Business Segments (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from External Customers by Products and Services

Product Revenues. FCX’s revenues attributable to the products it sold for the third quarter and first nine months of 2024 and 2023 follow:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Copper:
Cathode	$	2,070	$	1,731	$	6,248	$	4,912
Concentrate	1,786		1,965		5,199		5,241
Rod and other refined copper products	1,012		992		2,939		2,797
Purchased coppera	154		71		620		347
Gold	1,394		854		3,497		2,384
Molybdenum	454		479		1,351		1,562
Silver and other	169		136		457		439
Adjustments to revenues:
Royalty expenseb	(131)		(80)		(344)		(234)
Treatment charges	(99)		(151)		(318)		(394)
PT-FI export dutiesc	(129)		(133)		(360)		(147)		d


Revenues from contracts with customers	6,680		5,864		19,289		16,907
Embedded derivativese	110		(40)		446		43
Total consolidated revenues	$	6,790	$	5,824	$	19,735	$	16,950

a.FCX purchases copper cathode primarily for processing by its Rod & Refining operations.

b.Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices.

c.Export duties of 2.5% were eliminated effective March 29, 2023, upon verification that construction progress of the new smelter exceeded 50% and were reinstated at a rate of 7.5% in July 2023 under a revised regulation. As discussed in Note 7, PT-FI is continuing to pay export duties of 7.5% on copper concentrates.

d.Includes credits totaling $18 million associated with adjustments to prior-period export duties.

e.Refer to Note 5 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.

Schedule of Segment Reporting Information, by Segment

Financial Information by Business Segment





																					Atlantic			Corporate,
	North America Copper Mines				South America Operations														Copper				Other
							Cerro							Indonesia			Molybdenum		Rod &		Smelting			& Elimi-			FCX
	Morenci		Other		Total		Verde			Other		Total		Operations			Mines		Refining		& Refining			nations			Total
Three Months Ended September 30, 2024
Revenues:
Unaffiliated customers	$	40	$	12	$	52	$	886		$	237	$	1,123	$	2,856		$	—	$	1,560	$	759		$	440	a	$	6,790
Intersegment	553		986		1,539		193			—		193		126			132		11		6			(2,007)			—
Production and delivery	492		811		1,303		630		b	187		817		918			140		1,562		754			(1,417)			4,077
Depreciation, depletion and amortization (DD&A)	47		62		109		92			18		110		340			19		2		6			14			600


Selling, general and administrative expenses	—		1		1		2			—		2		32			—		—		6			76			117
Exploration and research expenses	4		4		8		3			(1)		2		2			—		—		—			26			38
Environmental obligations and shutdown costs	—		—		—		—			—		—		—			—		—		—			20			20

Operating income (loss)	50		120		170		352			33		385		1,690			(27)		7		(1)			(286)			1,938

Interest expense, net	—		—		—		6			—		6		10			—		—		10			46		c	72

Other (expense) income, net	(1)		10		9		22			(2)		20		42			—		(1)		(7)			34			97
Provision for (benefit from) income taxes	—		—		—		148			10		158		625			—		—		1			(47)			737
Equity in affiliated companies’ net earnings	—		—		—		—			—		—		6			—		—		—			4			10
Net income (loss) attributable to noncontrolling interests	—		—		—		114		d	12		126		601		e	—		—		—			(17)			710

Total assets at September 30, 2024	3,172		6,647		9,819		8,276			2,013		10,289		27,474			1,955		294		1,491			4,078			55,400
Capital expenditures	48		215		263		82			18		100		713			25		7		28			63			1,199

Three Months Ended September 30, 2023
Revenues:
Unaffiliated customers	$	17	$	22	$	39	$	822		$	203	$	1,025	$	2,030		$	—	$	1,566	$	692		$	472	a	$	5,824
Intersegment	624		994		1,618		219			—		219		65			147		12		8			(2,069)			—
Production and delivery	480		799		1,279		649			178		827		672			120		1,566		680			(1,591)			3,553
DD&A	47		63		110		94			17		111		271			14		2		7			18			533


Selling, general and administrative expenses	—		1		1		3			—		3		32			—		—		6			76			118
Exploration and research expenses	2		4		6		2			—		2		—			—		—		—			22			30
Environmental obligations and shutdown costs	—		4		4		—			—		—		—			—		—		—			94			98

Operating income (loss)	112		145		257		293			8		301		1,120			13		10		7			(216)			1,492

