8-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 24, 2019

Freeport-McMoRan Inc.

(Exact name of registrant as specified in its charter)

Delaware	001-11307-01	74-2480931
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

333 North Central Avenue
Phoenix, AZ	85004
(Address of Principal Executive Offices)	(Zip Code)

Registrant's telephone number, including area code: (602) 366-8100

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR § 240.12b-2).

Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Item 2.02. Results of Operations and Financial Condition.

On January 24, 2019, Freeport-McMoRan Inc. (FCX) issued a press release announcing its fourth-quarter and year ended 2018 financial and operating results, referencing supplementary schedules, a copy of which was furnished with FCX's Current Report on Form 8-K (Item 2.02) filed on January 24, 2019. This amendment is being filed solely for the purpose of revising certain information as described herein.

Subsequent to issuing its January 24, 2019, press release and prior to filing its Annual Report on Form 10-K for the year ended December 31, 2018, FCX determined that an adjustment is required related to the application of relevant accounting rules to reflect the impact on deferred tax liabilities of the change in PT Freeport Indonesia's (PT-FI's) statutory tax rates associated with its special mining license granted on December 21, 2018.

The adjustment to PT-FI's deferred tax liability increased fourth-quarter net income by $345 million and resulted in net income attributable to common stock totaling $485 million ($0.33 per share) in fourth-quarter 2018 and $2.6 billion ($1.78 per share) for the year 2018. The adjustment had no effect on net operating cash flows or fourth-quarter adjusted net income attributable to common stock of $161 million ($0.11 per share), as reported in FCX’s January 24, 2019, press release.

The impact of the adjustment is shown in the table below and is reflected in the revised supplemental schedules pages IV through VIII, which supersede and replace supplemental schedules pages IV through VIII of FCX’s January 24, 2019, press release. The revised pages of the supplemental schedules are included in Exhibit 99.1 hereto.

	Three Months Ended  12/31/2018									Year Ended 12/31/2018
	As Reported			Adjust-ment			Revised			As Reported			Adjust-ment			Revised
	(In Millions, Except Per Share Amounts)
(Loss) income from continuing operations before income taxes and equity in affiliated companies’ net earnings	$	(181	)	$	—		$	(181	)	$	3,892		$	—		$	3,892
Benefit from (provision for) income taxes	169			383			552			(1,374		)	383			(991		)
Equity in affiliated companies’ net earnings	3			—			3			8			—			8
Net (loss) income from continuing operations	(9		)	383			374			2,526			383			2,909
Net income (loss) from discontinued operations	4			—			4			(15		)	—			(15		)
Net (loss) income	(5		)	383			378			2,511			383			2,894
Net loss (income) attributable to noncontrolling interests (continuing operations)	145			(38		)	107			(254		)	(38		)	(292		)
Net income attributable to common stock	$	140		$	345		$	485		$	2,257		$	345		$	2,602
Diluted net income (loss) per share attributable to common stock:
Continuing operations	$	0.09		$	0.24		$	0.33		$	1.56		$	0.24		$	1.79		(1)
Discontinued operations	—			—			—			(0.01		)	—			(0.01		)
	$	0.09		$	0.24		$	0.33		$	1.55		$	0.24		$	1.78		(1)

⁽¹⁾ Does not foot across because of rounding

Other than as described herein, the information included in FCX’s press release announcing fourth-quarter and year ended 2018 financial and operating results remains unchanged.

Item 7.01. Regulation FD Disclosure.

On January 24, 2019, FCX presented slides in connection with its fourth-quarter 2018 earnings conference call conducted via the internet on January 24, 2019, a copy of which was furnished with FCX’s Current Report on Form 8-K (Item 7.01) filed on January 24, 2019. The impact of the adjustment described in Item 2.02, which is incorporated by reference herein, is reflected in revised slides 23 and 33, which supersede and replace slides 23 and 33 presented by FCX on January 24, 2019. The revised slides are included in Exhibit 99.2 hereto. The adjustment had no effect on adjusted earnings before interest, taxes and depreciation (Adjusted EBITDA) as reported in FCX’s slides presented on January 24, 2019. Other than as described herein, the information included in FCX’s slides presented on January 24, 2019 remains unchanged.

