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(AP Photo/Matthew Brown)
Freeport-McMoRan may get rid of its oil and gas business.
In a release on Tuesday, the company said it was considering spinning off its oil and gas business to shareholders.
The goal is to focus on its core copper business and be able to fund that with its own cash and resources, relying less on debt.
It also announced it was reducing the size of its board to nine members from 16.
Commodity prices have been slammed this year, including copper, which fell to the lowest level in six years. Analysts said the fall in copper was due partly to concerns about China's economy and its demand appetite.
On Tuesday, West Texas Intermediate crude oil was down about 23% from year-to-date highs.
The company said: "While taking prudent near-term steps responsive to the currently weak market conditions, FCX remains confident about the longer-term outlook for copper prices based on the global demand and supply fundamentals. A primary objective will be a significant reduction over time of FCX's current debt level."
The stock rose as much as 4% in premarket trading. It is down 52% year-to-date.
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Freeport McMoRan Copper and Gold Inc.
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PRODUCTEUR |
CODE : FCX |
ISIN : US35671D8570 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Freeport McMoran est une société de production minière d'or et de cuivre basée aux Etats-Unis D'Amerique. Freeport McMoran est productrice d'or, de cuivre, d'argent, de cobalt et de molybdène au Chili, au Perou, en Indonesie et en Republique Democratique Du Congo, en développement de projets de cuivre au Perou, et détient divers projets d'exploration au Chili. Ses principaux projets en production sont CANDELARIA, EL ABRA, CHINO - MILL, HENDERSON, MIAMI - ROM LEACH, MORENCI - MILL, OJOS DEL SALADO, MORENCI et MORENCI - ROM LEACH au Chili, GRASBERG, SIERRITA et BAGDAD en Indonesie, TENKE FUNGURUME et TYRONE en Republique Democratique Du Congo et CERRO VERDE au Perou, son principal projet en développement est SAFFORD au Perou et ses principaux projets en exploration sont BAGDAD - ROM LEACH et CHINO - ROM LEACH au Perou et CERRO VERDE - MILL, CERRO VERDE - CRUSHED LEACH, CERRO VERDE - ROM LEACH, EL ABRA - ROM LEACH et CLIMAX au Chili. Freeport McMoran est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 73,1 milliards US$ (68,3 milliards €). La valeur de son action a atteint son plus bas niveau récent le 06 mars 2020 à 10,00 US$, et son plus haut niveau récent le 26 avril 2024 à 50,50 US$. Freeport McMoran possède 1 448 000 000 actions en circulation. |