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Business Segments (Unaudited) (Tables)
 9 Months Ended
Sep. 30, 2016
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information By Segment
Financial Information by Business Segments
(In millions)
Mining Operations
 
 
 
 
 
 
 
 
North America Copper Mines
 
South America
 
Indonesia
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlantic
 
Other
 
 
 
 
 
Corporate,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Molyb-
 
 
 
Copper
 
Mining
 
 
 
U.S.
 
Other
 
 
 
 
 
 
 
 
 
 
Cerro
 
 
 
 
 
 
 
denum
 
Rod &
 
Smelting
 
& Elimi-
 
Total
 
Oil & Gas
 
& Elimi-
 
FCX
 
 
Morenci
 
Other
 
Total
 
Verde
 
Other
 
Total
 
Grasberg
 
Mines
 
Refining
 
& Refining
 
nations
 
Mining
 
Operations
 
nations
 
Total
 
Three Months Ended September 30, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unaffiliated customers
$
115

 
$
112

 
$
227

 
$
505

 
$
112

 
$
617

 
$
984

a 
$
—

 
$
930

 
$
445

 
$
247

b 
$
3,450

 
$
427


$
—

 
$
3,877

 
Intersegment
358

 
499

 
857

 
54

 
—

 
54

 
2

 
46

 
7

 
—

 
(966
)
 
—

 
—

 
—

 
—

 
Production and delivery
275

 
458

 
733

 
333

 
91

 
424

 
478

c 
51

 
931

 
416

 
(777
)
 
2,256

 
231

d 
22

d 
2,509

 
Depreciation, depletion and amortization
51

 
78

 
129

 
109

 
25

 
134

 
110

 
15

 
2

 
7

 
19

 
416

 
223

 
4

 
643

 
Impairment of oil and gas properties
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
238

 
1


239

 
Metals inventory adjustments
—

 
6

 
6

 
—

 
—

 
—

 
—

 
6

 
—

 
—

 
8

 
20

 
—

 
—

 
20

 
Selling, general and administrative expenses
1

 
—

 
1

 
1

 
1

 
2

 
24

 
—

 
—

 
5

 
3

 
35

 
31

 
44

 
110

 
Mining exploration and research expenses
—

 
1

 
1

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
12

 
13

 
—

 
—

 
13

 
Environmental obligations and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
shutdown credits
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(3
)
 
(3
)
 
—

 
—

 
(3
)
 
Net loss (gain) on sales of assets
1

 
—

 
1

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
1

 
(7
)
 
(7
)
 
(13
)
 
Operating income (loss)
145

 
68

 
213

 
116

 
(5
)
 
111

 
374

 
(26
)
 
4

 
17

 
19

 
712

 
(289
)
 
(64
)
 
359

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net
1

 
—

 
1

 
21

 
—

 
21

 
—

 
—

 
—

 
3

 
21

 
46

 
102

 
39

 
187

 
Provision for (benefit from) income taxes
—

 
—

 
—

 
36

 
(4
)
 
32

 
158

 
—

 
—

 
—

 
—

 
190

 
—

 
(304
)
 
(114
)
 
Total assets at September 30, 2016
2,881

 
4,540

 
7,421

 
9,139

 
1,551

 
10,690

 
9,830

 
1,953

 
238

 
565

 
6,170

e 
36,867

 
3,462

 
1,071

 
41,400

e 
Capital expenditures
6

 
5

 
11

 
38

 
1

 
39

 
256

 
1

 
—

 
5

 
21

e 
333

 
160

 
1

 
494

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unaffiliated customers
$
165

 
$
58

 
$
223

 
$
238

 
$
187

 
$
425

 
$
557

a 
$
—

 
$
946

 
$
438

 
$
267

b 
$
2,856

 
$
525

f 
$
1

 
$
3,382

 
Intersegment
332

 
614

 
946

 
13

 
—

 
13

 
52

 
83

 
5

 
1

 
(1,100
)
 
—

 
—

 
—

 
—

 
Production and delivery
357

 
616

c 
973

 
177

 
167

c 
344

 
417

 
83

c 
946

 
410

 
(873
)
c 
2,300

 
293

d 
2

c 
2,595

 
Depreciation, depletion and amortization
51

 
85

 
136

 
57

 
32

 
89

 
90

 
26

 
2

 
10

 
16

 
369

 
450

 
4

 
823

 
Impairment of oil and gas properties
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
3,480

 
172

g 
3,652

 
Metals inventory adjustments
—

 
55

 
55

 
—

 
—

 
—

 
—

 
3

 
—

 
—

 
33

 
91

 
—

 
—

 
91

 
Selling, general and administrative expenses
1

 
—

 
1

 
1

 
—

 
1

 
24

 
—

 
—

 
4

 
5

 
35

 
37

 
50

 
122

 
Mining exploration and research expenses
—

 
1

 
1

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
25

 
26

 
—

 
—

 
26

 
Environmental obligations and shutdown costs
—

 
3

 
3

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
33

 
36

 
—

 
1

 
37

 
Operating income (loss)
88

 
(88
)
 
