Freeport-McMoRan Copper & Gold Inc. and Plains Exploration & Production Company Announce Preliminary Results of Merger

  Freeport-McMoRan Copper & Gold Inc. and Plains Exploration & Production
  Company Announce Preliminary Results of Merger Consideration Election

Business Wire

PHOENIX & HOUSTON -- May 16, 2013

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) and Plains Exploration &
Production Company (NYSE: PXP) today announced the preliminary results of the
elections made by PXP stockholders regarding the form of merger consideration
to be received in connection with FCX’s pending acquisition of PXP, which is
currently expected to be completed on May 20, 2013.

As previously announced, on December 5, 2012, FCX and PXP announced that they
had entered into a definitive merger agreement pursuant to which FCX will
acquire PXP. Pursuant to the merger agreement, PXP stockholders were entitled
to elect to receive, for each share of PXP common stock held, either cash or
shares of FCX common stock with a value equal to the sum of 0.6531 shares of
FCX common stock and $25.00, subject to proration in the event cash is
oversubscribed or undersubscribed.

As of May 15, 2013, approximately 132,285,291 shares of PXP common stock,
including restricted shares and shares subject to certain restricted stock
units (“RSUs”) which are entitled to make a merger consideration election
under the terms of the merger agreement, were outstanding (the “outstanding
PXP shares”). Based on available information as of the election deadline of
5:00 p.m., New York time, on May 15, 2013, the preliminary election results
were as follows:

      holders of approximately 38,503,126 PXP shares (including holders of
 •  restricted shares and certain RSUs), or approximately 29.1% of the
      outstanding PXP shares, elected to receive cash;

      holders of approximately 60,231,439 PXP shares (including holders of
 •  restricted shares and certain RSUs), or approximately 45.5% of the
      outstanding PXP shares, elected to receive FCX common stock; and

      holders of approximately 33,550,726 PXP shares (including holders of
 •  restricted shares and certain RSUs), or approximately 25.4% of the
      outstanding PXP shares, did not make a valid election or did not deliver
      a valid election form prior to the election deadline.

PXP stockholders electing to receive FCX common stock may be prorated and
consequently are expected to receive approximately 98.7% of their merger
consideration in FCX common stock and the remainder in cash. PXP stockholders
electing cash and stockholders who did not make a valid election or did not
deliver a valid election form prior to the election deadline are expected to
receive all of their consideration in cash. No fractional shares of FCX common
stock will be issued, and PXP stockholders will receive cash in lieu of
fractional shares. These amounts and allocations are estimates based on
preliminary information and assumptions regarding transaction timing, and may
change.

If the necessary PXP stockholder approval is obtained and the other conditions
to closing are satisfied, the final allocation of the merger consideration
will be computed using the formula set forth in the merger agreement and
announced in a press release.

ABOUT FREEPORT-MCMORAN COPPER & GOLD INC.

FCX is a leading international mining company with headquarters in Phoenix,
Arizona. FCX operates large, long-lived, geographically diverse assets with
significant proven and probable reserves of copper, gold and molybdenum. FCX
has a dynamic portfolio of operating, expansion and growth projects in the
copper industry and is the world’s largest producer of molybdenum.

The company’s portfolio of assets includes the Grasberg minerals district, one
of the world’s largest copper and gold mines in terms of recoverable reserves;
significant mining operations in the Americas, including the large scale
Morenci and Safford minerals districts in North America and the Cerro Verde
and El Abra operations in South America; and the Tenke Fungurume minerals
district in the Democratic Republic of Congo. Additional information about FCX
is available on FCX's website at www.fcx.com.

ABOUT PLAINS EXPLORATION & PRODUCTION COMPANY

PXP is an independent oil and gas company primarily engaged in the activities
of acquiring, developing, exploring and producing oil and gas in California,
Texas, Louisiana, and the Deepwater Gulf of Mexico. PXP is headquartered in
Houston, Texas. Additional information about PXP is available on PXP’s website
at www.pxp.com.

