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Guarantor Financial Statements (Unaudited) (Tables)
 6 Months Ended
Jun. 30, 2016
Guarantor Financial Statements [Abstract]  
Condensed Consolidating Balance Sheets [Table Text Block]
CONDENSED CONSOLIDATING BALANCE SHEET
June 30, 2016
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
ASSETS
 
 
 
 
 
 
 
 
 
Current assets, other than assets held for sale
$
267

 
$
2,792

 
$
6,902

 
$
(3,927
)
 
$
6,034

Current assets held for sale
—

 
—

 
4,666

 
—

 
4,666

Property, plant, equipment and mining development costs, net
23

 
57

 
23,529

 
—

 
23,609

Oil and gas properties, net - full cost method:
 
 
 
 
 
 
 
 
 
Subject to amortization, less accumulated amortization and impairments
—

 
356

 
1,025

 
—

 
1,381

Not subject to amortization
—

 
408

 
1,246

 
2

 
1,656

Investments in consolidated subsidiaries
19,759

 
—

 
—

 
(19,759
)
 
—

Other assets
1,389

 
42

 
3,866

 
(1,347
)
 
3,950

Total assets
$
21,438

 
$
3,655

 
$
41,234

 
$
(25,031
)
 
$
41,296

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities, other than liabilities held for sale
$
2,811

 
$
534

 
$
4,288

 
$
(3,917
)
 
$
3,716

Current liabilities held for sale
—

 
—

 
824

 
—

 
824

Long-term debt, less current portion
13,520

 
7,425

 
12,064

 
(14,460
)
 
18,549

Deferred income taxes
1,064

a 
—

 
2,694

 
—

 
3,758

Environmental and asset retirement obligations, less current portion
—

 
313

 
3,384

 
—

 
3,697

Investments in consolidated subsidiaries
—

 
649

 
8,647

 
(9,296
)
 
—

Other liabilities
40

 
3,381

 
1,730

 
(3,489
)
 
1,662

Total liabilities
17,435

 
12,302

 
33,631

 
(31,162
)
 
32,206

 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interest
—

 
—

 
771

 
—

 
771

 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
Stockholders' equity
4,003

 
(8,647
)
 
3,067

 
5,580

 
4,003

Noncontrolling interests
—

 
—

 
3,765

 
551

 
4,316

Total equity
4,003

 
(8,647
)
 
6,832

 
6,131

 
8,319

Total liabilities and equity
$
21,438

 
$
3,655

 
$
41,234

 
$
(25,031
)
 
$
41,296

a.
All U.S. related deferred income taxes are recorded at the parent company.
CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2015
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
ASSETS
 
 
 
 
 
 
 
 
 
Current assets, other than assets held for sale
$
181

 
$
3,831

 
$
10,238

 
$
(7,532
)
 
$
6,718

Current assets held for sale
—

 
—

 
744

 
—

 
744

Property, plant, equipment and mining development costs, net
26

 
57

 
24,165

 
—

 
24,248

Oil and gas properties, net - full cost method:
 
 
 
 
 
 
 
 
 
Subject to amortization, less accumulated amortization and impairments
—

 
710

 
1,552

 
—

 
2,262

Not subject to amortization
—

 
1,393

 
3,432

 
6

 
4,831

Investments in consolidated subsidiaries
24,311

 
—

 
—

 
(24,311
)
 
—

Other assets
5,038

 
1,826

 
3,598

 
(6,798
)
 
3,664

Assets held for sale
—

 
—

 
4,110

 
—

 
4,110

Total assets
$
29,556

 
$
7,817

 
$
47,839

 
$
(38,635
)
 
$
46,577

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities, other than assets held for sale
$
6,012

 
$
666

 
$
5,047

 
$
(7,526
)
 
$
4,199

Current liabilities held for sale
—

 
—

 
108

 
—

 
108

Long-term debt, less current portion
14,735

 
5,883

 
11,594

 
(12,433
)
 
19,779

Deferred income taxes
941

a 
—

 
2,666

 
—

 
3,607

Environmental and asset retirement obligations, less current portion
—

 
305

 
3,412

 
—

 
3,717

Investment in consolidated subsidiary
—

 
—

 
2,397

 
(2,397
)
 
—

Other liabilities
40

 
3,360

 
1,732

 
(3,491
)
 
1,641

Liabilities held for sale
—

 
—

 
718

 
—

 
718

Total liabilities
21,728

 
10,214

 
27,674

 
(25,847
)
 
33,769

 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interest
—

 
—

 
764

 
—

 
764

 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
Stockholders' equity
7,828

 
(2,397
)
 
