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Last $20.99 USD
Change Today -0.36 / -1.69%
Volume 12.3M
FCX On Other Exchanges
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As of 8:04 PM 05/22/15 All times are local (Market data is delayed by at least 15 minutes).

freeport-mcmoran inc (FCX) Key Developments

Freeport-McMoRan Inc. Presents at Bank of America Merrill Lynch Global Metals, Mining & Steel Conference, May-12-2015 08:30 AM

Freeport-McMoRan Inc. Presents at Bank of America Merrill Lynch Global Metals, Mining & Steel Conference, May-12-2015 08:30 AM. Venue: Hotel Arts, Barcelona, Spain.

Freeport-McMoRan to Declare Special Dividend Payable in Early August

Freeport-McMoRan announced that the board expects to declare a special dividend of $115 million, or $0.11 per share, which would be payable in early August.

Freeport-McMoRan Inc. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2015; Provides Capital Expenditure and Sales Guidance for the Full Year of 2015; Reports Impairment for the First Quarter Ended March 31, 2015

Freeport-McMoRan Inc. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2015. For the period, the company reported net loss attributable to common stock of $2.5 billion, $2.38 per basic and diluted share, for first-quarter 2015, compared with net income attributable to common stock of $510 million, $0.49 per basic and diluted share, for first-quarter 2014. The company net loss attributable to common stock for first-quarter 2015 included net charges totaling $2.4 billion, $2.32 per share, primarily for the reduction of the carrying value of oil and gas properties and the related tax charge to establish a deferred tax valuation allowance. The first quarters of 2015 and 2014 were also impacted by net noncash mark-to-market (losses) gains on oil and gas derivative contracts and other items. Revenues were $4,153 million compared to $4,985 million a year ago. Operating loss was $2,963 million compared to operating income of $1,111 million a year ago. Loss before income taxes and equity in affiliated companies' net earnings was $3,102 million compared to income before income taxes and equity in affiliated companies' net earnings of $983 million a year ago. Operating cash flows was $717 million compared to $1,201 million a year ago. Capital expenditures were $1,867 million, including $0.6 billion for major projects at mining operations and $1.0 billion for oil and gas operations, compared to capital expenditures of $1,612 million a year ago. Adjusted net loss attributable common stock was $60 million or $0.06 per share during the quarter. For the quarter, the company’s consolidated Copper production was 915 million of recoverable pounds compared to 948 million of recoverable pounds a year ago. Consolidated Gold production was 259,000 of recoverable pounds compared to 231,000 of recoverable pounds a year ago. Consolidated Molybdenum production was 24 million of recoverable pounds compared to 24 million of recoverable pounds a year ago. Consolidated - Tenke Fungurume Cobalt production was 7 million of contained pounds compared to 7 million of contained pounds a year ago. The company provided capital expenditure and sales guidance for the full year of 2015. Capital expenditures are expected to approximate $6.5 billion for the year 2015, including $2.5 billion for major projects at mining operations and $2.8 billion for oil and gas operations. Consolidated sales for the year 2015 are expected to approximate 4.2 billion pounds of copper, 1.3 million ounces of gold, 95 million pounds of molybdenum and 52.3 MMBOE, including 960 million pounds of copper, 300,000 ounces of gold, 25 million pounds of molybdenum and 12.9 MMBOE for second-quarter 2015. Projected 2015 copper sales are approximately 60 million pounds less than January 2015 estimates primarily reflecting reduced mining rates in Indonesia; projected 2015 oil and gas sales are 3.2 MMBOE less than January 2015 estimates primarily reflecting the timing of the Lucius ramp-up and the timing of maintenance activities in the Deepwater Gulf of Mexico (GOM). The company reported impairment of oil and gas properties of $3,104 million for the first quarter ended March 31, 2015.

Freeport-McMoRan Considering Multiple Strategic Alternatives

Freeport-McMoRan Inc. (NYSE:FCX) is considering multiple strategic alternatives for oil and gas subsidiary. Freeport-McMoRan is eyeing selling a minority stake in its oil and gas subsidiary as the world’s largest listed copper producer grapples with its large debt load and a commodities downturn. A possible initial public offering of stock in the oil and gas business could take place late this year and would highlight the standalone value of the oil and gas business, Freeport said on April 23, 2015. The idea of an IPO follows previous declarations by Freeport that it would look at bringing in partners to part-fund capital spending, but the US-listed miner and petroleum producer said that it intended to retain control of the oil and gas business and would continue to explore alternative options.

Freeport-McMoRan Inc., Q1 2015 Earnings Call, Apr 23, 2015

Freeport-McMoRan Inc., Q1 2015 Earnings Call, Apr 23, 2015

 

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