Freeport-McMoRan Reports Second-Quarter And Six-Month 2023 Results

Category: Front Page News Front Page News
Published: 20 July 2023 20 July 2023

To download a PDF of the release, please visit the following link: Freeport-McMoRan Reports Second-Quarter And Six-Month 2023 Result


[Editor's Note: This is the beginning of the article. For the full article, plus tables of summary financial results, please click the link above.]

PHOENIX, AZ, July 20, 2023 - Freeport-McMoRan Inc. (NYSE: FCX) reported second-quarter 2023 net income attributable to common stock of $343 million, $0.23 per share, and adjusted net income attributable to common stock of $500 million, $0.35 per share, after excluding net charges totaling $157 million, $0.11 per share, primarily associated with charges for an unfavorable tax ruling at Cerro Verde, adjustments to environmental obligations and an accrual of a potential administrative fine in Indonesia. For additional information, refer to the supplemental schedule, "Adjusted Net Income," on page VII.

  • Solid production performance

     

  • Strong balance sheet and financial flexibility

  • Positive outlook for cash flow generation to support continued organic growth and cash returns to shareholders

  • Net income attributable to common stock in second-quarter 2023 totaled $343 million, $0.23 per share, and adjusted net income attributable to common stock totaled $500 million, $0.35 per share, after excluding net charges totaling $157 million, $0.11 per share.

  • Consolidated production totaled 1.1 billion pounds of copper, 483 thousand ounces of gold and 21 million pounds of molybdenum in second-quarter 2023.

  • Consolidated sales totaled 1.0 billion pounds of copper, 495 thousand ounces of gold and 20 million pounds of molybdenum in second-quarter 2023. Second-quarter 2023 copper sales volumes were 3% below the April 2023 estimate, reflecting shipping delays in Indonesia associated with the renewal of PT Freeport Indonesia's (PT-FI) export license.

  • Consolidated sales for the year 2023 are expected to approximate 4.0 billion pounds of copper, 1.75 million ounces of gold and 79 million pounds of molybdenum, including 1.0 billion pounds of copper, 420 thousand ounces of gold and 20 million pounds of molybdenum in third-quarter 2023.

  • Average realized prices in second-quarter 2023 were $3.84 per pound for copper, $1,942 per ounce for gold and $24.27 per pound for molybdenum.

  • Average unit net cash costs in second-quarter 2023 were $1.47 per pound of copper. Unit net cash costs for the year 2023 are expected to average $1.55 per pound of copper.

  • Operating cash flows totaled $1.7 billion (including $0.2 billion of working capital and other sources) in second-quarter 2023. Based on current sales volume and cost estimates, and assuming average prices of $3.90 per pound for copper, $1,950 per ounce for gold and $20.00 per pound for molybdenum for the second half of 2023, operating cash flows are expected to approximate $6.4 billion for the year 2023.

  • Capital expenditures totaled $1.2 billion (including $0.4 billion for major mining projects and $0.5 billion for the Indonesia smelter projects) in second-quarter 2023. Capital expenditures for the year 2023 are expected to approximate $4.8 billion (including $2.0 billion for major mining projects and $1.6 billion for the Indonesia smelter projects).

  • At June 30, 2023, consolidated debt totaled $9.5 billion and consolidated cash and cash equivalents totaled $6.7 billion, resulting in net debt of $2.8 billion ($0.9 billion excluding net debt for the Indonesia smelter projects). Refer to the supplemental schedule, "Net Debt," on page IX.

Richard C. Adkerson, Chairman and Chief Executive Officer, said, "Our global team continues to execute our strategy and deliver strong results. During the second quarter, we achieved solid production performance, managed costs efficiently and advanced several important value-enhancing initiatives. As a leading supplier of copper with long-lived reserves, organic growth opportunities, a solid balance sheet and a proven track record for successful project development, we are positioned for a bright future for the benefit of all stakeholders."



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