Freeport-McMoRan Completes Acquisition of Deepwater Gulf of Mexico Interests
30 Juni 2014 - 6:30PM
Business Wire
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced
today that its oil and gas subsidiary, Freeport-McMoRan Oil &
Gas (FM O&G), has completed the previously announced
acquisition of certain of Apache Corporation’s (Apache) (NYSE,
Nasdaq: APA) interests in the Deepwater Gulf of Mexico (GOM).
Following the exercise of preferential purchase rights by other
working interest owners in the Lucius project, FM O&G acquired
for $919 million, 51.2% of Apache's 11.7% working interest in the
Lucius oil development project, 100% of Apache's 12.5% working
interest in the Heidelberg oil development project and several
exploration leases. Following closing and the interim
redetermination of equity ownership by the co-owners in the Lucius
field, FM O&G owns an approximate 25.1% working interest in
Lucius.
The Deepwater GOM acquisition was funded with proceeds from the
previously reported sale of FM O&G’s Eagle Ford Shale assets,
which closed on June 20, 2014. The estimated combined after-tax net
proceeds from these transactions approximate $1.8 billion. On June
23, 2014, FCX announced that it will redeem in July 2014
approximately $1.7 billion aggregate face amount of senior notes
with an average annual interest rate of approximately 6.6%.
FCX is a premier U.S.-based natural resources company with an
industry-leading global portfolio of mineral assets, significant
oil and gas resources and a growing production profile. FCX is the
world's largest publicly traded copper producer.
FCX's portfolio of assets includes the Grasberg minerals
district in Indonesia, one of the world's largest copper and gold
deposits; significant mining operations in the Americas, including
the large-scale Morenci minerals district in North America and the
Cerro Verde operation in South America; the Tenke Fungurume
minerals district in the Democratic Republic of Congo; and
significant oil and natural gas assets in North America, including
reserves in the Deepwater GOM, onshore and offshore California and
in the Haynesville natural gas shale play, and an industry-leading
position in the emerging shallow water Inboard Lower
Tertiary/Cretaceous natural gas trend on the Shelf of the GOM and
onshore in South Louisiana. Additional information about FCX is
available on FCX's website at "www.fcx.com."
Cautionary Statement Regarding Forward-Looking
Statements: This press release contains forward-looking
statements, which are all statements other than statements of
historical facts. The words “anticipates,” “may,” “can,” “plans,”
“believes,” "potential," “estimates,” “expects,” “projects”,
"targets," “intends,” “likely,” “will,” “should,” “to be,” and any
similar expressions are intended to identify those assertions as
forward-looking statements. FCX cautions readers that
forward-looking statements are not guarantees of future performance
and its actual results may differ materially from those
anticipated, projected or assumed in the forward-looking
statements. Important factors that can cause FCX's actual results
to differ materially from those anticipated in the forward-looking
statements include factors described in more detail under the
heading “Risk Factors” in FCX's Annual Report on Form 10-K for the
year ended December 31, 2013, filed with the U.S. Securities and
Exchange Commission.
Investors are cautioned that many of the assumptions on which
FCX's forward-looking statements are based are likely to change
after its forward-looking statements are made, including for
example commodity prices, which FCX cannot control, and production
volumes and costs, some aspects of which FCX may or may not be able
to control. Further, FCX may make changes to its business plans
that could or will affect its results. FCX cautions investors that
it does not intend to update forward-looking statements more
frequently than quarterly notwithstanding any changes in FCX's
assumptions, changes in business plans, actual experience or other
changes, and FCX undertakes no obligation to update any
forward-looking statements.
Freeport-McMoRan Copper & Gold Inc.Financial
Contacts:Kathleen L. Quirk,
602-366-8016orDavid P. Joint,
504-582-4203orMedia Contact:Eric E. Kinneberg,
602-366-7994
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