

b.							Represents the combined total for all other mining operations and the related eliminations, as presented in Note 13.

South America Mining Product Revenues and Production Costs (continued)




Six Months Ended June 30, 2012
(In millions)	By-Product			Co-Product Method
	Method			Copper			Other			Total
Revenues, excluding adjustments	$	2,094		$	2,094		$	164	^a	$	2,258
Site production and delivery, before net noncash and other costs shown below	908			842			77			919
By-product credits	(153		)	—			—			—
Treatment charges	95			95			—			95
Net cash costs	850			937			77			1,014
Depreciation, depletion and amortization	134			127			7			134
Noncash and other costs, net	42			27			15			42
Total costs	1,026			1,091			99			1,190
Revenue adjustments, primarily for pricing on prior period open sales	104			104			—			104
Gross profit	$	1,172		$	1,107		$	65		$	1,172

Copper sales (millions of recoverable pounds)	587			587

Gross profit per pound of copper:

Revenues, excluding adjustments	$	3.56		$	3.56

Site production and delivery, before net noncash
and other costs shown below	1.55			1.43
By-product credits	(0.26		)	—
Treatment charges	0.16			0.16
Unit net cash costs	1.45			1.59
Depreciation, depletion and amortization	0.22			0.22
Noncash and other costs, net	0.07			0.05
Total unit costs	1.74			1.86
Revenue adjustments, primarily for pricing
on prior period open sales	0.18			0.18
Gross profit per pound	$	2.00		$	1.88

Reconciliation to Amounts Reported
(In millions)	Revenues			Production and Delivery			Depreciation, Depletion and Amortization
Totals presented above	$	2,258		$	919		$	134
Treatment charges	(95		)	—			—
Net noncash and other costs	—			42			—
Revenue adjustments, primarily for pricing on prior period open sales	104			—			—
Eliminations and other	3			(8		)	—
South America mining	2,270			953			134
Other mining & eliminations^b	6,806			4,097			420
Total mining	9,076			5,050			554
Oil & Gas operations	—			—			—
Corporate, other & eliminations	4			—			4
As reported in FCX’s consolidated financial statements	$	9,080		$	5,050		$	558



a.							Includes gold sales of 35 thousand ounces ($1,630 per ounce average realized price) and silver sales of 1.4 million ounces ($29.33 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to our molybdenum sales company at market-based pricing.


b.	Represents the combined total for all other mining operations and the related eliminations, as presented in Note 13.

4977

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Indonesia Mining Product Revenues and Production Costs


Three Months Ended March 31, 2013
Three Months Ended June 30, 2013
(In millions)	By-Product			Co-Product Method												By-Product			Co-Product Method
	Method			Copper			Gold			Silver			Total			Method			Copper			Gold			Silver				Total
Revenues, excluding adjustments	$	680		$	680		$	307		$	16	^a	$	1,003		$	487		$	487		$	199		$	9		^a	$	695
Site production and delivery, before net noncash and other costs shown below	516			350			158			8			516			561			393			161			7				561
Gold and silver credits	(322		)	—			—			—			—			(190		)	—			—			—				—
Treatment charges	45			30			14			1			45			36			25			10			1				36
Royalty on metals	26			18			8			—			26			21			15			6			—				21
Net cash costs	265			398			180			9			587			428			433			177			8				618
Depreciation and amortization	55			37			17			1			55			58			41			16			1				58
Noncash and other costs, net	52			35			16			1			52			35			25			10			—				35
Total costs	372			470			213			11			694			521			499			203			9				711
Revenue adjustments, primarily for pricing on prior period open sales	—			—			(1		)	—			(1		)	(29		)	(29		)	(17		)	(1		)		(47		)
PT Smelting intercompany profit	5			3			2			—			5			33			23			10			—				33
Gross profit	$	313		$	213		$	95		$	5		$	313
Gross loss																$	(30	)	$	(18	)	$	(11	)	$	(1	)		$	(30	)

Copper sales (millions of recoverable pounds)																158			158
Gold sales (thousands of recoverable ounces)																						151

