FCX Freeport McMoRan Inc

   (FROM THE WALL STREET JOURNAL 1/27/16) 
   By Tess Stynes 

Freeport-McMoRan Inc. said it would step up its debt-reduction efforts in response to further weakening in commodities markets and that it is in talks with third parties regarding a potential transaction.

The Phoenix company, which is a major copper producer, also reported that its fourth-quarter loss widened amid another big write-down of its oil-and-gas business and slumping revenue.

Freeport said it would continue to focus on controlling costs and is considering asset sales and joint ventures, including the continuing review of options for its oil-and-gas business, as well as potential deals including certain mining assets as it aims to focus on copper.

Freeport has been cutting costs in response to declining metals prices and as falling energy prices have exposed an investment in oil and gas drilling.

Freeport, early last month, suspended its dividend and said it would further reduce its capital spending by $1 billion during the next two years.

Later in December, James R. Moffett, a wildcatter who built an empire from one of the world's biggest copper mines, said he was stepping down as the company's executive chairman. The move came months after billionaire Carl Icahn took an 8.5% stake in Freeport. The activist investor recently had a stake of roughly 8.7%, according to FactSet.

Freeport said Tuesday that although concerns about the global economy -- particularly China -- have hurt commodity prices, the company believes the market for copper essentially is balanced.

Overall, Freeport-McMoRan reported a loss of $4.09 billion, or $3.47 a share, compared with a year-earlier loss of $2.86 billion, or $2.75 a share.

(END) Dow Jones Newswires

January 27, 2016 02:47 ET (07:47 GMT)

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