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View Annual Report PROVING OUR METTLE 2015 Annual Report Freeport-McMoRan Inc. (FCX) is a natural resources company with headquarters in Phoenix, Arizona. FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold, molybdenum, cobalt, oil and natural gas. FCX is the world’s largest publicly traded copper producer, the world’s largest producer of molybdenum, and a significant gold, oil and natural gas producer. FCX’s portfolio of metal assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; significant mining operations in North and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru; and the Tenke Fungurume minerals district in the Democratic Republic of Congo. FCX’s portfolio of oil and natural gas assets includes growth potential in the Deepwater Gulf of Mexico, established oil production facilities onshore and offshore California, large onshore natural gas resources in the Haynesville shale in Louisiana, natural gas production from the Madden area in central Wyoming, and a position in the Inboard Lower Tertiary/Cretaceous natural gas trend onshore in South Louisiana. During 2015, FCX took actions to enhance its financial position in response to lower market prices for its primary commodities. Current market conditions and uncertainty about the timing of economic and commodity price recovery requires FCX to continue taking actions to strengthen its financial position, reduce debt and re-focus its portfolio of assets. FCX’s business strategy is focused on its position as a leading global copper producer. FCX will continue to manage its production activities, spending on capital projects and operations, and the administration of the business to enhance cash flows. Additional information about FCX is available at fcx.com. SUMMARY FINANCIAL HIGHLIGHTS YEARS ENDED DECEMBER 31, 2015 2014 2013 2012 2011 (In millions, except per share amounts) Revenues $ 15,877 $ 21,438 $ 20,921 $ 1 8,010 $ 20,880 Operating (loss) income (13,382)* 97* 5,351 5,814 9,140 Net (loss) income attributable to FCX common stockholders (12,236)* (1, 308)* 2,658 3,041 4,560 Diluted net (loss) income per common share (11.31)* (1. 26)* 2.64 3.19 4.78 Dividends declared per common share 0.2605 1.25 2.25 1.25 1.50 Operating cash flows 3,220 5,631 6,139 3,774 6,620 Capital expenditures 6,353 7,215 5,286 3,494 2,534 At December 31: Cash and cash equivalents 224 464 1,985 3,705 4,822 Total assets 46,577 58,674 63,385 35,421 32,038 Total debt, including current portion 20,428 18,849 20,618 3,508 3,505 Total stockholders’ equity 7,828 18,287 20,934 17,543 15,642 Includes charges to reduce the carrying value of oil and gas properties totaling $13.1 billion ($11.6 billion to net loss * attributable to common stockholders or $10.72 per share) in 2015 and $3.7 billion ($2.3 billion to net loss attributable to common stockholders or $2.24 per share) in 2014. NORTH AMERICA SOUTH AMERICA INDONESIA AFRICA MORENCI CERRO VERDE GRASBERG TENKE FUNGURUME PROVING OUR METTLE The people of Freeport-McMoRan, who provide vital resources to the global economy, are united in a spirit of resolve to execute our TABLE OF business plans in a volatile market. CONTENTS 2 Our positive long-term view of our Operations 4 Letter to Our Shareholders industry is underpinned by our 6 Operational Overview 13 portfolio of exceptional assets, Reserves 14 including the four world-class Financial Performance 15 copper mines pictured above. Sustainable Development 16 Board of Directors and Management 17 Financial and Operating Information 136 Performance Graph 137 Stockholder Information 2015 ANNUAL REPORT 1 OPERATIONS Madden, Wyoming Henderson, Colorado California Climax, Colorado Haynesville, Louisiana Gulf of Mexico Shelf Deepwater Gulf of Mexico Morenci, Arizona Tyrone, New Mexico Sierrita, Arizona Chino, New Mexico Bagdad, Arizona Safford, Arizona Miami, Arizona Cerro Verde, Peru El Abra, Chile MINING NORTH AMERICA SOUTH AMERICA INDONESIA AFRICA CONSOLIDATED TOTALS RESERVES Cu 33.5 billion lbs Cu 30.8 billion lbs Cu 28.0 billion lbs Cu 7.2 billion lbs Cu 99.5 billion lbs AT Au 0.3 million ozs Mo 0.67 billion lbs Au 26.8 million ozs Co 0.9 billion lbs Au 27.1 million ozs 12/31/15 Mo 2.38 billion lbs Mo 3.05 billion lbs Co 0.9 billion lbs 2015 Cu 2.0 billion lbs Cu 0.9 billion lbs Cu 0.7 billion lbs Cu 0.5 billion lbs Cu 4.1 billion lbs SALES Mo 89 million lbs Au 1.2 million ozs Co 35 million lbs Au million ozs * 1.25 Mo 89 million lbs Co 35 million lbs Includes sales of molybdenum produced at FCX’s North and South America copper mines. * Note: lbs=pounds; ozs=ounces; MMBbls=million barrels; Bcf=billion cubic feet; MMBOE=million barrels of oil equivalents. 