requisite skill and experience to serve as a director of a publicly traded company, (ii) not be
prohibited or disqualified from serving as a director of McMoRan pursuant to any rule or regulation
of the SEC or NYSE or by applicable law, and (iii) have not engaged in (A) acts or omissions
constituting a breach of such Designated Director’s duty of loyalty to any organization, (B) any
transaction from which such Designated Director derived an improper personal benefit, or (C) acts
or omissions that involve intentional misconduct, intentional violation of law or crimes of moral
turpitude. PXP shall timely provide, and shall use its commercially reasonable efforts to cause
the Designated Directors to timely provide, McMoRan with accurate and complete information relating
to PXP and the Designated Directors that may be required to be disclosed by McMoRan under the
Securities Act or the Exchange Act. In addition, at McMoRan’s request, PXP shall cause the
Designated Directors to complete and execute McMoRan’s standard director and officer questionnaire
prior to being admitted to the Board or standing for reelection at an annual meeting of
stockholders or at such other time as may be reasonably requested by McMoRan. The Parties agree
that the initial Designated Directors shall be James C. Flores and John F. Wombwell.

          (d) Not less than one hundred twenty (120) days prior to each annual meeting of stockholders
of McMoRan (assuming for these purposes that each such annual meeting shall be held on the
anniversary of the prior year’s annual meeting), PXP shall provide McMoRan with written notice of
the names of the Designated Directors to be nominated for election at such
meeting. Within ten (10) days after receipt of such notice, McMoRan shall provide PXP with
written notice as to whether the Designated Directors satisfy the requirements of Section 2(c). If

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it is determined that a Designated Director does not satisfy the requirements of
Section 2(c), then PXP shall continue to appoint replacement designees in a like manner
until Section 2(c) has been satisfied.

          (e) In accordance with the terms herein, McMoRan shall nominate each Designated Director for
election to the Board at each annual meeting of stockholders. If elected, each Designated Director
will hold office until his or her term expires and such Designated Director’s successor has been
duly elected and qualified or until such Designated Director’s earlier death, resignation or
removal.

          (f) Prior to the termination of rights to designate directors as provided herein:

               (i) in connection with each annual meeting of stockholders, and subject to Section
2(c), the Board shall (A) nominate the Designated Directors for election at such meeting
and (B) shall not submit to McMoRan’s stockholders a greater number of Board nominees for
election at such meeting than positions to be filled by election at such meeting;

               (ii) in connection with each annual meeting of stockholders, and subject to the
provisions of this Section 2, McMoRan will take all actions necessary or advisable
to cause the Board to recommend that stockholders vote “FOR” the election of each Designated
Director and to solicit proxies in favor of each Designated Director at any such meeting;

               (iii) PXP shall, and shall cause each Affiliate of PXP holding shares of McMoRan Common
Stock to, at any annual or special meeting of stockholders of McMoRan, however called,
including any adjournment or postponement thereof, appear at each such meeting or otherwise
cause its shares of McMoRan Common Stock to be counted as present thereat for purposes of
calculating a quorum;

               (iv) if a Designated Director is nominated and not elected at the annual meeting of
stockholders, then PXP shall provide McMoRan the name of a replacement director and,
provided that such person satisfies the requirements of Section 2(c), the Board and McMoRan
shall take such action as may be necessary to appoint such person to serve as a Designated
Director to the Board, including, if applicable, increasing the size of the Board and
appointing such Designated Director to fill the newly-created directorship;

               (v) any Designated Director may be removed for cause pursuant to and in accordance with
Article VI.5. of the McMoRan Charter;

               (vi) upon written notice from McMoRan to PXP that a Resignation Event has occurred,
which notice shall set forth in reasonable detail the facts and circumstances constituting
the Resignation Event, PXP will cause the applicable Designated Director to resign as a
member of the Board within two (2) Business Days of such written notice, and any vacancy
created by such resignation shall be filled by the
Board with an individual designated by PXP who, subject to Section 2(c) of this
Agreement, shall become a Designated Director; and

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               (vii) if a Designated Director ceases to continue in office for any reason, PXP shall
designate a replacement director and, subject to Section 2(c), the Board shall take
such action as is necessary or appropriate to cause such replacement director to be
appointed to the vacancy on the Board created by the Designated Directors ceasing to serve
on the Board.

          (g) At least one Designated Director shall be a member of the executive committee of the Board
or its equivalent, if any.

          (h) Prior to making a determination that any Resignation Event has occurred, the Board shall
provide such Designated Director with proper notice of a meeting of the Board to discuss and, if
applicable, to dispute the proposed determination. At such duly called and held Board meeting, the
Board shall provide such Designated Director with a reasonable opportunity to be heard and to
present information relevant to the Board’s proposed determination. The Board may make a
determination that a Resignation Event has occurred only following its consideration in good faith
of such information presented by such Designated Director.

          (i) Prior to designating a Designated Director, PXP shall enter into a written agreement with
such Designated Director whereby such Designated Director agrees to resign as a member of the Board
upon a Resignation Event or as otherwise provided therein. PXP acknowledges and agrees that such
an agreement is in the best interest of McMoRan and PXP, and that McMoRan shall be a third-party
beneficiary of the terms and conditions of such an agreement, and McMoRan shall have the right to
enforce such an agreement to the same extent as the parties thereto.

          (j) McMoRan shall not take any action that would lessen, restrict, prevent or otherwise have
an adverse effect upon the foregoing rights of PXP to Board representation (or representation on
any committee thereof); provided, however, that McMoRan shall not be prohibited
from taking such action that the Board determines may be necessary to (i) comply with any rule or
regulation of the SEC or NYSE or (ii) comply with applicable Law.

Section 3. Termination of Director Designation Rights. Promptly upon receipt of a written
request from McMoRan, if PXP and its Affiliates cease to Beneficially Own less than 10% of the
issued and outstanding shares of McMoRan Common Stock, then PXP shall use its commercially
reasonable efforts to cause one Designated Director to resign as a member of the Board and all
committees thereof. Promptly upon receipt of a written request from McMoRan, if PXP and its
Affiliates cease to Beneficially Own less than 5% of the issued and outstanding shares of McMoRan
Common Stock, then PXP shall use its commercially reasonable efforts to cause all Designated
Director(s) to resign as members of the Board and all committees thereof.

Section 4. Director Indemnification. At all times while any Designated Director is serving as a member of the Board, and
following any such Designated Director’s death, resignation, removal or other cessation as a
director of McMoRan, each Designated Director shall be entitled to all rights to indemnification
and exculpation as are then made available to any other member of the Board. With respect to such
rights of indemnification, as between McMoRan, on the one hand, and PXP and its Affiliates (other
than McMoRan), on the other hand, McMoRan shall, in

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all events, be the full indemnitor of first
resort and shall not be entitled to any contribution, indemnification or other payment by or from
any of PXP or its Affiliates (other than McMoRan).

Section 5. Standstill Agreement.

          (a) PXP agrees that, without the prior written approval of at least a majority of the members
of the Board who are not Designated Directors, neither PXP nor any of its Affiliates or
representatives will, directly or indirectly:

	 	(i)	 	in any way acquire, offer or propose to acquire or agree to
acquire, Beneficial Ownership of any (x) McMoRan Common Stock if such
acquisition would result in PXP and its Affiliates having Beneficial Ownership
of more than 23.1% of the outstanding shares of McMoRan Common Stock,
calculated on a fully diluted basis assuming the issuance of all shares of
McMoRan Common Stock that are or may be issuable upon conversion of any McMoRan
convertible preferred security or convertible debt security, or (y) any other
debt or equity securities of McMoRan;
	 
	 	(ii)	 	commence any tender or exchange offer for any securities of
McMoRan;
	 
	 	(iii)	 	enter into or agree, offer, propose or seek (whether publicly
or otherwise) to enter into, or otherwise be involved in or part of, any
acquisition transaction, merger or other business combination relating to all
or part of McMoRan or any of its subsidiaries or any acquisition transaction
for all or part of the assets of McMoRan or any of its subsidiaries or any of
their respective businesses;
	 
	 	(iv)	 	make, or in any way participate in, any “solicitation” of
“proxies” (as such terms are defined under Regulation 14A under the Exchange
Act, disregarding clause (iv) of Rule 14a-1(l)(2) and including any otherwise
exempt solicitation pursuant to Rule 14a-2(b)) or consents to vote, or seek to
advise or influence any person or entity with respect to the voting of, any
voting securities of McMoRan;
	 
