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Guarantor Financial Statements (Unaudited) (Tables)
 6 Months Ended
Jun. 30, 2015
Guarantor Financial Statements [Abstract]  
Condensed Consolidating Balance Sheets [Table Text Block]
CONDENSED CONSOLIDATING BALANCE SHEET
June 30, 2015
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
ASSETS
 
 
 
 
 
 
 
 
 
Current assets
$
257

 
$
2,900

 
$
9,665

 
$
(4,125
)
 
$
8,697

Property, plant, equipment and mining development costs, net
20

 
51

 
27,024

 
—

 
27,095

Oil and gas properties, net - full cost method:
 
 
 
 
 
 
 
 
 
Subject to amortization, less accumulated amortization
—

 
1,507

 
3,142

 
—

 
4,649

Not subject to amortization
—

 
2,649

 
6,659

 
4

 
9,312

Investments in consolidated subsidiaries
24,153

 
2,216

 
4,019

 
(30,388
)
 
—

Other assets
9,991

 
4,703

 
4,179

 
(14,618
)
 
4,255

Total assets
$
34,421

 
$
14,026

 
$
54,688

 
$
(49,127
)
 
$
54,008

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities
$
3,106

 
$
433

 
$
5,325

 
$
(4,125
)
 
$
4,739

Long-term debt, less current portion
15,841

 
5,181

 
10,221

 
(11,132
)
 
20,111

Deferred income taxes
1,613

a 
—

 
3,257

 
—

 
4,870

Environmental and asset retirement obligations, less current portion
—

 
307

 
3,409

 
—

 
3,716

Other liabilities
56

 
3,361

 
1,829

 
(3,486
)
 
1,760

Total liabilities
20,616

 
9,282

 
24,041

 
(18,743
)
 
35,196

 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interest
—

 
—

 
757

 
—

 
757

 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
Stockholders' equity
13,805

 
4,744

 
26,173

 
(30,917
)
 
13,805

Noncontrolling interests
—

 
—

 
3,717

 
533

 
4,250

Total equity
13,805

 
4,744

 
29,890

 
(30,384
)
 
18,055

Total liabilities and equity
$
34,421

 
$
14,026

 
$
54,688

 
$
(49,127
)
 
$
54,008

a.
All U.S. related deferred income taxes are recorded at the parent company.
CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2014
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
ASSETS
 
 
 
 
 
 
 
 
 
Current assets
$
323

 
$
2,635

 
$
8,659

 
$
(2,572
)
 
$
9,045

Property, plant, equipment and mining development costs, net
22

 
46

 
26,152

 
—

 
26,220

Oil and gas properties, net - full cost method:
 
 
 
 
 
 
 
 
 
Subject to amortization, less accumulated amortization
—

 
3,296

 
5,907

 
(16
)
 
9,187

Not subject to amortization
—

 
2,447

 
7,640

 
—

 
10,087

Investments in consolidated subsidiaries
28,765

 
6,460

 
10,246

 
(45,471
)
 
—

Other assets
8,914

 
3,947

 
4,061

 
(12,787
)
 
4,135

Total assets
$
38,024

 
$
18,831

 
$
62,665

 
$
(60,846
)
 
$
58,674

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities
$
1,592

 
$
560

 
$
5,592

 
$
(2,572
)
 
$
5,172

Long-term debt, less current portion
14,930

 
3,874

 
8,879

 
(9,312
)
 
18,371

Deferred income taxes
3,161

a 
—

 
3,237

 
—

 
6,398

Environmental and asset retirement obligations, less current portion
—

 
302

 
3,345

 
—

 
3,647

Other liabilities
54

 
3,372

 
1,910

 
(3,475
)
 
1,861

Total liabilities
19,737

 
8,108

 
22,963

 
(15,359
)
 
35,449

 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interest
—

 
—

 
751

 
—

 
751

 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
Stockholders' equity
18,287

 
10,723

 
35,268

 
(45,991
)
 
