Business
Freeport-McMoRan Reports Fourth-Quarter and Year Ended December 31, 2015 Results
PHOENIX--(BUSINESS WIRE -- Freeport-McMoRan Inc. (NYSE: FCX) reported a net loss attributable to common stock of $4.1 billion ($3.47 per share) for
About this update from Freeport-mcmoran, Inc.
[{"type":"text","content":"PHOENIX--(BUSINESS WIRE -- Freeport-McMoRan Inc. (NYSE: FCX) reported a net loss attributable to common stock of $4.1 billion ($3.47 per share) for fourth-quarter 2015 and $12.2 billion ($11.31 per share) for the year 2015, compared with a net loss of $2.9 billion ($2.75 per share) for fourth-quarter 2014 and $1.3 billion ($1.26 per share) for the year 2014. FCX’s net loss attributable to common stock included net charges totaling $4.1 billion ($3.45 per share) in fourth-quarter 2015, $12.1 billion ($11.23 per share) for the year 2015, $3.1 billion ($3.01 per share) in fourth-quarter 2014 and $3.35 billion ($3.23 per share) for the year 2014, primarily for the reduction of the carrying value of oil and gas properties and other items described in the supplemental schedule, \"Adjusted Net (Loss) Income,\" on page IX, which is available on FCX's website, \"fcx.com.\" Richard C. Adkerson, President and Chief Executive Officer, said, \"As we enter 2016, our clear and immediate objective is to restore FCX’s balance sheet and position the Company appropriately to enhance shareholder value in the current market environment. We are responding swiftly and decisively to achieve this objective. Our high-quality asset base provides opportunities for significant debt reduction while retaining a substantial business with attractive low-cost, long-lived reserves and resources that will enable our shareholders to benefit from improved conditions in the future. We achieved several important operational milestones during the fourth quarter while taking aggressive actions to adjust our plans in response to the decline in prices for our primary products.” Net loss attributable to common stock totaled $4.1 billion, $3.47 per share, for fourth-quarter 2015 and $12.2 billion, $11.31 per share, for the year 2015. After adjusting for net charges totaling $4.1 billion, $3.45 per share, for fourth-quarter 2015 and $12.1 billion, $11.23 per share, for the year 2015, adjusted net loss totaled $21 million, $0.02 per share, for fourth-quarter 2015 and $89 million, $0.08 per share, for the year 2015. Consolidated sales totaled 1.15 billion pounds of copper, 338 thousand ounces of gold, 20 million pounds of molybdenum and 13.2 million barrels of oil equivalents (MMBOE) for fourth-quarter 2015 and 4.07 billion pounds of copper, 1.25 million ounces of gold, 8...