	 	(v)	 	call or seek to call a meeting of the shareholders of McMoRan
or initiate any stockholder proposal for action by shareholders of McMoRan;
	 
	 	(vi)	 	form, join or in any way participate in a “group” (within the
meaning of Section 13(d)(3) of the Exchange Act and the rules and regulations
thereunder) with respect to McMoRan Common Stock or other debt or equity
securities of McMoRan, or seek, propose or otherwise act alone or
in concert with others, to influence or control the management, board of
directors or policies of McMoRan;
	 
	 	(vii)	 	publicly announce or disclose any intention, plan or
arrangement inconsistent with the foregoing;

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	 	(viii)	 	bring any action or otherwise act to contest the validity of this Section
5 or seek a release of the restrictions contained herein, or make a request
to amend or waive any provision of this Section 5; or
	 
	 	(ix)	 	take any actions which would be inconsistent with the purpose
and intent of this Section 5;

provided that nothing in this Section 5 shall prevent PXP or its Affiliates from
voting any shares of McMoRan Common Stock then Beneficially Owned by PXP or its Affiliates in any
manner; and provided, further, that nothing in clauses (ii), (iii), (iv) or (v) of this
Section 5(a) shall apply to any Designated Director solely in his or her capacity as a
director of McMoRan.

          (b) The provisions of Section 5(a) shall terminate, and shall be of no further force
or effect, upon the last to occur of (i) the first date on which no Designated Directors shall have
been members of the Board for the preceding six-month period, and (ii) PXP and its Affiliates
Beneficially Owning fewer than 20% of the issued and outstanding shares of McMoRan Common Stock.

Section 6. Transfer Restrictions.

          (a) Restrictions on Transfer. Except as otherwise permitted in this Agreement, during
the twelve month period ending on the first anniversary of the date hereof, PXP will not, and shall
cause its Affiliates not to, transfer, sell, assign, pledge or otherwise dispose, directly or
indirectly (“Transfer”), of any shares of McMoRan Common Stock acquired pursuant to the Merger
Agreement. Following the first anniversary of the date hereof, PXP’s Transfers of McMoRan Common
Stock under the Registration Rights Agreement shall be limited to Transfers (i) in Underwritten
Offerings (as such term is defined in the Registration Rights Agreement), (ii) in periodic sales
under a Registration Statement (as such term is defined in the Registration Rights Agreement) so
long as, in the case of Transfers made pursuant to this clause (ii), the aggregate number of shares
so Transferred in any three-month period does not exceed the amount permitted to be sold pursuant
to the provisions of Rule 144(e) under the Securities Act, regardless of whether such shares are
actually being Transferred in reliance on such Rule (it being understood that shares of McMoRan
Common Stock sold in an Underwritten Offering shall not be taken into account in such calculation)
and (iii) pursuant to the exercise of piggyback registration rights under the Registration Rights
Agreement. Any Transfer or attempted Transfer of shares of McMoRan Common Stock in violation of
this Section 6 shall, to the fullest extent permitted by law, be null and void ab initio, and
McMoRan shall not, and shall instruct its transfer agent and other third parties not to, record or
recognize any such purported transaction on the share register of McMoRan. PXP acknowledges that
this Section 6 may be enforced by McMoRan at the direction of a majority of the members of the
Board who are not Designated Directors. Following the first anniversary of the date hereof, other
than limitations
on Transfer under the Registration Rights Agreement set forth in the second sentence of this
Section 6(a), PXP may Transfer shares of McMoRan Common Stock in any way permitted by
applicable law.

          (b) Permitted Transfers. Notwithstanding Section 6(a), PXP shall be permitted
to Transfer any portion or all of its shares of McMoRan Common Stock at any time

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under the
following circumstances:

	 	(i)	 	Transfers to any direct or indirect wholly owned Subsidiary of
McMoRan;
	 
	 	(ii)	 	Transfers pursuant to a merger, tender offer or exchange offer
or other business combination, acquisition of assets or similar transaction or
change of control involving McMoRan or any of its subsidiaries, provided
that such transaction has been approved by the Board;
	 
	 	(iii)	 	Transfers pursuant to a merger, tender offer or exchange offer
or other business combination, acquisition of all or substantially all of the
assets or similar transaction that would result in a change of control
involving PXP;
	 
	 	(iv)	 	Transfers pursuant to the exercise of piggyback registration
rights under the Registration Rights Agreement; and
	 
	 	(v)	 	pledges of McMoRan Common Stock under the PXP Credit Agreement
or other bona fide instruments or agreements representing indebtedness for
borrowed money.

          (c) Hedging. Except as prohibited by applicable law, notwithstanding anything
contained in this Agreement to the contrary, PXP may enter into or effect any hedging transaction
with respect to the Shares, including, without limitation, calls, puts and options.

Section 7. Use of Information. PXP shall not, and shall cause its Affiliates and each Designated
Director not to, use nonpublic information obtained from the Designated Directors’ service on the
Board in any manner adverse to McMoRan.

Section 8. Nonsolicitation of Employees. Until the first anniversary of the first date on which
PXP shall no longer have the right to designate Designated Directors, PXP shall not, and shall
cause its Affiliates and any employment agencies acting on its behalf not to, solicit, recruit or
hire, without McMoRan’s express written consent, any Persons who are employed by McMoRan or any of
its Affiliates immediately after the date hereof. Notwithstanding the foregoing, this prohibition
on solicitation, recruitment and hiring does not apply to actions taken solely as a result of an
employee’s affirmative response to a general recruitment effort carried out through a public
solicitation or general solicitation.

Section 9. Legend.

          (a) PXP agrees that all certificates or other instruments representing the shares of McMoRan
Common Stock acquired pursuant to the Merger Agreement will bear a legend substantially to the
following effect:

	 	(i)	 	THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR SECURITIES LAWS OF
ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT
WHILE A REGISTRATION STATEMENT RELATING

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	 	 	 	THERETO IS IN EFFECT UNDER SUCH ACT AND
APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION
UNDER SUCH ACT OR SUCH LAWS.

	 	(ii)	 	THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
TRANSFER AND OTHER RESTRICTIONS SET FORTH IN A STOCKHOLDER AGREEMENT, DATED AS
OF DECEMBER 30, 2010, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE
ISSUER.

          (b) Upon request of PXP, upon receipt by McMoRan of an opinion of counsel reasonably
satisfactory to McMoRan to the effect that such legend is no longer required under the Securities
Act and applicable state laws, McMoRan shall promptly cause clause (i) of the legend to be removed
from any certificate for any shares of McMoRan Common Stock to be Transferred in accordance with
the terms of this Agreement and clause (ii) of the legend shall be removed upon the expiration of
such transfer and other restrictions set forth in this Agreement.

Section 10. Amendment to Certificate of Incorporation. McMoRan shall call, hold and convene a
meeting of its stockholders at least once each year until the Amendment (as defined hereinafter) is
approved by McMoRan’s stockholders (each such meeting, or any adjournments or postponements
thereof, the “Stockholders Meeting”) for the purpose of approving and adopting an amendment to
McMoRan’s certificate of incorporation (as in effect on the date hereof). The form of such
amendment (the “Amendment”) is set forth on Exhibit A hereto. The first such Stockholders
Meeting shall be held at the next regularly scheduled annual meeting of McMoRan’s stockholders.
Further, (i) the Board of Directors of McMoRan shall recommend that the stockholders of McMoRan
vote in favor of the Amendment at each such Stockholders Meeting and the Board of Directors of
McMoRan shall use its commercially reasonable efforts to solicit from stockholders of McMoRan
proxies in favor of the Amendment and (ii) the proxy materials for each such Stockholder Meeting
shall include a statement to the effect that the Board of Directors of McMoRan has recommended that
McMoRan’s stockholders vote in favor of the Amendment at each such Stockholders Meeting. McMoRan
may adjourn or postpone each such Stockholders Meeting to the extent necessary to ensure that any
required supplement or amendment to the
proxy materials for each such Stockholder Meeting is provided to McMoRan’s stockholders and
such stockholders have adequate time to review such supplement or amendment or, if as of the time
for which any such Stockholders Meeting is originally scheduled, there are insufficient shares of
McMoRan Common Stock represented (either in person or by proxy) to constitute a quorum necessary to
conduct business at such meeting.