—

 
16

 
(12
)
 
4

 
78

 
(29
)
 
3

 
15

 
(72
)
 
(1
)
 
(3,735
)
 
(228
)
 
(3,964
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net
1

 
—

 
1

 
—

 
—

 
—

 
—

 
—

 
—

 
3

 
19

 
23

 
51

 
83

 
157

 
Provision for (benefit from) income taxes
—

 
—

 
—

 
—

 
2

 
2

 
21

 
—

 
—

 
—

 
—

 
23

 
—

 
(372
)
 
(349
)
 
Total assets at September 30, 2015
3,720

 
5,159

 
8,879

 
9,136

 
1,843

 
10,979

 
8,965

 
2,017

 
235

 
699

 
6,426

e 
38,200

 
11,911

 
272

 
50,383

e 
Capital expenditures
61

 
33

 
94

 
421

 
16

 
437

 
222

 
3

 
1

 
10

 
78

e 
845

 
635

h 
47

 
1,527

 
a.
Includes PT-FI’s sales to PT Smelting totaling $348 million in third-quarter 2016 and $61 million in third-quarter 2015.
b.
Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North and South America copper mines.
c.
Third-quarter 2016 includes asset retirement charges of $17 million at Indonesia mining. Third-quarter 2015 includes asset impairment and restructuring charges totaling $75 million at other North America copper mines, and restructuring charges totaling $11 million at other South America copper mines, $2 million at Molybdenum mines, $2 million at Other Mining & Eliminations and $2 million at Corporate, Other & Eliminations.
d.
Includes net charges for oil and gas operations totaling $50 million in third-quarter 2016 and $21 million in third-quarter 2015, primarily for idle rig costs, inventory adjustments, asset impairments and other net charges.
e.
Includes (i) assets held for sale totaling $4.7 billion at September 30, 2016, and $4.9 billion at September 30, 2015, and (ii) capital expenditures totaling $15 million in third-quarter 2016 and $69 million in third-quarter 2015 associated with discontinued operations. Refer to Note 2 for a summary of the results of discontinued operations.
f.
Includes net mark-to-market gains of $29 million associated with crude oil derivative contracts.
g.
Reflects impairment charges for international oil and gas properties primarily in Morocco.
h.
Excludes international oil and gas capital expenditures totaling $37 million, primarily related to the Morocco oil and gas properties, which are included in Corporate, Other & Eliminations.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In millions)
Mining Operations
 
 
 
 
 
 
 
North America Copper Mines
 
South America
 
Indonesia
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlantic
 
Other
 
 
 
 
 
Corporate,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Molyb-
 
 
 
Copper
 
Mining
 
 
 
U.S.
 
Other
 
 
 
 
 
 
 
 
 
Cerro
 
 
 
 
 
 
 
denum
 
Rod &
 
Smelting
 
& Elimi-
 
Total
 
Oil & Gas
 
& Elimi-
 
FCX
 
Morenci
 
Other
 
Total
 
Verde
 
Other
 
Total
 
Grasberg
 
Mines
 
Refining
 
& Refining
 
nations
 
Mining
 
Operations
 
nations
 
Total
Nine Months Ended September 30, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unaffiliated customers
$
356

 
$
211

 
$
567

 
$
1,485

 
$
379

 
$
1,864

 
$
2,014

a 
$
—

 
$
2,820

 
$
1,360

 
$
696

b 
$
9,321

 
$
1,132


$
—

 
$
10,453

Intersegment
1,119

 
1,594

 
2,713

 
155

 
—

 
155

 
59

 
136

 
22

 
3

 
(3,088
)
 
—

 
—

 
—

 
—

Production and delivery
913

 
1,334

 
2,247

 
927

 
313

 
1,240

 
1,228

c 
147

 
2,820

 
1,275

 
(2,562
)
 
6,395

 
1,527

d 
35

d 
7,957

Depreciation, depletion and amortization
170

 
237

 
407

 
319

 
83

 
402

 
284

 
51

 
7

 
22

 
57

 
1,230

 
696

 
11

 
1,937

Impairment of oil and gas properties
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
4,299

 
18

e 
4,317

Metals inventory adjustments
—

 
6

 
6

 
—

 
—

 
—

 
—

 
12

 
—

 
—

 
9

 
27

 
—

 
—

 
27

Selling, general and administrative expenses
2

 
2

 
4

 
5

 
1

 
6

 
60

 
—

 
—

 
13

 
9

 
92

 
161

f 
155

 
408

Mining exploration and research expenses
—

 
2

 
2

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
44

 
46

 
—

 
—

 
46

Environmental obligations and shutdown costs
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
17

 
17

 
—

 
1

 
18

Net gain on sales of assets
(576
)
 
