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SUPPLEMENTARY OIL AND GAS INFORMATION (UNAUDITED) SUPPLEMENTARY OIL AND GAS INFORMATION (UNAUDITED) (Tables)
 12 Months Ended
Dec. 31, 2017
Oil and Gas Exploration and Production Industries Disclosures [Abstract]  
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure
A summary of the costs incurred for FCX’s oil and gas acquisition, exploration and development activities for the years ended December 31, 2016 and 2015, follows:
 
2016
 
2015
 
Property acquisition costs for unproved properties
$
7

 
$
61

 
Exploration costs
22

 
1,250

 
Development costs
749

 
1,442

 
 
$
778

 
$
2,753

 
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure
The aggregate capitalized costs subject to amortization for oil and gas properties and the aggregate related accumulated amortization as of December 31 follow:
 
 
2016
 
2015
 
Properties subject to amortization
 
$
27,507

 
$
24,538

 
Accumulated amortizationa
 
(27,433
)
 
(22,276
)
 
 
 
$
74

 
$
2,262

 

a.
Includes charges of $4.3 billion in 2016 and $13.1 billion in 2015 to reduce the carrying value of oil and gas properties pursuant to full cost accounting rules.
Results of Operations for Oil and Gas Producing Activities Disclosure
The results of operations from oil and gas producing activities for the years ended December 31, 2016 and 2015, presented below, exclude non-oil and gas revenues, general and administrative expenses, interest expense and interest income. Income tax benefit was determined by applying the statutory rates to pre-tax operating results:
 
2016
 
2015
Revenues from oil and gas producing activities
$
1,513

 
$
1,994

Production and delivery costs
(1,829
)
a 
(1,215
)
Depreciation, depletion and amortization
(839
)
 
(1,772
)
Impairment of oil and gas properties
(4,317
)
 
(13,144
)
Income tax benefit (based on FCX’s U.S. federal statutory tax rate)
—

b 
5,368

Results of operations from oil and gas producing activities
$
(5,472
)
 
$
(8,769
)

a.
Includes $926 million in charges related to drillship settlements/idle rig and contract termination costs.
b.
FCX has provided a full valuation allowance on losses associated with oil and gas activities in 2016.
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities
The following table sets forth certain data pertaining to proved, proved developed and proved undeveloped reserves, all of which are in the U.S., for the years ended December 31, 2016 and 2015.
 
 
 
 
 
 
 
 
 
Oil
 
Gas
 
Total
 
 
(MMBbls)a,b
 
(Bcf)a
 
(MMBOE)a
2016
 
 
 
 
 
 
Proved reserves:
 
 
 
 
 
 
Balance at beginning of year
 
207

 
274

 
252

Extensions and discoveries
 
—

 
—

 
—

Acquisitions of reserves in-place
 
—

 
—

 
—

Revisions of previous estimates
 
1

 
—

 
1

Sale of reserves in-place
 
(168
)
 
(118
)
 
(187
)
Production
 
(36
)
 
(69
)
 
(48
)
Balance at end of year

 
4

 
87

 
18

 
 
 
 
 
 
 
Proved developed reserves at December 31, 2016
 
4

 
87

 
18

 
 
 
 
 
 
 
Proved undeveloped reserves at December 31, 2016
 
—

 
—

 
—

2015
 
 
 
 
 
 
Proved reserves:
 
 
 
 
 
 
Balance at beginning of year
 
288

 
610

 
390

Extensions and discoveries
 
11

 
43

 
17

Acquisitions of reserves in-place
 
—

 
—

 
—

Revisions of previous estimates
 
(54
)
 
(287
)
 
(102
)
Sale of reserves in-place
 
—

 
(2
)
 
—

Production
 
(38
)
 
(90
)
 
(53
)
Balance at end of year
 
207

 
274

 
252

 
 
 
 
 
 
 
Proved developed reserves at December 31, 2015
 
129

 
245

 
169

 
 
 
 
 
 
 
Proved undeveloped reserves at December 31, 2015
 
78

 
29

 
83

a.
MMBbls = million barrels; Bcf = billion cubic feet; MMBOE = million BOE
b.
Includes NGL proved reserves of 1 MMBbls (all developed) at December 31, 2016, and 9 MMBbls (6 MMBbls of developed and 3 MMBbls of undeveloped) at December 31, 2015.
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure
The Standardized Measure related to proved oil and natural gas reserves as of December 31, 2016 and 2015, follows:
 
2016
 
2015
Future cash inflows
$
345

 
$
10,536

Future production expense
(175
)
 
(4,768
)
Future development costsa
(439
)
 
(4,130
)
Future income tax expense
—

 
—

Future net cash flows
(269
)
 
1,638

Discounted at 10% per year
32

 
(246
)
Standardized Measure
$
(237
)
 
$
1,392

a.
Includes estimated asset retirement costs of $0.4 billion at December 31, 2016, and $1.9 billion at December 31, 2015.
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows
A summary of the principal sources of changes in the Standardized Measure for the years ended December 31, 2016 and 2015, follows:
 
 
2016
 
2015
Balance at beginning of year
 
$
1,392

 
$
6,421

Changes during the year:
 
 
 
 
Sales, net of production expenses
 
(831
)
 
(928
)
Net changes in sales and transfer prices, net of production expenses
 
(341
)
 
(7,766
)
Extensions, discoveries and improved recoveries
 
—

 
45

Changes in estimated future development costs, including timing and other
 
146

 
1,287

Previously estimated development costs incurred during the year
 
295

 
985

Sales of reserves in-place
 
(1,049
)
 
—

Revisions of quantity estimates
 
12

 
(1,170
)
Accretion of discount
 
139

 
797

Net change in income taxes
 
—

 
1,721

Total changes
 
(1,629
)
 
(5,029
)
Balance at end of year
 
$
(237
)
 
$
1,392