Section 11. Miscellaneous.

          (a) Adjustments. Notwithstanding anything herein to the contrary, all measurements
and references in this Agreement related to McMoRan Common Stock shall be, in each instance,
appropriately adjusted for any subdivisions or combinations of the McMoRan Common Stock, including
but not limited to stock splits, stock combinations, stock distributions and the like.

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          (b) Entire Agreement. The Merger Agreement and this Agreement constitute the entire
agreement between the Parties pertaining to the subject matter hereof, and supersede all prior
agreements, understandings, negotiations and discussions, whether oral or written, of the Parties
pertaining to the subject matter hereof.

          (c) Notices. All notices that are required or may be given pursuant to this Agreement
shall be sufficient in all respects if given in writing. Any such notice shall be deemed given (i)
when made, if made by hand delivery, and upon confirmation of receipt, if made by facsimile, (ii)
one Business Day after being deposited with a next-day courier, postage prepaid, or (iii) three
Business Days after being sent certified or registered mail, return receipt requested, postage
prepaid, in each case addressed as follows:

If to PXP, to:

Plains Exploration & Production Company

700 Milam Street, Suite 3100

Houston, Texas 77002

Fax: (713) 579-6231

Attention: General Counsel

With a copy to (which copy shall not constitute notice):

Latham & Watkins LLP

717 Texas Avenue, Suite 1600

Houston, Texas 77002

Fax: (713) 546-5401

Attention: Michael E. Dillard

                 Sean T. Wheeler

If to McMoRan:

McMoRan Exploration Co.

1615 Poydras Street

New Orleans, Louisiana 70112

Fax: 504-585-3513

Attention: John Amato

With a copy to (which copy shall not constitute notice):

Baker Botts L.L.P.

One Shell Plaza

910 Louisiana Street

Houston, Texas 77002

Fax: (713) 229-1522

Attention: J. David Kirkland, Jr.

                 M. Breen Haire

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          (d) Interpretation. The words “hereof,” “herein” and “hereunder” and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement, and section references are to this Agreement unless
otherwise specified. Whenever the words “include,” “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation.” The meanings
given to terms defined herein shall be equally applicable to both the singular and plural forms of
such terms. The table of contents and headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
This Agreement is the product of negotiation by the Parties having the assistance of counsel and
other advisers. It is the intention of the Parties that this Agreement not be construed more
strictly with regard to one Party than with regard to the others.

          (e) Counterparts. This Agreement may be executed in counterparts, each of which shall
be deemed an original instrument, but all such counterparts together shall constitute but one
agreement. Facsimiles of signatures or signatures delivered in portable document format (.pdf)
will be deemed to be originals.

          (f) Entire Agreement. This Agreement constitutes the entire agreement between the
Parties pertaining to the subject matter hereof, and supersedes all prior agreements,
understandings, negotiations and discussions, whether oral or written, of the Parties pertaining to
the subject matter hereof.

          (g) Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement and
the legal relations between the Parties shall be governed by and construed in accordance with the
laws of the State of Delaware, United States of America without regard to principles of conflicts
of laws that would direct the application of the laws of another jurisdiction. Any action brought
in connection with this Agreement shall be brought in the federal or state courts located in the
City of Wilmington, Delaware. The Parties hereto hereby (i) irrevocably consent to the personal
jurisdiction and venue of such courts, and (ii) waive any claim (by way of motion, as a defense or
otherwise) of improper venue, that such parties are not subject personally to the jurisdiction of
such court, that such courts are an inconvenient forum or
that this Agreement or the subject matter may not be enforced in or by such court. THE
PARTIES HEREBY ACKNOWLEDGE THAT THEY HAVE BEEN REPRESENTED BY AND HAVE CONSULTED WITH COUNSEL OF
THEIR CHOICE, AND HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY, AND IRREVOCABLY WAIVE ANY AND ALL
RIGHT TO TRIAL BY JURY IN RESPECT OF ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT, THE TRANSACTION DOCUMENTS, ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH, OR ANY OF
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

          (h) Amendment; Waiver. This Agreement may not be amended except by an instrument in
writing signed by PXP and McMoRan. Each Party may waive any right of such Party hereunder by an
instrument in writing signed by such Party and delivered to PXP and McMoRan.

          (i) Remedies. The Parties agree that irreparable damage would occur in the event that
any of the provisions of this Agreement were not performed in accordance with its

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specific terms or
were otherwise breached. Each Party agrees that, in the event of any breach or threatened breach
by any other Party of any covenant or obligation contained in this Agreement, the non-breaching
Party shall be entitled (in addition to any other remedy that may be available to it, including
monetary damages) to seek and obtain (a) a decree or order of specific performance to enforce the
observance and performance of such covenant or obligation, and (b) an injunction restraining such
breach or threatened breach. Each Party further agrees that no other Party or any other Person
shall be required to obtain, furnish or post any bond or similar instrument in connection with or
as a condition to obtaining any remedy referred to in this Section 9(i), and each Party
hereto irrevocably waives any right it may have to require the obtaining, furnishing or posting of
any such bond or similar instrument. Each Party further agrees that it shall not object to the
granting of an order of specific performance, an injunction or other equitable relief on the basis
that there exists an adequate remedy at law. All rights, powers and remedies provided under this
Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not
alternative, and the exercise or beginning of the exercise of any thereof by any Party shall not
preclude the simultaneous or later exercise of any other such right, power or remedy by such Party.

          (j) Severability. Any term or provision of this Agreement which is determined by a
court of competent jurisdiction to be invalid or unenforceable in any jurisdiction shall, as to
that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without
rendering invalid or unenforceable the remaining terms and provisions of this Agreement or
affecting the validity or enforceability of any of the terms or provisions of this Agreement in any
other jurisdiction, and if any provision of this Agreement is determined to be so broad as to be
unenforceable, the provision shall be interpreted to be only so broad as is enforceable, in all
cases so long as neither the economic nor legal substance of the transactions contemplated hereby
is affected in any manner adverse to any Party or its equityholders. Upon any such determination,
the Parties shall negotiate in good faith in an effort to agree upon a suitable and equitable
substitute provision to effect the original intent of the Parties as closely as possible and to the
end that the transactions contemplated hereby shall be fulfilled to the maximum extent possible.

          (k) Successors and Assigns; Third Party Beneficiaries. Neither this Agreement nor any
of the rights or obligations of any Party under this Agreement shall be assigned, in whole or in
part (by operation of law or otherwise), by any Party without the prior written consent of the
other Parties hereto. Subject to the foregoing, this Agreement shall bind and inure to the benefit
of and be enforceable by the Parties hereto and their respective successors and permitted assigns.
Nothing in this Agreement, express or implied, is intended to confer on any Person other than (a)
the Parties hereto or (b) the Parties’ respective successors and permitted assigns any rights,
remedies, obligations or liabilities under or by reason of this Agreement.

[Next page is the signature page.]

12

 

     IN WITNESS WHEREOF, this Agreement has been signed by each of the Parties as of the date first
above written.

	 	 	 	 	 
	 	PLAINS EXPLORATION & PRODUCTION COMPANY

 	 
	 	By:  	/s/ Winston M. Talbert
 	 
	 	 	Name:  	Winston M. Talbert 	 
	 	 	Title:  	Executive Vice President and Chief
 Financial
Officer 	 
	 

	 	 	 	 	 
	 	MCMORAN EXPLORATION CO.