15,725

 
(13,328
)
 
7,828

Noncontrolling interests
—

 
—

 
3,676

 
540

 
4,216

Total equity
7,828

 
(2,397
)
 
19,401

 
(12,788
)
 
12,044

Total liabilities and equity
$
29,556

 
$
7,817

 
$
47,839

 
$
(38,635
)
 
$
46,577

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 (LOSS) INCOME

Three Months Ended June 30, 2016
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Revenues
$
—

 
$
106

 
$
3,228

 
$
—

 
$
3,334

Total costs and expenses
17

 
964

a 
2,335

a 
—

 
3,316

Operating (loss) income
(17
)
 
(858
)
 
893

 
—

 
18

Interest expense, net
(141
)
 
(15
)
 
(124
)
 
84

 
(196
)
Other income (expense), net
107

 
—

 
28

 
(71
)
 
64

(Loss) income before income taxes and equity in affiliated companies' net (losses) earnings
(51
)
 
(873
)
 
797

 
13

 
(114
)
(Provision for) benefit from income taxes
(345
)
 
306

 
(69
)
 
(8
)
 
(116
)
Equity in affiliated companies' net (losses) earnings
(90
)
 
(280
)
 
(853
)
 
1,224

 
1

Net (loss) income from continuing operations
(486
)
 
(847
)
 
(125
)
 
1,229

 
(229
)
Net income (loss) from discontinued operations
5

 
—

 
(175
)
 
(11
)
 
(181
)
Net (loss) income
(481
)
 
(847
)
 
(300
)
 
1,218

 
(410
)
Net income and preferred dividends attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
 
Continuing operations
—

 
—

 
(50
)
 
(7
)
 
(57
)
Discontinued operations
—

 
—

 
(12
)
 
—

 
(12
)
Net (loss) income attributable to common stockholders
$
(481
)
 
$
(847
)
 
$
(362
)
 
$
1,211

 
$
(479
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
15

 
—

 
15

 
(15
)
 
15

Total comprehensive (loss) income
$
(466
)
 
$
(847
)
 
$
(347
)
 
$
1,196

 
$
(464
)
a.
Includes charges totaling $0.2 billion at the FM O&G LLC guarantor and $0.1 billion at the non-guarantor subsidiaries related to impairment of FCX's oil and gas properties pursuant to full cost accounting rules.
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2016
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Revenues
$
—

 
$
184

 
$
6,392

 
$
—

 
$
6,576

Total costs and expenses
44

 
2,593

a 
7,787

a 
6

 
10,430

Operating loss
(44
)
 
(2,409
)
 
(1,395
)
 
(6
)
 
(3,854
)
Interest expense, net
(278
)
 
(19
)
 
(238
)
 
148

 
(387
)
Other income (expense), net
157

 
—

 
68

 
(125
)
 
100

(Loss) income before income taxes and equity in affiliated companies' net (losses) earnings
(165
)
 
(2,428
)
 
(1,565
)
 
17

 
(4,141
)
(Provision for) benefit from income taxes
(2,128
)
 
922

 
1,019

 
(6
)
 
(193
)
Equity in affiliated companies' net (losses) earnings
(2,376
)
 
(2,984
)
 
(4,483
)
 
9,851

 
8

Net (loss) income from continuing operations
(4,669
)
 
(4,490
)
 
(5,029
)
 
9,862

 
(4,326
)
Net income (loss) from discontinued operations
5

 
—

 
(169
)
 
(21
)
 
(185
)
Net (loss) income
(4,664
)
 
(4,490
)
 
(5,198
)
 
9,841

 
(4,511
)
Net income and preferred dividends attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
 
Continuing operations
—

 
—

 
(117
)
 
(13
)
 
(130
)
Discontinued operations
—

 
—

 
(22
)
 
—

 
(22
)
Net (loss) income attributable to common stockholders
$
(4,664
)
 
$
(4,490
)
 
$
(5,337
)
 
$
9,828

 
$
(4,663
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
15

 
—

 
15

 
(15
)
 
15

Total comprehensive (loss) income
$
(4,649
)
 
$
(4,490
)
 
$
(5,322
)
 
$
9,813

 
$
(4,648
)
 
 
 
 
 
 
 
 
 
 

a.
Includes charges totaling $1.5 billion at the FM O&G LLC guarantor and $2.6 billion at the non-guarantor subsidiaries related to impairment of FCX's oil and gas properties pursuant to full cost accounting rules.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

Three Months Ended June 30, 2015
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Revenues
$
—

 
$
169

 
$
3,769

 
$
—

 
$
3,938

Total costs and expenses
19

 
1,217

a 
5,120

a 
3


6,359

Operating loss
(19
)
 
