PHOENIX, Arizona – Freeport-McMoRan (NYSE:FCX) has cut its board of directors from 16 members to nine and is reviewing alternatives for its oil and gas business.
The alternatives under consideration include a spinoff of FCX’s oil and gas business to its shareholders, joint venture arrangements, and further spending reductions.
FM O&G has said its “high quality asset base, substantial underutilized deepwater Gulf of Mexico infrastructure, large inventory of low risk development opportunities, and talented and experienced personnel and management team provide alternatives to generate value.”
The previously announced potential public offering of a minority interest in FCX’s oil and gas business remains an alternative for future consideration, the timing of which is subject to market conditions.
The reconstituted FCX board is comprised of seven independent directors: Gerald J. Ford (lead independent director), Robert A. Day, Lydia H. Kennard, Jon C. Madonna, Dustan E. McCoy, Stephen H. Siegele, and Frances Fragos Townsend; and two executive directors: James R. Moffett, chairman, and Richard C. Adkerson, vice chairman, president, and CEO. The company will no longer have an Office of the Chairman management structure.
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