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TheStreet Open House

Freeport-McMoRan Copper & Gold Inc. Reports Fourth-Quarter And Year Ended December 31, 2013 Results

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX):

  • Net income attributable to common stock for fourth-quarter 2013 totaled $707 million, $0.68 per share, compared with net income of $743 million, $0.78 per share, for fourth-quarter 2012. Net income attributable to common stock for the year 2013 totaled $2.7 billion, $2.64 per share, compared with $3.0 billion, $3.19 per share, for the year 2012.
  • Consolidated sales for fourth-quarter 2013 totaled 1.14 billion pounds of copper, 512 thousand ounces of gold, 22 million pounds of molybdenum and 16.6 million barrels of oil equivalents (MMBOE), compared with 972 million pounds of copper, 254 thousand ounces of gold and 21 million pounds of molybdenum for fourth-quarter 2012. Consolidated sales for the year 2013 totaled 4.1 billion pounds of copper, 1.2 million ounces of gold, 93 million pounds of molybdenum, and 38.1 MMBOE (for the seven-month period from June 1, 2013, to December 31, 2013), compared with 3.65 billion pounds of copper, 1.0 million ounces of gold and 83 million pounds of molybdenum for the year 2012.
  • Consolidated sales for the year 2014 are expected to approximate 4.4 billion pounds of copper, 1.7 million ounces of gold, 95 million pounds of molybdenum and 60.7 MMBOE, including 1.0 billion pounds of copper, 325 thousand ounces of gold, 25 million pounds of molybdenum and 15.3 MMBOE for first-quarter 2014.
  • Average realized prices for fourth-quarter 2013 were $3.31 per pound for copper (compared with $3.60 per pound in fourth-quarter 2012), $1,220 per ounce for gold (compared with $1,681 per ounce in fourth-quarter 2012) and $92.68 per barrel for oil (excluding impacts of unrealized losses on oil and gas derivative contracts).
  • Operating cash flows totaled $2.3 billion for fourth-quarter 2013 and $6.1 billion (net of $436 million in working capital uses and changes in other tax payments) for the year 2013, compared with $1.3 billion for fourth-quarter 2012 and $3.8 billion (net of $1.4 billion in working capital uses and changes in other tax payments) for the year 2012. Based on current sales volume and cost estimates and assuming average prices of $3.25 per pound for copper, $1,200 per ounce for gold, $9.50 per pound for molybdenum and $105 per barrel for Brent crude oil, operating cash flows are estimated to approximate $9 billion for the year 2014 (including $0.8 billion of working capital sources and changes in other tax payments).
  • Capital expenditures totaled $1.7 billion for fourth-quarter 2013 and $5.3 billion for the year 2013, reflecting $2.3 billion for major projects at mining operations and $1.45 billion for oil and gas operations (for the seven-month period from June 1, 2013, to December 31, 2013). Capital expenditures are expected to approximate $7 billion for the year 2014, including $3 billion for major projects at mining operations and $3 billion for oil and gas operations.
  • At December 31, 2013, consolidated cash totaled $2.0 billion and consolidated debt totaled $20.7 billion. During 2013, FCX paid $2.3 billion in common stock dividends, including $1.0 billion for a supplemental dividend of $1 per share paid on July 1, 2013.

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) reported net income attributable to common stock of $707 million, $0.68 per share for fourth-quarter 2013 and $2.7 billion, $2.64 per share, for the year 2013, compared with $743 million, $0.78 per share, for fourth-quarter 2012 and $3.0 billion, $3.19 per share, for the year 2012. FCX’s net income attributable to common stock for fourth-quarter 2013 included net charges of $166 million ($0.16 per share), comprised of $73 million ($0.07 per share) for unrealized losses on oil and gas derivative contracts and other items described in the summary financial data below.

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