Freeport-McMoRan Completes Sale of Deepwater Gulf of Mexico Properties
December 15 2016 - 04:05PM
Business Wire
Freeport-McMoRan Inc. (NYSE: FCX) announced today that it has
completed the previously announced sale of its Deepwater Gulf of
Mexico (GOM) properties to Anadarko Petroleum Corporation (NYSE:
APC) for $2.0 billion in cash, before closing adjustments. In
connection with this transaction, FCX also settled a preferred
stock obligation with its consolidated subsidiary, Plains Offshore
Operations Inc., for $582 million.
Under the terms of the agreement, FCX has the right to receive
additional proceeds of up to $150 million, to be paid as Anadarko
realizes future cash flows in connection with a third-party
production handling agreement for the Marlin platform.
FCX expects to complete the previously announced sale of its
onshore California oil and gas properties before year-end 2016.
Following completion of this transaction, FCX’s portfolio of oil
and gas assets would include oil and natural gas production onshore
in South Louisiana and on the GOM Shelf, oil production offshore
California and natural gas production from the Madden area in
Central Wyoming. In third-quarter 2016, these properties produced
an average of 7 MBbls of oil and NGLs per day and 74 MMcf of
natural gas per day.
FCX is a leading international mining company with headquarters
in Phoenix, Arizona. FCX operates large, long-lived, geographically
diverse assets with significant proven and probable reserves of
copper, gold and molybdenum. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20161215006382/en/
Freeport-McMoRan Inc.Financial
Contacts:Kathleen L. Quirk,
602-366-8016orDavid P. Joint,
504-582-4203orMedia Contact:Eric E. Kinneberg,
602-366-7994
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