The information furnished pursuant to Item 2.02 and this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Exhibit Title
99.1	Revised supplemental schedules pages IV through VIII of FCX’s press release dated January 24, 2019, titled “Freeport-McMoRan Reports Fourth-Quarter and Year Ended 2018 Results.”
99.2	Revised slides 23 and 33 presented in connection with FCX’s fourth-quarter 2018 earnings conference call conducted via the internet on January 24, 2019.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FREEPORT-McMoRan INC.

By: /s/ C. Donald Whitmire, Jr.

----------------------------------------

C. Donald Whitmire, Jr.

Vice President and Controller -

Financial Reporting    

(authorized signatory and

Principal Accounting Officer)

Date: February 7, 2019

EX-99.1

Revised supplemental schedules of FCX’s press release dated January 24, 2019, titled “Freeport-McMoRan Reports Fourth-Quarter and Year Ended 2018 Results.”

Page
IV	Consolidated Statements of Income (Unaudited)
V	Consolidated Balance Sheets (Unaudited)
VI	Consolidated Statements of Cash Flows (Unaudited)
VII	Adjusted Net Income
VIII	Income Taxes

As Revised February 7, 2019

FREEPORT-McMoRan INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
	Three Months Ended								Years Ended
	December 31,								December 31,
	2018				2017a				2018				2017a
	(In Millions, Except Per Share Amounts)
Revenuesb	$	3,684			$	5,041			$	18,628			$	16,403
Cost of sales:
Production and delivery	2,899			c,d	2,804			c,d	11,691			c,d	10,266			c,d
Depreciation, depletion and amortization	403			d	457				1,754			d	1,714
Total cost of sales	3,302				3,261				13,445				11,980
Selling, general and administrative expenses	102			d	115				443			d	477			d
Mining exploration and research expenses	33				33				105				93
Environmental obligations and shutdown costs	13				168			e	89				244			e
Net gain on sales of assets	(82		)		(15		)		(208		)		(81		)
Total costs and expenses	3,368				3,562				13,874				12,713
Operating income	316				1,479				4,754				3,690
Interest expense, netf	(509		)	c,d	(168		)	c	(945		)	c,d	(801		)	c
Net (loss) gain on early extinguishment of debt	(1		)		13				7				21
Other income (expense), net	13			c,d	1				76			c,d,g	(8		)
(Loss) income from continuing operations before income taxes and equity in affiliated companies' net earnings	(181		)		1,325				3,892				2,902
Benefit from (provision for) income taxesh	552				(136		)		(991		)		(883		)
Equity in affiliated companies' net earnings	3				4				8				10
Net income from continuing operations	374				1,193				2,909				2,029
Net income (loss) from discontinued operationsi	4				16				(15		)		66
Net income	378				1,209				2,894				2,095
Net loss (income) attributable to noncontrolling interests:
Continuing operations	107				(168		)		(292		)		(274		)
Discontinued operations	—				—				—				(4		)
Net income attributable to FCX common stockj	$	485			$	1,041			$	2,602			$	1,817
Diluted net income (loss) per share attributable to common stock:
Continuing operations	$	0.33			$	0.70			$	1.79			$	1.21
Discontinued operations	—				0.01				(0.01		)		0.04
	$	0.33			$	0.71			$	1.78			$	1.25
Weighted-average common shares outstanding:
Basic	1,450				1,448				1,449				1,447
Diluted	1,457				1,455				1,458				1,454
Dividends declared per share of common stock	$	0.05			$	—			$	0.20			$	—

a. The adoption of accounting guidance related to the presentation of retirement benefits resulted in the reclassification of the non-service components of net periodic benefit cost to other income (expense), net.

b. Includes adjustments to provisionally priced concentrate and cathode sales. For a summary of adjustments to provisionally priced copper sales, refer to the supplemental schedule, "Derivative Instruments," on page IX.

