By Chelsey Dulaney
U.S. copper miner Freeport-McMoRan Inc. said Tuesday that it has
slashed its quarterly dividend, citing lower commodity prices.
Freeport-McMoRan said it would pay out a dividend of five cents
on May 1, well below its previous dividend rate of about 31.25
cents.
Shares fell about 1.9% in premarket trading.
In January, the Phoenix-based company reported a steep
fourth-quarter loss and reneged on a previous debt-reduction target
because of falling commodity prices.
Freeport-McMoRan said it would respond to lower oil prices by
curbing spending on oil-and-gas projects in its recently expanded
energy business.
The company expanded into oil and gas with 2013 acquisitions of
energy explorers McMoRan Exploration and Plains Exploration
Production, in deals valued at $9 billion.
Still, Freeport-McMoRan has said plans to ramp up copper output
next year.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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