NEW YORK (TheStreet) -- Freeport-McMoRan (FCX - Get Report) announced late Monday that it has agreed to sell its deepwater assets in the Gulf of Mexico for $2 billion to Anadarko Petroleum (APC).

The Gulf properties are owned by the company's subsidiary Freeport-McMoRan Oil & Gas.

The Phoenix-based natural resource company expects the deal to close in the fourth quarter, according to a company statement.

Following the closing, Anadarko will pay Freeport additional contingency payments of up to $150 million as it realizes future cash flows from third-party production handling agreements.

Anadarko will also assume the properties' future abandonment obligations of about $500 million.

Freeport CEO Richard Adkerson said the company has now generated $6 billion in asset sales for the year in its effort to trim debt.

Shares of Freeport-McMoRan were edging lower in after-hours trading on Monday. About 59.9 million of the company's shares traded hands today vs. the 30-day average volume of 25.16 million shares.

Anadarko stock was slumping in after-hours trading today.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "sell" with a ratings score of D.

The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, weak operating cash flow and poor profit margins.

You can view the full analysis from the report here: FCX