- Freeport McMoRan (NYSE:FCX) -5.5% premarket after missing expectations for Q4 earnings and saying that it has cut 2015 capital spending by $2B with the possibility of further cuts ahead.
- Says it is taking "aggressive actions" to defer or reduce capital spending, and is seeking third-party funding for much of its oil and gas expenditures "to maintain financial strength and flexibility" in response to the drop in oil prices.
- FCX says its Q4 copper sales fell to 972M lbs. from 1.14B lbs. in the year-ago quarter, primarily reflecting the sale of Candelaria in Nov. 2014 and lower sales from Cerro Verde and Indonesia, while gold sales fell to 377K oz. from 512K oz.
- Q4 average realized prices for copper fell 10.9% Y/Y, gold prices fell 2.2%, and oil prices declined 15.8% from a year earlier.