By Tess Stynes
Freeport-McMoRan Copper & Gold Inc. said its fourth-quarter
earnings fell 4.8%, despite higher revenue, as increased production
offset weaker average prices for copper and gold.
However, the company was hurt by negative oil-and-gas derivative
impacts and other one-time items.
The latest period included the second full quarter of results
from its recent acquisition of Plains Exploration & Production
Co. and McMoRan Exploration Co.--two oil companies with which it
has close ties.
Freeport-McMoRan reported a profit of $707 million, or 68 cents
a share, down from $743 million, or 78 cents a share, a year
earlier. The latest period included net charges of 16 cents a share
related to negative hedging impacts and other items. Revenue
increased 30% to $5.89 billion.
Analysts polled by Thomson Reuters expected per-share profit of
80 cents and revenue of $6.4 billion.
The company estimated 2014 capital spending at about $7 billion,
including $3 billion for major projects at its mining operations
and another $3 billion at its oil and gas business.
Freeport-McMoRan's capital spending in 2013 totaled $5.3
billion.
Write to Tess Stynes at tess.stynes@wsj.com
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