Guarantor Financial Statements (Unaudited) (Tables)

6 Months Ended

Jun. 30, 2014

Guarantor Financial Statements [Abstract]

Condensed Consolidating Balance Sheets [Table Text Block]

CONDENSED CONSOLIDATING BALANCE SHEET

June 30, 2014

	FCX			FM O&G LLC		Non-guarantor					Consolidated
	Issuer			Guarantor		Subsidiaries		Eliminations			FCX
ASSETS
Current assets:
Cash and cash equivalents	$	—		$	1	$	1,457	$	—		$	1,458
Accounts receivable	388			2,840		2,466		(2,936		)	2,758
Other current assets	78			56		5,904		—			6,038
Total current assets	466			2,897		9,827		(2,936		)	10,254
Property, plant, equipment and mining development costs, net	25			45		25,337		—			25,407
Oil and gas properties, net - full cost method:
Subject to amortization, less accumulated amortization	—			4,583		6,460		14			11,057
Not subject to amortization	—			1,853		8,916		—			10,769
Investments in consolidated subsidiaries	32,769			10,107		11,416		(54,292		)	—
Goodwill	—			217		1,500		—			1,717
Other assets	6,346			3,432		4,241		(9,214		)	4,805
Total assets	$	39,606		$	23,134	$	67,697	$	(66,428	)	$	64,009
LIABILITIES AND EQUITY
Current liabilities	$	1,550		$	1,026	$	6,088	$	(1,106	)	$	7,558
Long-term debt, less current portion	12,435			6,762		5,885		(7,570		)	17,512
Deferred income taxes	4,244		a	—		3,207		—			7,451
Environmental and asset retirement obligations, less current portion	—			291		3,003		—			3,294
Other liabilities	46			3,457		1,753		(3,474		)	1,782
Total liabilities	18,275			11,536		19,936		(12,150		)	37,597
Redeemable noncontrolling interest	—			—		745		—			745
Equity:
Stockholders' equity	21,331			11,598		43,140		(54,737		)	21,332
Noncontrolling interests	—			—		3,876		459			4,335
Total equity	21,331			11,598		47,016		(54,278		)	25,667
Total liabilities and equity	$	39,606		$	23,134	$	67,697	$	(66,428	)	$	64,009

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
Investments 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 Statements of Income [Table Text Block]

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

Three and Six Months Ended June 30, 2014

Three Months Ended June 30, 2014
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Revenues	$	—		$	570		$	4,952		$	—		$	5,522
Total costs and expenses	21			489			3,865			(6		)	4,369
Operating (loss) income	(21		)	81			1,087			6			1,153
Interest expense, net	(87		)	(44		)	(51		)	18			(164		)
Net (loss) gain on early extinguishment of debt	(1		)	6			—			—			5
Other income (expense), net	17			1			(8		)	(18		)	(8		)
Benefit from (provision for) income taxes	26			26			(378		)	(2		)	(328		)
Equity in affiliated companies' net earnings (losses)	548			126			154			(826		)	2
Net income (loss)	482			196			804			(822		)	660
Net income and preferred dividends attributable to noncontrolling interests	—			—			(180		)	2			(178		)
Net income (loss) attributable to FCX common stockholders	$	482		$	196		$	624		$	(820	)	$	482
Other comprehensive income	—			—			1			—			1
Total comprehensive income (loss)	$	482		$	196		$	625		$	(820	)	$	483

Six Months Ended June 30, 2014
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Revenues	$	—		$	1,214		$	9,293		$	—		$	10,507
Total costs and expenses	32			1,015			7,204			(8		)	8,243
Operating (loss) income	(32		)	199			2,089			8			2,264
Interest expense, net	(169		)	(85		)	(109		)	38			(325		)
Net (loss) gain on early extinguishment of debt	(1		)	6			—			—			5
Other income (expense), net	37			1			25			(38		)	25
Benefit from (provision for) income taxes	5			(17		)	(670		)	(3		)	(685		)
Equity in affiliated companies' net earnings (losses)	1,152			256			339			(1,745		)	2
Net income (loss)	992			360			1,674			(1,740		)	1,286
Net income and preferred dividends attributable to noncontrolling interests	—			—			(291		)	(3		)	(294		)
Net income (loss) attributable to FCX common stockholders	$	992		$	360		$	1,383		$	(1,743	)	$	992
Other comprehensive income	—			—			4			—			4
Total comprehensive income (loss)	$	992		$	360		$	1,387		$	(1,743	)	$	996

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

Three and Six Months Ended June 30, 2013

Three Months Ended June 30, 2013
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Revenues	$	—		$	162		$	4,126		$	—		$	4,288
Total costs and expenses	76			135			3,438			—			3,649
Operating (loss) income	(76		)	27			688			—			639
Interest expense, net	(92		)	(12		)	(39		)	11			(132		)
Gain on investment in MMR	128			—			—			—			128
Other income (expense), net	11			—			13			(11		)	13
Benefit from (provision for) income taxes	35			(5		)	(70		)	—			(40		)
Equity in affiliated companies' net earnings (losses)	476			20			(3		)	(491		)	2
Net income (loss)	482			30			589			(491		)	610
Net income and preferred dividends attributable to noncontrolling interests	—			—			(133		)	5			(128		)
Net income (loss) attributable to FCX common stockholders	$	482		$	30		$	456		$	(486	)	$	482
Other comprehensive income	—			—			5			—			5
Total comprehensive income (loss)	$	482		$	30		$	461		$	(486	)	$	487

