BN 08/27 20:43 *FREEPORT-MCMORAN SAYS MAINTAINS AN OPEN DIALOGUE WITH HOLDERS
BN 08/27 20:42 *FREEPORT-MCMORAN STATEMENT ON CARL ICAHN FILING
BN 08/27 20:42 *FREEPORT-MCMORAN STATEMENT ON CARL ICAHN FILING
Freeport-McMoRan Statement Regarding Carl Icahn Filing
2015-08-27 20:42:00.139 GMT
Freeport-McMoRan Statement Regarding Carl Icahn Filing
Business Wire
PHOENIX -- August 27, 2015
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.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20150827006025/en/
Contact:
Financial Contacts:
Freeport-McMoRan Inc.
Kathleen L. Quirk, 602-366-8016
or
David P. Joint, 504-582-4203
or
Media Contacts:
Freeport-McMoRan Inc.
Eric E. Kinneberg, 602-366-7994
or
Brunswick Group
Steve Lipin or Darren McDermott, 212-333-3810
-0- Aug/27/2015 20:42 GMT
2015-08-27 20:42:00.139 GMT
Freeport-McMoRan Statement Regarding Carl Icahn Filing
Business Wire
PHOENIX -- August 27, 2015
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.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20150827006025/en/
Contact:
Financial Contacts:
Freeport-McMoRan Inc.
Kathleen L. Quirk, 602-366-8016
or
David P. Joint, 504-582-4203
or
Media Contacts:
Freeport-McMoRan Inc.
Eric E. Kinneberg, 602-366-7994
or
Brunswick Group
Steve Lipin or Darren McDermott, 212-333-3810
-0- Aug/27/2015 20:42 GMT