c. Includes net charges associated with disputed Cerro Verde royalties for prior years, which are summarized in the supplemental schedule, "Adjusted Net Income," on page VII.

d. Includes PT-FI and other net charges, which are summarized in the supplemental schedules, "Adjusted Net Income," on page VII.

e. Primarily reflects adjustments to environmental obligations resulting from revised cost estimates.

f. Consolidated interest costs (before capitalization and excluding interest expense associated with disputed Cerro Verde royalties) totaled $170 million in fourth-quarter2018, $194 million in fourth-quarter2017, $671 million for the year 2018 and $777 million for the year 2017. Interest expense associated with disputed Cerro Verde royalties totaled $363 million in fourth-quarter2018, $4 million in fourth-quarter2017, $370 million or the year 2018 and $145 million for the year 2017.

g. Includes $30 million of interest received on tax refunds, mostly associated with the refund of PT-FI's prior years' tax receivables. Refer to the supplemental schedule, "Adjusted Net Income," on page VII.

h. For a summary of FCX's provision for income taxes, refer to the supplemental schedule, "Income Taxes," on page VIII.

i. Primarily reflects adjustments to the estimated fair value of contingent consideration related to the 2016 sale of FCX’s interest in TF Holdings Limited, which will continue to be adjusted through December 31, 2019.

j. FCX defers recognizing profits on intercompany sales until final sales to third parties occur. Refer to the supplemental schedule, "Deferred Profits," on page IX for a summary of net impacts from changes in these deferrals.

IV

As Revised February 7, 2019

FREEPORT-McMoRan INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
	December 31,
	2018				2017
	(In Millions)
ASSETS
Current assets:
Cash and cash equivalents	$	4,217			$	4,526
Trade accounts receivable	829				1,322
Income and other tax receivables	493				343
Inventories:
Materials and supplies, net	1,528				1,323
Mill and leach stockpiles	1,453				1,422
Product	1,778				1,404
Other current assets	422				286
Total current assets	10,720				10,626
Property, plant, equipment and mine development costs, net	28,010			a	22,994
Long-term mill and leach stockpiles	1,314				1,409
Other assets	2,172				2,273
Total assets	$	42,216			$	37,302
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	2,625			$	2,497
Accrued income taxes	199				583
Current portion of environmental and asset retirement obligations	449				420
Dividends payable	73				—
Current portion of debt	17				1,414
Total current liabilities	3,363				4,914
Long-term debt, less current portion	11,124				11,815
Deferred income taxes	3,998			a	3,663
Environmental and asset retirement obligations, less current portion	3,609				3,602
Other liabilities	2,230				2,012
Total liabilities	24,324				26,006
Equity:
Stockholders' equity:
Common stock	158				158
Capital in excess of par value	26,013				26,751
Accumulated deficit	(12,041		)		(14,722		)
Accumulated other comprehensive loss	(605		)		(487		)
Common stock held in treasury	(3,727		)		(3,723		)
Total stockholders' equity	9,798				7,977
Noncontrolling interests	8,094			a	3,319
Total equity	17,892				11,296
Total liabilities and equity	$	42,216			$	37,302

a. Includes additions of $4.6 billion in property, plant, equipment and mine development costs, $0.8 billion in deferred income taxes and $4.8 billion in noncontrolling interests associated with the PT-FI transaction.

