Freeport-McMoRan Inc. Reports Unaudited Consolidated Earnings and Production Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Financial Guidance for the Year 2016 and 2017
January 26, 2016 at 08:00 am
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Freeport-McMoRan Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported operating loss of $4,100 million, net loss of $4,094 million, net loss attributable to FCX common stock was $4,081 million or $3.47 diluted loss per share on revenues of $3,795 million against operating loss of $3,299 million, net loss of $2,735 million, net loss attributable to FCX common stock was $2,852 million or $2.75 diluted loss per share on revenues of $5,235 million for the same period a year ago. Operating cash flows totaled $612 million for fourth-quarter 2015. Capital expenditures totaled $1.3 billion for fourth-quarter of 2015 (including $0.6 billion for major projects at mining operations and $0.5 billion for oil and gas operations).
For the year, the company reported operating loss of $13,382 million, net loss of $12,089 million, net loss attributable to FCX common stock was $12,236 million or $11.31 diluted loss per share on revenues of $15,877 million against operating income of $97 million, net loss of $745 million, net loss attributable to FCX common stock was $1,308 million or $1.26 diluted loss per share on revenues of $21,438 million for the same period a year ago. Net cash provided by operating activities was $3,220 million against $5,631 million for the same period a year ago. Capital expenditures totaled $6.35 billion for the year 2015 (including $2.4 billion for major projects at mining operations and $3.0 billion for oil and gas operations).
For the quarter, the company reported copper production of 1,122 million of recoverable pounds against 998 million of recoverable pounds a year ago. Gold production was 350,000 of recoverable ounces against 368,000 of recoverable ounces a year ago. Molybdenum production was 20 million of recoverable pounds against 22 million of recoverable pounds a year ago.
For the year, the company reported copper production of 4,017 million of recoverable pounds against 3,904 million of recoverable pounds a year ago. Gold production was 1,257,000 of recoverable ounces against 1,214,000 of recoverable ounces a year ago. Molybdenum production was 92 million of recoverable pounds against 95 million of recoverable pounds a year ago.
The company estimates consolidated operating cash flows of $3.4 billion (net of approximately $0.6 billion in idle rig costs) and capital expenditures of $3.4 billion for the year 2016.
The company estimates consolidated operating cash flows of $3.5 billion (net of approximately $0.4 billion in idle rig costs) and capital expenditures of $2.3 billion for the year 2017.
Freeport-McMoRan Inc. specializes in the exploration and operation of copper and gold mines located primarily in the United States, Peru, Chile, Indonesia and Congo. Net sales break down by family of products as follows:
- copper (74.6%): refined copper and copper concentrates (4.1 billion ounces sold in 2023);
- gold (14.5%): 1,713,000 ounces sold;
- molybdenum (8.4%): 1.3 billion ounces sold;
- other (2.5%).
Net sales are distributed geographically as follows: the United States (31.8%), Switzerland (17.4%), Japan (15%), Spain (5.5%), Singapore (5.1%), China (4.7%), Indonesia (3.3%), Germany (3.1%), Chile (1.9%), the United Kingdom (0.7%), and other (11.5%).
Freeport-McMoRan Inc. Reports Unaudited Consolidated Earnings and Production Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Financial Guidance for the Year 2016 and 2017