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Freeportmcmoran Inc (FCX) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Freeport-McMoRan, Inc

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CIK: 831259 Ticker: FCX

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Freeport-McMoRan
Reports First-Quarter 2021 Results
•Solid execution of operating plans
•Production volumes and costs in line with targets
•Ramp-up of Grasberg underground mines advancing on schedule
•Strong financial results and cash flow generation
•Favorable operational and market outlook
▪Net income attributable to common stock in first-quarter 2021 totaled $718 million, $0.48 per share, and adjusted net income attributable to common stock totaled $756 million, or $0.51 per share, after adjusting for net charges totaling $38 million, $0.03 per share.
▪Consolidated sales totaled 825 million pounds of copper, 258 thousand ounces of gold and 21 million pounds of molybdenum in first-quarter 2021. Consolidated sales for the year 2021 are expected to approximate 3.85 billion pounds of copper, 1.3 million ounces of gold and 85 million pounds of molybdenum, including 975 million pounds of copper, 330 thousand ounces of gold and 21 million pounds of molybdenum in second-quarter 2021.
▪Average realized prices in first-quarter 2021 were $3.94 per pound for copper, $1,713 per ounce for gold and $11.62 per pound for molybdenum.
▪Average unit net cash costs in first-quarter 2021 were $1.39 per pound of copper and are expected to average $1.33 per pound of copper for the year 2021.
▪Operating cash flows totaled $1.1 billion (net of $0.3 billion of working capital and other uses) in first-quarter 2021. Based on current sales volume and cost estimates, and assuming average prices of $4.00 per pound for copper, $1,750 per ounce for gold and $11.00 per pound for molybdenum for the remainder of 2021, operating cash flows are expected to approximate $6.5 billion (net of $0.1 billion of working capital and other uses) for the year 2021.
▪Capital expenditures totaled $0.4 billion (including approximately $0.3 billion for major projects) in first-quarter 2021. Capital expenditures for the year 2021, excluding Indonesia smelter expenditures, are expected to approximate $2.3 billion, including $1.4 billion for major projects primarily associated with underground development activities in the Grasberg minerals district in Indonesia.
▪At March 31, 2021, consolidated debt totaled $9.8 billion and consolidated cash totaled $4.6 billion. FCX had no borrowings and $3.5 billion available under its revolving credit facility at March 31, 2021.
▪In February 2021, FCX's Board of Directors (Board) adopted a financial policy aligned with strategic objectives of maintaining a strong balance sheet, increasing cash returns to shareholders and advancing opportunities for future growth.
▪FCX added two new independent directors in April 2021, David P. Abney, retired Chairman and Chief Executive Officer of United Parcel Service, Inc., and Robert W. “Bob” Dudley, retired Group Chief Executive of BP, p.l.c.









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The following information was filed by Freeport-McMoRan, Inc (FCX) on Thursday, April 22, 2021 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) - 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)
Ticker: FCX
CIK: 831259
Form Type: 10-Q Quarterly Report
Accession Number: 0000831259-21-000017
Submitted to the SEC: Wed May 05 2021 3:39:09 PM EST
Accepted by the SEC: Wed May 05 2021
Period: Wednesday, March 31, 2021
Industry: Metal Mining

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