Six Months Ended June 30, 2013
	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Revenues	$	—		$	162		$	8,709		$	—		$	8,871
Total costs and expenses	95			135			6,647			—			6,877
Operating (loss) income	(95		)	27			2,062			—			1,994
Interest expense, net	(128		)	(12		)	(64		)	15			(189		)
Losses on early extinguishment of debt	(45		)	—			—			—			(45		)
Gain on investment in MMR	128			—			—			—			128
Other income (expense), net	15			—			10			(15		)	10
Benefit from (provision for) income taxes	26			(5		)	(489		)	—			(468		)
Equity in affiliated companies' net earnings (losses)	1,229			20			(46		)	(1,199		)	4
Net income (loss)	1,130			30			1,473			(1,199		)	1,434
Net income and preferred dividends attributable to noncontrolling interests	—			—			(292		)	(12		)	(304		)
Net income (loss) attributable to FCX common stockholders	$	1,130		$	30		$	1,181		$	(1,211	)	$	1,130
Other comprehensive income	—			—			11			—			11
Total comprehensive income (loss)	$	1,130		$	30		$	1,192		$	(1,211	)	$	1,141

Condensed Consolidating Statements of Cash Flows [Table Text Block]

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Six Months Ended June 30, 2014

	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Cash flow from operating activities:
Net income (loss)	$	992		$	360		$	1,674		$	(1,740	)	$	1,286
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation, depletion and amortization	2			545			1,440			(8		)	1,979
Net losses on crude oil and natural gas derivative contracts	—			120			—			—			120
Net gain (loss) on early extinguishment of debt	1			(6		)	—			—			(5		)
Equity in (earnings) losses of consolidated subsidiaries	(1,152		)	(256		)	39			1,367			(2		)
Other, net	121			(12		)	(123		)	—			(14		)
(Increases) decreases in working capital and changes in other tax payments	(164		)	(2,165		)	1,552			—			(777		)
Net cash (used in) provided by operating activities	(200		)	(1,414		)	4,582			(381		)	2,587
Cash flow from investing activities:
Capital expenditures	—			(897		)	(2,665		)	—			(3,562		)
Acquisition of Deepwater GOM interest	—			—			(925		)	—			(925		)
Intercompany loans	1,318			1,629			—			(2,947		)	—
Investment in consolidated subsidiary	(364		)	(96		)	1,079			(619		)	—
Net proceeds from sale of Eagle Ford shale assets	—			3,009			—			—			3,009
Other, net	—			(381		)	18			—			(363		)
Net cash provided by (used in) investing activities	954			3,264			(2,493		)	(3,566		)	(1,841		)
Cash flow from financing activities:
Proceeds from debt	890			—			358			—			1,248
Repayments of debt	(990		)	(224		)	(397		)	—			(1,611		)
Intercompany loans	—			(170		)	(2,777		)	2,947			—
Cash dividends and distributions paid	(653		)	(1,453		)	203			1,000			(903		)
Other, net	(1		)	(2		)	(4		)	—			(7		)
Net cash (used in) provided by financing activities	(754		)	(1,849		)	(2,617		)	3,947			(1,273		)
Net increase (decrease) in cash and cash equivalents	—			1			(528		)	—			(527		)
Cash and cash equivalents at beginning of period	—			—			1,985			—			1,985
Cash and cash equivalents at end of period	$	—		$	1		$	1,457		$	—		$	1,458

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Six Months Ended June 30, 2013

	FCX			FM O&G LLC			Non-guarantor						Consolidated
	Issuer			Guarantor			Subsidiaries			Eliminations			FCX
Cash flow from operating activities:
Net income (loss)	$	1,130		$	30		$	1,473		$	(1,199	)	$	1,434
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation, depletion and amortization	2			79			772			6			859
Net loss on early extinguishment of debt	45			—			—			—			45
Gain on investment in MMR	(128		)	—			—			—			(128		)
Net losses on crude oil and natural gas derivative contracts	—			35			—			—			35
Equity in (earnings) losses of consolidated subsidiaries	(1,229		)	(20		)	52			1,193			(4		)
Other, net	27			(6		)	(202		)	—			(181		)
Decreases (increases) in working capital and changes in other tax payments, excluding amounts from acquisitions	142			31			(368		)	—			(195		)
Net cash (used in) provided by operating activities	(11		)	149			1,727			—			1,865
Cash flow from investing activities:
Capital expenditures	—			(151		)	(1,827		)	—			(1,978		)
Acquisitions, net of cash acquired	(5,437		)	—			(321		)	344			(5,414		)
Investment in consolidated subsidiary	104			—			—			(104		)	—
Other, net	(5		)	—			(259		)	—			(264		)
Net cash (used in) provided by investing activities	(5,338		)	(151		)	(2,407		)	240			(7,656		)
Cash flow from financing activities:
Proceeds from debt	10,885			—			136			—			11,021
Repayments of debt	(4,050		)	(415		)	(76		)	—			(4,541		)
Intercompany loans	(476		)	476			344			(344		)	—
Cash dividends and distributions paid	(595		)	—			(194		)	104			(685		)
Other, net	(415		)	—			—			—			(415		)
Net cash provided by (used in) financing activities	5,349			61			210			(240		)	5,380
Net increase (decrease) in cash and cash equivalents	—			59			(470		)	—			(411		)
Cash and cash equivalents at beginning of period	—			—			3,705			—			3,705
Cash and cash equivalents at end of period	$	—		$	59		$	3,235		$	—		$	3,294