You are here: HomeNewsFront Page News ArticlesFCX Reports First-Quarter 2014 Results

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.


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

Twice lately, someone has used one of MY photos, TAKEN by ME, without attribution or payment to me or the Beat. Remember that ALL PHOTOS ON THE SITE ARE COPYRIGHTED BY THE PHOTOGRAPHER. All content is also automatically copyrighted to the creator, when it is posted. 

For all you non-profits out there who hold regular fundraisers and want to thank your supporters, the Beat has a new flat rate of $20 plus GRT for Thank You Ads, which are posted under Community. Thanks for supporting the Beat.

The Beat is very pleased and excited to announce that it has an intern, Alexis Rico, who is studying journalism at New Mexico State University. Please welcome her. We will be experimenting together on some new ways to provide the news to you. We look forward to your comments to This email address is being protected from spambots. You need JavaScript enabled to view it. .

Thanks for being a Beat reader!

The Beat thanks all of you who have become friends of the Beat by sponsoring pages.

We have added a new category under Sponsors on the menu—Local businesses. You and your business can benefit from the exposure by contacting the Beat at This email address is being protected from spambots. You need JavaScript enabled to view it. . Someone will contact you for an interview and to take photos. The cost for the sponsorship is $100, and you can continue the relationship by advertising your business for a longer term. The longer the term, the better the discount you receive.

The Beat is now posting legal notices for area governmental agencies. Check under the menu item Community to find Legals for what's happening in the area in the way of meetings and other legal notices.

You may have noticed a blue button on the upper left side of most pages. It says Sponsor GCBTo help defray ever-increasing costs of the Beat and to prevent the requirement for paid subscriptions, the Beat is asking you to choose an amount you want to pay on a one-time or regular basis to SPONSOR a page or feature that you rely on. 

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.

Comics are now available. As the editor, I chose my favorites first--B.C. and Wizard of Id. The Beat is seeking sponsors for these comics and for your favorites, too. Contact This email address is being protected from spambots. You need JavaScript enabled to view it.  for rates. 

Check Out Classifieds.

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!

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.

Go to top