MEDIA CONTACTS
FREEPORT-McMoRan COPPER & GOLD
Eric E. Kinneberg
(602) 366-7994
                      
PLAINS EXPLORATION & PRODUCTION COMPANY
Hance Myers
(713) 579-6291
                      
INVESTOR CONTACTS
FREEPORT-McMoRan COPPER & GOLD
Kathleen L. Quirk     David P. Joint
(602) 366-8016        (504) 582-4203
                      
PLAINS EXPLORATION & PRODUCTION COMPANY
Hance Myers
(713) 579-6291

Cautionary Statement Regarding Forward Looking Statements: This press release
contains forward-looking statements concerning the proposed transaction, the
expected timetable for completing the proposed transaction, and other matters.
Forward-looking statements are all statements other than statements of
historical facts. The words “anticipates,” “may,” “can,” “plans,” “believes,”
“estimates,” “expects,” “projects,” “intends,” “likely,” “will,” “should,” “to
be,” and any similar expressions or other words of similar meaning are
intended to identify those assertions as forward-looking statements. It is
uncertain whether the events anticipated will transpire, or if they do occur
what impact they will have on the results of operations and financial
condition of FCX, PXP or of the combined company. These forward-looking
statements involve significant risks and uncertainties that could cause actual
results to differ materially from those anticipated, including but not limited
to the ability of the parties to satisfy the conditions precedent and
consummate the proposed transaction, the timing of consummation of the
proposed transaction, the ability of the parties to secure regulatory
approvals in a timely manner or on the terms desired or anticipated, the
ability of FCX to integrate the acquired operations, the ability to implement
the anticipated business plans following closing and achieve anticipated
benefits and savings, and the ability to realize opportunities for growth.
Other important economic, political, regulatory, legal, technological,
competitive and other uncertainties are identified in the documents filed with
the Securities and Exchange Commission (the “SEC”) by FCX and PXP from time to
time, including their respective Annual Reports on Form 10-K, Quarterly
Reports on Form 10-Q, and Current Reports on Form 8-K. The forward-looking
statements including in this press release are made only as of the date
hereof. Neither FCX nor PXP undertakes any obligation to update the
forward-looking statements included in this press release to reflect
subsequent events or circumstances.

Additional Information about the Proposed Transaction and Where to Find It: In
connection with the proposed transaction, FCX has filed with the SEC a
registration statement on Form S-4 that includes a definitive proxy statement
of PXP that also constitutes a prospectus of FCX. FCX and PXP also plan to
file other relevant documents with the SEC regarding the proposed transaction.
INVESTORS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT
DOCUMENTS FILED WITH THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. You
may obtain a free copy of the definitive proxy statement/prospectus and other
relevant documents filed by FCX and PXP with the SEC at the SEC’s website at
www.sec.gov. In addition, you may obtain free copies of the registration
statement and the proxy statement/prospectus by phone, e-mail or written
request by contacting the investor relations department of FCX or PXP at the
following:

Freeport-McMoRan Copper & Gold Inc.  Plains Exploration & Production Company
333 N. Central Ave.                   700 Milam, Suite 3100

Phoenix, AZ 85004                     Houston, TX 77002

Attention: Investor Relations         Attention: Investor Relations

Phone: (602) 366-8400                 Phone: (713) 579-6000

Email: ir@fmi.com                     Email: investor@pxp.com

FCX and PXP and their respective directors and executive officers and other
members of management and employees may be deemed to be participants in the
solicitation of proxies in respect of the proposed transaction. Information
about FCX’s directors and executive officers is available in FCX’s 2012 Annual
Report on Form 10-K, filed with the SEC on February 22, 2013, as amended on
April 23, 2013. Information about PXP’s directors and executive officers is
available in PXP’s 2012 Annual Report on Form 10-K filed with the SEC on
February 21, 2013, as amended on February 25, 2013 and April 29, 2013. Other
information regarding the participants in the proxy solicitation and a
description of their direct and indirect interests, by security holdings or
otherwise, is contained in the proxy statement/prospectus and other relevant
materials which may be filed with the SEC regarding the merger. Investors
should read the proxy statement/prospectus carefully before making any voting
or investment decisions. You may obtain free copies of these documents from
FCX or PXP using the sources indicated above.

This document shall not constitute an offer to sell or the solicitation of an
offer to buy any securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
jurisdiction. No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the U.S. Securities Act
of 1933, as amended.

Contact:

Freeport-McMoRan Copper & Gold Inc.
Financial Contacts:
Kathleen L. Quirk, 602-366-8016
or
David P. Joint, 504-582-4203
or
Media Contact:
Eric E. Kinneberg, 602-366-7994