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Freeport Mcmoran Copper Gold Inc (FCX) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Freeport-McMoRan, Inc

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CIK: 831259 Ticker: FCX


333 North Central Avenue Phoenix, AZ 85004
Financial Contacts:
 
 
 
Media Contact:
 
Kathleen L. Quirk (602) 366-8016
 
David P. Joint
(504) 582-4203
 
Eric E. Kinneberg (602) 366-7994
Freeport-McMoRan Copper & Gold Inc.
Reports Fourth-Quarter and Year Ended December 31, 2013 Results
 
 
 
 
 
▪
Net income attributable to common stock for fourth-quarter 2013 totaled $707 million, $0.68 per share, compared with net income of $743 million, $0.78 per share, for fourth-quarter 2012. Net income attributable to common stock for the year 2013 totaled $2.7 billion, $2.64 per share, compared with $3.0 billion, $3.19 per share, for the year 2012.
▪
Consolidated sales for fourth-quarter 2013 totaled 1.14 billion pounds of copper, 512 thousand ounces of gold, 22 million pounds of molybdenum and 16.6 million barrels of oil equivalents (MMBOE), compared with 972 million pounds of copper, 254 thousand ounces of gold and 21 million pounds of molybdenum for fourth-quarter 2012. Consolidated sales for the year 2013 totaled 4.1 billion pounds of copper, 1.2 million ounces of gold, 93 million pounds of molybdenum, and 38.1 MMBOE (for the seven-month period from June 1, 2013, to December 31, 2013), compared with 3.65 billion pounds of copper, 1.0 million ounces of gold and 83 million pounds of molybdenum for the year 2012.
▪
Consolidated sales for the year 2014 are expected to approximate 4.4 billion pounds of copper, 1.7 million ounces of gold, 95 million pounds of molybdenum and 60.7 MMBOE, including 1.0 billion pounds of copper, 325 thousand ounces of gold, 25 million pounds of molybdenum and 15.3 MMBOE for first-quarter 2014.
▪
Average realized prices for fourth-quarter 2013 were $3.31 per pound for copper (compared with $3.60 per pound in fourth-quarter 2012), $1,220 per ounce for gold (compared with $1,681 per ounce in fourth-quarter 2012) and $92.68 per barrel for oil (excluding impacts of unrealized losses on oil and gas derivative contracts).
▪
Operating cash flows totaled $2.3 billion for fourth-quarter 2013 and $6.1 billion (net of $436 million in working capital uses and changes in other tax payments) for the year 2013, compared with $1.3 billion for fourth-quarter 2012 and $3.8 billion (net of $1.4 billion in working capital uses and changes in other tax payments) for the year 2012. Based on current sales volume and cost estimates and assuming average prices of $3.25 per pound for copper, $1,200 per ounce for gold, $9.50 per pound for molybdenum and $105 per barrel for Brent crude oil, operating cash flows are estimated to approximate $9 billion for the year 2014 (including $0.8 billion of working capital sources and changes in other tax payments).
▪
Capital expenditures totaled $1.7 billion for fourth-quarter 2013 and $5.3 billion for the year 2013, reflecting $2.3 billion for major projects at mining operations and $1.45 billion for oil and gas operations (for the seven-month period from June 1, 2013, to December 31, 2013). Capital expenditures are expected to approximate $7 billion for the year 2014, including $3 billion for major projects at mining operations and $3 billion for oil and gas operations.
▪
At December 31, 2013, consolidated cash totaled $2.0 billion and consolidated debt totaled $20.7 billion. During 2013, FCX paid $2.3 billion in common stock dividends, including $1.0 billion for a supplemental dividend of $1 per share paid on July 1, 2013.

 
 
