XML 27 R42.htm IDEA: XBRL DOCUMENT v3.2.0.727
Business Segments (Unaudited) (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Revenues:          
Unaffiliated customers $ 4,248 $ 5,522 $ 8,401 $ 10,507  
Intersegment 0 0 0 0  
Production and delivery 2,848 3,082 5,760 5,819  
Depreciation, depletion and amortization 890 1,013 1,829 1,979  
Impairment of oil and gas properties 2,686 0 5,790 0  
Selling, general and administrative expenses 151 164 305 299  
Mining exploration and research expenses 36 34 69 64  
Environmental obligations and shutdown costs 11 76 24 82  
Net gain on sale of assets 0 0 (39) 0  
Operating income (loss) (2,374) 1,153 (5,337) 2,264  
Interest expense, net 149 164 295 325  
Provision for (benefit from) income taxes (687) 328 (1,382) 685  
Total Assets 54,008 63,903 54,008 63,903 $ 58,674
Capital expenditures 1,661 1,950 3,528 3,562  
Lower of cost or market inventory adjustments (59)   (63) 0  
Mining Operations [Member]          
Revenues:          
Unaffiliated customers 3,679 4,286 7,332 8,010  
Intersegment 0 0 0 0  
Production and delivery 2,565 2,754 5,191 5,180  
Depreciation, depletion and amortization 402 394 807 740  
Impairment of oil and gas properties 0   0    
Selling, general and administrative expenses 40 42 81 80  
Mining exploration and research expenses 36 34 69 64  
Environmental obligations and shutdown costs 11 76 24 82  
Net gain on sale of assets     (39)    
Operating income (loss) 625 986 1,199 1,864  
Interest expense, net 42 22 87 45  
Provision for (benefit from) income taxes 128 140 207 309  
Total Assets 38,434 37,491 38,434 37,491  
Capital expenditures 854 1,049 1,694 2,073  
North America Copper Mines [Member]          
Revenues:          
Unaffiliated customers 272 107 493 191  
Intersegment 1,133 1,362 2,247 2,564  
Production and delivery 962 870 1,905 1,656  
Depreciation, depletion and amortization 139 128 272 235  
Impairment of oil and gas properties 0   0    
Selling, general and administrative expenses 2 1 3 2  
Mining exploration and research expenses 2 2 5 4  
Environmental obligations and shutdown costs 0 0 0 0  
Net gain on sale of assets     (39)    
Operating income (loss) 300 468 594 858  
Interest expense, net 1 1 2 2  
Provision for (benefit from) income taxes 0 0 0 0  
Total Assets 9,388 9,497 9,388 9,497  
Capital expenditures 107 324 214 627  
Morenci [Member]          
Revenues:          
Unaffiliated customers 180 52 286 75  
Intersegment 427 474 877 918  
Production and delivery 386 312 760 595  
Depreciation, depletion and amortization 55 43 106 77  
Impairment of oil and gas properties 0   0    
Selling, general and administrative expenses 0 1 1 1  
Mining exploration and research expenses 0 0 0 0  
Environmental obligations and shutdown costs 0 0 0 0  
Net gain on sale of assets     0    
Operating income (loss) 166 170 296 320  
Interest expense, net 0 0 1 1  
Provision for (benefit from) income taxes 0 0 0 0  
Total Assets 3,806 3,675 3,806 3,675  
Capital expenditures 79 289 163 533  
Other North America Copper Mines [Member]          
Revenues:          
Unaffiliated customers 92 55 207 116  
Intersegment 706 888 1,370 1,646  
Production and delivery 576 [1] 558 1,145 [2] 1,061  
Depreciation, depletion and amortization 84 85 166 158  
Impairment of oil and gas properties 0   0    
Selling, general and administrative expenses 2 0 2 1  
Mining exploration and research expenses 2 2 5 4  
Environmental obligations and shutdown costs 0 0 0 0  
Net gain on sale of assets     (39)    
Operating income (loss) 134 298 298 538  
