FCX could be leaving oil market
Also cut board size 16 to nine, and some other actions. Let the party begin.
8:07 EDT - Freeport-McMoRan (FCX) announces a review of its oil-and-gas operations as the copper-and-petroleum company continues its effort to fight through the commodity-price slump. FCX doubled down on the oil patch a few years ago--a move obviously ill-timed now amid crude's tumble since mid-2014 and prospects of no noted price rebound for potentially years. Potential moves for those operations include a spinoff, JVs "and further spending reductions." It does appear a spinoff is the most-preferred alternative as 5 FCX directors have left that panel and are now on the board of what's for now being deemed FM O&G. Two others are retiring from FCX's board. The remaining 9 will include 7 independent directors. Shares rise 2.3% premarket to $11.44 after getting halved this year. (kevin.kingsbury@wsj.com; @kevinkingsbury)
(END) Dow Jones Newswires
10-06-15 0807ET
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