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Freeport-McMoRan to Chop 2016 Budget; Focuses on GOM
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Freeport-McMoRan Inc. has reported its third quarter 2015 results.
Revised Operating Plans & Oil and Gas ReviewDuring third-quarter 2015, FCX took aggressive actions to enhance the outlook for free cash flow generation at low commodity prices, including further reductions in capital spending, production curtailments at certain mining operations and actions to reduce operating, exploration and administrative costs.
These actions include:
A 29 percent reduction in estimated 2016 capital expenditures(from $5.6 billion to $4.0 billion), including: A 25 percent reduction in estimated mining capital expenditures (from $2.7 billion to $2.0 billion) A 30 percent reduction in estimated oil and gas capital expenditures (from $2.9 billion to $2.0 billion) Oil & Gas Operations Operating &…- ✓ Full news archive — U.S., Canada & international coverage
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