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Freeport-McMoRan to Defer Activity, Idle Drillships
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Freeport-McMoRan Inc. has reported its fourth quarter and year-end 2015 results.
Key Points: FM O&G is undertaking a near-term deferral of exploration and development activities by idling the three deepwater drillships it has under contract. FM O&G expects to incur idle rig costs associated with its drillship contracts totaling an estimated $0.6 billion in 2016 and $0.4 billion in 2017. To reduce debt: A 29 percent reduction in estimated 2016 capital expenditures, including idle rig costs (from $5.6 billion in July 2015 to $4.0 billion in January 2016) Debt Load: Freeport has $224 million in cash / cash equivalent, but carries a debt load of approximately $20 billion Capital Expenditures: $3.4 billion total ($1.5 billion for oil and gas activities) Approximately 85 percent of the 2016…- ✓ Full news archive — U.S., Canada & international coverage
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