Freeport-McMoRan Announces Agreement to Acquire Deepwater GOM Interests for $1.4 Billion
08 Maio 2014 - 9:00AM
Business Wire
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced
today that its oil and gas subsidiary, Freeport-McMoRan Oil &
Gas (FM O&G), has entered into a definitive purchase and sale
agreement to acquire certain of Apache Corporation’s (Apache)
(NYSE, Nasdaq: APA) interests in the Deepwater Gulf of Mexico
(GOM), including Apache’s interests in the Lucius and Heidelberg
oil production development projects and 11 exploration leases, for
$1.4 billion.
The Deepwater GOM acquisition will be funded with proceeds from
the previously reported sale of FM O&G’s Eagle Ford Shale
assets for $3.1 billion. The estimated combined after-tax net
proceeds from these transactions of approximately $1.3 billion will
be used to repay outstanding indebtedness following closing of the
transactions.
James R. Moffett, Chairman of the Board; Richard C. Adkerson,
Vice Chairman, and FCX President and Chief Executive Officer; and
James C. Flores, Vice Chairman, and FM O&G President and Chief
Executive Officer, said, “Our recently announced agreement to sell
our Eagle Ford assets provides proceeds to repay debt and to
acquire high-quality assets in our Deepwater GOM focus area.
These transactions are value-accretive and the additional
interests will enhance our portfolio of assets which are
characterized by strong margins, attractive growth potential and
compelling investment returns. We remain focused on
opportunities to advance our debt reduction objectives while
strengthening our portfolio of assets with strong margins and
impactful long-term growth opportunities.”
The Deepwater GOM assets being acquired, including Apache’s
working interests in the Lucius (11.7%) and Heidelberg (12.5%) oil
production development projects, have estimated proved, probable
and possible reserves of 55 million barrels of oil equivalents
(BOE) and several hundred million barrels of oil equivalents
resource potential. The Lucius unit includes Keathley Canyon Blocks
874, 875, 918 and 919 and the Heidelberg unit includes Green Canyon
Blocks 859, 903, 904 and 948.
Upon closing of this transaction, FM O&G will own a 35%
working interest in the Lucius development, which is on track to
commence production in the second half of 2014. Heidelberg, which
is a large, high-quality oil development project located in 5,000
feet of water in the Green Canyon area, is operated by Anadarko
Petroleum and is expected to commence production in mid-2016. The
hull fabrication for the 80,000-barrels of oil per day
Lucius-look-alike facility is more than 85% complete and the spar
is expected to be towed to the GOM later this year. Topsides
fabrication is currently more than 25% complete.
The 11 exploration leases to be acquired include Apache’s
interests in the Lucius Offset, Capri and Silver Fox/Parmer
exploration areas with working interests ranging from 16.67% to
60%.
The transaction has a May 1, 2014 effective date and is subject
to preferential rights and other customary closing conditions and
purchase price adjustments from the effective date until closing.
The transaction is expected to close by the end of the second
quarter of 2014.
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 Democratic Republic of Congo; and
significant oil and natural gas assets in North America, including
reserves in the Deepwater GOM, onshore and offshore California and
in the Eagle Ford and Haynesville shale plays, and an
industry-leading position in the emerging Inboard Lower
Tertiary/Cretaceous natural gas trend in the shallow water of the
GOM and onshore in South Louisiana. Additional information about
FCX is available on FCX’s website at www.fcx.com.
Cautionary Statement Regarding Forward-Looking
Statements: This press release contains forward-looking
statements, which are all statements other than statements of
historical facts, such as expectations relating to completion of
the pending transaction. The words “anticipates,” “may,” “can,”
“plans,” “believes,” “potential,” “estimates,” “expects,”
“projects,” “targets,” “intends,” “likely,” “will,” “should,” “to
be,” and any similar expressions are intended to identify those
assertions as forward-looking statements. FCX cautions readers that
forward-looking statements are not guarantees of future performance
and its actual results may differ materially from those
anticipated, projected or assumed in the forward-looking
statements. Important factors that can cause FCX’s actual results
to differ materially from those anticipated in the forward-looking
statements include the ability of the parties to satisfy customary
closing conditions and consummate the proposed transaction and
other factors described in more detail under the heading “Risk
Factors” in FCX’s Annual Report on Form 10-K for the year ended
December 31, 2013, filed with the U.S. Securities and Exchange
Commission (SEC).
Investors are cautioned that many of the assumptions on which
FCX’s forward-looking statements are based are likely to change
after its forward-looking statements are made, including for
example commodity prices, which FCX cannot control, and production
volumes and costs, some aspects of which FCX may or may not be able
to control. Further, FCX may make changes to its business plans
that could or will affect its results. FCX cautions investors that
it does not intend to update forward-looking statements more
frequently than quarterly notwithstanding any changes in FCX’s
assumptions, changes in business plans, actual experience or other
changes, and FCX undertakes no obligation to update any
forward-looking statements.
The SEC requires companies with significant oil and gas
producing activities to disclose, in their filings with the SEC,
proved oil and gas reserves that have been demonstrated by actual
production or conclusive formation tests to be economically and
legally producible under existing economic and operating
conditions. The SEC also permits the disclosure of probable and
possible oil and gas reserves, as such terms are defined by the
SEC. FCX uses certain phrases and terms in this press release, such
as “resource potential,” which the SEC’s rules prohibit FCX from
including in its filings with the SEC. “resource potential” does
not take into account the certainty of resource recovery, which is
contingent on exploration success, technical improvements in
drilling access, commerciality and other factors, and is therefore
not indicative of expected future resource recovery and should not
be relied upon.
Freeport-McMoRan Copper & Gold Inc.Financial
Contacts:Kathleen L. Quirk, 602-366-8016David P.
Joint, 504-582-4203orMedia Contact:Eric E.
Kinneberg, 602-366-7994
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