Freeport-McMoRan Inc. (NYSE: FCX) announced today a new organizational
structure for its subsidiary Freeport-McMoRan Oil & Gas (FM O&G). The
changes are being undertaken to reduce costs, streamline functions and
to enhance capital allocation across FCX’s global business in a manner
consistent with FCX’s debt reduction initiatives.
FM O&G is being restructured as an operating division of FCX, resulting
in the elimination of FM O&G executive management roles and the
integration of financial and administrative roles with FCX corporate
functions.
Mark Kidder has been named Executive Vice President – Operations of FM
O&G and will lead FM O&G’s operating team. Mark previously served as
Vice President – Operations and has 36 years of operational experience
in the offshore and onshore upstream energy industry, including 13 years
with FM O&G and its predecessor and 23 years with major oil companies
and independent energy producers.
Jim Flores, FM O&G CEO; Doss Bourgeois, President & COO; Winston
Talbert, Executive Vice President & CFO and John Wombwell, Executive
Vice President & General Counsel are departing the Company. This team
has served as executive management for the FM O&G organization since
FCX’s acquisition of Plains Exploration Company (PXP) in 2013.
Richard C. Adkerson, FCX’s President and Chief Executive Officer,
said: “These changes reflect our focus on reducing costs throughout our
global organization in response to a challenging commodity market
environment. We appreciate Jim and his executive team’s service
to Freeport and their efforts on behalf of our Company. Mark
Kidder is an experienced and proven operational leader and I look
forward to working with him in his expanded leadership role. FM
O&G has an attractive portfolio of oil-weighted assets and a talented
and dedicated workforce committed to its success.”
FM O&G will focus on conducting its operations safely and efficiently to
preserve and enhance the values of its assets for anticipated future
improvement in market conditions. Further steps will be taken to reduce
costs and capital expenditures, and FCX will continue to evaluate
potential transactions for the sale of certain assets of FM O&G.
FCX is a premier U.S.-based natural resources company with an
industry-leading global portfolio of mineral assets, significant oil and
gas resources and a growing production profile. FCX is the world's
largest publicly traded copper producer.
FCX's portfolio of assets includes the Grasberg minerals district in
Indonesia, one of the world's largest copper and gold deposits;
significant mining operations in the Americas, including the large-scale
Morenci minerals district in North America and the Cerro Verde operation
in South America; the Tenke Fungurume minerals district in the DRC; and
significant U.S. oil and natural gas assets in the Deepwater GOM,
onshore and offshore California and in the Haynesville natural gas
shale, and a position in the Inboard Lower Tertiary/Cretaceous natural
gas trend onshore in South Louisiana.
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