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

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Freeport-McMoRan, Inc

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CIK: 831259 Ticker: FCX

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Freeport-McMoRan
Reports Third-Quarter and Nine-Month 2022 Results
•Strong production performance; copper and gold sales volumes above July 2022 guidance
•Unit net cash costs were 5% above July 2022 guidance
•Solid balance sheet, liquidity and financial flexibility
•Significant debt retirements through open-market transactions
•Published updated climate report
▪Net income attributable to common stock in third-quarter 2022 totaled $404 million, $0.28 per share, and adjusted net income attributable to common stock totaled $375 million, $0.26 per share, after excluding net credits totaling $29 million, $0.02 per share.
▪Consolidated sales totaled 1.1 billion pounds of copper, 480 thousand ounces of gold and 17 million pounds of molybdenum in third-quarter 2022. Consolidated sales for the year 2022 are expected to approximate 4.2 billion pounds of copper, 1.8 million ounces of gold and 76 million pounds of molybdenum, including 1.0 billion pounds of copper, 420 thousand ounces of gold and 20 million pounds of molybdenum in fourth-quarter 2022.
▪Average realized prices in third-quarter 2022 were $3.50 per pound for copper, $1,683 per ounce for gold and $17.05 per pound for molybdenum.
▪Average unit net cash costs in third-quarter 2022 were $1.75 per pound of copper and are expected to average $1.55 per pound of copper for the year 2022.
▪Operating cash flows totaled $0.8 billion (net of $0.3 billion of working capital and other uses) in third-quarter 2022 and $4.1 billion (net of $1.0 billion of working capital and other uses) for the first nine months of 2022. Based on current sales volume and cost estimates, and assuming average fourth-quarter 2022 prices of $3.50 per pound for copper, $1,700 per ounce for gold and $18.00 per pound for molybdenum, operating cash flows are expected to approximate $4.7 billion (net of $1.4 billion of working capital and other uses) for the year 2022.
▪Capital expenditures totaled $0.8 billion (including $0.4 billion for major mining projects and $0.2 billion for the Indonesia smelter projects) in third-quarter 2022 and $2.4 billion (including $1.2 billion for major mining projects and $0.5 billion for the Indonesia smelter projects) for the first nine months of 2022. Capital expenditures for the year 2022 are expected to approximate $3.6 billion ($2.7 billion excluding the Indonesia smelter projects, including $1.8 billion for major mining projects).
▪FCX has purchased approximately $1.1 billion aggregate principal amount of its senior notes in open-market transactions during 2022 (through October 19, 2022) for a total cost of $1.0 billion (including $402 million aggregate principal amount in third-quarter 2022).
▪At September 30, 2022, consolidated debt totaled $10.7 billion and consolidated cash and cash equivalents totaled $8.6 billion, resulting in net debt of $2.1 billion ($1.3 billion excluding net debt for the Indonesia smelter projects). Refer to the supplemental schedule, "Net Debt," on page IX.
▪Approximately $3.2 billion remains available under FCX's $5.0 billion share repurchase program. During 2022, 35.1 million shares have been repurchased for $1.3 billion, with no shares repurchased since July 11, 2022. Future share repurchases will be funded with available cash flow pursuant to FCX's established financial policy.
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The following information was filed by Freeport-McMoRan, Inc (FCX) on Thursday, October 20, 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)
Contingencies And Commitments
Contingencies And Commitments - Asset Retirement Obligations (Details)
Contingencies And Commitments - Litigation (Details)
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
Earnings Per Share (Details)
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
Financial Instruments (Tables)
Financial Instruments - Derivative (Details)
Financial Instruments - Unrealized Gains Losses (Details)
Financial Instruments - Unsettled Derivatives (Details)
General Information
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: 0000831259-22-000049
Submitted to the SEC: Fri Nov 04 2022 3:13:35 PM EST
Accepted by the SEC: Fri Nov 04 2022
Period: Friday, September 30, 2022
Industry: Metal Mining

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