Exploration & Production
Freeport-McMoRan Mulling Sale of Stake in Oil Unit
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In its first quarter 2015 report, Freeport-McMoRan Inc. hinted that it is considering selling off a minority stake of its oil and gas subsidiary.
The sale would help the company lessen its debt as commodity prices continue to dampen operations worldwide.
An IPO of the subsidiary could take place as early as this year.
In its 1Q report, the company noted: "FCX has taken actions to reduce or defer capital expenditures and other costs and is evaluating funding alternatives to advance growth projects in its oil and gas business, including consideration of a sale of public equity for a minority interest in its oil and gas subsidiary. Additional capital cost reductions, potential additional divestitures or monetizations and other actions will be pursued as required to maintain a strong balance…
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