18,287

Noncontrolling interests
—

 
—

 
3,683

 
504

 
4,187

Total equity
18,287

 
10,723

 
38,951

 
(45,487
)
 
22,474

Total liabilities and equity
$
38,024

 
$
18,831

 
$
62,665

 
$
(60,846
)
 
$
58,674

a.
All U.S. related deferred income taxes are recorded at the parent company.
Condensed Consolidating Statements of Income [Table Text Block]
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

Three Months Ended June 30, 2015
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Revenues
$
—

 
$
169

 
$
4,079

 
$
—

 
$
4,248

Total costs and expenses
19

 
1,217

a 
5,383

a 
3

 
6,622

Operating (loss) income
(19
)
 
(1,048
)
 
(1,304
)
 
(3
)
 
(2,374
)
Interest expense, net
(121
)
 
(2
)
 
(67
)
 
41

 
(149
)
Other income (expense), net
127

 
—

 
(56
)
 
(34
)
 
37

(Loss) income before income taxes and equity in affiliated companies' net (losses) earnings
(13
)
 
(1,050
)
 
(1,427
)
 
4

 
(2,486
)
(Provision for) benefit from income taxes
(265
)
 
374

 
580

 
(2
)
 
687

Equity in affiliated companies' net (losses) earnings
(1,573
)
 
(1,920
)
 
(2,972
)
 
6,465

 
—

Net (loss) income
(1,851
)
 
(2,596
)
 
(3,819
)
 
6,467

 
(1,799
)
Net income and preferred dividends attributable to noncontrolling interests
—

 
—

 
(38
)
 
(14
)
 
(52
)
Net (loss) income attributable to common stockholders
$
(1,851
)
 
$
(2,596
)
 
$
(3,857
)
 
$
6,453

 
$
(1,851
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
9

 
—

 
9

 
(9
)
 
9

Total comprehensive (loss) income
$
(1,842
)
 
$
(2,596
)
 
$
(3,848
)
 
$
6,444

 
$
(1,842
)
a.
Includes charges totaling $1.0 billion at the FM O&G LLC guarantor and $1.7 billion at the non-guarantor subsidiaries related to ceiling test impairment of FCX's oil and gas properties pursuant to full cost accounting rules.
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2015
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Revenues
$
—

 
$
350

 
$
8,051

 
$
—

 
$
8,401

Total costs and expenses
35

 
2,535

a 
11,181

a 
(13
)
 
13,738

Operating (loss) income
(35
)
 
(2,185
)
 
(3,130
)
 
13

 
(5,337
)
Interest expense, net
(236
)
 
(6
)
 
(124
)
 
71

 
(295
)
Other income (expense), net
156

 
—

 
(48
)
 
(64
)
 
44

(Loss) income before income taxes and equity in affiliated companies' net (losses) earnings
(115
)
 
(2,191
)
 
(3,302
)
 
20

 
(5,588
)
(Provision for) benefit from income taxes
(686
)
 
790

 
1,286

 
(8
)
 
1,382

Equity in affiliated companies' net (losses) earnings
(3,524
)
 
(4,279
)
 
(6,502
)
 
14,306

 
1

Net (loss) income
(4,325
)
 
(5,680
)
 
(8,518
)
 
14,318

 
(4,205
)
Net income and preferred dividends attributable to noncontrolling interests
—

 
—

 
(94
)
 
(26
)
 
(120
)
Net (loss) income attributable to common stockholders
$
(4,325
)
 
$
(5,680
)
 
$
(8,612
)
 
$
14,292

 
$
(4,325
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
21

 
—

 
21

 
(21
)
 
21

Total comprehensive (loss) income
$
(4,304
)
 
$
(5,680
)
 
$
(8,591
)
 
$
14,271

 
$
(4,304
)
 
 
 
 
 
 
 
 
 
 

a.
Includes charges totaling $2.1 billion at the FM O&G LLC guarantor and $3.7 billion at the non-guarantor subsidiaries related to ceiling test impairment of FCX's oil and gas properties pursuant to full cost accounting rules.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three Months Ended June 30, 2014
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Revenues
$
—

