Freeport-McMoRan Statement Regarding Carl Icahn Filing
August 27 2015 - 4:42PM
Business Wire
After the close of the market on August 27, 2015, Carl Icahn
filed a Schedule 13D regarding the acquisition of interests in
Freeport-McMoRan Inc. (NYSE: FCX).
FCX maintains an open dialogue with our shareholders and
welcomes constructive input toward our common goal of enhancing
shareholder value.
Earlier today, FCX announced revised capital and operating plans
in response to the recent decline in commodity prices resulting in
reduced capital expenditures, lower production levels and lower
operating, administrative and exploration costs. Today’s actions,
along with the August 5, 2015 announcement of reduced oil and gas
capital expenditures, are the results of the previously announced
review of operating plans. The steps we are taking to reduce costs
and capital expenditures will strengthen our financial position
during a period of weak and uncertain markets and preserve our
large resource base for improved future market conditions.
Our high quality portfolio of long-lived assets, flexible
operating structure and experienced management team provide a solid
base to address the current market conditions while maintaining an
attractive portfolio of assets positioned for long-term
success.
FCX is a premier U.S.-based natural resources company with an
industry-leading global portfolio of mineral assets, significant
oil and gas resources and a growing production profile. FCX is the
world's largest publicly traded copper producer.
FCX's portfolio of assets includes the Grasberg minerals
district in Indonesia, one of the world's largest copper and gold
deposits; significant mining operations in the Americas, including
the large-scale Morenci minerals district in North America and the
Cerro Verde operation in South America; the Tenke Fungurume
minerals district in the DRC; and significant U.S. oil and natural
gas assets in the Deepwater GOM, onshore and offshore California
and in the Haynesville natural gas shale, and a position in the
Inboard Lower Tertiary/Cretaceous natural gas trend onshore in
South Louisiana. Additional information about FCX is available on
FCX's website at "fcx.com."
Cautionary Statement Regarding Forward-Looking
Statements: This press release contains forward-looking
statements, which are all statements other than statements of
historical facts, such as statements regarding targeted reductions
in capital spending and operating and administrative costs the
estimated impact of adjustments to mine plans and other factors on
projected production and sales volumes and unit costs, projected
operating cash flow, and future ability to pay dividends and repay
debt. The declaration of dividends is at the discretion of the
Board and will depend on FCX’s financial results, cash
requirements, future prospects, and other factors deemed relevant
by the Board.
FCX cautions readers that forward-looking statements are not
guarantees of future performance and actual results may differ
materially from those anticipated, projected or assumed in the
forward-looking statements. Important factors that can cause FCX's
actual results to differ materially from those anticipated in the
forward-looking statements include supply of and demand for, and
prices of copper, gold, molybdenum, cobalt, crude oil and natural
gas, mine sequencing, production rates, industry risks, regulatory
changes, political risks, drilling results, potential additional
oil and gas property impairment charges, potential additional LCM
inventory adjustments, potential impairment of long-lived mining
assets, the outcome of negotiations with the Indonesian government
regarding PT-FI's COW, PT-FI's ability to obtain renewal of its
export license after January 28, 2016, PT-FI’s ability to renew its
bi-annual labor agreement expiring in September 2015, PT Smelting's
ability to restart smelter operations as expected in September
2015, the potential effects of violence in Indonesia, the
resolution of administrative disputes in the DRC, weather- and
climate-related risks, labor relations, environmental risks,
litigation results and other factors described in more detail under
the heading “Risk Factors” in FCX's Annual Report on Form 10-K for
the year ended December 31, 2014, filed with the U.S. Securities
and Exchange Commission (SEC) as updated by FCX’s subsequent
filings with the SEC.
Investors are cautioned that many of the assumptions on which
FCX's forward-looking statements are based are likely to change
after the forward-looking statements are made, including for
example commodity prices, which FCX cannot control, and production
volumes and costs, some aspects of which FCX may not be able to
control. Further, FCX may make changes to its business plans that
could affect its results. FCX cautions investors that it does not
intend to update forward-looking statements more frequently than
quarterly notwithstanding any changes in FCX's assumptions, changes
in business plans, actual experience or other changes, and FCX
undertakes no obligation to update any forward-looking
statements.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150827006025/en/
Financial
Contacts:Freeport-McMoRan Inc.Kathleen L. Quirk,
602-366-8016orDavid P. Joint, 504-582-4203orMedia Contacts:Freeport-McMoRan Inc.Eric E.
Kinneberg, 602-366-7994orBrunswick GroupSteve Lipin or Darren
McDermott, 212-333-3810
Freeport McMoRan (NYSE:FCX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Freeport McMoRan (NYSE:FCX)
Historical Stock Chart
From Apr 2023 to Apr 2024