Slide 1: Second Quarter 2013 Earnings Conference Call
FREEPORT- McMORAN =Val/ COPPER & GOLD, 2” Quarter 2013. Earnings, Gonrerence Gall uly 23, 2015.
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Pir Onr BLM BEAN EXPANDING RESOURCES Ga On aly Statenjent, REGa GING HOI Wald LOOKING Statements, This presentation contains forward-looking statements in which FCX discusses its potential future performance. Forward-looking statements are all statements other than statements of historical facts, su
Slide 3: 2Q13 Highlights
FREEPORT MICMORAN =v" COPPER @ GOLD) ZOUS PIGHIGHES, = Completed Oil & Gas Acquisitions - Results Reflect One Month Beginning in June - Strong Margins and Cash Flows = Strong Operating Performance in Americas and Africa = Copper and Gold Volumes and Unit Net Cash Costs Impacted by May 14* Accident a
Slide 4: Annual Shareholder Meeting
FREEPORT MICMORAN, CopPER® GoD) Annual Shareholder Meetung = Annual Meeting Held on July 16, 2013: + Election of Our 15 Director Nominees * Ratification of Appointment of Ernst & Young as Independent Auditor » Advisory Vote on Say on Pay — Did Not Receive Majority Vote — Board to Consider Shareholde
Slide 5: Recent Performance
FREEPORT: MICMORAN) COPPER) OUD) EXPANDING RESOURCES Recent Perrormance Performance Since 12/4/2012 12/31/2012 Commodities Copper (13%) (12%) Gold (22%) (20%) Molybdenum (19%) (21%) Nickel (20%) (18%) Aluminum (14%) (12%) Iron Ore +12% (10%) Met Coal Benchmark (15%) (12%) Brent Crude (2%) (3%) WTIOi
Slide 6: World Class Copper Resources
Worna Glass Copper, DISCOVEES ALE EXU CINCY Rare) Recoverable Copper Reserves Million metrictons 0 5 10 15 2 25 30 Escondida - Grasberg Complex- Grasbery Complex- Collahuasi - Chuquicamata - Cananea - ‘Antamina - El Teniente- Andina - KGHM Polish Copper - Pebble Project - Cerro Verde- ElTeniente- To
Slide 7: Management Team
FREEPOR EXPANDING RESOURCES COPPER} James R. Moffett Richard C. Adkerson James C. Flores Chairman of the Board Vice Chairman, Vice Chairman, President and CEO President and CEO of Oil & Gas Business
Slide 8: Financial Highlights
FREEPORT MICNIORAN) EXPANDING RESOURCES CoPPER & Golub) Financral FIGniignits, Sales Data 2013 Dpe Consolidated Volumes (mm Ibs) 954 927 Average Realization (per Ib) $3.17 $3.53 Site Production & Delivery Unit Costs (per Ib) $2.41 $2.04 Unit Net Cash Costs (per Ib) $1.85 $1.49 Consolidated Volumes (
Slide 9: Quarterly Operating Summary
FREEPORT MICMOR EXPANDING RESOURCES COPPER GOLD) 7 Vit. GUATLeEny InING) OPE alig Suniiialy, 2Q13 Unit Production Costs. (per pound of copper) North South . America America Indonesia“ Africa Consolidated Cash Unit Costs Site Production & Delivery $2.09 $1.62 $3.55 $1.47 $2.11 By-Product Credits (0.2
Slide 10: Oil & Gas Operating Summary
McMOR COPPER &GOUb) EXPANDING RESOURCES Orr ealy OW 4 G5 Os SUUMNALY ne 2013 Oil & Gas Margins by Region Haynesville/ Eagle Madden/ California Ford Other GOM Consolidated Operating Margi Realized Revenue per BOE $94.48 $76.94 $23.77 $78.07 $74.37 Cash Production Costs per BOE 30.98 12.79 6.91 14.07
Slide 11: Copper Market Commentary
