Freeport-McMoRan Inc. Files Q1 2024 10-Q Report

TL;DR

<b>Freeport-McMoRan filed its Q1 2024 10-Q, detailing financial performance and equity changes across its global mining operations.</b>

AI Summary

FREEPORT-MCMORAN INC (FCX) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Freeport-McMoRan reported financial results for the quarter ended March 31, 2024. The filing covers the company's performance across its North America Copper Mines, South America Mines, Grasberg, and Molybdenum segments. Key financial data for the first quarter of 2024 and comparative periods are included. The report details changes in equity accounts such as Common Stock, Additional Paid-In Capital, and Retained Earnings. Information on Noncontrolling Interest and Treasury Stock is also provided for the relevant periods.

Why It Matters

For investors and stakeholders tracking FREEPORT-MCMORAN INC, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial snapshot of Freeport-McMoRan, crucial for understanding operational performance and financial health in the mining sector. The detailed segment reporting allows for analysis of revenue generation and operational focus across different geographical regions and commodity types (copper, molybdenum).

Risk Assessment

Risk Level: medium — FREEPORT-MCMORAN INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which provides a snapshot of financial health but does not contain forward-looking guidance or significant strategic shifts that would indicate immediate high risk or reward.

Analyst Insight

Monitor future filings for updates on commodity prices and production volumes, as these are key drivers for Freeport-McMoRan's financial performance.

Key Numbers

• 2024-03-31 — Conformed Period of Report (Quarterly report period)
• 2024-05-08 — Filed As Of Date (Date the report was filed)
• 10-Q — Form Type (Type of SEC filing)
• 001-11307-01 — SEC File Number (SEC filing number for the company)

Key Players & Entities

• FREEPORT-MCMORAN INC (company) — Filer name
• FCX (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-05-08 (date) — Filed as of date
• 333 NORTH CENTRAL AVENUE (address) — Business address street 1
• PHOENIX (location) — Business address city
• AZ (location) — Business address state
• 85004 (postal_code) — Business address zip

FAQ

Industry Context

Freeport-McMoRan operates in the metal mining industry, primarily focused on copper and gold, with significant global operations.

Regulatory Implications

As a publicly traded company, Freeport-McMoRan is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) detailing financial performance and operational status.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and segment performance data.
2. Analyze trends in copper and molybdenum production and sales volumes from the report.
3. Compare Q1 2024 results against prior periods and analyst expectations.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for the fiscal year 2024, providing updated financial information compared to the previous year's Q1 filing and the most recent annual report (10-K).

Key Financial Figures

• $0.10 — ich registered Common Stock, par value $0.10 per share FCX The New York Stock Exchan
• $1.0 billion — orporations with average AFSI exceeding $1.0 billion over a three-year period. FCX has made

Filing Documents

• fcx-20240331.htm (10-Q) — 2660KB
• a1q2024exhibit151.htm (EX-15.1) — 6KB
• a1q2024exhibit311.htm (EX-31.1) — 11KB
• a1q2024exhibit312.htm (EX-31.2) — 11KB
• a1q2024exhibit321.htm (EX-32.1) — 6KB
• a1q2024exhibit322.htm (EX-32.2) — 6KB
• a1q2024exhibit951.htm (EX-95.1) — 173KB
• fcx-20240331_g1.jpg (GRAPHIC) — 3KB
• fcx-20240331_g2.jpg (GRAPHIC) — 307KB
• fcx-20240331_g3.jpg (GRAPHIC) — 186KB
• fcx-20240331_g4.jpg (GRAPHIC) — 181KB
• 0000831259-24-000019.txt (&nbsp;) — 11389KB
• fcx-20240331.xsd (EX-101.SCH) — 36KB
• fcx-20240331_cal.xml (EX-101.CAL) — 64KB
• fcx-20240331_def.xml (EX-101.DEF) — 226KB
• fcx-20240331_lab.xml (EX-101.LAB) — 541KB
• fcx-20240331_pre.xml (EX-101.PRE) — 379KB
• fcx-20240331_htm.xml (XML) — 1917KB

