Acquisitions (Unaudited) (Tables)

9 Months Ended

Sep. 30, 2013

Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable [Table Text Block]

Following is a summary of the $3.1 billion purchase price for MMR (in millions, except the closing share price):



Number of shares of MMR common stock acquired	112.362		^a
Cash consideration of $14.75 per share	$	14.75
Cash consideration paid by FCX	$	1,657
Employee stock-based awards	63
Total	1,720

Fair value of FCX's investment in 51 million shares of MMR common stock acquired on
May 31, 2013, through the acquisition of PXP	854
Fair value of FCX's investment in MMR's 5.75% Convertible Perpetual Preferred Stock, Series 2	554
Total purchase price	$	3,128

a. Excluded 51 million shares of MMR common stock owned by FCX through its acquisition of PXP on May 31, 2013.

Following is a summary of the $6.6 billion purchase price for PXP (in millions, except the exchange ratio and closing share price):



Number of shares of PXP common stock acquired	132.280		^a
Exchange ratio of FCX common stock for each PXP share	0.6531
	86.392
Shares of FCX common stock issued for certain PXP equity awards	4.769
Total shares of FCX common stock issued	91.161

Closing share price of FCX common stock at May 31, 2013	$	31.05
FCX stock consideration	$	2,831
Cash consideration	3,725		^b
Employee stock-based awards, primarily cash-settled stock-based awards	78
Total purchase price	$	6,634


a.	Adjusted for cash paid in lieu of fractional shares.


b.	Cash consideration includes the payment of $25.00 in cash for each PXP share ($3.3 billion), cash paid in lieu of any fractional shares of FCX common stock, cash paid for certain equity awards ($7 million), and the value of the $3 per share PXP special cash dividend ($411 million) paid on May 31, 2013.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes the preliminary purchase price allocations for PXP and MMR (in millions):



	PXP			MMR			Eliminations			Total
Current assets	$	1,192		$	98		$	—		$	1,290
Oil and gas properties - full cost method:
Subject to depletion	11,447			756			—			12,203
Not subject to depletion	9,431			1,686			—			11,117
Property, plant and equipment	261			1			—			262
Investment in MMR^a	848			—			(848		)	—
Other assets	12			421			—			433
Current liabilities	(907		)	(174		)	—			(1,081		)
Debt (current and long-term)	(10,631		)	(620		)	—			(11,251		)
Deferred income taxes^b	(3,956		)	—			—			(3,956		)
Other long-term liabilities	(805		)	(258		)	—			(1,063		)
Redeemable noncontrolling interest	(713		)	(259		)	—			(972		)
Total fair value, excluding goodwill	6,179			1,651			(848		)	6,982
Goodwill	455			1,477			—			1,932
Total purchase price	$	6,634		$	3,128		$	(848	)	$	8,914


a.	PXP owned 51 million shares of MMR common stock, which was eliminated in FCX's condensed consolidated balance sheet at the acquisition date of MMR.


b.	Deferred income taxes have been recognized based on the estimated fair value adjustments to net assets using a 38 percent tax rate, which reflected the 35 percent federal statutory rate and a 3 percent weighted-average of the applicable statutory state tax rates (net of federal benefit).

Redeemable Noncontrolling Interest [Table Text Block]

A summary of the conversion activity follows (in millions):



	8%		5.75%
	Preferred		Preferred
	Stock		Stock
Acquisition-date (June 3, 2013) fair value	$	30	$	229
Less June 2013 conversions	29		200
Less July 2013 conversions	—		29
Remaining balance at make-whole expiration dates	$	1	$	—

Royalty trust units released upon conversions:
June 2013 conversions	2.0		13.7
July 2013 conversions	—		2.0
Total	2.0		15.7

Schedule Of Adjustments To Recognized Identified Assets Acquired And Liabilities Assumed [Table Text Block]

A summary of third-quarter 2013 adjustments to the preliminary fair values assigned to assets acquired, liabilities assumed and redeemable noncontrolling interest from the acquisitions follows (in millions):



	PXP			MMR			Total
Increase in current assets (primarily current deferred income tax asset)	$	182		$	2		$	184
(Decrease) in oil and gas properties - full cost method:
Subject to depletion	—			(45		)	(45		)
Not subject to depletion	(204		)	(6		)	(210		)
Increase in other assets (deferred income tax asset)	—			22			22
Net (increase) in deferred income tax liability	(85		)	—			(85		)
Net decrease in other liabilities (primarily warrants)	70			—			70
Decrease in redeemable noncontrolling interest	36			—			36
Increase in goodwill	1			27			28

Business Acquisition, Pro Forma Information [Table Text Block]

The historical consolidated financial information has been adjusted to reflect factually supportable items that are directly attributable to the acquisitions.



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2013		2012		2013		2012
	(in millions, except per share amounts)
Revenues	$	6,165	$	5,406	$	17,190	$	16,955
Operating income	1,707		1,575		4,617		5,081
Income from continuing operations	1,048		898		2,762		3,161
Net income attributable to FCX common stockholders	821		573		2,213		2,397

Net income per share attributable to FCX common stockholders:
Basic	$	0.79	$	0.55	$	2.13	$	2.30
Diluted	0.79		0.55		2.12		2.29