How Would The Sale Of Freeport’s Onshore California Oil & Gas Assets Impact The Company?
Freeport-McMoRan Inc. has announced the signing of an agreement to sell off its Onshore California Oil and Gas assets, with debt reduction the primary focus of the transaction. [1] The announcement to sell off the Onshore California assets follows closely on the heels of an announcement to sell off the company’s Deepwater Gulf Of Mexico assets. Both these transactions are expected to close in the fourth quarter. Based on Freeport’s average daily oil and gas sales volumes, the completion of these two transactions could lower the company’s oil and gas sales volumes by around 75%. In addition, along with the proceeds from the sale of the company’s African copper mining assets, the sale of the oil and gas assets could lower Freeport’s net debt by around 16% by year end, as illustrated below.
Have more questions about Freeport-McMoRan? See the links below.
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