Acquisitions (Unaudited) (Tables)

6 Months Ended

Jun. 30, 2013

Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable [Table Text Block]

Following is a summary of the $6.6 billion purchase price for PXP (in millions, except the exchange ratio and closing share price):



Number of shares of PXP common stock acquired	132.280		^a
Exchange ratio of FCX common stock for each PXP share	0.6531
	86.392
Shares of FCX common stock issued for certain PXP equity awards	4.769
Total shares of FCX common stock issued	91.161

Closing share price of FCX common stock at May 31, 2013	$	31.05
FCX stock consideration	$	2,831
Cash consideration	3,725		^b
Employee stock-based awards, primarily cash-settled in stock-based awards	78
Total purchase price	$	6,634


a.	Adjusted for cash paid in lieu of fractional shares.


b.	Cash consideration includes the payment of $25.00 in cash for each PXP share ($3.3 billion), cash paid in lieu of any fractional shares of FCX common stock, cash paid for certain equity awards ($7 million), and the value of the $3 per share PXP special cash dividend ($411 million) paid on May 31, 2013.

Following is a summary of the $3.1 billion purchase price for MMR (in millions, except the closing share price):



Number of shares of MMR common stock acquired	112.362		^a
Cash consideration of $14.75 per share	$	14.75
Cash consideration paid by FCX	$	1,657
Employee stock-based awards	63
Total	1,720

Fair value of FCX's investment in 51 million shares of MMR common stock acquired on
May 31, 2013, through the acquisition of PXP	854
Fair value of FCX's investment in MMR's 5.75% Convertible Perpetual Preferred Stock, Series 2	554
Total purchase price	$	3,128

a. Excluded 51 million shares of MMR common stock owned by FCX through its acquisition of PXP on May 31, 2013.

Business Acquisition, Pro Forma Information [Table Text Block]

The historical consolidated financial information has been adjusted to reflect factually supportable items that are directly attributable to the acquisitions.



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2013		2012		2013		2012
	(in millions, except per share amounts)
Revenues	$	5,330	$	5,842	$	11,025	$	11,549
Operating income	1,330		1,928		2,987		3,506
Income from continuing operations	818		1,440		1,803		2,263
Net income attributable to FCX common stockholders	681		1,247		1,481		1,824

Net income per share attributable to FCX common stockholders:
Basic	$	0.65	$	1.20	$	1.42	$	1.75
Diluted	0.65		1.19		1.42		1.75

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes the preliminary purchase price allocations for PXP and MMR (in millions):



	PXP			MMR			Eliminations			Total
Current assets	$	1,010		$	96		$	—		$	1,106
Oil and natural gas properties - full cost method:
Subject to depletion	11,447			801			—			12,248
Not subject to depletion	9,635			1,692			—			11,327
Property, plant and equipment	261			1			—			262
Investment in MMR^a	848			—			(848		)	—
Other assets	12			399			—			411
Current liabilities	(915		)	(174		)	—			(1,089		)
Debt (current and long-term)	(10,630		)	(620		)	—			(11,250		)
Deferred income taxes^b	(3,871		)	—			—			(3,871		)
Other long-term liabilities	(868		)	(258		)	—			(1,126		)
Redeemable noncontrolling interest	(749		)	(259		)	—			(1,008		)
Total fair value, excluding goodwill	6,180			1,678			(848		)	7,010
Goodwill^c	454			1,450			—			1,904
Total purchase price	$	6,634		$	3,128		$	(848	)	$	8,914


a.	PXP owned 51 million shares of MMR common stock, which was eliminated in FCX's condensed consolidated balance sheet at June 30, 2013.


b.	Deferred income taxes have been recognized based on the estimated fair value adjustments to net assets using a 38 percent tax rate, which reflected the 35 percent federal statutory rate and a 3 percent weighted-average of the applicable statutory state tax rates (net of federal benefit).


c.	The final valuation of assets acquired, liabilities assumed and noncontrolling interest is not complete and the net adjustments to those values may result in changes to goodwill and other carrying amounts initially assigned to the assets, liabilities and noncontrolling interest based on the preliminary fair value analysis.