Net income attributable to common stock totaled $482 million, $0.46 per share, for second-quarter 2014, compared with net income of $482 million, $0.49 per share, for second-quarter 2013. Net income attributable to common stock for the first six months of 2014 totaled $992 million, $0.95 per share, compared with $1.1 billion, $1.17 per share, for the first six months of 2013.

Consolidated sales for second-quarter 2014 totaled 968 million pounds of copper, 159 thousand ounces of gold, 25 million pounds of molybdenum and 16.0 million barrels of oil equivalents (MMBOE), compared with second-quarter 2013 sales of 951 million pounds of copper, 173 thousand ounces of gold, 23 million pounds of molybdenum and 5.0 MMBOE (reflecting oil and gas results beginning June 1, 2013).

Consolidated sales for the year 2014 are expected to approximate 4.1 billion pounds of copper, 1.3 million ounces of gold, 98 million pounds of molybdenum and 58.4 MMBOE, including 1.1 billion pounds of copper, 445 thousand ounces of gold, 23 million pounds of molybdenum and 12.2 MMBOE for third-quarter 2014.

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).

Consolidated unit net cash costs for second-quarter 2014 averaged $1.72 per pound of copper for mining operations (compared with $1.85 per pound of copper for second-quarter 2013) and $19.57 per barrel of oil equivalents (BOE) for oil and gas operations (compared with $16.58 per BOE for June 2013).

Operating cash flows totaled $1.4 billion (net of $364 million in working capital uses and changes in other tax payments) for second-quarter 2014, and $2.6 billion (net of $777 million in working capital uses and changes in other tax payments) for the first six months of 2014. Based on current sales volume and cost estimates and assuming average prices of $3.25 per pound for copper, $1,300 per ounce for gold, $12 per pound for molybdenum and $110 per barrel for Brent crude oil for the second half of 2014, operating cash flows are expected to approximate $6.8 billion (net of $0.6 billion of working capital uses and changes in other tax payments) for the year 2014.

Capital expenditures totaled $2.0 billion for second-quarter 2014 and $3.6 billion for the first six months of 2014, including $1.4 billion for major projects at mining operations and $1.5 billion for oil and gas operations. Capital expenditures are expected to approximate $7.6 billion for the year 2014, including $3.2 billion for major projects at mining operations and $3.4 billion for oil and gas operations.

In June 2014, FCX completed the sale of its Eagle Ford shale assets for $3.1 billion (before closing
adjustments) and acquired additional interests in the Deepwater Gulf of Mexico (GOM) for $0.9 billion.

At June 30, 2014, consolidated cash totaled $1.5 billion and consolidated debt totaled $20.3 billion. On July 23, 2014, FCX redeemed $1.7 billion of the aggregate face amount of senior notes.

The corporate name changed to Freeport-McMoRan Inc. effective July 14, 2014. The change simplifies the corporate name and better reflects FCX's expanded portfolio of assets.

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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. 

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