FREEPORT MICMORAN, =|COPPER = GOUD) Gopper, Market Commentary = China Remains Important Demand Driver - Slower Growth - but on Larger Base = Continued Improvement in U.S. Demand - Automotive Continues to Show Strength - Housing Sector Recovery Continues = European Demand Remains Weak = Lack of Scrap
Slide 12: Capital Cost Reductions/Deferrals
N EXPANDING RESOURCES GOSURCGUCUONS/ DETEDL als, 201se-2014e — 51,9 Bion Capital Cost Reductions/Deferrals $1.4 billion Key Reductions/Deferrals * El Abra Sulfolix leach pad to 2019 ¢ Miami smelter expansion (timing) * Transmission line upgrades in Indonesia to 2016 * Certain facilities at Grasberg
Slide 13: Asset Sales
FREEPORT MICMORAN =v" COPPER @ GOLD) Asset Sales, = Initiated Plans to Divest Conventional Oil and Gas GOM Shelf Properties — Expected in 4Q 2013 = Broad Set of Assets Provides Many Alternatives for Actions to Further Enhance Flexibility and Value for Shareholders = Additional Capital Costs Reductio
Slide 14: Major Copper Expansion Projects
EXPANDING RESOURCES Tenke Fungurume Cerro Verde Morenci Phase II Expansion Mill Expansion Mill Expansion $0.9 billion* ~$4.4 billion $1.6 billion + Completed on time & within budget - Commenced construction in1Q13 + Construction in Progress + Incremental 150 mm lbs of copper + Completion expected in
Slide 15: Update on PT Freeport Indonesia
EXPANDING RESOURCES Update on Pi,Freeportindonesia May 14th Tunnel collapse in Training QMS Training Center ili (accident location) ae Facility open pi = 28 Fatalities & 10 Injuries Sudden ground failure in long-standing excavated area is unusual and unprecedented in PT-FI history Existence of ceili
Slide 16: Update on Grasberg
MICH Mivibs EXPANDING RESOURCES 0) Opaate on Grasverg. e Unusually low metal production in 2012 & 2013 compared with historical levels = Low ore grades = Suspension of operations in 2Q13 = Sequencing/timing of access of higher grade ore in Open Pit = Ramp-up of DOZ e Outlook for improving metal prod
Slide 17: Exploration Activities
EXPANDING RESOURCES XPlOLrauon MalrGecs, Ww Way a OL IMME al DISHICCS, 2013e 2014e $185 mm $130 mm 16% Indonesia Note: FOX's consolidated share; e = estimate. See Cautionary Statement. v7
Slide 18: California, Eagle Ford, Deepwater and Haynesville
California Eagle Ford * Long Established Oil Production History * Large Oil/Liquids Rich Resource * Strong Marginsand =~ Flexible Structure Cash Flows * Near-term: Managing for Cash Flows * Activities Focused on Maintaining Stable Production Deepwater Haynesville Lucius Development On Time & Budget
Slide 19: Ultra-Deep and Phobos Discovery
EXPANDING RESOURCES UG i.¢ Lomond North pes Louisiana entree k | * Davy Jones Blackbeard Area eae Je Ultra-Deep ° Industry Leading Position in Emerging Trend ° 2 Exploratory Wells Drilling Onshore South La. = Lineham Creek (36% WI) = Lomond North in Highlander Area (72% WI) ° Extensive Inventory of
Slide 20: 2013 Outlook
FREEPORT MICMORAN, CopPER® GoD) 2013 OutlooK. Sales Outlook: ° Copper: 4.1 Billion Ibs. © Gold: 1.1 Million ozs. e Molybdenum: 92 Million Ibs. © Oil Equivalents”: 35 MMBOE (~65% Oil) Unit Cost 2: © $1.58/Ib of Copper in 2013e ° $19/BOE Operating Cash Flows: « ~$5.8 Billion (@$3.15/Ib Copper in 2H13)
Slide 21: Production Profile
