McMoRan EXPLORATION CO. DIRECTOR COMPENSATION

Exhibit 10.2

McMoRan EXPLORATION CO.

DIRECTOR COMPENSATION

(as of May 2009)

Cash Compensation

Each non-management director and advisory director of McMoRan Exploration Co. receives an annual fee of $40,000 for serving on the board.  Committee chairs receive an additional annual fee as follows:  Audit Committee, $12,000; all other committees, $6,000.

Each non-management director and each advisory director also receives a fee of $1,500 for attending each board meeting and each committee meeting (for which he is a member) and is reimbursed for reasonable out-of-pocket expenses incurred in attending such meetings.

Equity-Based Compensation; Deferrals

The company provides equity compensation to our non-management directors and advisory directors through two incentive plans, both of which were approved by our stockholders.  Under the plans, each non-management director and advisory director receives an annual grant of options to