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EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc.

Freeport-Mcmoran Inc. · Sep 12, 2013 · 31 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

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  1. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 1
    EXPANDING RESOURCES CEO Energy-Power Conference James C. Flores Vice Chairman President & CEO, FM O&G September 12, 2013 www.fcx.com
  2. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 2
    EXPANDING RESOURCES FCX A Premier U.S. Based Natural Resource Company Worlds Largest Publicly Traded Copper Producer High-Quality U.S. Based Oil & Gas Assets Strong Margins & Cash Flows Visible and Predictable Organic Growth…
  3. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 3
    EXPANDING RESOURCES Completion of Oil & Gas Transactions Transactions Totaled 19 Billion PXP Closed May 31, 2013 MMR Closed June 3, 2013 FCX Financial Profile Pro Forma for O&G Transactions ( in billions) PF 2012 Revenues…
  4. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 4
    EXPANDING RESOURCES FCXs Global Footprint Major Operations & Development Projects North America1 All major mining assets majority-controlled and operated Reserves Cu 38.8 bn lbs Mo 2.7 bn lbs Copper Oil & Gas 688 MMBOE2 Sales…
  5. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 5
    EXPANDING RESOURCES Geographic & Commodity Mix (1) 2014 EBITDA North Mining America 75% 50% South America 17% Africa Oil & Gas Indonesia 7% 25% 26% (1) Based on 2014e EBITDA of 11 bn assuming annual pricing of…
  6. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 6
    EXPANDING RESOURCES Visible Organic Growth Mining Oil & Gas Targeting 5+ Billion Pounds Production Targeted to Double Annual Cu Production by 2015 Over Next 5 Years (37% Increase from 2012) Substantial Production Capacity…
  7. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 7
    EXPANDING RESOURCES Strong Margins and Cash Flow Average EBITDA (1,300 Gold, 10 Molybdenum & 100 Oil) 24 (US billions) 18 40% 2016e Increase 12 6 2014e/2015e Average 0 Cu 3.00/lb Cu 3.50/lb Cu 4.00/lb Average…
  8. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 8
    EXPANDING RESOURCES Committed to Balance Sheet Management Strong Track Record Reduce Debt to 12 Billion 6/30/2013 Balances Within 3 year Period ( in bns) Anticipate Continuing Current 20.5 Common Stock Dividend Rate: 1.25/Share…
  9. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 9
    EXPANDING RESOURCES Freeport-McMoRan Oil & Gas Key Strengths Large and Diverse Asset Base Positioned in Attractive U.S. Basins Strong Current Production with Visible & Financially Compelling Organic Growth High Margin Oil with…
  10. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 10
    EXPANDING RESOURCES Strong Brent & LLS Crude Oil Pricing 90% of FM O&G Revenues are from Oil/NGLs* 150 Brent and LLS Pricing per Bbl 125 100 75 50 25 Each 10/Bbl increase in Crude in 2014 would benefit FM O&G EBITDA…
  11. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 11
    EXPANDING RESOURCES SEC Oil & Gas Reserves & Production Mix Proved & Probable Reserves (1) 2H13e Production by Region 688 MMBOE 163 MBOE/d Other Other 3% 3% GOM GOM Shelf Shelf 8% 9% Deepwater Deepwater GOM GOM 32%…
  12. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 12
    EXPANDING RESOURCES Oil & Gas Operating Assets California Eagle Ford Deepwater Haynesville Long Established Oil Large Oil/Liquids Significant Current Significant Gas Production History Rich Resource Production with Resource (5+…
  13. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 13
    EXPANDING RESOURCES Strong Margins June 2013 Oil & Gas Margins by Region Haynesville/ Eagle Madden/ California Ford Other GOM Consolidated Operating Margin Realized Revenue per BOE 94.48 76.94 23.77 78.07 74.37 Cash Production…
  14. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 14
    EXPANDING RESOURCES Lucius Deepwater GOM Development Project Lucius Spar Spar Fabrication Complete Hull Successfully Delivered to GOM in 2Q13 6 Producer Wells have been Drilled Topsides Facilities 64% Complete Lucius Topside…
  15. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 15
    EXPANDING RESOURCES Oil & Gas Exploration Activities Lomond North Phobos Phobos Deepwater Deepwater GOM GOM Louisiana Lineham Creek Discovery Announced in April 2013 England Reviewing Data to Determine Future Plans Davy…
