Freeport-McMoRan considers spinning off oil, gas business

Freeport-McMoRan Inc., Phoenix, is reviewing “strategic alternatives” for its oil and gas business, including its possible spinoff to shareholders, joint venture arrangements, and further spending reductions.

The company says the previously announced potential public offering of minority interest in Freeport-McMoRan Oil & Gas LLC remains an alternative for future consideration, the timing of which is subject to market conditions.

The business has assets in the deepwater Gulf of Mexico, including “substantial underutilized” deepwater infrastructure; onshore and offshore California; in the Haynesville shale; and in the Inboard Lower Tertiary-Cretaceous natural gas trend onshore South Louisiana.

Freeport-McMoRan Oil & Gas last week reported that it expects to start oil production in 2017 from its Horn Mountain Deep well, which will be tied back to the Horn Mountain truss spar in 5,500 ft of water offshore Louisiana (OGJ Online, Sept. 29, 2015).

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