Freeport McMoRan – Oil & Gas 360

Elk Petroleum to Acquire Freeport-McMoRan’s Wyoming Gas and CO2 Production Assets

January 4, 2017

Elk secures second largest CO2 supply source in Wyoming for CO2 EOR; profitable production of ~3,400 BOEPD (20 MMSCFD+) Freeport-McMoRan has sold another group of oil and gas assets. Australia’s Elk Petroleum Ltd (ticker: ELK) has entered into a purchase and sale agreement with subsidiaries of Freeport-McMoRan Inc. (ticker: FCX) to acquire all of FCX’s interest in the Madden Gas Field,

Sentinel Peak Resources, Freeport-McMoRan Close Onshore California Deal

January 3, 2017

Sale takes FCX production down to 7,000 barrels of oil and NGLs, 74 MMcf of natural gas per day Privately held Sentinel Peak Resources LLC, which is based in Denver, has closed its previously announced acquisition of the onshore California assets of the oil and gas subsidiary of Freeport-McMoRan Inc. (ticker: FCX) for $592 million in cash, before closing adjustments, the companies announced

Freeport-McMoRan Sells another Chunk of its Oil & Gas Assets for $742 Million

October 14, 2016

Freeport-McMoRan severs its California onshore assets, price tied to Brent futures Freeport-McMoRan (ticker: FCX) announced today a purchase and sale agreement to sell its onshore California oil and gas properties to Sentinel Peak Resources California LLC for total consideration of $742 million, including contingent consideration. Under the terms of the agreement, FCX will receive cash consideration of $592 million at closing and additional consideration of $50 million per annum

BHP Billiton: Oil is Our Highest Margin Business

October 6, 2016

Mining giant BHP Billiton looks to capitalize on long-term oil market recovery —its highest margin business—with “value over volume” energy strategy Even as oil prices fight their way back to a $50 per barrel level and mining companies like Freeport McMoRan (ticker: FMX) look to exit oil and gas, miner BHP Billiton (ticker: BHP) says that it plans on oil

Anadarko to Buy All of Freeport McMoRan’s Gulf of Mexico Deepwater Assets for $2 Billion

September 14, 2016

Anadarko Deepwater GOM cash flow will fund Delaware, DJ growth In exchange for production of 80,000 net barrels of oil equivalent per day (BOEPD), Anadarko Petroleum (ticker: APC) will give Freeport McMoRan Oil & Gas Company (ticker: FCX) $2 billon in a deal that Anadarko calculates could deliver $3 billion of incremental free cash flow over the next five years to Anadarko

Freeport-McMoRan Cancels Oil and Gas IPO

May 23, 2016

The story surrounding Freeport-McMoRan’s (ticker: FCX) oil and gas assets continues to unfold as the mining giant announced last week that it would withdraw its registration to sell shares in the unit. “At this time the company has determined not to proceed with the initial public offering contemplated by the registration statement,” the company said in a filing. FCX initially

What will Happen to Freeport-McMoRan’s Oil & Gas Assets without Jim Flores?

May 16, 2016

“Having this kind of debt is a killer”: FCX’s CEO Adkerson – Q1’16 conference call Mining giant Freeport-McMoRan (ticker: FCX) is known internationally as the world’s largest copper miner—one that would be happy right now if it can sell its oil and gas assets for $3 billion cash, even though that price represents an 85% haircut from what the company originally

Freeport-McMoRan Looks to Sell Oil and Gas Arm for $3 Billion, Changes Chairman

December 28, 2015

Decision comes as Freeport-McMoRan faces falling oil, gas and copper prices U.S. mining company Freeport-McMoRan (ticker: FCX) is exploring potentially selling its oil and gas assets as the company faces lower profits from both oil and gas, as well as copper, which was responsible for 60% of the company’s profits in 2014. People familiar with the matter said Freeport-McMoRan has

Freeport McMoRan Announces Successful Production Test

March 9, 2015

The company said that its Highlander well produced 75 MMcf/d during production testing On February 20, 2015, Freeport McMoRan (ticker: FCX) announced the results of additional production testing on Freeport McMoRan Oil & Gas’s (FM O&G) Highlander discovery, located onshore South Louisiana. The production test indicated a flow rate of approximately 75 MMcf/d, approximately 37 MMcf/d net to FM O&G.

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