Freeport-McMoRan (FCX) PT Cut to $8 at FBR Capital Following Dividend Suspension, More Cuts
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Freeport-McMoRan Announces Further Reduction in Capital Spending, Metals Production & Suspension of Common Stock Dividend
December 9, 2015 8:02 AM ESTPHOENIX--(BUSINESS WIRE)-- Freeport-McMoRan Inc. (NYSE: FCX) today announced additional actions in response to market conditions, including further revisions to its oil and gas capital spending plans, additional curtailments in copper and molybdenum production and the suspension of its common stock dividend.
Oil & Gas Review. As previously reported on August 5, 2015, Freeport-McMoRan Oil & Gas (FM O&G) is deferring investments in several long-term projects in response to oil and gas market conditions. Following an ongoing review, capital expenditures for 2016 and 2017 have been reduced further from $2.0 billion per year in 2016 and 2017 to $1.8 billion in... More
