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FCX Reports First-Quarter 2014 Results

Freeport-McMoRan Copper & Gold Inc. Reports First-Quarter 2014 Results

· Net income attributable to common stock totaled $510 million, $0.49 per share, for first-quarter 2014, compared with net income of $648 million, $0.68 per share, for first-quarter 2013.

· Consolidated sales for first-quarter 2014 totaled 871 million pounds of copper, 187 thousand ounces of gold, 27 million pounds of molybdenum and 16.1 million barrels of oil equivalents (MMBOE), compared with 954 million pounds of copper, 214 thousand ounces of gold and 25 million pounds of molybdenum for first-quarter 2013.

· Consolidated sales for the year 2014 are expected to approximate 4.3 billion pounds of copper, 1.6 million ounces of gold, 97 million pounds of molybdenum and 64.2 MMBOE, including 1.1 billion pounds of copper, 320 thousand ounces of gold, 24 million pounds of molybdenum and 15.2 MMBOE for second-quarter 2014.

· Average realized prices for first-quarter 2014 were $3.14 per pound for copper compared with $3.51 per pound in first-quarter 2013), $1,300 per ounce for gold (compared with $1,606 per ounce in first-quarter 2013) and $93.76 per barrel for oil (net of $4.86 per barrel associated with payments on derivative contracts).

· Consolidated unit net cash costs for first-quarter 2014 averaged $1.54 per pound of copper for mining operations and $18.51 per BOE for oil and gas operations, compared with $1.57 per pound of copper for first-quarter 2013.

· Operating cash flows totaled $1.2 billion (net of $377 million in working capital uses and changes in other tax payments) for first-quarter 2014, compared with $831 million (net of $430 million in working capital uses and changes in other tax payments) for first-quarter 2013. Based on current sales volume and cost estimates and assuming average prices of $3.00 per pound for copper, $1,300 per ounce for gold, $10 per pound for molybdenum and $105 per barrel for Brent crude oil for the remainder of 2014, operating cash flows are expected to approximate $7.7 billion (including $0.1 billion of working capital sources and changes in other tax payments) for the year 2014.

· Capital expenditures totaled $1.6 billion for first-quarter 2014, including $0.7 billion for major projects at mining operations and $0.6 billion for oil and gas operations. Capital expenditures are expected to approximate $7 billion for the year 2014, including $3 billion for major projects at mining operations and $3 billion for oil and gas operations.

· At March 31, 2014, consolidated cash totaled $1.4 billion and consolidated debt totaled $20.9 billion.

· FCX continues to target significant reductions in debt by the end of 2016 using cash flows generated above capital expenditures and other cash requirements. FCX will seek opportunities to accelerate its deleveraging plans through potential asset sales, joint venture transactions or other monetizations and is engaged in discussions with a number of third parties to achieve this objective. FCX may also take additional steps to reduce or defer capital spending and other costs in response to market conditions.

 

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