 	 
	 	By:  	/s/ Kathleen L. Quirk
 	 
	 	 	Name:  	Kathleen L. Quirk 	 
	 	 	Title:  	Senior Vice President & Treasurer 	 
	 

Signature Page to Stockholder Agreement

 

 

Exhibit A

Form of Amendment to Certificate of Incorporation

	1.	 	Amend and restate the first parenthetical in the definition of “Interested
Stockholder” in Article X, Section (k) of the McMoRan Amended and Restated Certificate
of Incorporation as follows: (other than the Corporation, any Subsidiary, Plains
Exploration & Production Company, any Employee Benefit Plan or any fiduciary with
respect to an Employee Benefit Plan acting in such capacity, any person owning Capital
Stock as of November 9, 1998, or any Affiliate or Associate of any of the foregoing)
	 
	2.	 	Add the following language at the end of the definition of “Continuing
Director” in Article X(f) of the McMoRan Amended and Restated Certificate of
Incorporation: “For purposes of this Amended and Restated Certificate of Incorporation,
directors who are not nominated for or designated for election by an Interested
Stockholder shall not be deemed to be an Affiliate or Associate of such Interested
Stockholder.”exv10w2

Exhibit 10.2

 

 

STOCKHOLDER AGREEMENT

By and Among

McMoRAN EXPLORATION CO.,

FREEPORT-McMoRAN PREFERRED LLC

and

FREEPORT-McMoRAN COPPER & GOLD, INC.

December 30, 2010

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE I DEFINITIONS	 	 	1	 
	 	 	 	 	 
	 	 	 	 
	Section 1.1	 	Definitions
	 	 	1	 
	Section 1.2	 	Rules of Construction
	 	 	3	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE II CERTAIN AGREEMENTS	 	 	4	 
	 	 	 	 	 
	 	 	 	 
	Section 2.1	 	Lock-Up
	 	 	4	 
	Section 2.2	 	Restrictions on Certain Transfers
	 	 	4	 
	Section 2.3	 	Standstill
	 	 	5	 
	Section 2.4	 	No Solicitation
	 	 	6	 
	Section 2.5	 	Prohibition on Agreements with Plains Relating to Issuer Stock
	 	 	6	 
	Section 2.6	 	Prohibition on Agreements Relating to Issuer Stock
	 	 	6	 
	Section 2.7	 	Board of Directors; Governance
	 	 	7	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE III USE OF INFORMATION	 	 	9	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE IV REGULATORY MATTERS	 	 	9	 
	 	 	 	 	 
	 	 	 	 
	Section 4.1	 	HSR Act
	 	 	9	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE V MISCELLANEOUS	 	 	11	 
	 	 	 	 	 
	 	 	 	 
	Section 5.1	 	Legend
	 	 	11	 
	Section 5.2	 	Notices
	 	 	12	 
	Section 5.3	 	Governing Law; Jurisdiction; Waiver of Jury Trial
	 	 	13	 
	Section 5.4	 	Entire Agreement; Amendments and Waivers
	 	 	13	 
	Section 5.5	 	Binding Effect and Assignment
	 	 	13	 
	Section 5.6	 	Enforcement of this Agreement
	 	 	13	 
	Section 5.7	 	Severability
	 	 	14	 
	Section 5.8	 	Execution
	 	 	14	 

i

 

STOCKHOLDER AGREEMENT

     This STOCKHOLDER AGREEMENT (this “Agreement”), dated as of December 30, 2010, is entered into
by and among McMoRan Exploration Co., a Delaware corporation (the “Issuer”), Freeport-McMoRan
Preferred LLC, a Delaware limited liability company (“Purchaser Sub”), and Freeport-McMoRan Copper
& Gold Inc., a Delaware corporation (“Freeport”).

WITNESSETH:

     WHEREAS, the Issuer has authorized the issuance of convertible perpetual preferred stock, par
value $0.01 per share (the “Preferred Stock”), with such rights, powers, designations, preferences
and relative, participating, optional or other rights and such qualifications, limitations or
restrictions as set forth in the Certificate of Designations, in the form attached as Exhibit
A to the Stock Purchase Agreement (as defined below), which Preferred Stock shall be
convertible into common stock, par value $0.01 per share, of the Issuer (the “Common Stock”); and

     WHEREAS, the Issuer, Purchaser Sub and Freeport (the “Parties” and each, individually, a
“Party”) are parties to that certain Stock Purchase Agreement, dated as of September 19, 2010 (the
“Stock Purchase Agreement”), by which at the Closing (as defined in the Stock Purchase Agreement)
the Issuer issued to Purchaser Sub 500,000 shares of Preferred Stock (the “Preferred Shares”); and

     WHEREAS, as a material inducement to the Issuer’s willingness to issue the Preferred Shares to
Purchaser Sub pursuant to the Stock Purchase Agreement, the Parties agreed to enter into this
Agreement to set forth the following rights and obligations of the Parties.

     NOW, THEREFORE, in consideration of the premises and the respective representations,
warranties, covenants, agreements and conditions contained herein, the Parties agree as follows:

ARTICLE I

DEFINITIONS

     Section 1.1 Definitions. As used in this Agreement, unless the context otherwise
requires, the following terms shall have the following respective meanings:

     “affiliate” has the meaning set forth in, and contemplated by, DGCL Section 203(c)(1).
Notwithstanding anything to the contrary set forth herein and for the purposes of this Agreement
only, the Issuer and its subsidiaries shall not be deemed to be affiliates of Freeport or Purchaser
Sub or their subsidiaries or of Plains or its subsidiaries.

     “Agreement” has the meaning set forth in the Preamble.

     “Board” means the Board of Directors of the Issuer.

     “business combination” has the meaning set forth in, and contemplated by, DGCL Section
203(c)(3).

 

 

     “Business Day” means any day on which commercial banks are generally open for business in New
York, New York or Houston, Texas other than a Saturday, a Sunday or a day observed as a holiday in
New York, New York or Houston, Texas under the Laws of the State of New York or the State of Texas
or the federal Laws of the United States of America.

     “Common Stock” has the meaning set forth in the Recitals.

     “Delaware Courts” has the meaning set forth in Section 5.3.

     “DGCL” means the General Corporation Law of the State of Delaware, as amended and in effect
from time to time.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     “Freeport” has the meaning set forth in the Preamble.

     “Freeport Designee(s)” has the meaning set forth in Section 2.7(a).

     “Governmental Entity” means any (a) multinational, federal, provincial, territorial, state,
regional, municipal, local or other government, governmental or public department, central bank,
court, tribunal, arbitral body, commission, board, bureau or agency, domestic or foreign, (b)
subdivision, agent, commission, board, or authority of any of the foregoing, or (c) quasi
governmental or private body exercising any regulatory, expropriation or taxing authority under, or
for the account of, any of the foregoing.

     “HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the
rules and regulations promulgated thereunder.

     “Independent Directors” means members of the Board who are (a) not directors or officers of
Freeport or of Plains, (b) not officers, employees or consultants of, or advisors to, the Issuer,
Freeport or Plains, (c) independent of Freeport and Plains within the meaning of Delaware Law, as
determined in good faith by the Board, and (d) otherwise independent within the meaning of the
rules and regulations of the NYSE as then in effect, as determined in good faith by the Board.

     “Issuer” has the meaning set forth in the Preamble.

     “Laws” means all statutes, regulations, statutory rules, orders, judgments, decrees and terms
and conditions of any grant of approval, permission, authority, permit or license of any court,
Governmental Entity, statutory body (including the NYSE) or self-regulatory authority.

     “Lock-Up Period” has the meaning set forth in Section 2.1.

     “Notice” has the meaning set forth in Section 5.2.

     “NYSE” means the New York Stock Exchange.

     “Party” and “Parties” have the respective meanings set forth in the Recitals.

2

 

     “person” includes any individual, firm, partnership, limited partnership, joint venture,
venture capital fund, limited liability company, association, trust, estate, group, body corporate,
corporation, unincorporated association or organization, Governmental Entity, syndicate or other
entity, whether or not having legal status.

     “Plains” means Plains Exploration & Production Company, a Delaware corporation.

     “Preferred Shares” has the meaning set forth in the Recitals.

     “Preferred Stock” has the meaning set forth in the Recitals.

     “Purchaser Sub” has the meaning set forth in the Recitals.

     “Securities Act” means the Securities Act of 1933, as amended.

     “Stock Purchase Agreement” has the meaning set forth in the Recitals.

     “Shared Management Members” has the meaning set forth in Section 2.2.

     “Standstill Ownership” means ownership, calculated based on the meaning of “own” set forth in,
and contemplated by, DGCL Section 203(c)(9).

     “Standstill Period” means the period that commences on the date hereof and extends until such
time as Freeport ceases to have Standstill Ownership of at least fifteen percent (15%) of the
outstanding voting stock of the Issuer, provided that, for the avoidance of doubt, for the purposes
of such determination Freeport shall be deemed to have Standstill Ownership of the number of shares
of Common Stock into which the Preferred Shares of which Freeport has Standstill Ownership are
convertible as of the date of determination.

