McMoRan (MMR) Drops on Davy Jones Malfunction
Get Alerts MMR Hot Sheet
Join SI Premium – FREE
McMoRan Exploration Co (NYSE: MMR) shares are getting hit early on, down about 14 percent for the session, on news related to its Davy Jones No. 1 well.
According to the company, which provided an update on Gulf of Mexico operations, "During initial attempts to perforate and flow test the Wilcox "F" sand, the hydraulic perforating equipment malfunctioned. In order to expedite the test, McMoRan elected to move up the hole to test another zone using electric-line perforating equipment while future operations and plans for the "F" sand are evaluated" [emphasis ours].
According to the company, which provided an update on Gulf of Mexico operations, "During initial attempts to perforate and flow test the Wilcox "F" sand, the hydraulic perforating equipment malfunctioned. In order to expedite the test, McMoRan elected to move up the hole to test another zone using electric-line perforating equipment while future operations and plans for the "F" sand are evaluated" [emphasis ours].
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
- Meta earnings, IBM to acquire HashiCorp, U.S. GDP ahead - what's moving markets
- Alphabet (GOOGL) soars 16% on Q1 results beat, first-ever dividend
Create E-mail Alert Related Categories
Momentum Movers, Trader TalkSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!