PHOENIX--(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.
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Source: Freeport-McMoRan Inc.