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Freeport-McMoRan Oil & Gas Divisition Restructures
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Freeport-McMoRan Inc. announced a new organizational structure for its subsidiary Freeport-McMoRan Oil & Gas (FM O&G). The changes are being undertaken to reduce costs, streamline functions and to enhance capital allocation across FCX’s global business in a manner consistent with FCX’s debt reduction initiatives.
Previous Developments Exploration of Company Sale - December 28, 2015In late 2015, the company retained Lazard Ltd. to advise on a possible sale of its entire oil & gas division or individual assets.
Following reports that the company was exploring a potential sale of the division, the company announced that its Chairman and co-founder James R. Moffett would step down from FCX’s Board of Directors and as Executive Chairman.
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