Freeport-McMoRan is expanding its operations in the Gulf of Mexico. On Thursday, the company announced an agreement to acquire Deepwater's Gulf of Mexico interests for $1.4 billion. The assets include 11.7 percent of the Lucius and 12.5 percent of the Heidelberg projects. Together they have estimated reserves of 55 million barrels of oil equivalents. The deal also includes 11 exploration leases. The transaction must still clear preferential rights but, it is expected to close by June 30.