V

As Revised February 7, 2019

FREEPORT-McMoRan INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
	Years Ended
	December 31,
	2018			2017
	(In Millions)
Cash flow from operating activities:
Net income	$	2,894		$	2,095
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	1,754			1,714
U.S. tax reform benefit	(123		)	(393		)
Net gain on sales of assets	(208		)	(81		)
Stock-based compensation	76			71
Net charges for Cerro Verde royalty dispute	371			355
Payments for Cerro Verde royalty dispute	(56		)	(53		)
Net charges for environmental and asset retirement obligations, including accretion	262			383
Payments for environmental and asset retirement obligations	(239		)	(131		)
Net charges for defined pension and postretirement plans	81			120
Pension plan contributions	(75		)	(174		)
Net gain on early extinguishment of debt	(7		)	(21		)
Deferred income taxes	(438		)	76
Loss (gain) on disposal of discontinued operations	15			(57		)
Decrease in long-term mill and leach stockpiles	94			224
Other, net	16			(35		)
Changes in working capital and other tax payments:
Accounts receivable	649			427
Inventories	(631		)	(393		)
Other current assets	(28		)	(28		)
Accounts payable and accrued liabilities	(106		)	110
Accrued income taxes and timing of other tax payments	(438		)	457
Net cash provided by operating activities	3,863			4,666
Cash flow from investing activities:
Capital expenditures:
North America copper mines	(601		)	(167		)
South America	(237		)	(115		)
Indonesia	(1,001		)	(875		)
Molybdenum mines	(9		)	(5		)
Other	(123		)	(248		)
Acquisition of PT Rio Tinto Indonesia	(3,500		)	—
Proceeds from sales of:
PT Indonesia Papua Metal dan Mineral	457			—
Other assets	93			72
Intangible water rights and other, net	(97		)	17
Net cash used in investing activities	(5,018		)	(1,321		)
Cash flow from financing activities:
Proceeds from debt	632			955
Repayments of debt	(2,717		)	(3,812		)
Proceeds from sale of PT-FI shares	3,500			—
Cash dividends paid:
Common stock	(218		)	(2		)
Noncontrolling interests	(278		)	(174		)
Other, net	(19		)	(22		)
Net cash provided by (used in) financing activities	900			(3,055		)
Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents	(255		)	290
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	4,710			4,420
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of perioda	$	4,455		$	4,710

a. Includes restricted cash and restricted cash equivalents of $238 million at December 31, 2018, and $184 million at December 31, 2017.

VI

As Revised February 7, 2019

FREEPORT-McMoRan INC.

ADJUSTED NET INCOME

Adjusted net income is intended to provide investors and others with information about FCX's recurring operating performance. This information differs from net income attributable to common stock determined in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. FCX's adjusted net income follows, which may not be comparable to similarly titled measures reported by other companies (in millions, except per share amounts).

	Three Months Ended December 31,
	2018										2017
	Pre-tax				After-taxa			Per Share			Pre-tax				After-taxa			Per Share
Net income attributable to common stock	N/A				$	485		$	0.33		N/A				$	1,041		$	0.71
Cerro Verde royalty disputeb	$	(399	)		$	(195	)	$	(0.13	)	$	9			$	2		$	—
PT-FI net charges	(192		)	c	(94		)	(0.07		)	—				—			—
Other net charges	(65		)	d	(36		)	(0.02		)	(25		)	e	(15		)	(0.01		)
Net adjustments to environmental obligations and related litigation reserves	(5		)		(5		)	—			(157		)		(157		)	(0.11		)
Net gain on sales of assets	82			f	82			0.05			15				15			0.01
Net gain on early extinguishment of debt	(1		)		(1		)	—			13				13			0.01
Net tax creditsg	N/A				569			0.39			N/A				417			0.29
Gain on discontinued operations	4				4			—			16				16			0.01
	$	(576	)		$	324		$	0.22		$	(129	)		$	291		$	0.20
Adjusted net income attributable to common stock	N/A				$	161		$	0.11		N/A				$	750		$	0.51

	Years Ended December 31,
	2018										2017
	Pre-tax				After-taxa			Per Share			Pre-tax				After-taxa			Per Share
Net income attributable to common stock	N/A				$	2,602		$	1.78		N/A				$	1,817		$	1.25
Cerro Verde royalty disputeb	$	(406	)		$	(195	)	$	(0.13	)	$	(348	)		$	(186	)	$	(0.13	)
Cerro Verde labor agreement	(69		)		(22		)	(0.02		)	—				—			—
PT-FI net charges	(180		)	c	(88		)	(0.06		)	—				—			—
Other net charges	(50		)	d	(30		)	(0.02		)	(33		)	e	(27		)	(0.02		)
PT-FI charges for workforce reductions	—				—			—			(125		)	h	(66		)	(0.04		)
Net adjustments to environmental obligations and related litigation reserves	(57		)		(57		)	(0.04		)	(210		)		(210		)	(0.14		)
Net gain on sales of assets	208			f	208			0.14			81				81			0.06
Net gain on early extinguishment of debt	7				7			—			21				21			0.01
Interest on tax refunds	30				19			0.01			—				—			—
Net tax creditsg	N/A				574			0.39			N/A				438			0.30
(Loss) gain on discontinued operations	(15		)		(15		)	(0.01		)	70				62			0.04
	$	(532	)		$	401		$	0.26		$	(544	)		$	113		$	0.08
Adjusted net income attributable to common stock	N/A				$	2,201		$	1.52		N/A				$	1,704		$	1.17

