Note 17 — Quarterly Financial Data (Unaudited)
The following table shows summary financial data for 2011 and 2010 (in thousands, except per
share data):
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Year
2011
Revenues . . . . . . . . . . . . . . . . . . . $ 430,314 $ 514,785 $ 501,848 $ 517,541 $ 1,964,488
Income from operations . . . . . . . . 133,788 186,095 168,552 102,114
590,549
Net income (loss) attributable to
common stockholders . . . . . . . 70,979 124,892
(88,296) 97,704
205,279
Basic earnings per common
share . . . . . . . . . . . . . . . . . . . . .
0.50
0.88
(0.62)
0.70
1.45
Diluted earnings per common
share . . . . . . . . . . . . . . . . . . . . .
0.49
0.87
(0.62)
0.69
1.44
2010
Revenues . . . . . . . . . . . . . . . . . . . $ 384,050 $ 364,593 $ 387,823 $ 408,129 $ 1,544,595
Income from operations . . . . . . . . 118,782
49,797
97,085
92,552
358,216
Net income (loss) . . . . . . . . . . . . . 58,528
45,375
18,848
(19,486)
103,265
Basic earnings per share . . . . . . .
0.42
0.32
0.13
(0.14)
0.74
Diluted earnings per share . . . . .
0.41
0.32
0.13
(0.14)
0.73
Note 18 — Oil and Natural Gas Activities
Investment
At December 31, 2011 and 2010, we owned 51.0 million shares of McMoRan common stock,
approximately 31.6% and 32.4%, respectively, of its common shares outstanding. McMoRan is a
publicly traded oil and gas exploration and production company (New York Stock Exchange listing
MMR) engaged in the exploration, development and production of natural gas and oil in the United
States, specifically offshore in the shallow waters of the Gulf of Mexico Shelf and onshore in the Gulf
Coast area. We acquired the McMoRan common stock and other consideration in exchange for all of
our interests in our Gulf of Mexico leasehold located in less than 500 feet of water. See Note 3 –
Divestments.
McMoRan follows the successful efforts method of accounting for its oil and natural gas activities.
See Note 7 – Investment.
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