NEW YORK (TheStreet) -- Shares of Freeport-McMoRan (FCX) - Get Freeport-McMoRan, Inc. (FCX) Report are down 5.98% to $18.39 after the company slashed its capital budget for the year and said it is searching for outside funding for its oil and gas business as the mining company looks to shield itself from plummeting commodity prices, the Wall Street Journal reports.

The company reduced budgeted 2015 capital expenditures, exploration and other costs by a total of $2 billion.

"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 company said.

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Additionally, Freeport reported a fourth quarter loss of $2.85 billion, or a loss of $2.75 a share on $5.24 billion in revenue, compared with a profit of $707 million, or 68 cents a share on revenue of $5.89 billion a year earlier. The quarter included a $3.4 billion cost related to the impairment of its oil and gas properties.

Excluding items, per-share earnings were 25 cents a share, Analysts expected a profit of 35 cents a share on revenue of $4.94 billion, according to Reuters.

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