(1,048
)
 
(1,351
)
 
(3
)
 
(2,421
)
Interest expense, net
(121
)
 
(2
)
 
(53
)
 
34

 
(142
)
Other income (expense), net
127

 
—

 
(57
)
 
(34
)
 
36

Loss before income taxes and equity in affiliated companies' net (losses) earnings
(13
)
 
(1,050
)
 
(1,461
)
 
(3
)
 
(2,527
)
(Provision for) benefit from income taxes
(265
)
 
374

 
592

 
(2
)
 
699

Equity in affiliated companies' net (losses) earnings
(1,573
)
 
(1,920
)
 
(2,972
)
 
6,465

 
—

Net (loss) income from continuing operations
(1,851
)
 
(2,596
)
 
(3,841
)
 
6,460

 
(1,828
)
Net income from discontinued operations
—

 
—

 
22

 
7

 
29

Net (loss) income
(1,851
)
 
(2,596
)
 
(3,819
)
 
6,467

 
(1,799
)
Net income and preferred dividends attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
 
Continuing operations
—

 
—

 
(12
)
 
(14
)
 
(26
)
Discontinued operations
—

 
—

 
(26
)
 
—

 
(26
)
Net (loss) income attributable to common stockholders
$
(1,851
)
 
$
(2,596
)
 
$
(3,857
)
 
$
6,453

 
$
(1,851
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
9

 
—

 
9

 
(9
)
 
9

Total comprehensive (loss) income
$
(1,842
)
 
$
(2,596
)
 
$
(3,848
)
 
$
6,444

 
$
(1,842
)
a.
Includes charges totaling $1.0 billion at the FM O&G LLC guarantor and $1.7 billion at the non-guarantor subsidiaries related to impairment of FCX's oil and gas properties pursuant to full cost accounting rules.
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2015
 
 
 
 
 
 
 
 
 
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Revenues
$
—

 
$
350

 
$
7,359

 
$
—

 
$
7,709

Total costs and expenses
35

 
2,535

a 
10,603

a 
(13
)

13,160

Operating (loss) income
(35
)
 
(2,185
)
 
(3,244
)
 
13

 
(5,451
)
Interest expense, net
(236
)
 
(6
)
 
(96
)
 
57

 
(281
)
Other income (expense), net
156

 
—

 
(49
)
 
(64
)
 
43

(Loss) income before income taxes and equity in affiliated companies' net (losses) earnings
(115
)
 
(2,191
)
 
(3,389
)
 
6

 
(5,689
)
(Provision for) benefit from income taxes
(686
)
 
790

 
1,317

 
(8
)
 
1,413

Equity in affiliated companies' net (losses) earnings
(3,524
)
 
(4,279
)
 
(6,502
)
 
14,306

 
1

Net (loss) income from continuing operations
(4,325
)
 
(5,680
)
 
(8,574
)
 
14,304

 
(4,275
)
Net income from discontinued operations
—

 
—

 
56

 
14

 
70

Net (loss) income
(4,325
)
 
(5,680
)
 
(8,518
)
 
14,318

 
(4,205
)
Net income and preferred dividends attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
 
Continuing operations
—

 
—

 
(42
)
 
(26
)
 
(68
)
Discontinued operations
—

 
—

 
(52
)
 
—

 
(52
)
Net (loss) income attributable to common stockholders
$
(4,325
)
 
$
(5,680
)
 
$
(8,612
)
 
$
14,292

 
$
(4,325
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
21

 
—

 
21

 
(21
)
 
21

Total comprehensive (loss) income
$
(4,304
)
 
$
(5,680
)
 
$
(8,591
)
 
$
14,271

 
$
(4,304
)
 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statements of Cash Flows [Table Text Block]
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2016
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Cash flow from operating activities:
 
 
 
 
 
 
 
 
 
Net (loss) income
$
(4,664
)
 
$
(4,490
)
 
$
(5,198
)
 
$
9,841

 
$
(4,511
)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
 
 
 
 
 
 
 
 
 
Depreciation, depletion and amortization
3

 
92

 
1,293

 
(14
)
 
1,374

Impairment of oil and gas properties
—

 
1,436

 
2,622

 
20

 
4,078

Equity in losses (earnings) of affiliated companies
2,375

 
2,985

 
4,483

 
(9,851
)
 
(8
)
Other, net
104

 
600

 
(489
)
 
—

 
215

Changes in working capital and other tax payments, excluding amounts from dispositions
2,009

 
(713
)
 
(836
)
 
6

 
466

Net cash (used in) provided by operating activities
(173
)
 
