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Freeportmcmoran Inc (FCX) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Freeport-McMoRan, Inc

CIK: 831259 Ticker: FCX


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Freeport-McMoRan
Reports Fourth-Quarter and Year Ended 2018 Results
 
 
 
Net income attributable to common stock totaled $140 million, $0.09 per share, in fourth-quarter 2018. After adjusting for net charges of $21 million, $0.02 per share, fourth-quarter 2018 adjusted net income attributable to common stock totaled $161 million, $0.11 per share.
Consolidated sales totaled 785 million pounds of copper, 266 thousand ounces of gold and 24 million pounds of molybdenum in fourth-quarter 2018, and 3.8 billion pounds of copper, 2.4 million ounces of gold and 94 million pounds of molybdenum for the year 2018. Fourth-quarter 2018 consolidated copper and gold sales were lower than consolidated production of 841 million pounds of copper and 334 thousand ounces of gold because of timing of shipments.
Consolidated sales for the year 2019, which reflects a transition year, are expected to approximate 3.3 billion pounds of copper, 0.8 million ounces of gold and 94 million pounds of molybdenum, including 0.8 billion pounds of copper, 255 thousand ounces of gold and 24 million pounds of molybdenum in first-quarter 2019.
Average realized prices in fourth-quarter 2018 were $2.75 per pound for copper, $1,255 per ounce for gold and $12.75 per pound for molybdenum.
Average unit net cash costs in fourth-quarter 2018 were $1.54 per pound of copper and $1.07 per pound of copper for the year 2018. Unit net cash costs are expected to average $1.73 per pound of copper for the year 2019.
Operating cash flows totaled $(62) million (net of $400 million in working capital uses and timing of other tax payments) in fourth-quarter 2018 and $3.9 billion (net of $0.6 billion in working capital uses and timing of other tax payments) for the year 2018. Based on current sales volume and cost estimates, and assuming average prices of $2.75 per pound for copper, $1,300 per ounce for gold and $12.00 per pound for molybdenum, operating cash flows are expected to approximate $1.8 billion (net of $0.2 billion in working capital uses and timing of other tax payments) for the year 2019.
Capital expenditures totaled $0.6 billion in fourth-quarter 2018 (including approximately $0.3 billion for major mining projects) and $2.0 billion for the year 2018 (including approximately $1.2 billion for major mining projects). Capital expenditures for the year 2019 are expected to approximate $2.4 billion, including $1.5 billion for major mining projects primarily associated with underground development activities in the Grasberg minerals district in Indonesia and development of the Lone Star oxide project in Arizona.
On December 21, 2018, FCX successfully completed the transaction with the Indonesian government regarding PT Freeport Indonesia's (PT-FI) long-term mining rights and share ownership. FCX expects its share of future cash flows of the expanded PT-FI asset base, combined with the cash proceeds received in the transaction, to be comparable to its share of anticipated future cash flows under PT-FI’s previous Contract of Work (COW) and joint venture arrangements with Rio Tinto (Joint Venture).
At December 31, 2018, consolidated debt totaled $11.1 billion and consolidated cash totaled $4.2 billion. FCX had no borrowings and $3.5 billion available under its revolving credit facility at December 31, 2018.
On December 19, 2018, FCX declared a quarterly cash dividend of $0.05 per share on its common stock, which will be paid on February 1, 2019.
Preliminary estimated consolidated recoverable proven and probable reserves at December 31, 2018, totaled 119.6 billion pounds of copper, 30.8 million ounces of gold and 3.78 billion pounds of molybdenum, which includes net additions of 23.7 billion pounds of copper primarily in North America and South America, and 13.0 billion pounds of copper and 10.1 million ounces of gold related to PT-FI’s acquisition of the Joint Venture interest.

 
 
 
Freeport-McMoRan
 
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The following information was filed by Freeport-McMoRan, Inc (FCX) on Thursday, January 24, 2019 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
Schedule Ii - Valuation And Qualifying Accounts (Details)
Schedule Ii - Valuation And Qualifying Accounts Schedule Ii - Valuation And Qualifying Accounts (Notes)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Equity
Consolidated Statements Of Operations
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 (Operating Leases) (Details)
Commitments And Guarantees (Other And Community Development Programs) (Details)
Commitments And Guarantees (Special Mining License (Iupk)) (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 (Royalty Dispute Schedule) (Details)
Contingencies (Tables)
Contingencies (Tax And Other Matters) (Details)
Contingencies (Tax Matters By Tax Year) (Details)
Debt
Debt (Details)
Debt (Tables)
Debt - Components Of Debt (Details)
Debt - Debt Extinguishment (Details)
Debt - Maturities (Details)
Debt - Schedule Of Senior Notes (Details)
Dispositions And Acquisitions (Assets Held For Sale - Freeport Cobalt) (Details)
Dispositions And Acquisitions (Assets Held For Sale) (Details)
Dispositions And Acquisitions (Cash Flows From Discontinued Operations) (Details)
Dispositions And Acquisitions (Fcx Consolidated Balance Sheet) (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 (Pt-Fi Divestment) (Details)
Dispositions And Acquisitions (Purchase Price Allocation) (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)
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 (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)
Subsequent Events (Notes)
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Earnings Per Share) (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 (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) (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: 0000831259-19-000009
Submitted to the SEC: Fri Feb 15 2019 2:25:42 PM EST
Accepted by the SEC: Fri Feb 15 2019
Period: Monday, December 31, 2018
Industry: Metal Mining

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