Interest expense, net 1 1 1 1  
Provision for (benefit from) income taxes 0 0 0 0  
Total Assets 5,582 5,822 5,582 5,822  
Capital expenditures 28 35 51 94  
Lower of cost or market inventory adjustments (11)   (11)    
South America Mines [Member]          
Revenues:          
Unaffiliated customers 416 945 895 1,647  
Intersegment 37 86 44 282  
Production and delivery 315 530 660 1,006  
Depreciation, depletion and amortization 72 95 147 182  
Impairment of oil and gas properties 0   0    
Selling, general and administrative expenses 1 2 2 4  
Mining exploration and research expenses 0 0 0 0  
Environmental obligations and shutdown costs 0 0 0 0  
Net gain on sale of assets     0    
Operating income (loss) 65 404 130 737  
Interest expense, net 0 0 1 0  
Provision for (benefit from) income taxes 6 140 30 267  
Total Assets 10,502 10,667 10,502 10,667  
Capital expenditures 457 416 902 839  
Cerro Verde [Member]          
Revenues:          
Unaffiliated customers 195 421 443 701  
Intersegment 37 23 51 87  
Production and delivery 165 195 363 360  
Depreciation, depletion and amortization 40 43 77 79  
Impairment of oil and gas properties 0   0    
Selling, general and administrative expenses 0 1 1 2  
Mining exploration and research expenses 0 0 0 0  
Environmental obligations and shutdown costs 0 0 0 0  
Net gain on sale of assets     0    
Operating income (loss) 27 205 53 347  
Interest expense, net 0 0 1 0  
Provision for (benefit from) income taxes (5) 73 0 130  
Total Assets 8,567 6,876 8,567 6,876  
Capital expenditures 444 391 875 791  
Other South America Mines [Member]          
Revenues:          
Unaffiliated customers 221 [3] 524 [3] 452 [4] 946 [4]  
Intersegment 0 [3] 63 [3] (7) [4],[5] 195 [4]  
Production and delivery 150 [3] 335 [3] 297 [4] 646 [4]  
Depreciation, depletion and amortization 32 [3] 52 [3] 70 [4] 103 [4]  
Impairment of oil and gas properties 0 [3]   0 [4]    
Selling, general and administrative expenses 1 [3] 1 [3] 1 [4] 2 [4]  
Mining exploration and research expenses 0 [3] 0 [3] 0 [4] 0 [4]  
Environmental obligations and shutdown costs 0 [3] 0 [3] 0 [4] 0 [4]  
Net gain on sale of assets [4]     0    
Operating income (loss) 38 [3] 199 [3] 77 [4] 390 [4]  
Interest expense, net 0 [3] 0 [3] 0 [4] 0 [4]  
Provision for (benefit from) income taxes 11 [3] 67 [3] 30 [4] 137 [4]  
Total Assets [3] 1,935 3,791 1,935 3,791  
Capital expenditures 13 [3] 25 [3] 27 [4] 48 [4]  
Indonesia - Grasberg [Member]          
Revenues:          
Unaffiliated customers 792 [6] 523 [6] 1,413 [7] 985 [7]  
Intersegment (2) [8] 0 (16) [5] 8  
Production and delivery 455 511 894 894  
Depreciation, depletion and amortization 78 54 148 102  
Impairment of oil and gas properties 0   0    
Selling, general and administrative expenses 25 25 50 46  
Mining exploration and research expenses 0 0 0 0  
Environmental obligations and shutdown costs 0 0 0 0  
Net gain on sale of assets     0    
Operating income (loss) 232 (67) 305 (49)  
Interest expense, net 0 0 0 0  
Provision for (benefit from) income taxes 95 (33) 124 (15)  
Total Assets 8,959 7,972 8,959 7,972  
Capital expenditures 213 243 438 479  
Africa - Tenke [Member]          
Revenues:          
Unaffiliated customers 310 386 692 692  
Intersegment 41 32 69 53  
Production and delivery 190 198 425 350  
Depreciation, depletion and amortization 57 63 130 114  
Impairment of oil and gas properties 0   0    
Selling, general and administrative expenses 3 3 6 6  
Mining exploration and research expenses 0 0 0 0  
Environmental obligations and shutdown costs 0 0 0 0  
