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Freeportmcmoran Inc (FCX) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Freeport-McMoRan, Inc

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CIK: 831259 Ticker: FCX


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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
Reports Fourth-Quarter and Year Ended December 31, 2016 Results
 
 
 
 
 
▪
Net income attributable to common stock totaled $292 million, $0.21 per share, for fourth-quarter 2016. After adjusting for net charges totaling $59 million, $0.04 per share, fourth-quarter 2016 adjusted net income attributable to common stock totaled $351 million, $0.25 per share.
▪
Consolidated sales (including volumes from Tenke Fungurume (Tenke) through November 16, 2016) totaled 1.2 billion pounds of copper, 405 thousand ounces of gold and 22 million pounds of molybdenum for fourth-quarter 2016 and 4.65 billion pounds of copper, 1.1 million ounces of gold and 74 million pounds of molybdenum for the year 2016.
▪
Consolidated sales for the year 2017 are expected to approximate 4.1 billion pounds of copper, 2.2 million ounces of gold and 92 million pounds of molybdenum, including 1.0 billion pounds of copper, 460 thousand ounces of gold and 23 million pounds of molybdenum for first-quarter 2017. (*)
▪
Average realized prices were $2.47 per pound for copper, $1,174 per ounce for gold and $8.27 per pound for molybdenum for fourth-quarter 2016.
▪
Average unit net cash costs were $1.20 per pound of copper for fourth-quarter 2016 and $1.26 per pound of copper for the year 2016. Unit net cash costs are expected to average $1.06 per pound of copper for the year 2017. (*)
▪
Operating cash flows totaled $1.1 billion (net of $406 million in working capital uses and changes in other tax payments) for fourth-quarter 2016 and $3.7 billion (including $57 million in working capital sources and changes in other tax payments) for the year 2016. Based on current sales volume and cost estimates and assuming average prices of $2.50 per pound for copper, $1,200 per ounce for gold and $7.00 per pound for molybdenum, operating cash flows for the year 2017 are expected to approximate $4.3 billion (including $1.0 billion in working capital sources and changes in other tax payments). (*)
▪
Capital expenditures totaled $504 million (including $405 million for mining operations) for fourth-quarter 2016 and $2.8 billion (including $1.6 billion for mining operations) for the year 2016. Capital expenditures for the year 2017 are expected to approximate $1.8 billion. (*)
▪
During fourth-quarter 2016, FCX completed $5.2 billion in asset sale transactions, including the sale of its interest in TF Holdings Limited (TFHL), through which FCX held an interest in the Tenke mine, and the sales of the Deepwater Gulf of Mexico (GOM) and onshore California oil and gas properties. During 2016, FCX completed its asset divestment program, which generated $6.6 billion in aggregate proceeds.
▪
In November 2016, FCX completed its registered at-the-market (ATM) offering of common stock announced in July 2016, which raised $1.5 billion in gross proceeds through the sale of 116.5 million shares of FCX common stock.
▪
At December 31, 2016, consolidated debt totaled $16.0 billion and consolidated cash totaled $4.2 billion, compared with consolidated debt of $20.3 billion and consolidated cash of $177 million at December 31, 2015. FCX had no borrowings and $3.5 billion available under its $3.5 billion revolving credit facility at year-end 2016.

(*) Projections for 2017 and forward looking statements in this release assume normal operating levels at PT Freeport Indonesia (PT-FI). Refer to page 8 for discussion of recent regulatory changes in Indonesia, which may impact future results.

 
 
