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QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Notes)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
Year
 
2016
 
 
 
 
 
 
 
 
 
 
Revenues
$
3,242

 
$
3,334

 
$
3,877

 
$
4,377

a 
$
14,830

a 
Operating (loss) incomeb,c
(3,872
)
d 
18

d,e 
359

d,e,f 
703

e,f 
(2,792
)
d,e,f 
Net (loss) income from continuing operationsg
(4,097
)
 
(229
)
 
292

 
202

 
(3,832
)
 
Net loss from discontinued operationsh
(4
)
 
(181
)
 
(6
)
 
(2
)
 
(193
)
 
Net (loss) income
(4,101
)
 
(410
)
 
286

 
200

 
(4,025
)
 
Net income and preferred dividends
 
 
 
 
 
 
 
 
 
 
attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
 
 
Continuing operations
(73
)
 
(57
)
 
(47
)
 
111

i 
(66
)
i 
Discontinued operations
(10
)
 
(12
)
 
(22
)
 
(19
)
 
(63
)
 
Net (loss) income attributable to common stockholders
(4,184
)
 
(479
)
 
217

 
292

 
(4,154
)
 
Basic and diluted net (loss) income per share
 
 
 
 
 
 
 
 
 
 
attributable common stockholders:
 
 
 
 
 
 
 
 
 
 
Continuing operations
$
(3.34
)
 
$
(0.23
)

$
0.18


$
0.22


$
(2.96
)
 
Discontinued operations
(0.01
)
 
(0.15
)
 
(0.02
)
 
(0.01
)
 
(0.20
)
 
 
$
(3.35
)
 
$
(0.38
)
 
$
0.16

 
$
0.21

 
$
(3.16
)
 
 
 
 
 
 
 
 
 
 
 
 
2015
 
 
 
 
 
 
 
 
 
 
Revenuesa
$
3,771

 
$
3,938

 
$
3,382

 
$
3,516

 
$
14,607

 
Operating lossb,c,d
(3,030
)
e 
(2,421
)
 
(3,964
)
f 
(4,097
)
f 
(13,512
)
e,f 
Net loss from continuing operations
(2,447
)
 
(1,828
)
j 
(3,815
)
  
(4,090
)
 
(12,180
)
j 
Net income (loss) from discontinued operationsh
41

 
29

 
25

 
(4
)

91

 
Net loss
(2,406
)
 
(1,799
)
 
(3,790
)
 
(4,094
)
 
(12,089
)
 
Net (income) loss and preferred dividends attributable to noncontrolling interests:
 
 
 
 
 
 
 
 
 
 
Continuing operations
(42
)
 
(26
)
 
(24
)
 
24

 
(68
)
 
Discontinued operations
(26
)
 
(26
)
 
(16
)
 
(11
)
 
(79
)
 
Net loss attributable to common stockholders
(2,474
)
 
(1,851
)
 
(3,830
)
 
(4,081
)
 
(12,236
)
 
Basic and diluted net (loss) income per share
 
 
 
 
 
 
 
 
 
 
attributable common stockholders:
 
 
 
 
 
 
 
 
 
 
Continuing operations
$
(2.40
)
 
$
(1.78
)

$
(3.59
)
 
$
(3.46
)
 
$
(11.32
)
 
Discontinued operations
0.02

 
—

 
0.01

 
(0.01
)

0.01

 
 
$
(2.38
)
 
$
(1.78
)
 
$
(3.58
)
 
$
(3.47
)
 
$
(11.31
)
 

