By Tess Stynes
Freeport-McMoRan Oil & Gas Inc. filed plans for an initial
public offering of up to $100 million in common shares to fund a
capital program and for other purposes.
The company didn't provide further information about the number
of shares or pricing in its regulatory filing. The $100 million
figure is an estimate used to calculate registration fees and may
change.
The oil-and-gas explorer and producer is owned by mining and
energy company Freeport-McMoRan Inc. The IPO plans come roughly two
years after Freeport-McMoRan acquired Plains Exploration &
Production Company and McMoRan Exploration Co. in deals valued at a
combined $9 billion. The acquisitions provided the Phoenix-based
mining company with sizable assets in the then-booming U.S. oil-
and natural-gas-production business.
However in April, Freeport-McMoRan Inc. said it might spin off
part of its energy business after recording a hefty write-down in
that segment, which has been hit by slumping oil prices.
Freeport-McMoRan Inc., whose main business is still copper, also
has been hurt by sluggish prices.
Freeport-McMoRan Oil & Gas Inc. intends to apply for listing
on the New York Stock Exchange under the ticker symbol FMOG.
Write to Tess Stynes at tess.stynes@wsj.com
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