Net gain on sale of assets     0    
Operating income (loss) 101 154 200 275  
Interest expense, net 0 0 0 0  
Provision for (benefit from) income taxes 27 33 53 57  
Total Assets 5,125 4,952 5,125 4,952  
Capital expenditures 58 29 97 60  
Molybdenum mines [Member]          
Revenues:          
Unaffiliated customers 0 0 0 0  
Intersegment 102 170 215 296  
Production and delivery 84 [1] 81 167 [2] 157  
Depreciation, depletion and amortization 25 24 51 46  
Impairment of oil and gas properties 0   0    
Selling, general and administrative expenses 0 0 0 0  
Mining exploration and research expenses 0 0 0 0  
Environmental obligations and shutdown costs 0 0 0 0  
Net gain on sale of assets     0    
Operating income (loss) (7) 65 (3) 93  
Interest expense, net 0 0 0 0  
Provision for (benefit from) income taxes 0 0 0 0  
Total Assets 2,052 2,095 2,052 2,095  
Capital expenditures 4 14 7 33  
Lower of cost or market inventory adjustments (3)   (3)    
Rod & Refining [Member]          
Revenues:          
Unaffiliated customers 1,089 1,234 2,151 2,380  
Intersegment 8 8 15 16  
Production and delivery 1,088 1,233 2,151 2,381  
Depreciation, depletion and amortization 3 3 5 5  
Impairment of oil and gas properties 0   0    
Selling, general and administrative expenses 0 0 0 0  
Mining exploration and research expenses 0 0 0 0  
Environmental obligations and shutdown costs 0 0 0 0  
Net gain on sale of assets     0    
Operating income (loss) 6 6 10 10  
Interest expense, net 0 0 0 0  
Provision for (benefit from) income taxes 0 0 0 0  
Total Assets 286 299 286 299  
Capital expenditures 0 1 1 2  
Atlantic Copper Smelting & Refining [Member]          
Revenues:          
Unaffiliated customers 495 623 1,035 1,211  
Intersegment 5 6 11 11  
Production and delivery 468 618 987 1,206  
Depreciation, depletion and amortization 9 10 19 20  
Impairment of oil and gas properties 0   0    
Selling, general and administrative expenses 4 5 9 9  
Mining exploration and research expenses 0 0 0 0  
Environmental obligations and shutdown costs 0 0 0 0  
Net gain on sale of assets     0    
Operating income (loss) 19 (4) 31 (13)  
Interest expense, net 2 3 5 7  
Provision for (benefit from) income taxes 0 0 0 0  
Total Assets 786 882 786 882  
Capital expenditures 4 5 8 6  
Other Mining & Eliminations [Member]          
Revenues:          
Unaffiliated customers [9] 305 468 653 904  
Intersegment (1,324) (1,664) (2,585) (3,230)  
Production and delivery (997) [1] (1,287) (1,998) [2] (2,470)  
Depreciation, depletion and amortization 19 17 35 36  
Impairment of oil and gas properties 0   0    
Selling, general and administrative expenses 5 6 11 13  
Mining exploration and research expenses 34 32 64 60  
Environmental obligations and shutdown costs 11 76 24 82  
Net gain on sale of assets     0    
Operating income (loss) (91) (40) (68) (47)  
Interest expense, net 39 18 79 36  
Provision for (benefit from) income taxes 0 0 0 0  
Total Assets 1,336 1,127 1,336 1,127  
Capital expenditures 11 17 27 27  
Lower of cost or market inventory adjustments (45)   (49)    
U.S. Oil & Gas Operations [Member]          
Revenues:          
Unaffiliated customers 569 [10],[11] 1,236 [10],[11] 1,069 [12],[13] 2,497 [12],[13]  
Intersegment 0 [11] 0 [11] 0 [13] 0 [13]  
Production and delivery 281 [11] 329 [11] 564 [13] 640 [13]  
Depreciation, depletion and amortization 485 [11] 616 [11] 1,015 [13] 1,232 [13]  
Impairment of oil and gas properties 2,686 [11]   5,790 [13]    
Selling, general and administrative expenses 49 [11] 59 [11] 103 [13] 116 [13]  