 
$
570

 
$
4,952

 
$
—

 
$
5,522

Total costs and expenses
21

 
489

 
3,865

 
(6
)
 
4,369

Operating (loss) income
(21
)
 
81

 
1,087

 
6

 
1,153

Interest expense, net
(87
)
 
(44
)
 
(51
)
 
18

 
(164
)
Net (loss) gain on early extinguishment of debt
(1
)
 
6

 
—

 
—

 
5

Other income (expense), net
17

 
1

 
(8
)
 
(18
)
 
(8
)
(Loss) income before income taxes and equity in affiliated companies' net earnings (losses)
(92
)
 
44

 
1,028

 
6

 
986

Benefit from (provision for) income taxes
26

 
26

 
(378
)
 
(2
)
 
(328
)
Equity in affiliated companies' net earnings (losses)
548

 
126

 
154

 
(826
)
 
2

Net income (loss)
482

 
196

 
804

 
(822
)
 
660

Net income and preferred dividends attributable to noncontrolling interests
—

 
—

 
(180
)
 
2

 
(178
)
Net income (loss) attributable to common stockholders
$
482

 
$
196

 
$
624

 
$
(820
)
 
$
482

 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
1

 
—

 
1

 
(1
)
 
1

Total comprehensive income (loss)
$
483

 
$
196

 
$
625

 
$
(821
)
 
$
483


 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2014
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Revenues
$
—

 
$
1,214

 
$
9,293

 
$
—

 
$
10,507

Total costs and expenses
32

 
1,015

 
7,204

 
(8
)
 
8,243

Operating (loss) income
(32
)
 
199

 
2,089

 
8

 
2,264

Interest expense, net
(169
)
 
(85
)
 
(109
)
 
38

 
(325
)
Net (loss) gain on early extinguishment of debt
(1
)
 
6

 
—

 
—

 
5

Other income (expense), net
37

 
1

 
25

 
(38
)
 
25

(Loss) income before income taxes and equity in affiliated companies' net earnings (losses)
(165
)
 
121

 
2,005

 
8

 
1,969

Benefit from (provision for) income taxes
5

 
(17
)
 
(670
)
 
(3
)
 
(685
)
Equity in affiliated companies' net earnings (losses)
1,152

 
256

 
339

 
(1,745
)
 
2

Net income (loss)
992

 
360

 
1,674

 
(1,740
)
 
1,286

Net income and preferred dividends attributable to noncontrolling interests
—

 
—

 
(291
)
 
(3
)
 
(294
)
Net income (loss) attributable to common stockholders
$
992

 
$
360

 
$
1,383

 
$
(1,743
)
 
$
992

 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
4

 
—

 
4

 
(4
)
 
4

Total comprehensive income (loss)
$
996

 
$
360

 
$
1,387

 
$
(1,747
)
 
$
996

 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statements of Cash Flows [Table Text Block]
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2015
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Cash flow from operating activities:
 
 
 
 
 
 
 
 
 
Net (loss) income
$
(4,325
)
 
$
(5,680
)
 
$
(8,518
)
 
$
14,318

 
$
(4,205
)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
 
 
 
 
 
 
 
 
 
Depreciation, depletion and amortization
2

 
223

 
1,638

 
(34
)
 
1,829

Impairment of oil and gas properties
—

 
2,052

 
3,717

 
21

 
5,790

Net gains on crude oil derivative contracts
—

 
(58
)
 
—

 
—

 
(58
)
Equity in losses (earnings) of consolidated subsidiaries
3,524

 
4,279

 
6,502

 
(14,306
)
 
(1
)
Other, net
(1,431
)
 
9

 
43

 
—

 
(1,379
)
Changes in working capital and other tax payments
2,222

 
(550
)
 
(1,870
)
 
8

 
(190
)
Net cash (used in) provided by operating activities
(8
)
 
275

 
1,512

 
7

 
1,786

 
 
 
 
 
 
 
 
 
 
Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(734
)
 
(2,787
)
 
(7
)
 
