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Freeportmcmoran Inc (FCX) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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Freeport-McMoRan, Inc

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CIK: 831259 Ticker: FCX


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Freeport-McMoRan Announces Revised
Operating Plans in Response to the COVID-19 Pandemic and
Reports First-Quarter 2020 Results
 
 
 
Highlights of Revised Operating Plans:
•
$1.3 billion reduction (~18 percent) in 2020 estimated operating costs
•
$800 million reduction (~30 percent) in 2020 estimated capital expenditures
•
$100 million reduction (~20 percent) in 2020 estimated exploration and administrative costs
•
~400 million pound reduction (~15 percent) in the Americas 2020 estimated copper sales volumes
•
Actions enhance outlook for cash generation and maintenance of strong liquidity at low prices
PHOENIX, AZ, April 24, 2020 - Freeport-McMoRan Inc. (NYSE: FCX) announced today its first-quarter 2020 financial results and revised operating plans in response to the global COVID-19 pandemic and resulting negative impact on the global economy.
FCX’s revised operating plans are designed to protect the health and well-being of its employees, their families and communities where they live, ensure safe and reliable operations to serve customers, and protect the company’s strong liquidity position through reductions in costs and capital spending while preserving the long-term value of the company’s assets.
Prioritizing Health and Safety.  FCX has proactively implemented operating protocols at each of its operating sites to contain and mitigate the risk of spread of COVID-19. A series of actions have been implemented, including, but not limited to, physical distancing, travel restrictions, sanitizing, and frequent health screening and monitoring. FCX is also incorporating testing procedures administered by medical providers at many of its facilities. In April 2020, FCX suspended operations at its Chino copper mine in New Mexico because of the spread of COVID-19 among a limited number of employees. FCX’s protocols have been effective in mitigating and preventing a major outbreak of COVID-19 at its operating sites. As the COVID-19 pandemic and related effects continue to evolve rapidly worldwide, FCX will continue to monitor, assess and update its COVID-19 related response, as needed.
FCX is also working closely with communities where it operates across the globe and has provided monetary support and in-kind contributions of medical supplies and food.
Richard C. Adkerson, President and Chief Executive Officer, said, "Our global team is demonstrating an effective response to protect the health of our workforce, provide for business continuity, and support our communities during this unprecedented challenge. The prudent steps we are taking to safeguard our business, address costs and capital spending, and preserve our strong liquidity position are necessary to protect long-term asset values in the current weak and uncertain economic environment and to position us to ramp up and resume normal operations safely and quickly as health and economic conditions improve. Our team has substantial experience in successfully executing under volatile market conditions. I am confident that we will overcome the current challenges and 'prove our mettle' as we have effectively done in previous periods of economic weakness. We continue to achieve important progress in establishing large-scale, low-cost copper and gold production from our underground ore bodies at Grasberg and advance initiatives in the Americas to position FCX for significant increases in cash flows in 2021 and beyond.”

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The following information was filed by Freeport-McMoRan, Inc (FCX) on Friday, April 24, 2020 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets (Unaudited)
Consolidated Statement Of Equity (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations (Unaudited)
Business Segments
Business Segments (Product Revenue) (Details)
Business Segments (Segment Reporting) (Details)
Business Segments (Tables)
Contingencies And Commitments (Unaudited)
Contingencies And Commitments (Unaudited) - Litigation (Details)
Contingencies And Commitments (Unaudited) - Tax And Other Matters (Details)
Debt And Equity
Debt And Equity (Details)
Debt And Equity (Tables)
Earnings Per Share (Unaudited) Earnings Per Share (Details)
Earnings Per Share (Unaudited) Earnings Per Share (Notes)
Earnings Per Share (Unaudited) Earnings Per Share (Tables)
Fair Value Measurement
Fair Value Measurement (Fair Value Measurement Inputs) (Details)
Fair Value Measurement (Tables)
Fair Value Measurement (Unobservable Inputs) (Details)
Financial Instruments (Derivative) (Details)
Financial Instruments (Tables)
Financial Instruments (Unaudited)
Financial Instruments (Unrealized Gains Losses) (Details)
Financial Instruments (Unsettled Derivatives) (Details)
General Information (Unaudited)
General Information (Unaudited) (Details)
Income Taxes (Unaudited)
Income Taxes (Unaudited) (Details)
Income Taxes (Unaudited) (Tables)
Inventories, Including Long-Term Mill And Leach Stockpiles (Unaudited)
Inventories, Including Long-Term Mill And Leach Stockpiles (Unaudited) (Details)
Inventories, Including Long-Term Mill And Leach Stockpiles (Unaudited) (Tables)
New Accounting Standard
Subsequent Events (Unaudited)
Ticker: FCX
CIK: 831259
Form Type: 10-Q Quarterly Report
Accession Number: 0000831259-20-000020
Submitted to the SEC: Thu May 07 2020 4:50:25 PM EST
Accepted by the SEC: Thu May 07 2020
Period: Tuesday, March 31, 2020
Industry: Metal Mining

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