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Freeport McMoRan cuts 2015 capital budget by $2B

Freeport McMoRan (NYSE:FCX) -5.5% premarket after missing expectations for Q4 earnings and saying that it has cut 2015 capital spending by $2B with the possibility of further cuts ahead.
Says it is taking "aggressive actions" to defer or reduce capital spending, and is seeking third-party funding for much of its oil and gas expenditures "to maintain financial strength and flexibility" in response to the drop in oil prices.
FCX says its Q4 copper sales fell to 972M lbs. from 1.14B lbs. in the year-ago quarter, primarily reflecting the sale of Candelaria in Nov. 2014 and lower sales from Cerro Verde and Indonesia, while gold sales fell to 377K oz. from 512K oz.
Q4 average realized prices for copper fell 10.9% Y/Y, gold prices fell 2.2%, and oil prices declined 15.8% from a year earlier.