DAT -MICMIORAN) EXPANDING RESOURCES COPPER GOU0) Prodiuedon Lrolle Gold Sales (million ozs) Copper Sales (billion Ibs) 2 15 17 5.0+ 5 ' 4a 45 1 Al [ a aif Fi o = == ly 2013e 2014e 2015e Ta Celcaed po eles ince apgriatel 115 oa in 20430 10k cos in Ze and “ede cas fn 20tse for nonconcving re 3 Molybde
Slide 22: 2013e Operating Estimates
Passe dled: EXPANDING RESOURCES LSE Operaung ESUMAtes 2013e Unit Production Costs North South fer gown ofcoened America America Indonesia ___Africa__ Consolidated © Cash Unit Costs Site Production & Delivery — $2.00 $1.53 $2.76 $1.43 $1.94 By-product Credits (0.23) (0.27) (1.59) (0.26) (0.53) Treatm
Slide 23: EBITDA and Cash Flow at Various Copper Prices
EXPANDING RESOURCES EBL DATA Casi TFIOW at Various COpper ICES, Average ($1,300 Gok 524, (Ussbilons) ee eee. lll = | ~40% $12 2016e Increase $6 so Gn $2.00/1b Cu $3.50/Ib Cu $4.00/Ib Average Operating Cash Flow (excluding Working Capital changes) ($1,300 Gold, $10 Molybdenum & $100 Oil) $16 (ussbill
Slide 24: Sensitivities
EXPANDING RESOURCES a Sensitivities (US$ millions) 2014e/2015e Operating EBITDA Cash Flow Copper: -/+ $0.10/Ib $470 $330 Molybdenum: -/+ $1.00/Ib $80 $65 Gold: -/+ $50/ounce $75 $45 Oil Sales: + $10/bbl $405 $340 - $10/bbl 2 ($380) ($325) Oil Sales Net of Diesel Costs:@? + $10/bbI $320 $280 - $10/bb
Slide 25: Capital Expenditures
FREEPORT MCMORAN) COPPER|e GOUb) Gapital EXpenaitinest®) EXPANDING RESOURCES {USS billions) $8 4 $6.7 TOTAL j MINING 3.8 2014e 2015e 2013e () Capitalexpenditure estimates ndlide projects in progress. Project spending wil continue to be reviewed and revised subject to market conditions. Q) Estimate f
Slide 26: Balance Sheet Management
EXPANDING RESOURCES Gommnted TO) BAaIANCE HEEL Management, Strong Track Record Reduce Debt to $12 Billion 6/30/2013 Balances within 3 year period (G in bns) Strong Cash Flows and $20.5 Capital Discipline $17.2 Large Resource Base Ongoing Review of Divestitures Prepared to Respond to Varying Market C
Slide 27: Financial Policy
FREEPORT MICMORAN, =v" COPPER @ GOLD) Financial Polncy = Maintain Strong Balance Sheet & Liquidity Position - Achieve Targeted Debt Reductions Over Next 3 Years = Invest in Projects with Strong Financial Returns/Capital Discipline = Anticipate Continuing Current Common Stock Dividend Rate: $1.25/Sha
Slide 28: Summary
MICH Mivibs EXPANDING RESOURCES 0) SUMMary A Strong & Focused Organization Maximize Total Shareholder Returns | Strong Management of the Base [ + Operational Excellence * Achieve Production Targets + Effective Cost and Capital Management + Manage HS&E and Other Inherent Risks Return Driven Growth |
Slide 29: MIC MORAN|
FREEPORT MIC MORAN| COpPPER'= GoUD) EXPANDING RESOURCES
Slide 30: Quarterly Payable Metal Sales
FREEPORT-MCMORAN) EXPANDING RESOURCES COPPER e GoUp) 20ise Quarterly Payable Metal Sales, Gold Sales (thousand ozs) 400 400 330 Copper Sales (million Ibs) 300) a4 1,250 200 us 1,130 100 1,060 § P o a a be a 1,000 954 951 1Q13 2913 3Q13e aQize ' ‘ ‘Rote Consoidatadgold sales incude aporoxinatly 2k oz
Slide 31: Oil & Gas Operating Estimates