a.
Includes charges for net noncash mark-to-market losses associated with crude oil and natural gas derivative contracts totaling $41 million ($41 million to net income (loss) attributable to common stockholders or $0.03 per share) in the fourth quarter and for the year 2016, $48 million ($30 million to net loss attributable to common stockholders or $0.03 per share) in first-quarter 2015, $95 million ($59 million to net loss attributable to common stockholders or $0.06 per share) in second-quarter 2015, $74 million ($46 million to net loss attributable to common stockholders or $0.04 per share) in third-quarter 2015, $102 million ($63 million to net loss attributable to common stockholders or $0.05 per share) in fourth-quarter 2015 and $319 million ($198 million to net loss attributable to common stockholders or $0.18 per share) for the year 2015.
b.
The 2016 periods include charges at oil and gas operations impacting operating (loss) income and net (loss) income attributable to common stockholders of $201 million ($0.16 per share) in the first quarter, $729 million ($0.57 per share) in the second quarter, $50 million ($0.03 per share) in the third quarter, $142 million ($0.09 per share) in the fourth quarter and $1.1 billion ($0.84 per share) for the year, primarily for drillship settlements/idle rig costs, inventory adjustments and other asset impairments and restructuring charges. The 2015 periods include charges at oil and gas operations of $17 million ($10 million to net loss attributable to common stockholders or $0.01 per share) in the first quarter, $22 million ($14 million to net loss attributable to common stockholders or $0.01 per share) in the second quarter, $21 million ($13 million to net loss attributable to common stockholders or $0.01 per share) in the third quarter, $129 million ($81 million to net loss attributable to common stockholders or $0.07 per share) in the fourth quarter and $188 million ($117 million to net loss attributable to common stockholders or $0.11 per share) for the year, primarily for other asset impairments, inventory adjustments, idle/terminated rig costs and prior year mineral tax assessments related to the California properties.
c.
The 2016 periods include charges impacting operating (loss) income and net (loss) income attributable to common stockholders for metals inventory adjustments totaling $5 million (less than $0.01 per share) in the first quarter, $2 million (less than $0.01 per share) in the second quarter, $20 million ($0.01 per share) in the third quarter, $9 million ($0.01 per share) in the fourth quarter and $36 million ($0.03 per share) for the year. The 2015 periods include charges for metal inventory adjustments of $4 million ($3 million to net loss attributable to common stockholders or less than $0.01 per share) in the first quarter, $59 million ($38 million to net loss attributable to common stockholders or $0.04 per share) in the second quarter, $91 million ($58 million to net loss attributable to common stockholders or $0.05 per share) in the third quarter, $184 million ($118 million to net loss attributable to common stockholders or $0.10 per share) in the fourth quarter and $338 million ($217 million to net loss attributable to common stockholders or $0.20 per share) for the year.
d.
The 2016 periods include charges impacting operating (loss) income and net (loss) income attributable to common stockholders to reduce the carrying value of oil and gas properties pursuant to full cost accounting rules of $3.8 billion ($3.03 per share) in the first quarter, $291 million ($0.23 per share) in the second quarter, $239 million ($0.18 per share) in the third quarter and $4.3 billion ($3.28 per share) for the year. The 2015 periods include charges to reduce the carrying value of oil and gas properties pursuant to full cost accounting rules of $3.1 billion ($2.4 billion to net loss attributable to common stockholders or $2.31 per share) in the first quarter, $2.7 billion ($2.0 billion to net loss attributable to common stockholders or $1.90 per share) in the second quarter, $3.7 billion ($3.5 billion to net loss attributable to common stockholders or $3.25 per share) in the third quarter, $3.7 billion ($3.7 billion to net loss attributable to common stockholders or $3.18 per share) in the fourth quarter and $13.1 billion ($11.6 billion to net loss attributable to common stockholders or $10.72 per share) for the year.
e.
Includes net gains (losses) on sales of assets of $749 million ($744 million to net loss attributable to common stockholders or $0.59 per share) in second-quarter 2016, $13 million ($13 million to net income attributable to common stockholders or $0.01 per share) in third-quarter 2016, $(113) million ($(108) million to net income attributable to common stockholders or $(0.08) per share) in fourth-quarter 2016 and $649 million ($649 million to net loss attributable to common stockholders or $0.49 per share) for the year 2016, primarily associated with the Morenci and Timok transactions, partly offset with losses associated with the potential Freeport Cobalt and Kisanfu transactions and the sales of oil and gas properties (refer to Note 2 for further discussion). Net gains on sales of assets for 2015 totaled $39 million ($25 million to net loss attributable to common stockholders or $0.02 per share) in the first quarter and for the year associated with the sale of the Luna Energy power facility.
f.
The 2016 periods include charges from mining operations of $17 million ($9 million to net income attributable to common stockholders or $0.01 per share) in the third quarter, $16 million ($5 million to net income attributable to common stockholders or less than $0.01 per share) in the fourth quarter and $33 million ($14 million to net loss attributable to common stockholders or $0.01 per share) for the year, primarily for a PT-FI asset retirement and Cerro Verde social commitments. The 2015 periods include charges from mining operations of $92 million ($56 million to net loss attributable to common stockholders or $0.05 per share) in the third quarter, $53 million ($34 million to net loss attributable to common stockholders or $0.03 per share) in the fourth quarter and $145 million ($90 million to net loss attributable to common stockholders or $0.08 per share) for the year associated with asset impairment, restructuring and other net charges.
g.
Includes net (losses) gains on exchanges and early extinguishment of debt totaling $(3) million (less than ($0.01) per share) in the first quarter, $39 million ($0.03 per share) in the second quarter, $15 million ($0.01 per share) in the third quarter, $(25) million ($(0.02) per share) in the fourth quarter and $26 million ($0.02 per share) for the year. Refer to Note 8 for further discussion.
h.
Reflects the results of TFHL and includes charges for allocated interest expense associated with the portion of the Term Loan that was required to be repaid as a result of the sale of FCX's interest in TFHL, which was completed on November 16, 2016. The 2016 periods also include charges for the loss on disposal of $177 million ($0.14 per share) in the second quarter, $5 million (less than $0.01 per share) in the third quarter, $16 million ($0.01 per share) in the fourth quarter and $198 million ($0.15 per share) for the year. Refer to Note 2 for further discussion of discontinued operations.
i.
Includes a gain on redemption of noncontrolling interest for the settlement of FCX's preferred stock obligation at its Plains Offshore subsidiary (refer to Notes 1 and 2 for further discussion) totaling $199 million ($0.14 per share in the fourth quarter and $0.15 per share for the year).
j.
Includes a gain of $92 million ($0.09 per share) in the second quarter and for the year associated with the net proceeds received from insurance carriers and other third parties related to the shareholder derivative litigation settlement.