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Freeportmcmoran Inc (FCX) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

SEC Filings

FCX Quarterly Reports

Freeport-McMoRan, Inc

CIK: 831259 Ticker: FCX

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Freeport-McMoRan
Reports Second-Quarter and Six-Month 2022 Results
Solid operational results, with strong margins and cash flows
Second-quarter 2022 copper and gold sales volumes were above April 2022 guidance by 5% and 18%, respectively, and above second-quarter 2021 by 17% and 56%, respectively
Unit net cash costs in line with April 2022 guidance
Strong balance sheet, liquidity and financial flexibility
Significant debt retirements through open-market transactions
Increase in share repurchase authorization
Net income attributable to common stock in second-quarter 2022 totaled $840 million, $0.57 per share, and adjusted net income attributable to common stock totaled $854 million, $0.58 per share, after excluding net charges totaling $14 million, $0.01 per share.
Consolidated sales totaled 1.1 billion pounds of copper, 476 thousand ounces of gold and 20 million pounds of molybdenum in second-quarter 2022. Consolidated sales for the year 2022 are expected to approximate 4.2 billion pounds of copper, 1.7 million ounces of gold and 80 million pounds of molybdenum, including 1.0 billion pounds of copper, 400 thousand ounces of gold and 21 million pounds of molybdenum in third-quarter 2022.
Average realized prices in second-quarter 2022 were $4.03 per pound for copper, $1,827 per ounce for gold and $19.44 per pound for molybdenum.
Average unit net cash costs in second-quarter 2022 were $1.41 per pound of copper and are expected to average $1.50 per pound of copper for the year 2022.
Operating cash flows totaled $1.6 billion (including $0.1 billion of working capital and other sources) in second-quarter 2022 and $3.3 billion (net of $0.7 billion of working capital and other uses) for the first six months of 2022. Based on current sales volume and cost estimates, and assuming average prices of $3.25 per pound for copper, $1,700 per ounce for gold and $16.00 per pound for molybdenum for the second half of 2022, operating cash flows are expected to approximate $4.5 billion (net of $1.4 billion of working capital and other uses) for the year 2022.
Capital expenditures totaled $0.9 billion (including $0.4 billion for major mining projects and $0.2 billion for the Indonesia smelter projects) in second-quarter 2022 and $1.6 billion (including $0.8 billion for major mining projects and $0.3 billion for the Indonesia smelter projects) for the first six months of 2022. Capital expenditures for the year 2022 are expected to approximate $4.5 billion ($3.1 billion excluding the Indonesia smelter projects), including $1.9 billion for major mining projects.
In April 2022, PT Freeport Indonesia (PT-FI) completed the sale of $3.0 billion of unsecured senior notes, with a weighted-average interest rate of 5.4 percent. Net proceeds are expected to be used to finance the Indonesia smelter projects.
Through July 20, 2022, FCX
purchased $754 million aggregate principal amount of its senior notes in open-market transactions for a total cost of $718 million (including $582 million aggregate principal amount in second-quarter 2022).
Through July 20, 2022, FCX has acquired 47.9 million shares of its common stock for a total cost of $1.8 billion ($38.35 average cost per share) under the share repurchase program, including 35.1 million shares for a total cost of $1.3 billion ($38.36 average cost per share) during 2022. In July 2022, the FCX Board of Directors (the Board) authorized an increase in the share repurchase program from $3.0 billion to up to $5.0 billion.
At June 30, 2022, consolidated debt totaled $11.1 billion and consolidated cash and cash equivalents totaled $9.5 billion, resulting in net debt of $1.6 billion ($1.0 billion excluding net debt for the Indonesia smelter projects). Refer to the supplemental schedule, "Net Debt," on page IX.
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The following information was filed by Freeport-McMoRan, Inc (FCX) on Thursday, July 21, 2022 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)
Commitment And Contingencies - Asset Retirement Obligations (Details)
Contingencies And Commitments
Contingencies And Commitments - Other Matters (Details)
Debt And Equity
Debt And Equity (Tables)
Debt And Equity - Additional Information (Details)
Debt And Equity - Components Of Debt (Details)
Debt And Equity - Purchase Of Senior Notes (Details)
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 (Tables)
Fair Value Measurement - Fair Value Measurement Inputs (Details)
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 - Additional Information (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Schedule Of Income Before Income Taxes And Equity In An Affiliated Companies' Net Earnings (Details)
Inventories, Including Long-Term Mill And Leach Stockpiles
Inventories, Including Long-Term Mill And Leach Stockpiles (Tables)
Inventories, Including Long-Term Mill And Leach Stockpiles - Additional Information (Details)
Inventories, Including Long-Term Mill And Leach Stockpiles - Schedule Of Inventory (Details)
Ticker: FCX
CIK: 831259
Form Type: 10-Q Quarterly Report
Accession Number: 0000831259-22-000043
Submitted to the SEC: Fri Aug 05 2022 3:11:09 PM EST
Accepted by the SEC: Fri Aug 05 2022
Period: Thursday, June 30, 2022
Industry: Metal Mining

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