Capital Markets | Capital Expenditure
Freeport-McMoRan Makes Further Budget Cuts; Talks 2016 Outlook
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Freeport-McMoRan Inc. has announced revised capital and operating plans resulting in reduced capital expenditures, lower production levels and lower operating, administrative and exploration costs.
Since late 2014, FCX has reduced its consolidated 2015 capital expenditure budget from $7.5 billion to $6.3 billion, including reductions of $700 million in oil and gas expenditures and $500 million in mining expenditures. After incorporating today’s announcements and the August 5, 2015 announcement of reduced oil and gas expenditures, capital expenditures for 2016 are expected to decline to a total of $4.0 billion, including $1.4 billion in mining projects, $0.6 billion in mining sustaining capital and $2.0 billion in oil and gas expenditures. The current 2016 capital estimate of $4.0 billion…
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