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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 OyNfBqYHMRVO3Te/Qn/rr2vlvHrZClkMoC9Srh4lYNPsucs0CMAkt71J+nPMyCCd
 AiDbyXkj/YlArLibV9icVA==

<SEC-DOCUMENT>0001209191-03-029650.txt : 20031110
<SEC-HEADER>0001209191-03-029650.hdr.sgml : 20031110
<ACCEPTANCE-DATETIME>20031110200916
ACCESSION NUMBER:		0001209191-03-029650
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031106
FILED AS OF DATE:		20031110

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WHISLER J STEVEN
		CENTRAL INDEX KEY:			0001192050

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00082
		FILM NUMBER:		03990045

	MAIL ADDRESS:	
		STREET 1:		511 ARROYO SQ
		CITY:			SOUTH PASADENA
		STATE:			CA
		ZIP:			91030

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHELPS DODGE CORP
		CENTRAL INDEX KEY:			0000078066
		STANDARD INDUSTRIAL CLASSIFICATION:	PRIMARY SMELTING & REFINING OF NONFERROUS METALS [3330]
		IRS NUMBER:				131808503
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		ONE NORTH CENTRAL AVE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004-3089
		BUSINESS PHONE:		6022348100

	MAIL ADDRESS:	
		STREET 1:		ONE NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004-3089
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bpx68429_bpx11jsw4.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>4</documentType><periodOfReport>2003-11-06</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000078066</issuerCik><issuerName>PHELPS DODGE CORP</issuerName>        <issuerTradingSymbol>PD</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001192050</rptOwnerCik><rptOwnerName>WHISLER J STEVEN</rptOwnerName></reportingOwnerId><reportingOwnerAddress><rptOwnerStreet1>C/O PHELPS DODGE CORPORATION</rptOwnerStreet1><rptOwnerStreet2>ONE NORTH CENTRAL AVENUE</rptOwnerStreet2><rptOwnerCity>PHOENIX</rptOwnerCity><rptOwnerState>AZ</rptOwnerState><rptOwnerZipCode>85004</rptOwnerZipCode><rptOwnerStateDescription></rptOwnerStateDescription></reportingOwnerAddress><reportingOwnerRelationship><isDirector>1</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>CEO &amp; Chairman of the Board</officerTitle></reportingOw
nerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>COMMON SHARES</value></securityTitle><transactionDate><value>2003-11-06</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F1" /></transactionCoding><transactionAmounts><transactionShares><value>80000</value></transactionShares><transactionPricePerShare><value>55.2500</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>156384</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>COMMON SHARES</value></securityTitle><transactionDate><value>2003-
11-06</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F2" /></transactionCoding><transactionAmounts><transactionShares><value>80000</value></transactionShares><transactionPricePerShare><value>62.0202</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>156384</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>COMMON SHARES</value></securityTitle><transactionDate><value>2003-11-06</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvo
lved><footnoteId id="F1" /></transactionCoding><transactionAmounts><transactionShares><value>50000</value></transactionShares><transactionPricePerShare><value>51.8125</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>156384</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>COMMON SHARES</value></securityTitle><transactionDate><value>2003-11-06</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F2" /></transactionCoding><transactionAmounts><transactionShares><value>50000</value></transactionShares><transactionPricePerShare><value>62.0202<
/value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>156384</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><derivativeTable><derivativeTransaction><securityTitle><value>EMPLOYEE STOCK OPTIONS/RIGHTS TO BUY</value></securityTitle><conversionOrExercisePrice><value>55.2500</value></conversionOrExercisePrice><transactionDate><value>2003-11-06</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved><footnoteId id="F1" /></transactionCoding><transactionAmounts><transactionShares><value>80000</value></transactionShares><transactionPricePerShare><value>55.2500</value></transactionPricePerShar
e><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>1999-12-03</value></exerciseDate><expirationDate><value>2008-12-03</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>COMMON SHARES</value></underlyingSecurityTitle><underlyingSecurityShares><value>80000</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction><derivativeTransaction><securityTitle><value>EMPLOYEE STOCK OPTIONS/RIGHTS TO BUY</value></securityTitle><conversionOrExercisePrice><value>51.8125</value></conversionOrExercisePrice><transactionDate><value>2003-11-06</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySw
apInvolved>0</equitySwapInvolved><footnoteId id="F1" /></transactionCoding><transactionAmounts><transactionShares><value>50000</value></transactionShares><transactionPricePerShare><value>51.8125</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2000-12-02</value></exerciseDate><expirationDate><value>2010-12-02</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>COMMON SHARES</value></underlyingSecurityTitle><underlyingSecurityShares><value>50000</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>842843</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">Exercise of employee stock options pursuant to the 1998 Phelps Dodge Co
rporation Stock Option and Restricted Share Plans, and include the right to have shares withheld in satisfaction of State and Federal Tax withholding obligations.</footnote><footnote id="F2">Same day sale of shares acquired upon exercise of employee stock options pursuant to the 1998 Phelps Dodge Corporation Stock Option and Restricted Share Plans, and include the right to use shares to satisfy federal and state withholding taxes.</footnote></footnotes><ownerSignature><signatureName> / s / J. Dale Brunk, Attorney-in-fact for J. Steven Whisler</signatureName><signatureDate>2003-11-10</signatureDate></ownerSignature></ownershipDocument>

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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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