—

 
(576
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(172
)
 
(748
)
 
(7
)
 
(7
)
 
(762
)
Operating income (loss)
966

 
224

 
1,190

 
389

 
(18
)
 
371

 
501

 
(74
)
 
15

 
53

 
206

 
2,262

 
(5,544
)
 
(213
)
 
(3,495
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net
2

 
1

 
3

 
63

 
—

 
63

 
—

 
—

 
—

 
11

 
60

 
137

 
266

 
171

 
574

Provision for (benefit from) income taxes
—

 
—

 
—

 
126

 
(12
)
 
114

 
212

 
—

 
—

 
—

 
—

 
326

 
—

 
(247
)
 
79

Capital expenditures
71

 
16

 
87

 
329

 
3

 
332

 
715

 
2

 
1

 
12

 
84

g 
1,233

 
1,028

h 
48

 
2,309

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unaffiliated customers
$
451

 
$
265

 
$
716

 
$
681

 
$
639

 
$
1,320

 
$
1,969

a 
$
—

 
$
3,097

 
$
1,473

 
$
921

b 
$
9,496

 
$
1,594

i 
$
1

 
$
11,091

Intersegment
1,209

 
1,984

 
3,193

 
64

 
(7
)
j 
57

 
37

 
298

 
20

 
12

 
(3,617
)
 
—

 
—

 
—

 
—

Production and delivery
1,117

 
1,750

c 
2,867

 
540

 
464

c 
1,004

 
1,311

 
247

c 
3,097

 
1,397

 
(2,925
)
c 
6,998

 
857

d 
7

c 
7,862

Depreciation, depletion and amortization
157

 
251

 
408

 
134

 
102

 
236

 
238

 
77

 
7

 
29

 
51

 
1,046

 
1,465

 
11

 
2,522

Impairment of oil and gas properties

—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
9,270

 
172

e 
9,442

Metals inventory adjustments
—

 
66

 
66

 
—

 
—

 
—

 
—

 
6

 
—

 
—

 
82

 
154

 
—

 
—

 
154

Selling, general and administrative expenses
2

 
2

 
4

 
2

 
1

 
3

 
74

 
—

 
—

 
13

 
16

 
110

 
140

 
171

 
421

Mining exploration and research expenses
—

 
6

 
6

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
77

 
83

 
—

 
—

 
83

Environmental obligations and shutdown costs
—

 
3

 
3

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
57

 
60

 
—

 
1

 
61

Net gain on sales of assets

—

 
(39
)
 
(39
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(39
)
 
—

 
—

 
(39
)
Operating income (loss)
384

 
210

 
594

 
69

 
65

 
134

 
383

 
(32
)
 
13

 
46

 
(54
)
 
1,084

 
(10,138
)
 
(361
)
 
(9,415
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net
2

 
1

 
3

 
1

 
—

 
1

 
—

 
—

 
—

 
8

 
57

 
69

 
129

 
240

 
438

Provision for (benefit from) income taxes
—

 
—

 
—

 
—

 
32

 
32

 
145

 
—

 
—

 
—

 
—

 
177

 
—

 
(1,939
)
 
(1,762
)
Capital expenditures
224

 
84

 
308

 
1,296

 
43

 
1,339

 
660

 
10

 
2

 
18

 
197

g 
2,534

 
2,430

h 
91

 
5,055


a.
Includes PT-FI's sales to PT Smelting totaling $912 million for the first nine months of 2016 and $704 million for the first nine months of 2015.
b.
Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North and South America copper mines.
c.
The first nine months of 2016 include asset retirement charges of $17 million at Indonesia mining. The first nine months of 2015 includes asset impairment and restructuring charges totaling $75 million at other North America copper mines, and restructuring charges totaling $11 million at other South America copper mines, $2 million at Molybdenum mines, $2 million at Other Mining & Eliminations and $2 million at Corporate, Other & Eliminations.
d.
Includes charges for oil and gas operations totaling $942 million for the first nine months of 2016 and $59 million for the first nine months of 2015, primarily for drillship settlement/idle rig costs, inventory adjustments, asset impairments and other net charges.
e.
Reflects impairment charges for international oil and gas properties primarily in Morocco.
f.
Includes $38 million for net restructuring-related charges.
g.
Includes capital expenditures of $70 million for the first nine months of 2016 and $166 million for the first nine months of 2015 associated with discontinued operations. Refer to Note 2 for a summary of the results of discontinued operations.
h.
Excludes international oil and gas capital expenditures totaling $47 million for the first nine months of 2016 and $81 million for the first nine months of 2015, primarily related to the Morocco oil and gas properties, which are included in Corporate, Other & Eliminations.
i.
Includes net mark-to-market gains of $87 million associated with crude oil derivative contracts.
j.
Reflects net reductions for provisional pricing adjustments to prior period open sales. There were no intersegment sales from El Abra for the first nine months of 2015.