g eo pa EXPANDING RESOURCES Zeal 013 EV) //6iGas; Oper aungiesumates; Madden & Haynesville Operating Cost: $1.35/Mcfe California Pricing: NYMEX Operating Cost: $30/bbl Pricing: Brent Based Gulf of Mexico Shelf/ Deepwater \ J} operating Cost: $19/bbI Pricing: LLS/NYMEX Operating Cost: $14/bbl Pricing
Slide 32: Oil Hedging Positions
FREEPORT MCMORAN) EXPANDING RESOURCES CoPPEn 000) Collars Swaps 25k bbls/d WAS 75k bbls/d 30k bbls/d $100 floor Waeeiying $90 floor $95 floor 40kbbis/d $80 mit $70 fimit $70 mit $75 limit Unhedged, 28% @$109:23 $194 Ceing Esblxenry $5.74 ADP $6.09 ADP 5k bbls/d Puts A7kbbls/d 713k bbls/d 84k bbls/d
Slide 33: Capitalization Table
FREEPORT MICMORAN, CopPER® GoD) GapitalizauonWavie (US$ billions) 2013 Capitalization Amount % Rates Cash and Cash Equivalents © $33 - FX Revolver $ 0.0 0% 0.0% FOX Senior Notes & Term Loan 13.5 27% 3.0% FMC Senior Notes 04 1% 7.5% FM Oil & Gas Senior Notes @ 64 13% 7.0% Other Subsidiary Debt 0.2 0%
Slide 34: PT-FI Share of Metal Sales 2013e-2017e
= FREEPORT NICWIDRAN) EXPANDING RESOURCES PAT ATC Adil Pier oshdre Of Metal odes 20 lose 202Le. 2013e — 2017e PT-FI Share Total: 5.7 billion lbs copper WE copper, billion Ibs Annual Average: 1.14 billion Ibs fa Copper, Gold, million ozs 2013e — 2017e PT-FI Share 3.0 Total: 8.2 million ozs gold = Ann
Slide 35: be=lBy
be=lBy -=.s BOPEN A GOL)
Slide 36: Mining Sequence in 2013
[| RBEEPORT NICMIORAN, WS COPPER GOLD), AP Mining Sequence in 2013 \Gopper EquiValent Gross Secuion, 9Nand 9Sare the Pramary Ore Pushbacks in 2013, LEGEND 0.25 - 0.99% CuEq 1.00 - 1.99% CuEq fat 2.99% CuEq 00% CuEq
Slide 37: Mining Sequence in 2013
FREEPORT: MIcMORAN, |--vs COPPER |e GOL) ee : Mining Sequence in 2013 \Gopper EquiValent Gross Secuion, 9Nand 9S are the Pamary Ore Pushbacks in 2013; LEGEND 0.25 - 0.99% CuEq 1.00 - 1.99% CuEq
Slide 38: Mining Sequence in 2013
FREEPORT MICMORAN, =v" COPPER @ GOLD) Mining Sequence in 2013 ¢ ‘Copper equivalent. Gross Secuion eZ Grasberg Plan View 5 A
Slide 39: Mining Sequence in 2013
FREEPORT MICMORAN, =v" COPPER @ GOLD) Mining Sequence in 2013 ‘Copper equivalent. Gross Secuion md ss 9Nand 9S are the Pamary Ore Pushbacks in 2013; LEGEND 0.25 - 0.99% CuEq 1.00 - 1.99% CuEq
Slide 40: Mining Sequence in 2014
"_IFBEEPORT- MICMORAN XPANDING RESOURCES -=V5 (ORBERS GOUD) NDING R ICES Mining Sequence in 2014 \Gopper EquiValent Gross Secuion, 9Nand 9Sare the Primary Ore Pushbacks in 2014 Grasberg Plan View LEGEND 0.25 - 0.99% CuEq lM 1.00 - 1.99% CuEq fat 2.99% CuEq
Slide 41: Mining Sequence in 2015
FREEPORT NiCMORAN, XPAL — Mining Sequence in 2015 \Gopper EquiValent Gross Secuion, 9Nand 9S are the Primary Ore Pushbacks in 2015; Grasberg Plan View LEGEND 0.25 - 0.99% CuEq lM 1.00 - 1.99% CuEq fat 2.99% CuEq 00% CuEq
Slide 42: Mining Sequence in 2016
FREEPORT NiCMORAN, XPAL — Mining Sequence in 2016 < \Gopper EquiValent Gross Secuion, 2 981s the Primary Ore Pushbackin 2016; Grasberg Plan View
Slide 43: Life of Mine Production Sequencing
EXPANDING RESOURCES PITSCECPOLtANGONeSsIa, Life [Of SUN TLOGUCU OM SEGUENCING, Big Gossan 4.7605 Cu & 0.97 g/t Au 7 517mm mt Deep MLZ 0.84% Cu & 0.709/t Au 999mm mt 1.01% Cu & 0.78 g/t Au ag Lit 420 E Kucing Lar Orin int COW Term, including extensions j ; t t ; t t t t ; t t t t ; 2013 2015 2017 201