Tue, Jan. 27, 9:17 AM
- 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.
Tue, Jan. 27, 8:03 AM| 1 Comment
Mon, Jan. 26, 5:30 PM
Oct. 28, 2014, 10:59 AM
- Freeport McMoRan (FCX -4.4%) said in its Q3 earnings report that output is down at its Grasberg copper and gold complex in Indonesia after employees failed to report for work following a fatal accident last month.
- A “large percentage” of Grasberg open-pit operators have not reported to their scheduled shifts, resulting in reduced production during October, FCX said today.
- FCX sold 258M lbs. of copper and 505K oz. of gold from its Indonesian operations in Q3, but a government official says production at Grasberg already may be at only 60%-70% of capacity as a result of stoppages.
Oct. 28, 2014, 8:53 AM
- Freeport McMoRan (NYSE:FCX) -1.1% premarket after reporting a 32% Y/Y drop in Q3 earnings, hurt by lower prices for copper, gold and oil, but results beat analyst estimates.
- Q3 sales totaled 1.08B lbs. of copper, 525K oz. of gold and 12.5M boe, compared with year-ago Q3 sales of 1.04B lbs. of copper, 305K oz. of gold and 16.5M boe; average Q3 selling prices fell 4.9% for copper, 8.2% for gold and 15% for oil.
- For full-year 2014, sales are forecast at 3.9B lbs. of copper, 1.2M oz. of gold and 56.2M boe, including forecast Q4 sales of 1B lbs. of copper, 350K oz. of gold and 11.5M boe.
Oct. 28, 2014, 8:06 AM
Oct. 27, 2014, 5:30 PM
- ACI, AET, AGCO, AIXG, ALR, AME, AMTD, AN, AXE, BP, CAS, CIT, CMI, CNC, CNX, COH, CPLA, CRY, CVLT, CYNO, DD, DIN, ECL, ENTG, FCX, FDP, FLWS, FMER, GLPI, GLW, HCA, HMC, HOT, HRS, ICON, IIVI, IPGP, LH, MDSO, MLM, MMC, MSM, MSO, MWV, NBL, NCI, NVS, PCAR, PCG, PES, PFE, PH, POR, RDWR, SAIA, SAVE, SCHN, SCOR, SHW, SIRI, SNCR, ST, SYRG, TECH, TKR, TRW, TTS, TWI, UBS, UTHR, VDSI, VRTS, VSH, WAB, WHR, XYL
Jul. 23, 2014, 9:17 AM
- Freeport McMoRan (NYSE:FCX) posted lower than expected Q2 earnings but revenues rose 28% and beat expectations, lifted in part by its entry into the oil and gas business.
- Q2 copper sales rose 1.8% Y/Y, and gold sales fell 8%, while FCX sold 16M boe, up from 5M last year which only included one month of operations.
- Average realized prices for copper and gold fell from a year earlier.
- Cash production costs for oil and gas operations of $19.57/boe were higher than the $16.58/boe a year ago mostly because of higher operating costs in California.
- Says it expects to sign a deal with the Indonesian government “imminently” to resume exports of partly processed ore from the country, where it operates its Grasberg mine.
- FCX -0.3% premarket.
Jul. 23, 2014, 8:03 AM| Comment!
Jul. 22, 2014, 5:30 PM
Apr. 24, 2014, 9:16 AM
- Freeport McMoRan (FCX) +2% premarket after Q1 earnings fell 21% Y/Y, hurt by lower copper prices and higher costs, but results topped analyst expectations.
- FCX previously had raised its copper production despite weaker demand and lower prices, but output fell 3.3% during Q1 to 948M lbs., with average realized price/lb. falling to $3.14 from $3.51 a year earlier, partly due to the conflict with Indonesia's government that has halted its copper concentrate exports from the country.
- Total gold production also declined, falling 1.7% to 231K oz., with average realized price/oz. falling to $1,300 from $1,606.