 
Freeport-McMoRan
 
        1

The following information was filed by Freeport-McMoRan, Inc (FCX) on Wednesday, January 25, 2017 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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Inside Freeport-McMoRan, Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Equity
Consolidated Statements Of Operations
(notes)
Accounts Payable And Accrued Liabilities
Accounts Payable And Accrued Liabilities (details)
Accounts Payable And Accrued Liabilities (tables)
Business Segments Information
Business Segments Information (business Segments Narrative) (details)
Business Segments Information (customers And Labor Matters) (details)
Business Segments Information (long Lived Assets By Geographic Area) (details)
Business Segments Information (product Revenue) (details)
Business Segments Information (revenues By Geographic Area Of Customer) (details)
Business Segments Information (segment Reporting) (details)
Business Segments Information (tables)
Commitments And Guarantees
Commitments And Guarantees (contractual Obligations) (details)
Commitments And Guarantees (mining Contracts) (details)
Commitments And Guarantees (operating Leases) (details)
Commitments And Guarantees (other And Community Development Programs) (details)
Contingencies
Contingencies (asset Retirement Obligations) (details)
Contingencies (environmental And Reclamation Programs) (details)
Contingencies (environmental Obligations) (details)
Contingencies (financial Assurances) (details)
Contingencies (insurance) (details)
Contingencies (letters Of Credit, Bank Guarantees And Surety Bonds) (details)
Contingencies (oil And Gas Properties) (details)
Contingencies (tables)
Contingencies (tax And Other Matters) (details)
Debt
Debt (details)
Debt (tables)
Dispositions And Acquisitions (assets And Liabilities Of Tfhl) (details)
Dispositions And Acquisitions (candelaria And Ojos Del Salado) (details)
Dispositions And Acquisitions (cash Flows From Discontinued Operations) (details)
Dispositions And Acquisitions (morenci) (details)
Dispositions And Acquisitions (net Income (loss) From Discontinued Operations) (details)
Dispositions And Acquisitions (oil And Gas Operations) (details)
Dispositions And Acquisitions (tables)
Dispositions And Acquisitions (tf Holdings Limited) (details)
Dispositions And Acquisitions (timok) (details)
Dispositions And Acquisitions Dispositions And Acquisitions
Fair Value Measurement (details)
Fair Value Measurement (notes)
Fair Value Measurement (tables)
Fair Value Measurement Fair Value Measurement (unobservable Inputs) (details)
Financial Instruments (derivative) (details)
Financial Instruments (notes)
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 (loss) Income) (details)
Guarantor Financial Statements (details)
Guarantor Financial Statements (tables)
Guarantor Financial Statements Guarantor Financial Statements
Income Taxes
Income Taxes (components Of Deferred Tax Assets And Liabilities) (details)
Income Taxes (income Before Income Taxes And Equity In Affiliated Companies' Net Earnings) (details)
Income Taxes (narrative) (details)
Income Taxes (provision For (benefit From) Income Taxes) (details)
Income Taxes (reconciliation Of U.s. Federal Statutory Rate To Effective Tax Rate) (details)
Income Taxes (reserve For Unrecognized Tax Benefits, Interest And Penalties) (details)
Income Taxes (tables)
Income Taxes Income Taxes (operating Loss Carryforwards) (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 (defined Contribution Plan) (details)
Other Liabilities, Including Employee Benefits (expected Benefit Payments) (details)
Other Liabilities, Including Employee Benefits (penion Plans) (details)
Other Liabilities, Including Employee Benefits (postretirement And Other Benefits) (details)
Other Liabilities, Including Employee Benefits (restructuring Charges) (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 Other Liabiliteis, Including Employee Benefit (components Of Other Liabilities) (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) (footnotes) (details)
Quarterly Financial Information (unaudited) (notes)
Quarterly Financial Information (unaudited) (quarterly Disclosures) (details)
Quarterly Financial Information (unaudited) (tables)
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 (notes)
Stockholders' Equity And Stock-based Compensation (tables)
Stockholders' Equity And Stock-based Compensation Stockholders' Equity And Stock-based Compensation (cash-settled Rsus And Psus) (details)
Stockholders' Equity And Stock-based Compensation Stockholders' Equity And Stock-based Compensation (equity Rsus And Psus) (details)
Stockholders' Equity And Stock-based Compensation Stockholders' Equity And Stock-based Compensation (other Info) (details)
Stockholders' Equity And Stock-based Compensation Stockholders' Equity And Stock-based Compensation (stock Option And Sars) (details)
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (earnings Per Share) (details)
Summary Of Significant Accounting Policies (goodwill) (details)
Summary Of Significant Accounting Policies (notes)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (property, Plant And Equipment) (details)
Summary Of Significant Accounting Policies (redeemable Noncontrolling Interest - Pxp) (details)
Summary Of Significant Accounting Policies (tables)
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 Mineral Reserve Information (unaudited) Supplementary Mineral Reserve Information
Supplementary Oil And Gas Information (unaudited) Supplementary Oil And Gas Information (unaudited)
Supplementary Oil And Gas Information (unaudited) Supplementary Oil And Gas Information (unaudited) (details)
Supplementary Oil And Gas Information (unaudited) Supplementary Oil And Gas Information (unaudited) (schedule Of Capitalized Costs) (details)
Supplementary Oil And Gas Information (unaudited) Supplementary Oil And Gas Information (unaudited) (schedule Of Changes In The Standardized Measure) (details)
Supplementary Oil And Gas Information (unaudited) Supplementary Oil And Gas Information (unaudited) (schedule Of Costs Incurred) (details)
Supplementary Oil And Gas Information (unaudited) Supplementary Oil And Gas Information (unaudited) (schedule Of Costs Not Subject To Amortization) (details)
Supplementary Oil And Gas Information (unaudited) Supplementary Oil And Gas Information (unaudited) (schedule Of Estimated Quantities Of Oil And Natural Gas Reserves) (details)
Supplementary Oil And Gas Information (unaudited) Supplementary Oil And Gas Information (unaudited) (schedule Of Results Of Operations For Oil And Gas Producing Activities) (details)
Supplementary Oil And Gas Information (unaudited) Supplementary Oil And Gas Information (unaudited) (schedule Of Standardized Measure Of Future Net Cash Flows) (details)
Supplementary Oil And Gas Information (unaudited) Supplementary Oil And Gas Information (unaudited) (tables)
Ticker: FCX
CIK: 831259
Form Type: 10-K Annual Report
Accession Number: 0000831259-17-000012
Submitted to the SEC: Fri Feb 24 2017 1:07:11 PM EST
Accepted by the SEC: Fri Feb 24 2017
Period: Saturday, December 31, 2016
Industry: Metal Mining

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