XML 52 R45.htm IDEA: XBRL DOCUMENT v2.4.0.8
Contingencies and Commitments (Unaudited) Asset Retirement Obligations (Details) (USD $)
9 Months Ended
Sep. 30, 2013
Asset Retirement Obligations Rollforward [Line Items]  
Balance at December 31, 2012 $ 1,146,000,000
Liabilities assumed in the acquisitions of PXP and MMR 1,024,000,000 [1]
Liabilities incurred 15,000,000
Settlements and revisions to cash flow estimates, net (3,000,000)
Accretion expense 66,000,000
Spending (62,000,000)
Other (3,000,000)
Balance at September 30, 2013 2,183,000,000
Less: current portion 125,000,000
Long-term portion 2,058,000,000
Fair Value Assumptions, Inflation Rate 2.50%
Plains Exploration & Production Company [Member]
 
Asset Retirement Obligations Rollforward [Line Items]  
Liabilities assumed in the acquisitions of PXP and MMR 741,000,000
McMoRan Exploration Co [Member]
 
Asset Retirement Obligations Rollforward [Line Items]  
Liabilities assumed in the acquisitions of PXP and MMR $ 283,000,000
Minimum [Member]
 
Asset Retirement Obligations Rollforward [Line Items]  
Fair Value Assumptions, Risk Free Interest Rate 1.30%
Maximum [Member]
 
Asset Retirement Obligations Rollforward [Line Items]  
Fair Value Assumptions, Risk Free Interest Rate 6.30%
[1] The fair value of AROs assumed in the acquisitions of PXP and MMR ($741 million and $283 million, respectively) were estimated based on projected cash flows, an estimated long-term annual inflation rate of 2.5 percent, and discount rates based on FCX's estimated credit-adjusted, risk-free interest rates ranging from 1.3 percent to 6.3 percent.