Financial Information

Part I. Financial Information 3

Financial Statements

Item 1. Financial Statements: 3 Consolidated Balance Sheets (Unaudited) 3 Consolidated Statements of Income (Unaudited) 4 Consolidated Statements of Comprehensive Income (Unaudited) 5 Consolidated Statements of Cash Flows (Unaudited) 6 Consolidated Statements of Equity (Unaudited) 7

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 8 Report of Independent Registered Public Accounting Firm 22

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 55

Controls and Procedures

Item 4. Controls and Procedures 55

Other Information

Part II. Other Information 55

Legal Proceedings

Item 1. Legal Proceedings 55

Risk Factors

Item 1A. Risk Factors 55

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 56

Other Information

Item 5. Other Information 56

Exhibits

Item 6. Exhibits 57 Signature S- 1 2 Table of Contents

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements . Freeport-McMoRan Inc. CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2024 December 31, 2023 (In Millions) ASSETS Current assets: Cash and cash equivalents $ 5,208 $ 4,758 Restricted cash and cash equivalents 1,034 1,208 Trade accounts receivable 1,494 1,209 Income and other tax receivables 744 455 Inventories: Product 2,356 2,472 Materials and supplies, net 2,202 2,169 Mill and leach stockpiles 1,419 1,419 Other current assets 385 375 Total current assets 14,842 14,065 Property, plant, equipment and mine development costs, net 36,197 35,295 Long-term mill and leach stockpiles 1,313 1,336 Other assets 1,846 1,810 Total assets $ 54,198 $ 52,506 LIABILITIES AND EQUITY Current liabilities: Accounts payable and accrued liabilities $ 3,672 $ 3,729 Accrued income taxes 1,322 786 Current portion of debt 769 766 Current portion of environmental and asset retirement obligations 325 316 Dividends payable 217 218 Total current liabilities 6,305 5,815 Long-term debt, less current portion 8,656 8,656 Environmental and asset retirement obligations, less current portion 5,059 4,624 Deferred income taxes 4,500 4,453 Other liabilities 1,573 1,648 Total liabilities 26,093 25,196 Equity: Stockholders' equity: Common stock 162 162 Capital in excess of par value 24,488 24,637 Accumulated deficit ( 1,586 ) ( 2,059 ) Accumulated other comprehensive loss ( 274 ) ( 274 ) Common stock held in treasury ( 5,817 ) ( 5,773 ) Total stockholders' equity 16,973 16,693 Noncontrolling interests 11,132 10,617 Total equity 28,105 27,310 Total liabilities and equity $ 54,198 $ 52,506 The accompanying notes are an integral part of these consolidated financial statements. 3 Table of Contents Freeport-McMoRan Inc. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended March 31, 2024 2023 (In Millions, Except Per Share Amounts) Revenues $ 6,321 $ 5,389 Cost of sales: Production and delivery 3,8

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1. GENERAL INFORMATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Inc.'s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2023 (2023 Form 10-K). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the three-month period ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Dollar amounts in tables are stated in millions, except per share amounts. Attribution of PT Freeport Indonesia's Net Income or Loss. As discussed in Note 3 of FCX's 2023 Form 10-K, beginning January 1, 2023, the attribution of PT Freeport Indonesia's (PT-FI) net income or loss is based on equity ownership percentages ( 48.76 % for FCX, 26.24 % for PT Mineral Industri Indonesia (MIND ID) and 25.00 % for PT Indonesia Papua Metal Dan Mineral) with certain exceptions, as contemplated by the economics replacement agreement in the PT-FI shareholders agreement. As further discussed in Note 4, during first-quarter 2024, PT-FI recorded net credits of $ 215 million associated with the closure of its 2021 corporate income tax audit and resolution of the framework for disputed tax matters. PT-FI's net income and cash dividends associated with the settlement of this historical tax matter that originated before December 31, 2022, were attributed approximately 81 % to FCX.

View Full Filing

View this 10-Q filing on SEC EDGAR