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

Freeport-McMoRan, Inc

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CIK: 831259 Ticker: FCX

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Freeport-McMoRan
Reports Third-Quarter and Nine-Month 2020 Results
•Strong execution of operating plans
•Third-quarter copper and gold sales 6-7% above July 2020 estimates
•Ramp-up of Grasberg underground advancing on schedule
•Lone Star copper leach project complete and ramp-up on track
•Solid cost and capital management
•Strong cash flow generation
▪Net income attributable to common stock totaled $329 million, $0.22 per share, in third-quarter 2020. After adjusting for debt extinguishment costs and other net charges totaling $101 million, $0.07 per share, third-quarter 2020 adjusted net income attributable to common stock totaled $430 million, or $0.29 per share.
▪Consolidated sales totaled 848 million pounds of copper, 234 thousand ounces of gold and 20 million pounds of molybdenum in third-quarter 2020.
▪Consolidated sales for the year 2020 are expected to approximate 3.18 billion pounds of copper, 0.8 million ounces of gold and 80 million pounds of molybdenum, including 840 million pounds of copper, 270 thousand ounces of gold and 21 million pounds of molybdenum in fourth-quarter 2020. Consolidated sales for the year 2021 are expected to increase to 3.85 billion pounds of copper and 1.4 million ounces of gold.
▪Average realized prices in third-quarter 2020 were $3.01 per pound for copper, $1,902 per ounce for gold and $9.23 per pound for molybdenum.
▪Average unit net cash costs in third-quarter 2020 were $1.32 per pound of copper and are expected to average $1.49 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 $1.2 billion (including $0.2 billion from working capital and other sources) in third-quarter 2020 and $1.7 billion (including $0.3 billion from working capital and other sources) for the first nine months of 2020. Based on current sales volume and cost estimates, and assuming average prices of $3.00 per pound for copper, $1,900 per ounce for gold and $8.00 per pound for molybdenum in fourth-quarter 2020, operating cash flows are expected to approximate $2.9 billion (including $0.6 billion from 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 $0.4 billion (including approximately $0.3 billion for major projects) in third-quarter 2020 and $1.6 billion (including approximately $1.0 billion for major projects) for the first nine 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 the now completed Lone Star copper leach project in Arizona.
▪At September 30, 2020,
consolidated debt totaled $10.0 billion and consolidated cash totaled $2.4 billion. FCX had no borrowings and $3.5 billion available under its revolving credit facility at September 30, 2020.

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The following information was filed by Freeport-McMoRan, Inc (FCX) on Thursday, October 22, 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: 0000831259-20-000040
Submitted to the SEC: Fri Nov 06 2020 11:29:55 AM EST
Accepted by the SEC: Fri Nov 06 2020
Period: Wednesday, September 30, 2020
Industry: Metal Mining

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