Freeport-McMoRan Announces New Organizational Structure for Oil & Gas Division
April 05 2016 - 8:00AM
Business Wire
Freeport-McMoRan Inc. (NYSE: FCX) announced today a new
organizational structure for its subsidiary Freeport-McMoRan Oil
& Gas (FM O&G). The changes are being undertaken to reduce
costs, streamline functions and to enhance capital allocation
across FCX’s global business in a manner consistent with FCX’s debt
reduction initiatives.
FM O&G is being restructured as an operating division of
FCX, resulting in the elimination of FM O&G executive
management roles and the integration of financial and
administrative roles with FCX corporate functions.
Mark Kidder has been named Executive Vice President – Operations
of FM O&G and will lead FM O&G’s operating team. Mark
previously served as Vice President – Operations and has 36 years
of operational experience in the offshore and onshore upstream
energy industry, including 13 years with FM O&G and its
predecessor and 23 years with major oil companies and independent
energy producers.
Jim Flores, FM O&G CEO; Doss Bourgeois, President & COO;
Winston Talbert, Executive Vice President & CFO and John
Wombwell, Executive Vice President & General Counsel are
departing the Company. This team has served as executive management
for the FM O&G organization since FCX’s acquisition of Plains
Exploration Company (PXP) in 2013.
Richard C. Adkerson, FCX’s President and Chief Executive
Officer, said: “These changes reflect our focus on reducing costs
throughout our global organization in response to a challenging
commodity market environment. We appreciate Jim and his
executive team’s service to Freeport and their efforts on behalf of
our Company. Mark Kidder is an experienced and proven
operational leader and I look forward to working with him in his
expanded leadership role. FM O&G has an attractive
portfolio of oil-weighted assets and a talented and dedicated
workforce committed to its success.”
FM O&G will focus on conducting its operations safely and
efficiently to preserve and enhance the values of its assets for
anticipated future improvement in market conditions. Further steps
will be taken to reduce costs and capital expenditures, and FCX
will continue to evaluate potential transactions for the sale of
certain assets of FM O&G.
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 DRC; and significant U.S. oil and natural
gas assets in the Deepwater GOM, onshore and offshore California
and in the Haynesville natural gas shale, and a position in the
Inboard Lower Tertiary/Cretaceous natural gas trend onshore in
South Louisiana.
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version on businesswire.com: http://www.businesswire.com/news/home/20160405005903/en/
Freeport-McMoRan Inc.Financial
Contacts:Kathleen L. Quirk,
602-366-8016orDavid P. Joint,
504-582-4203orMedia Contact:Eric E. Kinneberg,
602-366-7994
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