     “Transfer” means any direct or indirect offer for sale, sale, assignment, transfer, pledge,
hypothecation, encumbrance or other disposition (including by merger, testamentary disposition,
interspousal disposition pursuant to a domestic relations proceeding or otherwise or otherwise by
operation of Law) with respect to any capital stock of the Issuer or any securities convertible
into or exercisable or exchangeable therefor (and, depending on the context, may be used as a noun
or a verb).

     “voting stock” has the meaning set forth in, and contemplated by, DGCL Section 203(c)(8).

     Section 1.2 Rules of Construction. The division of this Agreement into articles,
sections and other portions and the insertion of headings are for convenience of reference only and
shall not affect the construction or interpretation hereof. Unless otherwise indicated, all
references to an “Article” or “Section” followed by a number or a letter refer to the specified
Article or Section of this Agreement. The terms “this Agreement,” “hereof,” “herein” and
“hereunder” and similar expressions refer to this Agreement and not to any particular Article,
Section or other portion hereof. Unless otherwise specifically indicated or the context otherwise
requires, (a) all references to “dollars” or “$” mean United States dollars, (b) words importing
the singular shall include the plural and vice versa and words importing any gender shall include

3

 

all genders, (c) “include,” “includes” and “including” shall be deemed to be followed by the
words “without limitation,” and (d) all words used as accounting terms shall have the meanings
assigned to them under United States generally accepted accounting principles applied on a
consistent basis during the periods involved. In the event that any date on which any action is
required to be taken hereunder is not a Business Day, such action shall be required to be taken on
the next succeeding day that is a Business Day. Reference to any Party is also a reference to such
Party’s permitted successors and assigns. The Parties have participated jointly in the negotiation
and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation
arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption
or burden of proof shall arise favoring or disfavoring any party hereto by virtue of the authorship
of any of the provisions of this Agreement.

ARTICLE II

CERTAIN AGREEMENTS

     Section 2.1 Lock-Up. During the period commencing on the date hereof and ending one
hundred twenty (120) days thereafter (the “Lock-Up Period”), Freeport shall not, and shall cause
its controlled affiliates not to, directly or indirectly (a) lend, offer, pledge, sell, contract to
sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any
option, right or warrant to purchase or otherwise Transfer or dispose of any Preferred Shares or
any securities convertible into or exercisable or exchangeable for Preferred Shares or any shares
of Common Stock issuable upon conversion of any Preferred Shares or (b) enter into any swap or
other agreement, arrangement or transaction that transfers to another, in whole or in part,
directly or indirectly, any of the economic consequences of ownership of the Preferred Shares or
any securities convertible into or exercisable or exchangeable for Preferred Shares or any shares
of Common Stock issuable upon conversion of any Preferred Shares, whether any such transaction
described in clauses (a) or (b) above is to be settled by delivery of shares of Common Stock,
Preferred Shares or such other securities, in cash or otherwise. The foregoing sentence shall not
apply to transfers of shares of Common Stock or Preferred Shares by Freeport or Purchaser Sub to
its wholly-owned affiliates, provided that no such transfer(s) shall relieve Freeport or Purchaser
Sub from their obligations under this Agreement. Freeport and Purchaser Sub agree that the Issuer
may, with respect to any Preferred Shares or any securities convertible into or exercisable or
exchangeable for Preferred Shares or any shares of Common Stock issuable upon conversion of any
Preferred Shares owned by Freeport or its controlled affiliates, cause the transfer agent or other
registrar to enter stop transfer instructions and implement stop transfer procedures with respect
to any Transfer of such securities during the Lock-up Period not in compliance with this
Section 2.1.

     Section 2.2 Restrictions on Certain Transfers. Until the first anniversary of the
date hereof, Freeport shall not, and shall cause its controlled affiliates and any person that is
an officer or director of Freeport and who is also an officer or director of the Issuer (such
persons, the “Shared Management Members”) not to, Transfer any Preferred Shares or any securities
convertible into or exercisable or exchangeable for Preferred Shares or any shares of Common Stock
issuable upon conversion of any Preferred Shares to Plains. For the avoidance of doubt, the
inability of Freeport to control the actions of the Shared Management Members shall not be a
defense of Freeport to the failure to comply with its obligation under this Section 2.2 and

4

 

Freeport shall be liable for any such failures regardless of the ability of Freeport to
control the Shared Management Members.

     Section 2.3 Standstill.

          (a) During the Standstill Period, without the prior written approval of a majority of the
Independent Directors, Freeport shall not, and shall not permit its controlled affiliates to: (i)
acquire, offer or propose to acquire, or agree or seek to acquire, or solicit the acquisition of,
by purchase or otherwise, any equity, debt or equity-linked securities of the Issuer if, following
such acquisition, Freeport and its controlled affiliates would own securities of the Issuer
representing more than 103% of the percentage of the outstanding shares of Common Stock (including
shares of Common Stock issuable upon conversion of any Preferred Shares owned by Freeport and its
controlled affiliates) owned by Freeport and its controlled affiliates on the date hereof
(including shares of Common Stock issuable upon conversion of any Preferred Shares owned by
Freeport and its controlled affiliates); (ii) form, join or in any way participate in, or enter
into any agreement, arrangement or understanding with, a “group” (within the meaning of Section
13(d)(3) of the Exchange Act and the rules and regulations thereunder) with respect to any equity
or equity-linked securities of the Issuer; (iii) commence any tender or exchange offer for any
securities of the Issuer; (iv) enter into or agree, offer, propose or seek (whether publicly or
otherwise) to enter into, or otherwise be involved in or part of, any acquisition transaction,
merger or other business combination relating to all or part of the Issuer or any of its
subsidiaries or any acquisition transaction for all or part of the assets of the Issuer or any of
its subsidiaries or any of their respective businesses; (v) call or seek to call a meeting of the
stockholders of the Issuer or initiate any stockholder proposal for action by stockholders of the
Issuer; (vi) enter into any discussions, negotiations, arrangements or understandings with any
other person with respect to any of the foregoing activities; (vii) advise, assist, encourage, act
as a financing source for or otherwise invest in any other person in connection with any of the
foregoing activities; (viii) take any action inconsistent with the purpose and intent of this
Section 2.3; (ix) disclose any intention, plan or arrangement inconsistent with any of the
foregoing, (x) with respect to any of the foregoing provisions of this paragraph, request the
Issuer to amend or waive any such provisions or otherwise consent to any action inconsistent with
any such provisions; (xi) take any initiative with respect to the Issuer which could require the
Issuer to make a public announcement regarding (A) such initiative or (B) any of the foregoing
activities; or (xii) bring any action or otherwise act to contest the validity of this Section
2.3.

          (b) Notwithstanding anything to the contrary set forth in this Agreement, the members of
Freeport’s Board of Directors who are not also Shared Management Members shall be permitted to
communicate on a confidential basis with the Independent Directors regarding any matter, including
potential transactions between Freeport and the Issuer and potential waivers or amendments to the
terms of this Agreement.

          (c) Each of the Parties agrees that any supplement, modification, amendment, or waiver by the
Issuer of the terms or provisions of that certain Stockholder Agreement, dated as of December 30,
2010, by and between the Issuer and Plains, with respect to a transaction, arrangement or
understanding involving both Plains or its controlled affiliates and Freeport or its controlled
affiliates must be approved in writing in advance by a committee of the Board consisting solely of
members of the Board who are Independent Directors.

5

 

     Section 2.4 No Solicitation. For so long as Freeport and its controlled affiliates
collectively own more than five percent (5%) of the outstanding shares of Common Stock (including
shares of Common Stock issuable upon conversion of any Preferred Shares owned by Freeport and its
controlled affiliates), Freeport shall not, and shall not permit its controlled affiliates to: (a)
other than with respect to Freeport Designees and other nominees to the Board designated by
Freeport, in each case solely for such Freeport Designees and nominees whose election to the Board
has been recommended by the Board, make, or in any way participate in, any “solicitation” of
“proxies” (as such terms are defined under Regulation 14A under the Exchange Act) to vote, or seek
to advise or influence any person or entity with respect to the voting of, any voting securities of
the Issuer, including by forming, joining or in any way participating in a “group” (within the
meaning of Section 13(d)(3) of the Exchange Act and the rules and regulations thereunder),
provided, that for the avoidance of doubt, that the foregoing shall not prohibit any activities
with respect to the solicitation of proxies by Shared Management Members in their capacity as
officers or directors of the Issuer; (b) take any action inconsistent with the purpose and intent
of this Section 2.4; (c) disclose any intention, plan or arrangement inconsistent with any
of the foregoing, (d) request that the Issuer amend or waive, or otherwise consent to any action
inconsistent with, any provision of this Section 2.4 (except pursuant to Section
2.3(b)); or (e) take any initiative with respect to the Issuer which could require the Issuer
to make a public announcement regarding any of the foregoing activities.

