Freeport-McMoRan beats by $0.06, beats on revs
Reports Q2 (Jun) earnings of $0.58 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus Estimate of $0.52; revenues rose 28.8% year/year to $5.52 bln vs the $5.31 bln consensus.
- Capital expenditures totaled $2.0 bln for second-quarter 2014
- Consolidated sales for second-quarter 2014 totaled 968 mln pounds of copper, 159 thousand ounces of gold, 25 mln pounds of molybdenum and 16.0 mln barrels of oil equivalents (MMBOE), compared with second-quarter 2013 sales of 951 mln pounds of copper, 173 thousand ounces of gold, 23 mln pounds of molybdenum and 5.0 MMBOE (reflecting oil and gas results beginning June 1, 2013.
- Average realized prices for second-quarter 2014 were $3.16 per pound for copper (compared with $3.17 per pound for second-quarter 2013), $1,296 per ounce for gold (compared with $1,322 per ounce for second-quarter 2013) and $95.50 per barrel for oil (net of $4.96 per barrel associated with payments on derivative contracts).
- Second-quarter 2014 sales from oil and gas operations of 16.0 MMBOE, including 11.7 mln barrels (MMBbls) of crude oil, 20.3 bln cubic feet (Bcf) of natural gas and 1.0 MMBbls of natural gas liquids (NGLs), were higher than the April 2014 estimate of 15.2 MMBOE primarily reflecting higher production volumes from Eagle Ford and the Deepwater GOM.
- Second-quarter 2014 volumes included 4.0 MMBOE of sales from the Eagle Ford field through June 19, 2014.
- Cash production costs for oil and gas operations of $19.57 per BOE in second-quarter 2014 were higher than cash production costs of $16.58 per BOE in June 2013 primarily because of higher operating costs in California.
- Based on current sales volume and cost estimates for the second half of 2014, cash production costs are expected to approximate $22 per BOE for the second half of 2014 and $20 per BOE for the year 2014.