a. Reflects impact to FCX net income attributable to common stock (i.e., net of any taxes and noncontrolling interests).

b. Reflects net (charges) adjustments associated with disputed royalties at Cerro Verde for prior years. Net charges for the 2018 periods primarily reflect penalties and interest for the years 2009 through 2013 and consist of charges to production and delivery costs ($14 million), interest expense ($363 million in fourth-quarter 2018 and $370 million for the year 2018) and other expense ($22 million), net of income tax benefits ($28 million in fourth-quarter 2018 and $35 million for the year 2018) and noncontrolling interests ($176 million). Net charges for the year 2017 primarily reflect disputed royalties and related matters for prior years and consists of charges to production and delivery ($203 million), interest expense ($145 million) and income taxes ($7 million), net of noncontrolling interests ($169 million).

c. Reflects charges in production and delivery of $69 million for surface water tax disputes with the local regional tax authority in Papua, Indonesia, $32 million for assessments of prior period permit fees with Indonesia's Ministry of Environment and Forestry, $72 million for disputed payroll withholding taxes for prior years and other tax settlements, and $62 million to write-off certain previously capitalized project costs for the new Indonesian smelter. These charges were partly offset by inventory adjustments ($43 million in fourth-quarter 2018 and $55 million for the year 2018).

d. Includes prior period depreciation expense at Freeport Cobalt that was suspended while it was classified as held for sale ($48 million in fourth-quarter 2018 and $31 million for the year 2018), and other net charges to production and delivery ($6 million in fourth-quarter 2018 and $8 million for the year 2018), selling, general and administrative expense ($4 million), interest expense ($4 million) and other expense ($3 million).

e. Primarily includes net charges in production and delivery costs ($16 million in fourth-quarter 2017 and $7 million for the year 2017) and interest expense ($8 million). The year 2017 also includes net charges of $17 million in selling, general and administrative expense.

f. Reflects gains on sales of assets and adjustments to assets no longer classified as held for sale. Also includes fair value adjustments of $(45) million in fourth-quarter 2018 and $31 million for the year 2018 associated with potential contingent consideration related to the 2016 sale of onshore California oil and gas properties. FCX has realized $50 million in contingent consideration for 2018, which is expected to be received in 2019, and would receive additional contingent consideration related to this transaction consisting of $50 million per year for 2019 and 2020 if the price of Brent crude oil averages over $70 per barrel in each of these calendar years.

g. Refer to "Income Taxes" on page VIII, for further discussion of net tax credits.

h. Includes charges of $5 million in selling, general and administrative expenses.

VII

As Revised February 7, 2019

FREEPORT-McMoRan INC.

INCOME TAXES

Following is a summary of the approximate amounts used in the calculation of FCX's consolidated income tax provision for the fourth quartersand years2018 and 2017 (in millions, except percentages):

	Three Months Ended December 31,
	2018								2017
					Income Tax								Income Tax
	Income			Effective	(Provision)				Income			Effective	(Provision)
	(Loss)a			Tax Rate	Benefit				(Loss)a			Tax Rate	Benefit
U.S.	$	13		208%	$	(27	)	b,c	$	(25	)	148%	$	37		b
South America	133			56%	(74		)		350			41%	(143		)
Indonesia	45			67%	(30		)	d	998			43%	(434		)
U.S. tax reforme	—			N/A	123				—			N/A	393
Cerro Verde royalty disputef	(399		)	N/A	28				9			N/A	(5		)
Change in PT-FI tax ratesg	—			N/A	504				—			N/A	—
Eliminations and other	27			N/A	(5		)		(7		)	N/A	13
Rate adjustmenth	—			N/A	33				—			N/A	3
Continuing operations	$	(181	)	305%	$	552			$	1,325		10%	$	(136	)

