| Freeport-McMoRan selling assets for $3.1B | |
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PHOENIX (AP) -- Freeport-McMoRan Copper & Gold Inc. is selling its Eagle Ford Shale assets in Texas for $3.1 billion as it looks to lower its debt.
The buyer is a subsidiary of Encana Corp., a Canadian oil and natural gas company.
Freeport has been working on selling about $4 billion of its energy assets to help reduce debt and allow it to concentrate more on growth areas like the Gulf of Mexico. It anticipates getting net proceeds of about $2.5 billion from the latest deal.
The Phoenix-based copper and gold mining company said Wednesday that it expects to use approximately half the proceeds to repay outstanding debt. It foresees using the remainder of the proceeds to invest in assets in the Gulf of Mexico.
The deal is targeted to close by the second quarter's end.
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Freeport McMoRan Copper and Gold Inc.
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PRODUCER |
CODE : FCX |
ISIN : US35671D8570 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Freeport McMoran is a copper and gold producing company based in United states of america. Freeport McMoran produces copper, gold, cobalt, molybdenum and silver in Chile, in Congo Dem. Rep. of, in Indonesia and in Peru, develops copper in Peru, and holds various exploration projects in Chile. Its main assets in production are CANDELARIA, EL ABRA, CHINO - MILL, HENDERSON, MIAMI - ROM LEACH, MORENCI - MILL, OJOS DEL SALADO, MORENCI and MORENCI - ROM LEACH in Chile, GRASBERG, SIERRITA and BAGDAD in Indonesia, TENKE FUNGURUME and TYRONE in Congo Dem. Rep. of and CERRO VERDE in Peru, its main asset in development is SAFFORD in Peru and its main exploration properties are BAGDAD - ROM LEACH and CHINO - ROM LEACH in Peru and CERRO VERDE - MILL, CERRO VERDE - CRUSHED LEACH, CERRO VERDE - ROM LEACH, EL ABRA - ROM LEACH and CLIMAX in Chile. Freeport McMoran is listed in Germany and in United States of America. Its market capitalisation is US$ 57.9 billions as of today (€ 52.1 billions). Its stock quote reached its lowest recent point on March 06, 2020 at US$ 10.00, and its highest recent level on September 06, 2024 at US$ 40.00. Freeport McMoran has 1 448 000 000 shares outstanding. |