Interest expense, net	—		1		1		(10)		f	—		(10)		9			—		—		8			88			96
Net gain on early extinguishment of debt	—		—		—		—			—		—		—			—		—		—			5			5
Other (expense) income, net	(2)		(9)		(11)		(9)			13		4		30			—		—		5			43			71
Provision for (benefit from) income taxes	—		—		—		119			12		131		419			—		—		—			(42)			508
Equity in affiliated companies’ net (losses) earnings	—		—		—		—			—		—		(2)			—		—		—			2			—
Net income attributable to noncontrolling interests	—		—		—		84		d	14		98		392		e	—		—		—			20			510

Total assets at September 30, 2023	3,171		5,799		8,970		8,227			1,893		10,120		24,438			1,747		288		1,176			4,909			51,648
Capital expenditures	53		114		167		61			15		76		854			21		2		20			38			1,178

Financial Information by Business Segment (continued)




																					Atlantic		Corporate,
	North America Copper Mines				South America Operations												Copper		Other
							Cerro							Indonesia			Molybdenum		Rod &		Smelting		& Elimi-			FCX
	Morenci		Other		Total		Verde			Other		Total		Operations			Mines		Refining		& Refining		nations			Total
Nine Months Ended September 30, 2024
Revenues:
Unaffiliated customers	$	90	$	62	$	152	$	2,787		$	699	$	3,486	$	7,689		$	—	$	4,742	$	2,330	$	1,336	a	$	19,735
Intersegment	1,680		2,797		4,477		477			—		477		386			415		32		8		(5,795)			—
Production and delivery	1,389		2,289		3,678		1,912		b	538		2,450		2,451			393		4,741		2,263		(4,180)			11,796
DD&A	140		187		327		281			51		332		923			51		4		20		47			1,704


Selling, general and administrative expenses	1		2		3		6			—		6		93			—		—		21		261			384
Exploration and research expenses	13		21		34		9			2		11		8			—		—		—		62			115
Environmental obligations and shutdown costs	—		—		—		—			—		—		—			—		—		—		115			115


Operating income (loss)	227		360		587		1,056			108		1,164		4,600			(29)		29		34		(764)			5,621

Interest expense, net	—		1		1		16			—		16		17			—		—		28		187		c	249

Other (expense) income, net	(1)		9		8		38			11		49		110			—		(1)		1		128			295
Provision for (benefit from) income taxes	—		—		—		430			45		475		1,524		g	—		—		(11)		15			2,003
Equity in affiliated companies’ net earnings	—		—		—		—			—		—		7			—		—		—		7			14
Net income attributable to noncontrolling interests	—		—		—		332		d	48		380		1,664		e	—		—		—		19			2,063
Capital expenditures	139		604		743		209			63		272		2,203			88		23		88		152			3,569

Nine Months Ended September 30, 2023
Revenues:
Unaffiliated customers	$	75	$	133	$	208	$	2,563		$	627	$	3,190	$	5,268		$	—	$	4,552	$	2,185	$	1,547	a	$	16,950
Intersegment	1,787		2,922		4,709		638			—		638		432			520		28		19		(6,346)			—
Production and delivery	1,284		2,324		3,608		1,878			539		2,417		1,871		h	321		4,558		2,139		(4,647)			10,267
DD&A	132		180		312		302			48		350		694			48		4		21		50			1,479


Selling, general and administrative expenses	1		2		3		7			—		7		90			—		—		21		238			359
Exploration and research expenses	8		35		43		6			2		8		—			—		—		—		52			103
Environmental obligations and shutdown costs	—		26		26		—			—		—		—			—		—		—		213			239


Operating income (loss)	437		488		925		1,008			38		1,046		3,045			151		18		23		(705)			4,503

Interest expense, net	—		1		1		74		f	—		74		28			—		—		22		293			418
Net gain on early extinguishment of debt	—		—		—		—			—		—		—			—		—		—		10			10
Other (expense) income, net	(4)		(8)		(12)		(36)			11		(25)		90			(1)		(1)		—		132			183
Provision for (benefit from) income taxes	—		—		—		419			19		438		1,159			—		—		—		(51)			1,546
Equity in affiliated companies’ net earnings	—		—		—		—			—		—		9			—		—		—		3			12
Net income (loss) attributable to noncontrolling interests	—		—		—		242		d	34		276		1,031		e	—		—		—		(23)			1,284
Capital expenditures	176		369		545		179			80		259		2,467			43		9		43		96			3,462