- Gross margin narrowed to 25.7% from 33.5% as input costs rose 21% to $3.7B; capital spending totaled $1.61B, double the year-ago period, and FCX continues to expect $7B in capital spending for the year, up from $5.3B last year.
- FCX's oil and gas unit sold 16.1M boe, beating its forecast of 15.3M, primarily reflecting higher Eagle Ford production volumes.
Apr. 24, 2014, 8:03 AM| Comment!
Apr. 24, 2014, 12:05 AM
- AAL, ABC, AET, ALXN, AMAG, ASPS, AVT, AZN, BC, BHE, BKU, BMS, BTU, CAB, CAJ, CAM, CAT, CCE, CELG, CFX, CLFD, CLI, CMS, CNMD, COG, COR, CRR, CRS, CSH, CWEI, DFT, DGX, DHI, DLPH, DLX, DNKN, DO, DST, EQM, EQT, ETR, FAF, FCX, FNFG, GM, GMT, GPK, GTI, HOT, HP, HSY, IMAX, IVC, JBLU, KKR, LAD, LLY, LSTR, LTM, LUV, MDP, MHO, MJN, MMM, MO, NBL, NDAQ, NLSN, NTCT, NUE, NVS, NYT, ODFL, ORI, OSTK, PAG, PENN, PHM, POT, PTEN, RCL, RS, RTIX, RTN, RYL, SCG, SFE, SIAL, SILC, SIRI, SONS, SQNS, STC, SWK, TKR, TROW, TWC, TWI, UA, UAL, UFS, UPS, USG, UTEK, VDSI, VIVO, VLY, VZ, WCC, WM, WYN, YNDX, ZMH
Apr. 23, 2014, 5:30 PM
- AAL, ABC, AET, ALXN, AMAG, ASPS, AVT, AZN, BC, BHE, BKU, BMS, BTU, CAB, CAJ, CAM, CAT, CCE, CELG, CFX, CLFD, CLI, CMS, CNMD, COG, COR, CRR, CRS, CSH, CWEI, DFT, DGX, DHI, DLPH, DLX, DNKN, DO, DST, EQM, EQT, ETR, FAF, FCX, FNFG, GM, GMT, GPK, GTI, HOT, HP, HSY, IMAX, IVC, JBLU, KKR, LAD, LLY, LSTR, LTM, LUV, MDP, MHO, MJN, MMM, MO, NBL, NDAQ, NLSN, NTCT, NUE, NVS, NYT, ODFL, ORI, OSTK, PAG, PENN, PHM, POT, PTEN, RCL, RS, RTIX, RTN, RYL, SCG, SFE, SIAL, SILC, SIRI, SONS, SQNS, STC, SWK, TKR, TROW, TWC, TWI, UA, UAL, UFS, UPS, USG, UTEK, VDSI, VIVO, VLY, VZ, WCC, WM, WYN, YNDX,ZMH
Jan. 22, 2014, 8:49 AM
- Freeport McMoRan (FCX) -1.7% premarket as Q4 earnings drop to $0.68/share from $0.78/share a year ago and below analyst estimates, as copper and gold prices dropped.
- Revenue rose to $5.89B from $4.51B, boosted by the company's recent oil and gas acquisitions.
- Q4 consolidated copper sales of 1.14B lbs. were higher than year-ago Q4 sales of 972M lbs., reflecting improved volumes throughout FCX's global mining operations.
- Q4 consolidated gold sales of 512K oz. were more than double year-ago sales of 254K oz., reflecting higher ore grades and improved operating performance in Indonesia.
- Q4 consolidated average unit net cash costs for FCX's copper mines of $1.16/lb. were significantly lower than unit net cash costs of $1.54/lb. in Q4 2012, primarily reflecting higher copper and gold sales volumes and ongoing cost control efforts.
Jan. 22, 2014, 8:01 AM| Comment!
FCX vs. ETF Alternatives
Other News & PR