     Section 2.5 Prohibition on Agreements with Plains Relating to Issuer Stock. For so
long as Freeport and its controlled affiliates collectively own more than five percent (5%) of the
outstanding shares of Common Stock (including shares of Common Stock issuable upon conversion of
any Preferred Shares owned by Freeport and its controlled affiliates), Freeport shall not, and
shall not permit its controlled affiliates to, enter into any agreement, arrangement or
understanding for the purpose of acquiring, voting (except pursuant to a revocable proxy or consent
giving in response to a proxy or consent solicitation), holding or disposing of any capital stock
of the Issuer with Plains or any of its affiliates, directors or officers, unless such agreement,
arrangement or understanding is approved in advance by a majority of the Independent Directors.
Notwithstanding the foregoing provisions of this Section 2.5, (a) the restrictions set
forth in this Section 2.5 shall not apply to any transaction in which either Plains or
Freeport or any of their controlled affiliates offers to acquire one hundred percent (100%) of the
outstanding shares of Common Stock and (b) the restrictions of this Section 2.5 shall lapse
on the first anniversary of the date hereof.

     Section 2.6 Prohibition on Agreements Relating to Issuer Stock. For so long as Freeport
and its controlled affiliates collectively own more than five percent (5%) of the outstanding
shares of Common Stock (including shares of Common Stock issuable upon conversion of any Preferred
Shares owned by Freeport and its controlled affiliates), Freeport shall not, and shall not permit
its controlled affiliates to, enter into any agreement, arrangement or understanding (other than
ordinary course director or officer compensation or indemnification arrangements or pursuant to any
stock-based compensation plans) for the purpose of acquiring, voting (except pursuant to a
revocable proxy or consent giving in response to a proxy or consent solicitation), holding or
disposing of any capital stock of the Issuer with any director or officer of Freeport or Plains who
is also a director or officer of the Issuer, unless such agreement, arrangement or understanding is
approved in advance by a majority of the Independent Directors.

6

 

     Section 2.7 Board of Directors; Governance.

          (a) Subject to the other provisions of this Section 2.7, (i) for so long as Freeport
and its controlled affiliates collectively own shares of Common Stock (including shares of Common
Stock issuable upon conversion of any Preferred Shares owned by Freeport and its controlled
affiliates) representing more than seventy-five percent (75%) of the percentage of the outstanding
shares of Common Stock owned by Freeport and its controlled affiliates on the date hereof
(including shares of Common Stock issuable upon conversion of any Preferred Shares owned by
Freeport and its controlled affiliates), Freeport shall have the right to designate two (2) members
to be nominated to the Board and (ii) for so long as Freeport and its controlled affiliates
collectively own shares of Common Stock (including shares of Common Stock issuable upon conversion
of any Preferred Shares owned by Freeport and its controlled affiliates) representing at least
twenty-five percent (25%) and less than or equal to seventy-five percent (75%) of the percentage of
the outstanding shares of Common Stock (including shares of Common Stock issuable upon conversion
of any Preferred Shares owned by Freeport and its controlled affiliates) owned by Freeport and its
controlled affiliates on the date hereof, Freeport shall have the right to designate one (1) member
to be nominated to the Board. The Issuer shall cause the person(s) to be designated by Freeport
(such designee(s) referred to herein as the “Freeport Designee(s)”) to be nominated for election at
an annual or special stockholders meeting of the Issuer and shall take all actions necessary or
advisable to cause the Board to recommend that the stockholders vote “FOR”, and solicit proxies
for, the election of the Freeport Designee(s). If a Freeport Designee is nominated and not elected
at an annual or special stockholders meeting of the Issuer or is removed by the stockholders, then
Freeport shall provide the Issuer the name of a replacement Freeport Designee and, provided that
such person satisfies the requirements of this Section 2.7(a) and Freeport maintains the applicable
designation rights specified in the first sentence of this Section 2.7(a), the Board and the Issuer
shall take such actions as may be necessary to appoint such person to serve as a member of the
Board, including, if applicable, increasing the size of the Board and appointing such Freeport
Designee to fill the newly-created directorship. If a Freeport Designee (or any successor designee
appointed pursuant to this paragraph) ceases for any reason to serve as a director of the Company
after having been duly appointed or elected, then, provided that Freeport maintains the applicable
designation rights specified in the first sentence of this Section 2.7(a), Freeport shall
have the right to designate a replacement for such Freeport Designee to hold office for the
remaining unexpired term of the Freeport Designee. Any Freeport Designee appointed or elected to
Issuer’s Board may be removed for cause in accordance with applicable Law or the Issuer’s
certificate of incorporation and bylaws and shall (A) have the requisite skill and experience to
serve as a director of a publicly traded company, and (B) not be prohibited or disqualified from
serving as a director of the Issuer pursuant to any rule or regulation of the SEC or NYSE or by
applicable Law.

          (b) Freeport shall use its commercially reasonable efforts to cause each Freeport Designee to
provide responses that shall be true and correct in all material respects to all reasonable
requests for information by the Issuer in connection with the proxy materials to be filed by the
Company in connection with its stockholder meetings, and each Freeport Designee shall promptly
provide an agreement consenting to be named as a nominee in such proxy materials and to serve as a
director upon election to the Board. In addition, upon the Issuer’s request made at any time,
Freeport shall cause the Freeport Designee(s), if any, to complete and execute the Issuer’s
standard director and officer questionnaire prior to being admitted to the

7

 

Board or standing for election or reelection at an annual meeting of stockholders or at such
other time as may be reasonably requested by Issuer. Not less than 120 days prior to each annual
meeting of stockholders of the Issuer (assuming for purposes of this Section 2.7(b) that
each such annual meeting shall be held on the anniversary of the prior year’s annual meeting),
Freeport shall provide the Issuer with written notice of the name(s) of the Freeport Designee, if
any, to be nominated for election at such meeting. Within 10 days after receipt of such notice,
the Issuer shall provide Freeport with written notice as to whether the Freeport Designee(s)
reasonably satisfy the requirements of Section 2.7(a). If it is determined that a Freeport
Designee does not reasonably satisfy the requirements of Section 2.7(a) or if a Freeport Designee
fails to take any of the actions set forth in this Section 2.7(b) (in which case the Issuer shall
have no obligation under this Section 2.7 with respect to such Freeport Designee), then Freeport
shall have the right to appoint substitute Freeport Designee(s).

          (c) Notwithstanding anything to the contrary in this Section 2.7, Freeport shall not
be entitled to designate a Freeport Designee and the Issuer shall have no obligations under this
Section 2.7 with respect to such Freeport Designee to the extent the sum of the number of
the Freeport Designees (including any nominees to the Board) and the number of the members of or
nominees to the Board who are also either a member of the board of directors of Freeport or any
affiliate or an officer of Freeport or any affiliate equals or exceeds two (2); provided, for the
avoidance of doubt, that if the holders of Preferred Shares (together with any parity stock with
like voting rights that are exercisable) are entitled to designate two additional directors
pursuant to the Certificate of Designations on account of dividends payable to the holders of
Preferred Shares being in arrears for six calendar quarters (whether or not consecutive) and such
unpaid dividends not being fully paid or set aside for payment, any of such directors shall not
count as “Freeport Designees”. Accordingly, notwithstanding that concurrently with the execution
of this Agreement and the “Closing” (as defined in the Stock Purchase Agreement) of the
transactions under the Stock Purchase Agreement Freeport owns a number of shares of Common Stock
which would entitle it to designate two (2) Freeport Designees pursuant to Section 2.7(a), Freeport
will not have the right to designate any Freeport Designees as members of the Board as of the
Closing if as of such Closing, and for so long thereafter as, the number of members of Freeport’s
board of directors or its executive officers also serving on the Board exceeds two (2). If at any
time Freeport and its controlled affiliates collectively own shares of Common Stock representing
less than twenty-five percent (25%) of the percentage of the outstanding shares of Common Stock
(including shares of Common Stock issuable upon conversion of any Preferred Shares owned by
Freeport and its controlled affiliates) owned by Freeport and its controlled affiliates on the date
hereof, Freeport shall have no right to designate any Freeport Designees, and the Issuer shall not
have any obligations under this Section 2.7.