(90
)
 
1,875

 
2

 
1,614

 
 
 
 
 
 
 
 
 
 
Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(433
)
 
(1,380
)
 
(2
)
 
(1,815
)
Intercompany loans
(994
)
 
(493
)
 
—

 
1,487

 
—

Dividends from (investments in) consolidated subsidiaries
1,935

 
(41
)
 
78

 
(1,972
)
 
—

Asset sales and other, net
—

 
91

 
1,189

 
—

 
1,280

Net cash provided by (used in) investing activities
941

 
(876
)
 
(113
)
 
(487
)
 
(535
)
 
 
 
 
 
 
 
 
 
 
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from debt
1,505

 
—

 
1,306

 
—

 
2,811

Repayments of debt
(2,282
)
 
—

 
(1,367
)
 
—

 
(3,649
)
Intercompany loans
—

 
1,018

 
469

 
(1,487
)
 
—

Net proceeds from sale of common stock
32

 
—

 
42

 
(42
)
 
32

Cash dividends and distributions paid, and contributions received, net
(5
)
 
—

 
(1,989
)
 
1,950

 
(44
)
Other, net
(18
)
 
(52
)
 
(17
)
 
64

 
(23
)
Net cash (used in) provided by financing activities
(768
)
 
966

 
(1,556
)
 
485

 
(873
)
 
 
 
 
 
 
 
 
 
 
Net increase in cash and cash equivalents
—

 
—

 
206

 
—

 
206

Increase in cash and cash equivalents in assets held for sale
—

 
—

 
(49
)
 
—

 
(49
)
Cash and cash equivalents at beginning of period
—

 
—

 
195

 
—

 
195

Cash and cash equivalents at end of period
$
—

 
$
—

 
$
352

 
$
—

 
$
352


CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2015
 
FCX
 
FM O&G LLC
 
Non-guarantor
 
 
 
Consolidated
 
Issuer
 
Guarantor
 
Subsidiaries
 
Eliminations
 
FCX
Cash flow from operating activities:
 
 
 
 
 
 
 
 
 
Net (loss) income
$
(4,325
)
 
$
(5,680
)
 
$
(8,518
)
 
$
14,318

 
$
(4,205
)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
 
 
 
 
 
 
 
 
 
Depreciation, depletion and amortization
2

 
223

 
1,638

 
(34
)
 
1,829

Impairment of oil and gas properties
—

 
2,052

 
3,717

 
21

 
5,790

Net gains on crude oil derivative contracts
—

 
(58
)
 
—

 
—

 
(58
)
Equity in losses (earnings) of affiliated companies
3,524

 
4,279

 
6,502

 
(14,306
)
 
(1
)
Other, net
(1,431
)
 
9

 
43

 
—

 
(1,379
)
Changes in working capital and other tax payments
2,222

 
(550
)
 
(1,870
)
 
8

 
(190
)
Net cash (used in) provided by operating activities
(8
)
 
275

 
1,512

 
7

 
1,786

 
 
 
 
 
 
 
 
 
 
Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
(734
)
 
(2,787
)
 
(7
)
 
(3,528
)
Intercompany loans
(1,073
)
 
(794
)
 
—


1,867

 
—

Dividends from (investments in) consolidated subsidiaries
438

 
(31
)
 
74

 
(481
)
 
—

Other, net
(10
)
 
(1
)
 
137

 
10

 
136

Net cash (used in) provided by investing activities
(645
)
 
(1,560
)
 
(2,576
)
 
1,389

 
(3,392
)
 
 
 
 
 
 
 
 
 
 
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from debt
2,735

 
—

 
1,687

 
—

 
4,422

Repayments of debt
(1,690
)
 
—

 
(670
)
 
—

 
(2,360
)
Intercompany loans
—

 
1,321

 
546

 
(1,867
)
 
—

Cash dividends and distributions paid, and contributions received, net
(380
)
 
—

 
(481
)
 
421

 
(440
)
Other, net
(12
)
 
(37
)
 
(15
)
 
50

 
(14
)
Net cash provided by (used in) financing activities
653

 
1,284

 
1,067

 
(1,396
)
 
1,608

 
 
 
 
 
 
 
 
 
 
Net (decrease) increase in cash and cash equivalents
—

 
(1
)
 
3

 
—

 
2

Increase in cash and cash equivalents in assets held for sale
—

 
—

 
(1
)
 
—

 
(1
)
Cash and cash equivalents at beginning of period
—

 
1

 
316

 
—

 
317

Cash and cash equivalents at end of period
$
—

 
$
—

 
$
318

 
$
—

 
$
318