Guarantor Financial Statements (Unaudited) (Tables)

3 Months Ended

Mar. 31, 2014

CONDENSED CONSOLIDATING BALANCE SHEET

March 31, 2014



	FCX			FM O&G LLC		Non-guarantor					Consolidated
	Issuer			Guarantor		Subsidiaries		Eliminations			FCX
ASSETS
Current assets:
Cash and cash equivalents	$	—		$	2	$	1,340	$	—		$	1,342
Accounts receivable	22			324		2,088		(57		)	2,377
Other current assets	102			107		5,502		—			5,711
Total current assets	124			433		8,930		(57		)	9,430
Property, plant, equipment and mining development costs, net	26			45		24,658		—			24,729
Oil and gas properties, net - full cost method:
Subject to amortization, less accumulated amortization	—			6,331		6,223		8			12,562
Not subject to amortization	—			2,524		8,251		—			10,775
Investments in consolidated subsidiaries	31,628			9,939		12,680		(54,247		)	—
Goodwill	—			437		1,479		—			1,916
Other assets	7,478			4,687		4,293		(12,027		)	4,431
Total assets	$	39,256		$	24,396	$	66,514	$	(66,323	)	$	63,843

LIABILITIES AND EQUITY
Current liabilities	$	1,244		$	879	$	3,317	$	(57	)	$	5,383
Long-term debt, less current portion	12,585			6,967		8,809		(8,602		)	19,759
Deferred income taxes	4,246		^a	—		3,258		—			7,504
Environmental and asset retirement obligations, less current portion	—			305		2,971		—			3,276
Other liabilities	31			3,409		1,680		(3,425		)	1,695
Total liabilities	18,106			11,560		20,035		(12,084		)	37,617

Redeemable noncontrolling interest	—			—		743		—			743

Equity:
Stockholders' equity	21,150			12,836		41,864		(54,700		)	21,150
Noncontrolling interests	—			—		3,872		461			4,333
Total equity	21,150			12,836		45,736		(54,239		)	25,483
Total liabilities and equity	$	39,256		$	24,396	$	66,514	$	(66,323	)	$	63,843


a.	All U.S. related deferred income taxes are recorded at the parent company.

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2013



	FCX			FM O&G LLC		Non-guarantor					Consolidated
	Issuer			Guarantor		Subsidiaries		Eliminations			FCX
ASSETS
Current assets:
Cash and cash equivalents	$	—		$	—	$	1,985	$	—		$	1,985
Accounts receivable	855			659		2,258		(1,210		)	2,562
Other current assets	114			38		5,273		—			5,425
Total current assets	969			697		9,516		(1,210		)	9,972
Property, plant, equipment and mining development costs, net	27			43		23,972		—			24,042
Oil and gas properties, net - full cost method:
Subject to amortization, less accumulated amortization	—			6,207		6,265		—			12,472
Not subject to amortization	—			2,649		8,238		—			10,887
Investment in consolidated subsidiaries	31,162			9,712		12,468		(53,342		)	—
Goodwill	—			437		1,479		—			1,916
Other assets	7,126			4,640		4,128		(11,710		)	4,184
Total assets	$	39,284		$	24,385	$	66,066	$	(66,262	)	$	63,473

LIABILITIES AND EQUITY
Current liabilities	$	1,003		$	758	$	4,222	$	(1,210	)	$	4,773
Long-term debt, less current portion	13,184			7,199		8,056		(8,045		)	20,394
Deferred income taxes	4,137		^a	—		3,273		—			7,410
Environmental and asset retirement obligations, less current portion	—			301		2,958		—			3,259
Other liabilities	26			3,436		1,893		(3,665		)	1,690
Total liabilities	18,350			11,694		20,402		(12,920		)	37,526

Redeemable noncontrolling interest	—			—		716		—			716

Equity:
Stockholders' equity	20,934			12,691		41,100		(53,791		)	20,934
Noncontrolling interests	—			—		3,848		449			4,297
Total equity	20,934			12,691		44,948		(53,342		)	25,231
Total liabilities and equity	$	39,284		$	24,385	$	66,066	$	(66,262	)	$	63,473


a.	All U.S. related deferred income taxes are recorded at the parent company.

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

Three Months Ended March 31, 2014




	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Revenues	$	—		$	644		$	4,341		$	—		$	4,985
Total costs and expenses	11			526			3,339			(2		)	3,874
Operating (loss) income	(11		)	118			1,002			2			1,111
Interest expense, net	(82		)	(41		)	(58		)	20			(161		)
Other income (expense), net	20			—			33			(20		)	33
Provision for income taxes	(21		)	(43		)	(292		)	(1		)	(357		)
Equity in affiliated companies' net earnings (losses)	604			130			185			(919		)	—
Net income (loss)	510			164			870			(918		)	626
Net income and preferred dividends attributable to noncontrolling interests	—			—			(111		)	(5		)	(116		)
Net income (loss) attributable to FCX common stockholders	$	510		$	164		$	759		$	(923	)	$	510

Other comprehensive income	—			—			3			—			3
Total comprehensive income (loss)	$	510		$	164		$	762		$	(923	)	$	513

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Three Months Ended March 31, 2014



	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Cash flow from operating activities:
Net income (loss)	$	510		$	164		$	870		$	(918	)	$	626
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation, depletion and amortization	1			285			682			(2		)	966
Net losses on crude oil and natural gas derivative contracts	—			50			—			—			50
Equity in (earnings) losses of consolidated subsidiaries	(604		)	(130		)	(185		)	919			—
Other, net	134			(9		)	(140		)	(13		)	(28		)
(Increases) decreases in working capital and changes in other tax payments, excluding amounts from acquisition	(234		)	339			(518		)	—			(413		)
Net cash (used in) provided by operating activities	(193		)	699			709			(14		)	1,201

Cash flow from investing activities:
Capital expenditures	—			(335		)	(1,277		)	—			(1,612		)
Intercompany loans	190			(43		)	—			(147		)	—
Investment in consolidated subsidiary	212			(96		)	(430		)	314			—
Other, net	—			4			3			—			7
Net cash provided by (used in) investing activities	402			(470		)	(1,704		)	167			(1,605		)

Cash flow from financing activities:
Proceeds from debt	895			—			254			—			1,149
Repayments of debt	(780		)	—			(207		)	—			(987		)
Intercompany loans	—			(213		)	66			147			—
Cash dividends and distributions paid	(326		)	(14		)	237			(300		)	(403		)
Other, net	2			—			—			—			2
Net cash (used in) provided by financing activities	(209		)	(227		)	350			(153		)	(239		)

Net increase (decrease) in cash and cash equivalents	—			2			(645		)	—			(643		)
Cash and cash equivalents at beginning of period	—			—			1,985			—			1,985
Cash and cash equivalents at end of period	$	—		$	2		$	1,340		$	—		$	1,342