During second-quarter 2013, FCX completed its $19 billion acquisitions of Plains Exploration & Production
Company (PXP) and McMoRan Exploration Co. (MMR), creating a premier U.S.-based natural resource
company. FCX's second-quarter 2013 financial results include PXP's operations beginning June 1, 2013, and
MMR's operations beginning June 4, 2013.
Net income attributable to common stock totaled $482 million, $0.49 per share for second-quarter 2013,
compared with net income of $710 million, $0.74 per share, for second-quarter 2012. Net income attributable to
common stock for the first six months of 2013 totaled $1.1 billion, $1.17 per share, compared with $1.5 billion,
$1.55 per share, for the first six months of 2012.

Consolidated sales for second-quarter 2013 totaled 951 million pounds of copper, 173 thousand ounces of gold,
23 million pounds of molybdenum and 5.0 million barrels of oil equivalents (MMBOE), reflecting results from
Freeport-McMoRan Oil & Gas (FM O&G) beginning June 1, 2013. For the year 2013, sales are expected to
approximate 4.1 billion pounds of copper, 1.1 million ounces of gold, 92 million pounds of molybdenum and 35
MMBOE (reflecting results for FM O&G beginning June 1, 2013).
Operating cash flows totaled $1.0 billion (including $235 million in working capital sources and changes in other
tax payments) for second-quarter 2013 and $1.9 billion (net of $195 million in working capital uses and changes
in other tax payments) for the first six months of 2013. Based on current sales volume and cost estimates and
assuming average prices of $3.15 per pound for copper, $1,300 per ounce for gold, $10 per pound of
molybdenum and $105 per barrel for Brent crude oil for the second half of 2013, operating cash flows for the year
2013 are expected to approximate $5.8 billion (net of $30 million of net working capital uses and other tax
Capital expenditures totaled $1.2 billion for second-quarter 2013 and $2.0 billion for the first six months of 2013.
Capital expenditures are expected to approximate $5.5 billion for the year 2013, including $2.3 billion for major
projects at mining operations and $1.5 billion for oil and gas operations for the period beginning June 1, 2013.
During second-quarter 2013, FCX took actions to reduce or defer capital expenditures and other costs, and
initiated efforts to identify potential asset sales to reduce debt and maintain financial strength and flexibility in
response to recent declines in metals prices. As a first step, FCX has reduced budgeted future capital
expenditures, exploration and other costs by a total of $1.9 billion in 2013 and 2014. FCX has also initiated a
process to divest certain oil and gas properties from its conventional Gulf of Mexico (GOM) Shelf properties. FCX
has a broad set of natural resource assets which provide many alternatives for future actions to enhance FCX's
financial flexibility and value for shareholders. Additional capital cost reductions and divestitures will be pursued
as required to maintain a strong balance sheet while preserving a strong resource position and portfolio of assets
with attractive long-term growth prospects.
At June 30, 2013, consolidated cash totaled $3.3 billion and consolidated debt totaled $21.2 billion, including
$0.7 billion of fair value adjustments to the stated value of assumed debt.
On May 31, 2013, FCX's Board of Directors declared a supplemental common stock dividend of $1.00 per
share, which was paid on July 1, 2013. This supplemental dividend, which totaled $1.0 billion, is in addition to
FCX's regular quarterly dividend of $0.3125 per share and is the eleventh supplemental dividend paid by FCX
since 2004, which have totaled $3.0 billion.

Live from Silver City

Join GCB Three Times Weekly Updates

Welcome to Three Times Weekly Updates! You will be subscribed to email notifications with links to recently posted articles.
You can unsubscribe anytime. We never share or rent your email to anyone.

Fire Alerts

Editor's Note

The Grant County Beat endeavors to post to the Elections page, under News, at the least, notices of candidates for Grant County races. Some candidates for statewide races have also sent their notices. 

The Beat continues to bring you new columnists.Recent additions  include the Christian Corner, for those who are already Christians or are exploring the beliefs.

The second is a business-centered column—Your Business Connection by the New Mexico Business Coalition. The group works to make policy in the state of New Mexico better for all businesses, large and small.

The Beat has a column for you gardeners out there. The Grant County Extension Service will bring you monthly columns on gardening issues. The first one posted is on Winterizing your houseplants and patio plants.

The Beat totally appreciates its readers!  


All articles and photos indicated by a byline are copyrighted to the author or photographer. You may not use any information found within the articles without asking permission AND giving attribution to the source. Photos can be requested and may incur a nominal fee for use personally or commercially.

Don't forget to tell advertisers that you saw their ad on the Beat.

Feel free to notify editor@grantcountybeat.com, if you notice any problems on the site. Your convenience is my desire for the Beat.

We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn advertising fees by advertising and linking to Amazon.com.

If you subscribe to the Join GCB Three Times Weekly Updates option on the left side of this page, you will be subscribed to email notifications with links to recently posted articles.

Note: This is another component that is in progress of going to a different software to make it easier for you to use and find classifieds that interest you. Check Out Classifieds. And look at Sponsors to see who is helping the Beat.

It's really easy to check to see if there's a classified ad. Just click on Classifieds in the blue menu and the page will open letting you know if there is a classified ad. Remember that your buying classified ads gives you a wide readership, as well as supporting the Beat. Post YOURS for quick results!

Note that if an article does not have a byline, it was sent to the Beat and written by someone not affiliated with the Beat

When you click on the blue and orange button on the upper left side of most pages, you will find out how you can help the Beat defray its expenses, which, with increased readership, continue to grow. You will arrive at a page that gives you options of how you can Help the Beat. All help is greatly appreciated and keeps the news you want and need coming into your browser.

Consider the Beat your DAILY newspaper for up-to-date information about Grant County. It's at your fingertips! One Click to Local News.

Thanks for your support for and your readership of Grant County's online news source—www.grantcountybeat.com