Freeport-McMoRan Declares Quarterly Cash Dividend on Common Stock
24 März 2015 - 1:00PM
Business Wire
Freeport-McMoRan Inc. (NYSE: FCX) announced today that it has
declared a cash dividend of $0.05 per share payable on May 1, 2015
to holders of record as of April 15, 2015 for its common stock.
FCX’s Board of Directors reduced the quarterly dividend from the
previous rate of $0.3125 per share in response to the impact of
lower commodity prices. FCX’s Board reviews its financial policy on
an ongoing basis and has a long-standing practice of distributing
cash to shareholders. The Board anticipates increasing cash returns
to shareholders as market and business conditions warrant.
James R. Moffett, Chairman of the Board; Richard C. Adkerson,
Vice Chairman, and FCX President and Chief Executive Officer; and
James C. Flores, Vice Chairman, and FM O&G President and Chief
Executive Officer, said, “The reduction in the dividend is a
prudent measure to strengthen our balance sheet during a period of
volatile market conditions. As previously announced, our plans
include significant reductions in capital spending and other costs
and we are evaluating funding opportunities for capital
expenditures in our oil and gas business. We will continue
to take steps to enhance our financial position and to preserve our
high quality resources for improved market conditions in the
future. We are optimistic about our business, long-term commodity
markets and the significant values embedded in our large-scale,
long-lived assets. We are committed to achieving our plans
to increase production volumes and to prudently manage capital
spending which will enable us to reduce debt over time and increase
future returns to shareholders.”
FCX has a broad set of natural resource assets that provides
many alternatives for future actions to enhance its financial
flexibility. Additional capital cost reductions, potential
additional divestitures or monetizations and other actions will be
pursued as required to maintain a strong balance sheet while
preserving a strong resource position and portfolio of assets with
attractive long-term growth prospects.
The declaration and payment of dividends is at the discretion of
the Board and will depend on the company's financial results, cash
requirements, future prospects, and other factors deemed relevant
by the Board.
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 Gulf of Mexico (GOM), onshore and
offshore California and in the Haynesville natural gas shale, 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 historical facts,
such as statements regarding timing and payment of dividends. The
declaration and payment of dividends is at the discretion of FCX's
Board of Directors and will depend on FCX's financial results, cash
requirements, future prospects, and other factors deemed relevant
by the Board. 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 commodity prices, production
rates, industry risks, regulatory changes, drilling results,
weather- and climate-related risks and other 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, 2014, filed with the
U.S. Securities and Exchange Commission (SEC) as updated by FCX’s
subsequent filings with the SEC.
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 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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