2 FREEPORT-MCMORAN OPERATIONS Grasberg, Indonesia Tenke Fungurume, Democratic Republic of Congo Copper (Cu) OIL AND GAS UNITED STATES Gold (Au) Oil MMBbls 310 Molybdenum (Mo) Natural Gas 350 Bcf Natural Gas Liquids 14 MMBbls Cobalt (Co) MMBOE 381 Oil Oil 35.3 MMBbls Natural Gas 89.7 Bcf Natural Gas Natural Gas Liquids 2.4 MMBbls MMBOE 52.6 2015 ANNUAL REPORT 3 TO OUR SHAREHOLDERS “Proving our Mettle” captures our resolve to execute our clearly defined the mine to be a major large-scale producer for decades. In Indonesia, plan and to position Freeport-McMoRan for long-term success. We we received important assurances from the Government of Indonesia are positive and optimistic about our company’s long-term future, regarding our long-term operating rights. And in Africa, exploration underpinned by a portfolio of exceptional assets and a highly motivated results at our Tenke Fungurume mine continue to indicate opportunities management team and workforce focused on executing our strategy. for significant future reserve additions. Our mining assets are The long-term outlook for copper is bright, supported by limited global characterized by high volumes of low-cost current production, with supplies and copper’s important role in the world’s economy. We are large mineral reserves and resources available for future development realistic about the current economic environment and near-term risks and growth. facing our business. During 2015, we took aggressive actions to reduce As we enter 2016, our immediate focus is to restore strength to our costs and capital expenditures. We achieved significant cost reductions balance sheet. In addition to cutting costs, we have announced plans to and structured our mining operations to generate free cash flow at copper sell assets and to maximize cash flows from operations to repay debt. In prices near six-year lows. February 2016, we announced an important first step with an agreement Our Board of Directors made the tough decision during 2015 to to sell an interest in our Morenci mine for $1 billion in cash. We expect suspend our common stock dividend and to raise equity to protect our to report additional progress on our divestiture plans during 2016. While balance sheet. We also sharpened our focus through reconstituting and these actions will reduce our asset base, they are being pursued with an reducing the size of our Board, streamlining our executive management objective to enhance shareholder value. We expect to retain a high- to enhance accountability and electing a non-executive Chairman. Our quality portfolio of long-lived assets and a strong competitive position Board currently includes eight independent members and our CEO. within the global copper industry. The Board represents a strong blend of institutional knowledge and Our Board is engaged in a strategic review of our oil and gas business. fresh perspectives that will benefit shareholders as we address market FM O&G’s high-quality asset base, substantial underutilized challenges and position the company for long-term success. Deepwater Gulf of Mexico infrastructure and large inventory of low-risk Our Board has adopted a clearly defined strategy of focusing on our development opportunities provide alternatives to generate value. The leading global position in the copper industry. A key strength of our value of these assets has significant leverage to the price of oil. company is our organization’s ability to develop and safely operate The safety of the men and women in our over-75,000-member workforce properties around the world. During 2015, we achieved a number of continues to be our highest priority. We are pleased to report continued important milestones. In Arizona, the new concentrating facility at improvement in our incident rate during 2015. Regrettably, three fatal Morenci reached full rates. In Peru, we completed the construction of injuries occurred in 2015, including two at our Grasberg operations the world’s largest concentrating facility at Cerro Verde, positioning in Indonesia and one at out Cerro Verde operations in Peru. Fatality Photo: Morenci is the largest copper mine in North America 4 FREEPORT-MCMORAN LETTER TO OUR SHAREHOLDERS prevention in our global operations continues to be a critical focus of our management team, with particular focus on our critical risk control framework. We are optimistic about At the end of 2015, James R. “Jim Bob” Moffett stepped down from our company’s long-term the Board and as Executive Chairman. We thank Jim Bob for his future, underpinned by a contributions and dedicated service over his 50-year career in the natural resource industry. portfolio of exceptional As we execute our business plans in this volatile market, our employees assets and a highly continue to demonstrate unwavering and relentless resilience.
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