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
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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Source: Freeport-McMoRan Inc.