McMoRan Exploration Co. (MMR)

[OilStockReport]

I agree after all it is drilling new holes that creates new discoveries. McMoRan is engaged in the exploration, development and production of oil and natural gas offshore in the Gulf of Mexico and onshore in the Gulf Coast area of the United States.

MMR has a market cap of $1.97B and lost 31.28% since the end of second quarter.



Though Pickens had $20.9 million MMR at the end of June, he decreased his position by 3% during the second quarter, which minimized his loss to a certain degree.

Two insiders bought the stock since March. Steven Cohen also had $78.8 million MMR at the end of June and he largely increased his position by 239% during the second quarter