Form 8-K FREEPORT-MCMORAN INC For: Apr 04
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 4, 2016
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 Number) | ||
333 North Central Avenue | |
Phoenix, AZ | 85004-4414 |
(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))
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(b) On April 5, 2016, Freeport-McMoRan Inc. (the “Company”) announced that James C. Flores, Chief Executive Officer of the Company’s subsidiary, Freeport- McMoRan Oil & Gas LLC, has left the Company effective April 4, 2016. As a result of his departure, Mr. Flores will receive the payments and benefits due to him upon a termination of employment without cause pursuant to his Amended and Restated Employment Agreement with the Company dated February 27, 2014 (the “Employment Agreement”). In addition, Mr. Flores will remain subject to certain restrictive covenants as set forth in his Employment Agreement. No new arrangements were entered into in connection with Mr. Flores’ termination of employment.
A copy of the Company’s press release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The Exhibit included as part of this Current Report is listed in the attached Exhibit Index.
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/ Kathleen L. Quirk
----------------------------------------
Kathleen L. Quirk
Executive Vice President, Chief Financial Officer
& Treasurer (authorized signatory and
Principal Financial Officer)
Date: April 5, 2016
Freeport-McMoRan Inc.
Exhibit Index
Exhibit Number | |
Press release dated April 5, 2016, titled “Freeport-McMoRan Announces New Organizational Structure for Oil & Gas Division.” | |
333 North Central Avenue Phoenix, AZ 85004 | Financial Contacts: | Media Contact: | |||
Kathleen L. Quirk (602) 366-8016 | David P. Joint (504) 582-4203 | Eric E. Kinneberg (602) 366-7994 | |||
Freeport-McMoRan Announces
New Organizational Structure for Oil & Gas Division
PHOENIX, AZ, April 5, 2016 - Freeport-McMoRan Inc. (NYSE: FCX) announced today a new organizational structure for its subsidiary Freeport-McMoRan Oil & Gas (FM O&G). The changes are being undertaken to reduce costs, streamline functions and to enhance capital allocation across FCX’s global business in a manner consistent with FCX’s debt reduction initiatives.
FM O&G is being restructured as an operating division of FCX, resulting in the elimination of FM O&G executive management roles and the integration of financial and administrative roles with FCX corporate functions.
Mark Kidder has been named Executive Vice President - Operations of FM O&G and will lead FM O&G’s operating team. Mark previously served as Vice President - Operations and has 36 years of operational experience in the offshore and onshore upstream energy industry, including 13 years with FM O&G and its predecessor and 23 years with major oil companies and independent energy producers.
Jim Flores, FM O&G CEO; Doss Bourgeois, President & COO; Winston Talbert, Executive Vice President & CFO and John Wombwell, Executive Vice President & General Counsel are departing the Company. This team has served as executive management for the FM O&G organization since FCX’s acquisition of Plains Exploration Company (PXP) in 2013.
Richard C. Adkerson, FCX’s President and Chief Executive Officer, said: “These changes reflect our focus on reducing costs throughout our global organization in response to a challenging commodity market environment. We appreciate Jim and his executive team’s service to Freeport and their efforts on behalf of our Company. Mark Kidder is an experienced and proven operational leader and I look forward to working with him in his expanded leadership role. FM O&G has an attractive portfolio of oil-weighted assets and a talented and dedicated workforce committed to its success.”
FM O&G will focus on conducting its operations safely and efficiently to preserve and enhance the values of its assets for anticipated future improvement in market conditions. Further steps will be taken to reduce costs and capital expenditures, and FCX will continue to evaluate potential transactions for the sale of certain assets of FM O&G.
FCX is a premier U.S.-based natural resources company with an industry-leading global portfolio of mineral assets, significant oil and gas resources and a growing production profile. FCX is the world's largest publicly traded copper producer.
FCX's portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world's largest copper and gold deposits; significant mining operations in the Americas, including the large-scale Morenci minerals district in North America and the Cerro Verde operation in South America; the Tenke Fungurume minerals district in the DRC; and significant U.S. oil and natural gas assets in the Deepwater GOM, onshore and offshore California and in the Haynesville natural gas shale, and a position in the Inboard Lower Tertiary/Cretaceous natural gas trend onshore in South Louisiana.
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Freeport-McMoRan | 1 | |
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