Freeport-McMoRan Inc. (NYSE: FCX) has a new organizational structure for its subsidiary Freeport-McMoRan Oil & Gas (FM O&G), which the company has implemented to reduce costs and streamline functions.
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 of operations of FM O&G. He previously served as vice president of 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 and COO; Winston Talbert, executive vice president and CFO; and John Wombwell, executive vice president and 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 Co. in 2013.