Freeport-McMoRan, Inc (FCX) 10-K Annual Report February 2015



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Freeport-McMoRan

Reports Fourth-Quarter and Year Ended December 31, 2014 Results

▪

Net loss attributable to common stock totaled $2.9 billion, $2.75 per share, for fourth-quarter 2014 and $1.3 billion, $1.26 per share, for the year 2014. After adjusting for special items (see page 2) totaling $3.1 billion, $3.00 per share, for fourth-quarter 2014 and $3.3 billion, $3.22 per share, for the year 2014, adjusted net income attributable to common stock totaled $257 million, $0.25 per share, for fourth-quarter 2014 and $2.0 billion, $1.96 per share, for the year 2014.


▪	Consolidated sales totaled 972 million pounds of copper, 377 thousand ounces of gold, 21 million pounds of molybdenum and 12.1 million barrels of oil equivalents (MMBOE) for fourth-quarter 2014 and 3.9 billion pounds of copper, 1.25 million ounces of gold, 95 million pounds of molybdenum and 56.8 MMBOE for the year 2014.


▪	Consolidated sales for the year 2015 are expected to approximate 4.3 billion pounds of copper, 1.3 million ounces of gold, 95 million pounds of molybdenum and 55.5 MMBOE, including 950 million pounds of copper, 225 thousand ounces of gold, 23 million pounds of molybdenum and 13.1 MMBOE for first-quarter 2015.


▪	Average realized prices for fourth-quarter 2014 were $2.95 per pound for copper, $1,193 per ounce for gold and $78.02 per barrel for oil.


▪	Consolidated unit net cash costs for fourth-quarter 2014 averaged $1.47 per pound of copper for mining operations and $21.93 per barrel of oil equivalents (BOE) for oil and gas operations.

▪

Operating cash flows totaled $1.1 billion for fourth-quarter 2014 and $5.6 billion (net of $0.6 billion in working capital uses and changes in other tax payments) for the year 2014. Based on current sales volume and cost estimates and assuming average prices of $2.60 per pound for copper, $1,300 per ounce for gold, $9 per pound for molybdenum and $50 per barrel for Brent crude oil, operating cash flows for the year 2015 are estimated to approximate $4 billion (including $0.2 billion of working capital sources and changes in other tax payments).

▪

Capital expenditures totaled $1.8 billion for fourth-quarter 2014 and $7.2 billion for the year 2014, including $2.9 billion for major projects at mining operations and $3.2 billion for oil and gas operations. Capital expenditures are expected to approximate $6.0 billion for the year 2015, including $2.5 billion for major projects at mining operations and $2.3 billion for oil and gas operations, reflecting a 34 percent decrease in oil and gas expenditures.


▪	On November 3, 2014, FCX completed the sale of its 80 percent ownership interests in the Candelaria and Ojos del Salado copper mining operations for $1.8 billion in cash.


▪	During fourth-quarter 2014, FM O&G achieved several positive results in its exploration and development program, including positive well results at Holstein Deep, Power Nap and Dorado in the Deepwater Gulf of Mexico (GOM) and a successful well test at Highlander onshore in South Louisiana.

▪

FCX is taking aggressive actions to reduce or defer capital expenditures and other costs and has initiated efforts to obtain third-party funding for a significant portion of its oil and gas capital expenditures to maintain financial strength and flexibility in response to recent sharp declines in oil prices. In addition, FCX is monitoring copper markets and will be responsive to market conditions. As a first step, FCX has reduced budgeted 2015 capital expenditures, exploration and other costs by a total of $2 billion. FCX has a broad set of natural resource assets that provide many alternatives for future actions to enhance its financial flexibility. Additional capital cost reductions, potential additional divestitures or monetizations and other actions will be pursued as required to maintain a strong balance sheet while preserving a strong resource position and portfolio of assets with attractive long-term growth prospects.


▪	At December 31, 2014, consolidated debt totaled $19.0 billion and consolidated cash totaled $464 million.




Freeport-McMoRan		1

The following information was filed by Freeport-McMoRan, Inc (FCX) on Tuesday, January 27, 2015 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

Material Contracts, Statements, Certifications & more

Freeport-McMoRan, Inc provided additional information to their SEC Filing as exhibits

Exhibit 10.3: Material Contract

Exhibit 10.5: Material Contract

Exhibit 10.8: Material Contract

Exhibit 10.9: Material Contract

Exhibit 10.18: Material Contract

Exhibit 10.21: Material Contract

Exhibit 10.23: Material Contract

Exhibit 10.24: Material Contract

Exhibit 10.28: Material Contract

Exhibit 10.39: Material Contract

Exhibit 10.40: Material Contract

Exhibit 10.41: Material Contract

Exhibit 10.59: Material Contract

Exhibit 12.1: Statement Regarding Calculation Of Ratios

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 23.2: Consents Of Experts And Counsel

Exhibit 23.3: Consents Of Experts And Counsel

Exhibit 24.1: Power Of Attorney

Exhibit 24.2: Power Of Attorney

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Exhibit 95.1: Exhibit 95.1

Exhibit 99.2: Additional Exhibits

Exhibit 99.3: Additional Exhibits

Ticker: FCX
CIK: 831259
Form Type: 10-K Annual Report
Accession Number: 0000831259-15-000016
Submitted to the SEC: Fri Feb 27 2015 2:06:45 PM EST
Accepted by the SEC: Fri Feb 27 2015
Period: Wednesday, December 31, 2014
Industry: Metal Mining

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Freeportmcmoran Inc (FCX) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

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