PHOENIX--(BUSINESS WIRE)--Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced today that its
oil and gas subsidiary, Freeport-McMoRan Oil & Gas (FM O&G), has
completed its previously announced sale of its Eagle Ford Shale assets
to a subsidiary of Encana Corporation (Encana) (TSX, NYSE: ECA) for cash
consideration of $3.1 billion, before closing adjustments from the
effective date of April 1, 2014, through the closing date. The Eagle
Ford assets include all of FM O&G’s interests on approximately 45,500
net acres with estimated net proved reserves totaling 59 million barrels
of oil equivalents (BOE) and estimated net proved and probable reserves
of 69 million BOE at year-end 2013.
The company expects to complete the acquisition of interests in the
Deepwater Gulf of Mexico from Apache on June 30, 2014.
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
Democratic Republic of Congo; and significant oil and natural gas assets
in North America, including reserves in the Deepwater GOM, onshore and
offshore California and in the Haynesville shale play, and an
industry-leading position in the emerging shallow water Inboard Lower
Tertiary/Cretaceous natural gas trend on the Shelf of the GOM and
onshore in South Louisiana. Additional information about FCX is
available on FCX’s website at “www.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
expectations relating to completion of the pending transaction. The
words “anticipates,” “may,” “can,” “plans,” “believes,” “potential,”
“estimates,” “expects,” “projects”, “targets,” “intends,” “likely,”
“will,” “should,” “to be,” and any similar expressions are intended to
identify those assertions as forward-looking statements. FCX cautions
readers that forward-looking statements are not guarantees of future
performance and its 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 the ability of the parties to satisfy customary closing
conditions and consummate the proposed transaction 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, 2013, filed
with the U.S. Securities and Exchange Commission.
Investors are cautioned that many of the assumptions on which FCX’s
forward-looking statements are based are likely to change after its
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 or may not be able to control. Further, FCX may
make changes to its business plans that could or will 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.
Contacts
Freeport-McMoRan Copper & Gold Inc.
Financial Contacts:
Kathleen
L. Quirk, 602-366-8016
or
David P. Joint, 504-582-4203
or
Media
Contact:
Eric E. Kinneberg, 602-366-7994