 
Freeport-McMoRan Copper & Gold                             1
The following information was filed by Freeport-McMoRan, Inc (FCX) on Wednesday, January 22, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity
Consolidated Statements Of Income
Accounts Payable And Accrued Liabilities
Accounts Payable And Accrued Liabilities (details)
Accounts Payable And Accrued Liabilities (tables)
Acquisitions (details)
Acquisitions (notes)
Acquisitions (pro Forma) (details)
Acquisitions (purchase Price Allocation) (details)
Acquisitions (redeemable Noncontrolling Interest) (details)
Acquisitions (tables)
Business Segments
Business Segments (long Lived Assets By Geographic Area) (details)
Business Segments (mine Production And Purchase Percentages) (details)
Business Segments (product Revenue) (details)
Business Segments (revenue By Major Customers And Labor Matters) (details)
Business Segments (revenues By Geographic Area Of Customer) (details)
Business Segments (segment Reporting) (details)
Business Segments (tables)
Commitments And Guarantees
Commitments And Guarantees (community Development Programs) (details)
Commitments And Guarantees (contractual Obligations) (details)
Commitments And Guarantees (details)
Commitments And Guarantees (financial Guarantees) (details)
Commitments And Guarantees (mining Contracts) (details)
Contingencies
Contingencies (asset Retirement Obligations) (details)
Contingencies (details)
Contingencies (environmental Obligations) (details)
Contingencies (other Contingencies) (details)
Contingencies (tables)
Debt
Debt (details)
Debt (tables)
Fair Value Measurement
Fair Value Measurement (details)
Fair Value Measurement (tables)
Fair Value Measurement Fair Value Measurement (unobservable Inputs) (details)
Financial Instruments
Financial Instruments (derivative) (details)
Financial Instruments (oil And Gas) (details)
Financial Instruments (tables)
Financial Instruments (unrealized Gains Losses) (details)
Financial Instruments (unsettled Derivatives) (details)
Guarantor Financial Statements (condensed Consolidated Cash Flow Statement) (details)
Guarantor Financial Statements (condensed Consolidating Balance Sheet) (details)
Guarantor Financial Statements (condensed Consolidating Comprehensive Income Statement) (details)
Guarantor Financial Statements (details)
Guarantor Financial Statements (notes)
Guarantor Financial Statements (tables)
Income Taxes
Income Taxes (details)
Income Taxes (mining Royalty Taxes) (details)
Income Taxes (reserve For Unrecognized Tax Benefits, Interest And Penalties) (details)
Income Taxes (summary Of Income Tax Examinations) (details)
Income Taxes (tables)
Income Taxes (tax Credit Carryforward) (details)
Inventories, Including Long-term Mill And Leach Stockpiles
Inventories, Including Long-term Mill And Leach Stockpiles (components Of Inventories) (details)
Inventories, Including Long-term Mill And Leach Stockpiles (tables)
Other Assets
Other Assets (details)
Other Assets (tables)
Other Liabilities, Including Employee Benefits
Other Liabilities, Including Employee Benefits (details)
Other Liabilities, Including Employee Benefits (fv, Assets Measured On Recurring Basis) (details)
Other Liabilities, Including Employee Benefits (schedule Of Disclosures) (details)
Other Liabilities, Including Employee Benefits (schedule Of Fv Of Financial Assets For Pension Plans) (details)
Other Liabilities, Including Employee Benefits (tables)
Other Liabilities, Including Employee Benefits (target Asset Allocation) (details)
Ownership In Subsidiaries And Joint Ventures
Ownership In Subsidiaries And Joint Ventures (details)
Property, Plant, Equipment And Mining Development Costs, Net
Property, Plant, Equipment And Mining Development Costs, Net (details)
Property, Plant, Equipment And Mining Development Costs, Net (schedule Of Ppe) (details)
Property, Plant, Equipment And Mining Development Costs, Net (tables)
Quarterly Financial Information (unaudited)
Quarterly Financial Information (unaudited) (details)
Quarterly Financial Information (unaudited) (tables)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (details)
Schedule Ii - Valuation And Qualifying Accounts (tables)
Stockholders' Equity And Stock-based Compensation
Stockholders' Equity And Stock-based Compensation (accumulated Other Comprehensive Income) (details)
Stockholders' Equity And Stock-based Compensation (common Stock) (details)
Stockholders' Equity And Stock-based Compensation (details)
Stockholders' Equity And Stock-based Compensation (stock Award Plans) (details)
Stockholders' Equity And Stock-based Compensation (tables)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (earnings Per Share) (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (property Plant And Equipment) (details)
Summary Of Significant Accounting Policies (tables)
Supplementary Mineral Reserve Information (unaudited)
Supplementary Mineral Reserve Information (unaudited) (details)
Supplementary Mineral Reserve Information (unaudited) (ore Reserves) (details)
Supplementary Mineral Reserve Information (unaudited) (recoverable Reserves) (details)
Supplementary Mineral Reserve Information (unaudited) (tables)
Supplementary Oil And Gas Information (unaudited) (details)
Supplementary Oil And Gas Information (unaudited) (notes)
Supplementary Oil And Gas Information (unaudited) (schedule Of Capitalized Costs) (details)
Supplementary Oil And Gas Information (unaudited) (schedule Of Changes In The Standardized Measure) (details)
Supplementary Oil And Gas Information (unaudited) (schedule Of Costs Incurred) (details)
Supplementary Oil And Gas Information (unaudited) (schedule Of Costs Not Subject To Amortization) (details)
Supplementary Oil And Gas Information (unaudited) (schedule Of Estimated Quantities Of Oil And Natural Gas Reserves) (details)
Supplementary Oil And Gas Information (unaudited) (schedule Of Results Of Operations For Oil And Gas Producing Activities) (details)
Supplementary Oil And Gas Information (unaudited) (schedule Of Standardized Measure Of Future Net Cash Flows) (details)
Supplementary Oil And Gas Information (unaudited) (tables)
Ticker: FCX
CIK: 831259
Form Type: 10-K Annual Report
Accession Number: 0000831259-14-000006
Submitted to the SEC: Thu Feb 27 2014 4:35:39 PM EST
Accepted by the SEC: Thu Feb 27 2014
Period: Tuesday, December 31, 2013
Industry: Metal Mining

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