          (d) For so long as Freeport and its controlled affiliates collectively own at least five
percent (5%) of the outstanding shares of Common Stock (including shares of Common Stock issuable
upon conversion of any Preferred Shares owned by Freeport and its controlled affiliates) Freeport
shall, and shall cause each of its controlled affiliates holding shares of Common Stock to, at any
annual or special meeting of stockholders of Issuer, however called, including any adjournment or
postponement thereof, appear at each such meeting or otherwise cause its shares of Common Stock to
be counted as present thereat for purposes of calculating a quorum.

8

 

          (e) Each time the Board appoints a Freeport Designee, it will also adopt resolutions such that
each Freeport Designee (a) qualifies as a “Continuing Director” for purposes of the indenture
governing Issuer’s 11.875% Senior Notes due 2014 and (b) will not be in the class of persons
serving on the Board that could result in (x) a “Change of Control” as defined clause (iii) of the
definition thereof in Issuer’s indenture governing its 5-1/4% Convertible Senior Notes due 2011,
(y) a “Change in Control” as defined on clause (b) of the definition thereof in Issuer’s Amended
and Restated Credit Agreement dated as of August 6, 2007, as amended, or (z) a similar change of
control under any other agreement to which Issuer is a party.

          (f) At all times when any Freeport Designee is serving as a member of the Board, and following
any such Freeport Designee’s death, resignation, removal or other cessation as a director of
Issuer, each Freeport Designee shall be entitled to all rights of indemnification and exculpation
as are then made available to any other member of the Board. With respect to such rights of
indemnification, as between Freeport and its affiliates, on the one hand, and Issuer on the other
hand, Issuer shall, in all events, be the full indemnitor of first resort and shall not be entitled
to any contribution, indemnification or other payment by or from any of Freeport or its affiliates.

ARTICLE III

USE OF INFORMATION

     Section 3.1 Freeport shall not, and shall cause its controlled affiliates and each Freeport
Designee not to, use nonpublic information obtained from such Freeport Designee’s service on the
Board in any manner adverse to the Issuer.

ARTICLE IV

REGULATORY MATTERS

     Section 4.1 HSR Act.

          (a) The Issuer shall use its commercially reasonable efforts to take, or cause to be taken,
all actions and to do, or cause to be done, all things necessary, proper or advisable under
applicable Law to permit Freeport and Purchaser Sub to obtain, as promptly as practicable following
receipt of a request from Freeport or Purchaser Sub, all terminations or expirations of any
applicable waiting periods from any Governmental Entity in connection with the HSR Act, or any
successor legislation, that are necessary, proper or advisable in order to permit Freeport or
Purchaser Sub to acquire the Common Stock upon any conversion of the Preferred Shares. In
furtherance and not in limitation of the foregoing, the Issuer shall (i) use commercially
reasonable efforts to make an appropriate filing of a Notification and Report Form to the Federal
Trade Commission and the U.S. Department of Justice pursuant to the HSR Act as promptly as
practicable, and in any event within fifteen (15) calendar days, following Issuer’s receipt of
notification by Freeport and/or Purchaser Sub of the making of a corresponding filing by Freeport
and/or Purchaser Sub relating to the Common Stock and (ii) provided that each of Freeport and
Purchaser Sub are in material compliance with their obligations set forth in this Section
4.1, call Preferred Shares held by Freeport, Purchaser Sub or any of their affiliates for
redemption only at such times as such holders shall have obtained all necessary clearances,

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approvals, consents, termination or expirations of waiting periods, registrations, permits,
authorizations and other confirmations from Governmental Entities which are required in order to
permit them to convert all of such Preferred Shares to Common Stock.

          (b) Each of Freeport and Purchaser Sub shall use its commercially reasonable efforts to take,
or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or
advisable under applicable Law to obtain, as promptly as practicable following (i) Freeport or
Purchaser Sub making an appropriate filing of a Notification and Report Form to the Federal Trade
Commission and the U.S. Department of Justice pursuant to the HSR Act with respect thereto or (ii)
receipt of a written request from the Issuer, stating that the Issuer at the time of such request
has a present intention of calling some or all of the Preferred Shares held by Freeport, Purchaser
Sub or any of their affiliates for redemption, all terminations or expirations of any applicable
waiting periods from any Governmental Entity in connection with the HSR Act, or any successor
legislation, that are necessary, proper or advisable in order to permit Freeport or Purchaser Sub
or their affiliates to acquire the Common Stock upon any conversion of the Preferred Shares. In
furtherance and not in limitation of the foregoing, if not previously filed, each of Freeport and
Purchaser Sub shall use commercially reasonable efforts to make an appropriate filing of a
Notification and Report Form to the Federal Trade Commission and the U.S. Department of Justice
pursuant to the HSR Act as promptly as practicable, and in any event within fifteen (15) calendar
days, following receipt of Issuer’s written request.

          (c) With respect to the obligations of the parties pursuant to Section 4.1(a) and
Section 4.1(b), each of the Issuer, Freeport and Purchaser Sub shall (i) use commercially
reasonable efforts to supply as promptly as practicable any additional information and documentary
material that may be requested pursuant to the HSR Act and, in any event, “substantially comply”
(as provided in the HSR Act) and certify substantial compliance with any such request and (ii) take
all other commercially reasonable actions necessary to cause the expiration or termination of any
applicable waiting periods under the HSR Act as soon as possible, provided that the parties
hereto understand and agree that in no event shall any of the Issuer, Freeport or Purchaser Sub be
required by this Section 4.1 or any other provision of this Agreement (x) to enter into any
settlement, undertaking, consent decree, stipulation or agreement with any Governmental Entity in
connection with the transactions contemplated hereby or (y) to divest or otherwise hold separate
(including by establishing a trust or otherwise), or take any other action (or otherwise agree to
do any of the foregoing), in each case of clauses (x) and (y) with respect to any of such party’s
or any of its affiliates’ businesses, assets, properties or operations.

          (d) To the extent permitted by applicable Law, each of the Issuer and Freeport and/or
Purchaser Sub shall promptly notify the other of any communication concerning the matters addressed
in this Section 4.1 to that party or its affiliates from any Governmental Entity and permit
the other to review in advance any proposed communication concerning the matters addressed in this
Section 4.1 to any Governmental Entity.

          (e) To the extent permitted by applicable Law, each of the Issuer and Freeport and/or
Purchaser Sub shall not participate or agree to participate in any meeting or discussion with any
Governmental Entity in respect of any filing, investigation or other inquiry concerning the matters
addressed in this Section 4.1 unless it consults with the other in advance and, to the

10

 

extent permitted by such Governmental Entity, gives the other party the opportunity to attend
and participate in such meeting or discussion.

          (f) Each of the Issuer and Freeport and/or Purchaser Sub shall furnish the other party with
copies of all correspondence, filings and communications (and memoranda setting forth the substance
thereof) between it and its affiliates and representatives on the one hand, and any Governmental
Entity or members of any such Governmental Entity’s staff on the other hand, with respect to the
matters addressed in this Section 4.1.

          (g) Each of the Issuer, on the one hand, and Freeport and Purchaser Sub, on the other hand,
shall bear its own fees and expenses with respect to compliance with this Section 4.1.

ARTICLE V

MISCELLANEOUS

     Section 5.1 Legend.

          (a) Freeport and Purchaser Sub agrees that all certificates or other instruments representing
the Preferred Shares acquired pursuant to the Stock Purchase Agreement and any shares of Common
Stock issued upon conversion of any Preferred Shares will bear a legend substantially to the
following effect:

	 	(i)	 	THE SECURITIES REPRESENTED BY THIS INSTRUMENT
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR
OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING
THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES
LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR
SUCH LAWS.
	 