  16. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 16
    EXPANDING RESOURCES Significant Risked Resource Potential (MMBOE) 3,250 Resource Potential by Region Exploration International 25% Success Model 9% Eagle Ford California 5% 11% Development 75% Success 1,565 Model…
  17. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 17
    EXPANDING RESOURCES Deepwater Gulf Of Mexico Holstein Marlin Horn Mountain Capacity Capacity Capacity 113,500 BOPD 60,000 BOPD 75,000 BOPD 142,300 MCFD 235,000 MCFD 72,000 MCFD Truss SPAR: 149 ft. diameter Tension Leg…
  18. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 18
    EXPANDING RESOURCES Deepwater Infrastructure Provides Subsea Tieback Opportunities Texas Louisiana MARLIN HUB Breton Sound Main Main Pass S & E Add DORADO Pass West Cam PLATINUM Large Scale Infrastructure at SMI Eugene Isl.…
  19. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 19
    EXPANDING RESOURCES Near Term GOM Deepwater & Ultra-Deep Exploration Prospects Ultra-Deep (7 Prospects) LOMOND NORTH Texas Louisiana MARLIN HUB ENGLAND PLATINUMViosca Knoll CALICO JACK BARBOSA HORN MOUNTAIN Mississippi…
  20. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 20
    EXPANDING RESOURCES International Exploration Offshore Morocco Chevron Chariot Morocco Farm-in Opportunity 2.7mm Gross Acre Permit Area Right to Earn 52% WI FM O&G FM O&G to Operate Numerous Middle Miocene and Mazagan Permit…
  21. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 21
    EXPANDING RESOURCES Long-Term Production Growth Potential Operating Development Exploration 350 300 Exploration Risked 25% 250 MBOE/D 200 Development Risked 75% 150 100 Operating Unrisked & Including 3P…
  22. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 22
    EXPANDING RESOURCES EXPANDING RESOURCES Reference Slides
  23. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 23
    EXPANDING RESOURCES 2013 Outlook Sales Outlook: Copper: 4.1 Billion lbs. Gold: 1.1 Million ozs. Molybdenum: 92 Million lbs. Oil Equivalents(1): 35 MMBOE (65% Oil) Unit Cost (2): 1.58/lb of Copper in 2013e 19/BOE Operating…
  24. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 24
    EXPANDING RESOURCES Production Profile Gold Sales (million ozs) Copper Sales (billion lbs) 2 1.8 1.7 5.0+ 1.1 5 4.5 1 4.1 4 0 2013e ____________________ 2014e 2015e Note: Consolidated gold sales include approximately…
  25. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 25
    EXPANDING RESOURCES 2013e Quarterly Sales Gold Sales (thousand ozs) 400 400 330 Copper Sales (million lbs) 300 214 173 1,250 200 1,130 100 1,060 0 1,000 954 951 1Q13 ____________________ 2Q13 3Q13e 4Q13e Note:…
  26. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 26
    EXPANDING RESOURCES 2013e Operating Estimates 2013e Unit Production Costs (per pound of copper) North South America America Indonesia Africa Consolidated (3) Cash Unit Costs (1) Site Production & Delivery (2) 2.00 1.53 2.76 1.43…
  27. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 27
    EXPANDING RESOURCES Cost Reductions/Deferrals 2013e-2014e - 1.9 billion Capital Cost Reductions/Deferrals 1.4 billion Key Reductions/Deferrals El Abra Sulfolix leach pad to 2019 South America Miami smelter expansion (timing)…
  28. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 28
    EXPANDING RESOURCES 2nd Half 2013e Oil & Gas Operating Estimates Madden & Operating Cost: 1.35/Mcfe California Haynesville Pricing: NYMEX Operating Cost: 30/Bbl Pricing: Brent Based Gulf of Mexico Shelf/ Deepwater Operating…
  29. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 29
    EXPANDING RESOURCES Sensitivities (US millions) 2014e/2015e Operating Change EBITDA Cash Flow Copper: -/+ 0.10/lb 470 330 Molybdenum: -/+ 1.00/lb 80 65 Gold: -/+ 50/ounce 75 45 Oil Sales:(1) + 10/Bbl 405 340 - 10/Bbl (2)…
  30. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 30
    EXPANDING RESOURCES Capital Expenditures (1) (US billions) 8 6.5 6.7 6 5.5 Oil & Gas 2.7 2.9 1.5 (2) 4 Major Projects 2.3 (3) TOTAL 2.7 2.7 2 MINING 3.8 3.8 Other 4.0 (2) Mining 1.7 1.1 1.1 0 2013e 2014e 2015e (1)…
  31. EXPANDING RESOURCES CEO Energy Power Conference – Freeport-Mcmoran Inc. – slide 31
    EXPANDING RESOURCES Oil & Natural Gas Hedging Positions Oil Indexed to Brent 2H13 2014 2015 Puts Collars Unhedged Swaps 25k Bbls/d 5k Bbls/d 75k Bbls/d 30k Bbls/d 100 floor 90 floor 90 floor 95 floor 28% 40k Bbls/d 70 limit 70…

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