Freeport-McMoRan significantly reduces oil and gas capital budget (Scandinavian Oil-Gas Magazine)

Freeport-McMoRan significantly reduces oil and gas capital budget

Published Aug 6, 2015

Freeport-McMoRan Inc. provided an update on its progress in reducing costs and capital spending.

In response to current oil and gas market conditions, Freeport-McMoRan Oil and Gas (FM O&G) is deferring investments in several long-term projects.

In addition, FM O&G has revised its estimate of the start-up of initial production from its recent drilling success in the Horn Mountain area to 2016 from the previously estimated start-up in 2017. This revised operating plan will allow FM O&G to continue to grow production and enhance cash flow in a weak oil and gas price environment.

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