	Years Ended December 31,
	2018									2017
						Income Tax								Income Tax
	Income			Effective		(Provision)				Income			Effective	(Provision)
	(Loss)a			Tax Rate		Benefit				(Loss)a			Tax Rate	Benefit
U.S.	$	352		7%		$	(24	)	b,c	$	41		(156)%	$	64		b
South America	706			43%		(303		)		1,059			41%	(439		)
Indonesia	3,027			42%		(1,284		)	d	2,033			43%	(869		)
U.S. tax reforme	—			N/A		123				—			N/A	393
Cerro Verde royalty disputef	(406		)	N/A		35				(348		)	N/A	(7		)
Change in PT-FI tax ratesg	—			N/A		504				—			N/A	—
Eliminations and other	213			N/A		(42		)		117			N/A	(25		)
Continuing operations	$	3,892		25%	i	$	(991	)		$	2,902		30%	$	(883	)

a. Represents income from continuing operations by geographic location before income taxes and equity in affiliated companies' net earnings.

b. Includes net tax credits for changes in valuation allowances totaling $9 million for the fourth quarter and year 2018 and $24 million for the fourth quarter and year 2017. The year 2018 also includes a tax credit of $5 million associated with the settlement of a state income tax examination. The year 2017 also includes net tax credits of $21 million associated with alternative minimum tax (AMT) credit carryforwards, which are not related to the AMT credits resulting from U.S. tax reform that are presented separately in the above tables and described in footnote e.

c. Includes a tax charge of $29 million associated with adjustments to the calculation of transition tax resulting from recently released guidance by the U.S. Internal Revenue Service.

d. Includes a tax credit of $20 million ($17 million net of noncontrolling interest) for adjustment to PT-FI's historical tax positions.

e. The Tax Cuts and Jobs Act (the Act), which was enacted on December 22, 2017, included significant modifications to U.S. tax laws and created many new complex tax provisions. In December 2018, FCX completed its analysis of the Act and recognized benefits totaling $123 million ($119 million net of noncontrolling interest) for the fourth quarter and year 2018 associated with AMT credit refunds. For the fourth quarter and year 2017, FCX recognized net tax credits associated with the Act totaling $393 million, reflecting the reversal of valuation allowances associated with anticipated refunds of AMT credits over the next four years ($272 million) and a decrease in corporate income tax rates ($121 million).

f. Reflects net tax credits (charges) for disputed royalties and other related mining taxes. Refer to the supplemental schedule, "Adjusted Net Income," on page VII, for a summary of charges related to disputed royalties at Cerro Verde.

g. Reflects a tax credit of $504 million ($453 million net of noncontrolling interest) resulting from the reduction in PT-FI's statutory tax rates in accordance with the IUPK.

h. In accordance with applicable accounting rules, FCX adjusts its interim provision for income taxes equal to its consolidated tax rate.

i. The consolidated effective income tax rate is a function of the combined effective tax rates for the jurisdictions in which FCX operates. Accordingly, variations in the relative proportions of jurisdictional income result in fluctuations to FCX's consolidated effective income tax rate. Assuming achievement of current sales volume and cost estimates and average prices of $2.75 per pound for copper, $1,300 per ounce for gold and $12.00 per pound for molybdenum, FCX estimates its consolidated effective tax rate for the year 2019 would approximate 46 percent (comprised of an estimated effective rate of 0% on U.S. income, 38% on Indonesia income and 40% on South America income). Because of FCX’s U.S. tax position, it does not record a financial statement impact for income or losses generated in the U.S.; therefore, the consolidated effective rate is generally higher than the international rates at lower copper prices and lower than international rates at higher prices.

