Freeport-McMoRan Announces Agreement to Sell its Deepwater Gulf of Mexico Properties
OREANDA-NEWS. September 13, 2016.
The contingent payments would be received over time as Anadarko realizes
future cash flows in connection with FM O&G’s recently completed
third-party production handling agreement for the Marlin platform.
Anadarko will also assume future abandonment obligations associated with
the properties which had a book value of approximately
Richard C. Adkerson, President and Chief Executive Officer, said, "We
are pleased to announce this transaction which brings our total 2016
asset sale transactions to over
The transaction has an effective date of
For the twelve month period ended
Preferred shareholders in FM O&G’s consolidated subsidiary,
FCX does not expect to record a material gain or loss on the transaction.
FCX also announced today it is commencing a consent solicitation to
obtain approval from holders of five series of FM O&G Notes to align
covenants to those in the existing Notes previously issued by FCX. FCX
is the guarantor of FM O&G Notes with aggregate principal amounts
totaling
FCX is a premier U.S.-based natural resources company with an industry-leading global portfolio of mineral assets. FCX is the world's largest publicly traded copper producer.
FCX's portfolio of assets includes the Grasberg minerals district in
Cautionary Statement Regarding Forward-Looking Statements: This
press release contains forward-looking statements, which are all
statements other than statements of historical facts, such as
expectations related to completion of the pending transaction. The words
“anticipates,” “may,” “can,” “plans,” “believes,” “estimates,”
“expects,” “projects,” "targets," “intends,” “likely,” “will,” “should,”
“to be,” ”potential" 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 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 the ability of the parties to secure regulatory approvals,
satisfy closing conditions and consummate the pending transaction 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
Investors are cautioned that many of the assumptions upon which FCX's forward-looking statements are based are likely to change after the 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 not be able to control. Further, FCX may make changes to its business plans that could affect its results. FCX cautions investors that it does not intend to update forward-looking statements more frequently than quarterly notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes, and FCX undertakes no obligation to update any forward looking statements.
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