QUARTERLY FINANCIAL INFORMATION (UNAUDITED)



	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Year
2013
Revenues	$	4,583		$	4,288	^a	$	6,165	^a	$	5,885	^a	$	20,921	^a
Operating income	1,355		^b	639		^b	1,707		^b	1,650		^b,c	5,351		^b,c
Net income	824			610		^e	1,048			959		^e	3,441		^e
Net income attributable to noncontrolling
interests	176			128			227			252			783
Net income attributable to FCX common
stockholders	648		^b,d	482		^a,b,d,e,f	821		^a,b	707		^a,b,c,d,e	2,658		^a,b,c,d,e,f
Basic net income per share attributable
to FCX common stockholders	0.68			0.49			0.79			0.68			2.65
Diluted net income per share attributable
to FCX common stockholders	0.68		^b,d	0.49		^a,b,d,e,f	0.79		^a,b	0.68		^a,b,c,d,e	2.64		^a,b,c,d,e,f

2012
Revenues	$	4,605		$	4,475		$	4,417		$	4,513		$	18,010
Operating income	1,734			1,311			1,411			1,358		^g,h	5,814		^g,h
Net income	1,001			894			1,140		ⁱ	945			3,980		ⁱ
Net income attributable to noncontrolling
interests	237			184			316		ⁱ	202			939		ⁱ
Net income attributable to FCX common
stockholders	764		^j	710			824		ⁱ	743		^g,h	3,041		^g,h,i,j
Basic net income per share attributable
to FCX common stockholders	0.81			0.75			0.87			0.78			3.20
Diluted net income per share attributable
to FCX common stockholders	0.80		^j	0.74			0.86		ⁱ	0.78		^g,h	3.19		^g,h,i,j

Included charges of $36 million ($23 million to net income attributable to FCX common stockholders or $0.02 per share) in the second quarter, $158 million ($98 million to net income attributable to FCX common stockholders or $0.09 per share) in the third quarter, $118 million ($73 million to net income attributable to FCX common stockholders or $0.07 per share) in the fourth quarter and $312 million ($194 million to net income attributable to FCX common stockholders or $0.19 per share) for the year 2013 (reflecting the seven-month period from June 1, 2013, to December 31, 2013) for net unrealized and noncash realized losses on crude oil and natural gas derivative contracts.

Included charges of $14 million ($10 million to net income attributable to FCX common stockholders or $0.01 per share) in the first quarter, $61 million ($36 million to net income attributable to FCX common stockholders or $0.04 per share) in the second quarter, $1 million ($1 million to net income attributable to FCX common stockholders) in the third quarter, $4 million ($3 million to net income attributable to FCX common stockholders) in the fourth quarter and $80 million ($50 million to net income attributable to FCX common stockholders or $0.05 per share) for the year for transaction and related costs principally associated with the acquisitions of PXP and MMR.

Included charges in the fourth quarter and for the year of (i) $76 million ($49 million to net income attributable to FCX common stockholders or $0.05 per share) associated with updated mine plans at Morenci that resulted in a loss in recoverable copper in leach stockpiles, (ii) $37 million ($23 million to net income attributable to FCX common stockholders or $0.02 per share) associated with the restructuring of an executive employment arrangement and (iii) $36 million ($13 million to net income attributable to FCX common stockholders or $0.01 per share) associated with a new labor agreement at Cerro Verde.


d.	Included net losses (gains) on early extinguishment of debt totaling $40 million ($0.04 per share) in the first quarter, $(5) million ($(0.01) per share) in the second quarter for an adjustment related to taxes on the first quarter losses, $(7) million ($(0.01) per share) in the fourth quarter and $28 million ($0.03 per share) for the year. Refer to Note 8 for further discussion.


e.	Included a net tax benefit of $183 million ($0.19 per share) in the second quarter, $16 million ($0.01 per share) in the fourth quarter and $199 million ($0.20 per share) for the year associated with net reductions in FCX's deferred tax liabilities and deferred tax asset valuation allowances related to the acquisitions of PXP and MMR.


f.	Included a gain of $128 million ($0.13 per share) in the second quarter and for the year primarily related to FCX's preferred stock investment in and the subsequent acquisition of MMR.


g.	Included a gain of $59 million ($31 million to net income attributable to FCX common stockholders or $0.03 per share) in the fourth quarter and for the year for the settlement of the insurance claim for business interruption and property damage relating to the 2011 incidents affecting PT-FI's concentrate pipelines. Refer to Note 12 for further discussion.


h.	Included a charge of $16 million ($8 million to net income attributable to FCX common stockholders or $0.01 per share) in the fourth quarter and for the year associated with a labor agreement at Candelaria. Also included charges of $9 million ($7 million to net income attributable to FCX common stockholders or $0.01 per share) for costs associated with the PXP and MMR transactions.

Included a net tax benefit of $208 million ($108 million attributable to noncontrolling interests and $100 million to net income attributable to FCX common stockholders or $0.11 per share) in the third quarter and $205 million ($107 million attributable to noncontrolling interests and $98 million to net income attributable to FCX common stockholders or $0.11 per share) for the year associated with adjustments to Cerro Verde's deferred income taxes. Refer to Note 11 for further discussion.


j.	Included losses on early extinguishment of debt totaling $149 million ($0.16 per share) in the first quarter and for the year. Refer to Note 8 for further discussion.