	 	(ii)	 	THE SECURITIES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO TRANSFER AND OTHER RESTRICTIONS SET FORTH IN A
STOCKHOLDER AGREEMENT, DATED AS OF DECEMBER 30, 2010, COPIES OF WHICH
ARE ON FILE WITH THE SECRETARY OF THE ISSUER.

          (b) Upon the written request of Freeport accompanied by an opinion of counsel reasonably
satisfactory to the Issuer to the effect that such legend is no longer required under the
Securities Act and applicable state laws, the Issuer shall promptly cause clause (i) of the legend
specified in Section 5.1(a) to be removed from any certificate for any shares of Common
Stock or Preferred Shares to be Transferred in accordance with the terms of this Agreement. Clause
(ii) of the legend specified in Section 5.1(a) shall be removed upon the expiration of such
transfer and other restrictions set forth in this Agreement.

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     Section 5.2 Notices. Any notice, request, instruction, correspondence or other
document to be given hereunder by a Party to the other Party (each, a “Notice”) shall be in writing
and delivered in person or by courier service requiring acknowledgment of receipt of delivery or
mailed by U.S. registered or certified mail, postage prepaid and return receipt requested, or by
telecopier, as follows; provided, that copies to be delivered below shall not be required for
effective notice and shall not constitute effective notice:

     If to Issuer, addressed to:

McMoRan Exploration Co.

1615 Poydras Street

New Orleans, Louisiana 70112

Attention: General Counsel

Fax: (504) 585-3513

with a copy to (which copy shall not constitute notice):

Andrews Kurth LLP

600 Travis Street, Suite 4200

Houston, Texas 77002

Fax: (713) 238-7130

Attention:     Michael O’Leary

If to Freeport or Purchaser Sub, addressed to:

Freeport-McMoRan Copper & Gold, Inc.

333 North Central Avenue

Phoenix, Arizona 85004

Attention: General Counsel

Fax: (602) 366-7691

with a copy to (which copy shall not constitute notice):

Wachtell, Lipton, Rosen & Katz

51 West 52nd Street

New York, New York 10019

Fax: (212) 403-2000

Attention:     Edward D. Herlihy

                     David E. Shapiro

     Notice given by personal delivery, courier service or mail shall be effective upon actual
receipt. Notice given by fax shall be confirmed by appropriate answer back and shall be effective
upon actual receipt if received during the recipient’s normal business hours, or at the beginning
of the recipient’s next Business Day after receipt if not received during the recipient’s normal
business hours. A Party may change any address to which Notice is to be given to it by giving
Notice as provided above of such change of address.

12

 

     Section 5.3 Governing Law; Jurisdiction; Waiver of Jury Trial. To the maximum extent
permitted by applicable Law, the provisions of this Agreement and the legal relations between the
Parties shall be governed by and construed and enforced in accordance with the Laws of the State of
Delaware, without regard to principles of conflicts of law. Each Party hereby irrevocably and
unconditionally (a) consents and submits to the exclusive jurisdiction of any federal or state
court located the City of Wilmington, Delaware (the “Delaware Courts”) for any actions, suits or
proceedings arising out of or relating to this Agreement or the transactions contemplated by this
Agreement (and agrees not to commence any litigation relating thereto except in such courts and
waives any claim that such Party is not subject personally to the jurisdiction of any Delaware
Court), (b) waives any objection to the laying of venue of any such litigation in the Delaware
Courts and agrees not to plead or claim (by way of a motion, as a defense or otherwise) in any
Delaware Court that such litigation brought therein has been brought in any inconvenient forum and
(c) ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION DIRECTLY OR INDIRECTLY ARISING OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT.

     Section 5.4 Entire Agreement; Amendments and Waivers. This Agreement, the Certificate
of Designations of the Preferred Stock, the Stock Purchase Agreement and each of the other
agreements entered into by the Parties in connection with the transactions contemplated by the
Stock Purchase Agreement constitute the entire agreement between and among the Parties pertaining
to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and
discussions, whether oral or written, of the Parties, and there are no warranties, representations
or other agreements between or among the Parties in connection with the subject matter hereof
except as set forth specifically herein. No supplement, modification or waiver of this Agreement
shall be binding unless executed in writing both Parties and, with respect to any supplement,
modification or waiver of this Agreement by the Issuer, such supplement, modification or waiver, as
applicable, has been previously approved by a committee of the Board consisting solely of members
of the Board who are Independent Directors. The failure of a Party to exercise any right or remedy
shall not be deemed or constitute a waiver of such right or remedy in the future. No waiver of any
of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provision hereof (regardless of whether similar), nor shall any such waiver constitute a continuing
waiver unless otherwise expressly provided.

     Section 5.5 Binding Effect and Assignment. This Agreement shall be binding upon and
inure to the benefit of the Parties and their respective permitted successors and assigns. Nothing
in this Agreement, express or implied, is intended to confer upon any person other than the Parties
and their respective permitted successors and assigns, any rights, benefits or obligations
hereunder. No Party may assign, transfer, dispose of or otherwise alienate this Agreement or any
of its rights, interests or obligations under this Agreement (whether by operation of law or
otherwise). Any attempted assignment, transfer, disposition or alienation in violation of this
Agreement shall be null, void and ineffective.

     Section 5.6 Enforcement of this Agreement.

13

 

          (a) The Parties acknowledge and agree that an award of money damages would be inadequate for
any breach of this Agreement by any Party and any such breach would cause the non-breaching Party
irreparable harm. Accordingly, the Parties agree that, in the event of any breach or threatened
breach of this Agreement by one of the Parties, the non-breaching Party will also be entitled,
without the requirement of posting a bond or other security, to seek equitable relief, including
injunctive relief and specific performance, provided such Party is not in material default
hereunder. Such remedies will not be the exclusive remedies for any breach of this Agreement but
will be in addition to all other remedies available at Law or equity to each of the Parties.

          (b) In addition to any other remedies available at Law or in equity, with respect to any
breach by Freeport of its obligations under Section 2.3, any Transfer by Freeport or its
affiliates in violation of the provisions of Section 2.1 or Section 2.2 and any
acquisition by Freeport or its affiliates in violation of the provisions of Section 2.3
shall, to the fullest extent permitted by Law, be null and void ab initio, and Issuer shall not,
and shall instruct its transfer agent and other third parties not to, record or recognize any such
purported transaction on the share register of Issuer.

     Section 5.7 Severability. If any term or other provision of this Agreement is
invalid, illegal, or incapable of being enforced by any rule of applicable Law, or public policy,
all other conditions and provisions of this Agreement shall nevertheless remain in full force and
effect so long as the economic or legal substance of the transactions contemplated herein are not
affected in any manner materially adverse to any party hereto. Upon such determination that any
term or other provision is invalid, illegal, or incapable of being enforced, the parties hereto
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the
parties hereto as closely as possible in a mutually acceptable manner in order that the
transactions contemplated herein are consummated as originally contemplated to the fullest extent
possible.

     Section 5.8 Execution. This Agreement may be executed in multiple counterparts each
of which shall be deemed an original and all of which shall constitute one instrument.

[The remainder of this page is blank]

14

 

     IN WITNESS WHEREOF, the Parties hereto have entered into this Agreement as of the date first
written above.

	 	 	 	 	 
	 	McMoRAN EXPLORATION CO.

 	 
	 	By:  	/s/ Kathleen L. Quirk
 	 
	 	 	Name:  	Kathleen L. Quirk 	 
	 	 	Title:  	Senior Vice President & Treasurer 	 
	 
	 	FREEPORT-McMoRAN COPPER & GOLD INC.

 	 
	 	By:  	/s/ Richard C. Adkerson
 	 
	 	 	Name:  	Richard C. Adkerson 	 
	 	 	Title:  	President & Chief Executive Officer 	 
	 
	 	FREEPORT-McMoRAN PREFERRED LLC

 	 
	 	By:  	FREEPORT-McMoRAN COPPER & GOLD INC.,
 	 
	 	 	its sole member 	 
	 	 	 	 
	 	By:  	                                              /s/ Richard C. Adkerson
 	 
	 	 	Name:  	Richard C. Adkerson 	 
	 	 	Title:  	President & Chief Executive Officer 	 
	 

[Signature Page to Stockholder Agreement]

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