Mining exploration and research expenses 0 [11] 0 [11] 0 [13] 0 [13]  
Environmental obligations and shutdown costs 0 [11] 0 [11] 0 [13] 0 [13]  
Net gain on sale of assets [13]     0    
Operating income (loss) (2,932) [11] 232 [11] (6,403) [13] 509 [13]  
Interest expense, net 41 [11] 74 [11] 78 [13] 150 [13]  
Provision for (benefit from) income taxes 0 [11] 0 [11] 0 [13] 0 [13]  
Total Assets [11] 15,393 25,293 15,393 25,293  
Capital expenditures 777 [11] 903 [11] 1,795 [13] 1,484 [13]  
Corporate, Other & Eliminations [Member]          
Revenues:          
Unaffiliated customers 0 0 0 0  
Intersegment 0 0 0 0  
Production and delivery 2 (1) 5 (1)  
Depreciation, depletion and amortization 3 3 7 7  
Impairment of oil and gas properties 0   0    
Selling, general and administrative expenses 62 63 121 103  
Mining exploration and research expenses 0 0 0 0  
Environmental obligations and shutdown costs 0 0 0 0  
Net gain on sale of assets     0    
Operating income (loss) (67) (65) (133) (109)  
Interest expense, net 66 68 130 130  
Provision for (benefit from) income taxes (815) 188 (1,589) 376  
Total Assets 181 1,119 181 1,119  
Capital expenditures 30 (2) 39 5  
Crude oil and natural gas swaps [Member]          
Revenues:          
Net mark-to-market gains (losses) on derivative contracts 6 (70) $ 58 (120)  
Pt Smelting [Member]          
Segment Reporting Information [Line Items]          
Deferred Intercompany Profit, Percentage     25.00%    
Revenues:          
Revenues $ 293 $ 540 $ 643 $ 913  
Equity Method Investment, Ownership Percentage 25.00%   25.00%    
[1] Includes LCM inventory adjustments totaling $11 million at other North America copper mines, $3 million at Molybdenum mines and $45 million at other mining & eliminations (see Note 4).
[2] Includes LCM inventory adjustments totaling $11 million at other North America copper mines, $3 million at Molybdenum mines and $49 million at other mining & eliminations (see Note 4).
[3] Second-quarter 2014 includes the results of the Candelaria and Ojos del Salado mining operations, which were sold in November 2014.
[4] The first six months of 2014 include the results of the Candelaria and Ojos del Salado mining operations, which were sold in November 2014.
[5] Amounts include net reductions for provisional pricing adjustments to prior period open sales. There were no intersegment sales from El Abra or Grasberg for the first six months of 2015.
[6] Includes PT-FI’s sales to PT Smelting totaling $293 million in second-quarter 2015 and $540 million in second-quarter 2014.
[7] Includes PT-FI’s sales to PT Smelting totaling $643 million for the first six months of 2015 and $913 million for the first six months of 2014.
[8] Amounts include net reductions for provisional pricing adjustments to prior period open sales. There were no intersegment sales from Grasberg in second-quarter 2015.
[9] Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North and South America copper mines.
[10] Includes net mark-to-market gains (losses) associated with crude oil and natural gas derivative contracts totaling $6 million in second-quarter 2015 and $(70) million in second-quarter 2014.
[11] Second-quarter 2014 includes the results from Eagle Ford, which was sold in June 2014.
[12] Includes net mark-to-market gains (losses) associated with crude oil and natural gas derivative contracts totaling $58 million for the first six months 2015 and $(120) million for the first six months of 2014.
[13] The first six months of 2014 include the results from Eagle Ford, which was sold in June 2014.