Reuters: Freeport McMoRan considering sale of California oil assets


Freeport McMoRan (FCX -1.6%) is approaching prospective buyers about selling its onshore oil wells in California, which could fetch as much as $5B, Reuters reports.

The potential buyers could include other oil companies as well as P-E firms, according to the report.

FCX has been actively pursuing asset sales in order to reduce debt, which totals more than $20B.

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Comments (2)
  • P. Dennis
    , contributor
    Comments (401) | Send Message
     
    Who might the potential buyers specifically be, and is there an investment opportunity associated with this......or are California's overarching eco-regulations enough to eliminate any potential upside?
    7 Aug 2014, 01:36 PM Reply Like
  • healthpicker
    , contributor
    Comments (1098) | Send Message
     
    They signaled this some time ago - they need the cash to help pay down the debt and further finance their "all in bet" on GOM assets.
    7 Aug 2014, 03:45 PM Reply Like
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