Last10K.com

Freeportmcmoran Inc (FCX) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Freeport-McMoRan, Inc

HISTORY TOOLS
CIK: 831259 Ticker: FCX

a2020newsreleasebannerv2a02.jpg
Freeport-McMoRan
Reports Second-Quarter and Six-Month 2020 Results
•
Strong Execution of April 2020 Revised Operating Plans
•
Second-quarter 2020 Copper and Gold Sales 10-12% Above April 2020 Estimates
•
Ongoing Underground Ramp-Up at Grasberg Advancing on Schedule
•
Solid Cost and Capital Management
•
Positioned for Significant Expansion of Margins and Cash Flows
 
 
 
▪
Net income attributable to common stock totaled $53 million, $0.03 per share, in second-quarter 2020. After adjusting for net credits of $9 million, $0.01 per share, second-quarter 2020 adjusted net income attributable to common stock totaled $44 million, or $0.03 per share.
▪
Consolidated sales totaled 759 million pounds of copper, 184 thousand ounces of gold and 18 million pounds of molybdenum in second-quarter 2020.
▪
Consolidated sales for the year 2020 are expected to approximate 3.15 billion pounds of copper, 0.8 million ounces of gold and 77 million pounds of molybdenum, including 790 million pounds of copper, 220 thousand ounces of gold and 18 million pounds of molybdenum in third-quarter 2020. Consolidated sales for the year 2021 are expected to increase to 3.8 billion pounds of copper and 1.4 million ounces of gold.
▪
Average realized prices in second-quarter 2020 were $2.55 per pound for copper, $1,749 per ounce for gold and $10.53 per pound for molybdenum.
▪
Average unit net cash costs in second-quarter 2020 were $1.47 per pound of copper and are expected to average $1.53 per pound of copper for the year 2020 and less than $1.20 per pound of copper for the year 2021.
▪
Operating cash flows totaled $491 million (including $22 million of working capital and other sources) in second-quarter 2020 and $453 million (including $141 million of working capital and other sources) for the first six months of 2020. Based on current sales volume and cost estimates, and assuming average prices of $2.85 per pound for copper, $1,800 per ounce for gold and $7.00 per pound for molybdenum for the second half of 2020, operating cash flows are expected to approximate $2.6 billion (including $0.5 billion of working capital and other sources) for the year 2020. With anticipated increases in copper and gold sales volumes and decreases in unit net cash costs, operating cash flows in 2021 are expected to be significantly higher than 2020 levels.
▪
Capital expenditures totaled $0.5 billion (including approximately $0.3 billion for major projects) in second-quarter 2020 and $1.1 billion (including approximately $0.6 billion for major projects) for the first six months of 2020. Capital expenditures for the year 2020 are expected to approximate $2.0 billion, including $1.3 billion for major projects primarily associated with underground development activities in the Grasberg minerals district in Indonesia and completion of the Lone Star copper leach project in Arizona, and exclude estimates associated with the new smelter in Indonesia.
▪
At June 30, 2020, consolidated debt totaled $9.9 billion and consolidated cash totaled $1.5 billion. FCX had no borrowings and $3.5 billion available under its revolving credit facility at June 30, 2020.
▪
On July 13, 2020, FCX priced $1.5 billion of senior notes in two tranches, which are expected to close on July 27, 2020. FCX intends to use the net proceeds from the senior notes offering to fund its tender offers for certain of its existing senior notes. These transactions will enable FCX to extend the maturities of its outstanding indebtedness.


fcx_logo1a10.jpg
1
 

The following information was filed by Freeport-McMoRan, Inc (FCX) on Thursday, July 23, 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.

View differences made from one quarter to another to evaluate Freeport-McMoRan, Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Freeport-McMoRan, Inc.

Continue

Assess how Freeport-McMoRan, Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Freeport-McMoRan, Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Revenue
Financial
Other
Filter Subcategory:
All
Product
Earnings
Expense
Income
Cash Flow
Debt
Geography
Shares
Other
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: 0000831259-20-000032
Submitted to the SEC: Fri Aug 07 2020 3:01:48 PM EST
Accepted by the SEC: Fri Aug 07 2020
Period: Tuesday, June 30, 2020
Industry: Metal Mining

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/fcx/0000831259-20-000032.htm