VIII

EX-99.2

As Revised February 7, 2019 POWERED BY COPPER Financial Highlights Sales Data 2018 2017 Copper Consolidated Volumes (mm lbs) 3,811 3,700 Average Realization (per lb) $2.91 $2.93 Site Production & Delivery Costs (per lb) $1.76 $1.60 Unit Net Cash Costs (per lb) $1.07 $1.19 Gold Consolidated Volumes (000’s ozs) 2,389 1,562 Average Realization (per oz) $1,254 $1,268 Molybdenum Consolidated Volumes (mm lbs) 94 95 Average Realization (per lb) $12.50 $9.33 Financial Results (in billions, except per share amounts) Revenues $18.6 $16.4 Net Income Attributable to Common Stock $2.6 (1) * $1.8 Diluted Net Income Per Share $1.78 (1) * $1.25 Operating Cash Flows(2) $3.9 $4.7 Capital Expenditures $2.0 $1.4 Total Debt $11.1 $13.2 Consolidated Cash $4.2 $4.5 (1) 2018 includes net gains of $401* mm (26¢*/share) primarily including $208 mm of net gains on sales of assets and $574* mm of net tax credits mostly resulting from the reduction in PT-FI’s statutory tax rates in accordance with the IUPK and U.S. tax reform, partly offset by net charges of $195 mm associated with disputed royalties at Cerro Verde, $88 mm of net charges at PT-FI, $57 mm for net adjustments to environmental obligations and $22 mm for Cerro Verde’s new labor agreement. Refer to the supplemental schedule, "Adjusted Net Income," on page VII of FCX's 4Q18 press release, which is available on FCX's website for more information. (2) Includes net working capital (uses) sources and timing of other tax payments of $(554) mm for 2018 and $573 mm for 2017. * Adjusted subsequent to issuance of FCX’s fourth-quarter 2018 press release and earnings call slides on January 24, 2019. See FCX Form 8-K/A filed with the SEC on February 7, 2019 for additional information. 23

As Revised February 7, 2019 POWERED BY COPPER Adjusted EBITDA Reconciliation (in millions) 4Q18 2018 Net Income Attributable to Common Stock – Continuing Operations* $ 481 $2,617 Interest expense, net (1) 509 945 Income tax (benefit) provision * (552) 991 Depreciation, depletion and amortization 403 1,754 Net gain on sales of assets (82) (208) Accretion 27 110 Loss (gain) on early extinguishment of debt 1 (7) Other net charges (2) 221 332 Other income, net (13) (76) Net (loss) income attributable to noncontrolling interests* (107) 292 Equity in affiliated companies’ net earnings (3) (8) FCX Adjusted EBITDA – Continuing Operations (3) $885 $6,742 (1) Includes interest associated with disputed Cerro Verde royalties and related matters ($363 mm in 4Q18 and $370 mm for the year 2018). (2) Other net charges primarily include PT-FI charges ($192 mm in 4Q18 and $180 mm for the year 2018). The year 2018 also includes charges of $69 mm for Cerro Verde’s new three-year Collective Labor Agreement, and $57 mm for net adjustments to environmental obligations and litigation reserves. For further discussion of net charges, refer to "Adjusted Net Income" on page VII in the supplemental schedules of FCX’s 4Q18 press release, which are available on FCX’s website. (3) Adjusted EBITDA is a non-GAAP financial measure that is frequently used by securities analysts, investors, lenders and others to evaluate companies’ performance, including, among other things, profitability before the effect of financing and similar decisions. Because securities analysts, investors, lenders and others use Adjusted EBITDA, management believes that our presentation of Adjusted EBITDA affords them greater transparency in assessing our financial performance. Adjusted EBITDA should not be considered as a substitute for measures of financial performance prepared in accordance with GAAP. Adjusted EBITDA may not necessarily be comparable to similarly titled measures reported by other companies, as different companies calculate such measures differently. * Adjusted subsequent to issuance of FCX’s fourth-quarter 2018 press release and earnings call slides on January 24, 2019. See FCX Form 8-K/A filed with the SEC on February 7, 2019 for additional information. 33