Freeport-McMoran (FCX) Lowers Quarterly Dividend 84% to $0.05; 1% Yield

March 24, 2015 8:02 AM EDT

Freeport-McMoran (NYSE: FCX) declared a quarterly dividend of $0.05 per share, or $0.2 annualized. This is an 84% decrease from the prior dividend of $0.3125.

The dividend will be payable on May 1, 2015, to stockholders of record on April 15, 2015, with an ex-dividend date of April 13, 2015.

The annual yield on the dividend is 1 percent.

James R. Moffett, Chairman of the Board; Richard C. Adkerson, Vice Chairman, and FCX President and Chief Executive Officer; and James C. Flores, Vice Chairman, and FM O&G President and Chief Executive Officer, said, “The reduction in the dividend is a prudent measure to strengthen our balance sheet during a period of volatile market conditions. As previously announced, our plans include significant reductions in capital spending and other costs and we are evaluating funding opportunities for capital expenditures in our oil and gas business. We will continue to take steps to enhance our financial position and to preserve our high quality resources for improved market conditions in the future. We are optimistic about our business, long-term commodity markets and the significant values embedded in our large-scale, long-lived assets. We are committed to achieving our plans to increase production volumes and to prudently manage capital spending which will enable us to reduce debt over time and increase future returns to shareholders.”

For a dividend history and other dividend-related data on Freeport-McMoran (FCX) click here.

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