(3,528
)
Intercompany loans
(1,073
)
 
(794
)
 
—

 
1,867

 
—

Dividends from (investments in) consolidated subsidiaries
438

 
(31
)
 
74

 
(481
)
 
—

Other, net
(10
)
 
(1
)
 
137

 
10

 
136

Net cash (used in) provided by investing activities
(645
)
 
(1,560
)
 
(2,576
)
 
1,389

 
(3,392
)
 
 
 
 
 
 
 
 
 
 
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from debt
2,735

 
—

 
1,687

 
—

 
4,422

Repayments of debt
(1,690
)
 
—

 
(670
)
 
—

 
(2,360
)
Intercompany loans
—

 
1,321

 
546

 
(1,867
)
 
—

Cash dividends and distributions paid, and contributions received
(380
)
 
—

 
(481
)
 
421

 
(440
)
Other, net
(12
)
 
(37
)
 
(15
)
 
50

 
(14
)
Net cash provided by (used in) financing activities
653

 
1,284

 
1,067

 
(1,396
)
 
1,608

 
 
 
 
 
 
 
 
 
 
Net (decrease) increase in cash and cash equivalents
—

 
(1
)
 
3

 
—

 
2

Cash and cash equivalents at beginning of period
—

 
1

 
463

 
—

 
464

Cash and cash equivalents at end of period
$
—

 
$
—

 
$
466

 
$
—

 
$
466


CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2014
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Cash flow from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
992

 
$
360

 
$
1,674

 
$
(1,740
)
 
$
1,286

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
 
 
 
 
 
 
 
 
 
Depreciation, depletion and amortization
2

 
545

 
1,440

 
(8
)
 
1,979

Net losses on crude oil and natural gas derivative contracts
—

 
120

 
—

 
—

 
120

Net gain (loss) on early extinguishment of debt
1

 
(6
)
 
—

 
—

 
(5
)
Equity in (earnings) losses of consolidated subsidiaries
(1,152
)
 
(256
)
 
39

 
1,367

 
(2
)
Other, net
121

 
(12
)
 
(123
)
 
—

 
(14
)
Changes in working capital and other tax payments
(164
)
 
(2,165
)
 
1,552

 
—

 
(777
)
Net cash (used in) provided by operating activities
(200
)
 
(1,414
)
 
4,582

 
(381
)
 
2,587

 
 
 
 
 
 
 
 
 
 
Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(897
)
 
(2,665
)
 
—

 
(3,562
)
Acquisition of Deepwater GOM interests
—

 
—

 
(925
)
 
—

 
(925
)
Intercompany loans
1,318

 
1,629

 
—

—

(2,947
)
 
—

(Investments in) dividends from consolidated subsidiaries
(364
)
 
(96
)
 
1,079

 
(619
)
 
—

Net proceeds from sale of Eagle Ford shale assets
—

 
3,009


—

 
—

 
3,009

Other, net
—

 
(381
)
 
18

 
—

 
(363
)
Net cash provided by (used in) investing activities
954

 
3,264

 
(2,493
)
 
(3,566
)
 
(1,841
)
 
 
 
 
 
 
 
 
 
 
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from debt
890

 
—

 
358

 
—

 
1,248

Repayments of debt
(990
)
 
(224
)
 
(397
)
 
—

 
(1,611
)
Intercompany loans
—

 
(170
)
 
(2,777
)
 
2,947

 
—

Cash dividends and distributions paid, and contributions received
(653
)
 
(1,453
)
 
203

 
1,000

 
(903
)
Other, net
(1
)
 
(2
)
 
(4
)
 
—

 
(7
)
Net cash (used in) provided by financing activities
(754
)
 
(1,849
)
 
(2,617
)
 
3,947

 
(1,273
)
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
—

 
1

 
(528
)
 
—

 
(527
)
Cash and cash equivalents at beginning of period
—

 
—

 
1,985

 
—

 
1,985

Cash and cash equivalents at end of period
$
—

 
$
1

 
$
1,457

 
$
—

 
$
1,458