Gross profit per pound of copper/per ounce of gold:																Gross profit per pound of copper/per ounce of gold:

Revenues, excluding adjustments																$	3.08		$	3.08		$	1,321

Site production and delivery, before net noncash
and other costs shown below																3.55			2.49			1,066
Gold and silver credits																(1.20		)	—			—
Treatment charges																0.23			0.16			69
Royalty on metals																0.13			0.09			39
Unit net cash costs																2.71			2.74			1,174
Depreciation and amortization																0.37			0.26			111
Noncash and other costs, net																0.22			0.15			67
Total unit costs																3.30			3.15			1,352
Revenue adjustments, primarily for pricing on
prior period open sales																(0.18		)	(0.18		)	(110		)
PT Smelting intercompany profit																0.21			0.14			62
Gross loss per pound/ounce																$	(0.19	)	$	(0.11	)	$	(79	)

Reconciliation to Amounts Reported
	Revenues			Production and Delivery			Depreciation, Depletion and Amortization
(In millions)																Revenues			Production and Delivery			Depreciation, Depletion and Amortization
Totals presented above	$	1,003		$	516		$	55								$	695		$	561		$	58
Treatment charges	(45		)	—			—									(36		)	—			—
Royalty on metals	(26		)	—			—									(21		)	—			—
Net noncash and other costs	—			52			—									—			35			—
Revenue adjustments, primarily for pricing on prior period open sales	(1		)	—			—									(47		)	—			—
PT Smelting intercompany profit	—			(5		)	—									—			(33		)	—
Indonesia mining	931			563			55									591			563			58
North America copper mines	1,389			811			102
South America mining	1,014			475			71
Africa mining	438			185			58
Molybdenum mines	143			80			20
Rod & Refining	1,337			1,328			3
Atlantic Copper Smelting & Refining	639			628			10
Other mining & eliminations^b																3,360			2,196			300
Total mining																3,951			2,759			358
Oil & Gas operations																336			89			169
Corporate, other & eliminations	(1,308		)	(1,351		)	10									1			5			3
As reported in FCX’s consolidated financial statements	$	4,583		$	2,719		$	329								$	4,288		$	2,853		$	530


a.	Includes silver sales of ~~563~~452 thousand ounces ($~~28.49~~20.04 per ounce average realized price).


b.	Represents the combined total for all other mining operations and the related eliminations, as presented in Note 13.

5078

Table of Contents

Indonesia Mining Product Revenues and Production Costs (continued)


Three Months Ended March 31, 2012
Three Months Ended June 30, 2012
(In millions)	By-Product			Co-Product Method												By-Product			Co-Product Method
	Method			Copper			Gold			Silver			Total			Method			Copper			Gold			Silver			Total
Revenues, excluding adjustments	$	511		$	511		$	451		$	15	^a	$	977		$	637		$	637		$	391		$	13	^a	$	1,041
Site production and delivery, before net noncash and other costs shown below	470			245			217			8			470			589			361			221			7			589
Gold and silver credits	(469		)	—			—			—			—			(402		)	—			—			—			—
Treatment charges	25			13			12			—			25			38			23			14			1			38
Royalty on metals	18			10			8			—			18			25			15			10			—			25
Net cash (credits) costs	44			268			237			8			513
Net cash costs																250			399			245			8			652
Depreciation and amortization	46			24			21			1			46			53			32			20			1			53
Noncash and other costs, net	25			13			12			—			25			5			3			2			—			5
Total (credits) costs	115			305			270			9			584
Total costs																308			434			267			9			710
Revenue adjustments, primarily for pricing on prior period open sales	13			13			3			—			16			(20		)	(20		)	(2		)	—			(22		)
PT Smelting intercompany loss	(20		)	(11		)	(9		)	—			(20		)
PT Smelting intercompany profit																8			5			3			—			8
Gross profit	$	389		$	208		$	175		$	6		$	389		$	317		$	188		$	125		$	4		$	317

Copper sales (millions of recoverable pounds)																183			183
Gold sales (thousands of recoverable ounces)																						247

Gross profit per pound of copper/per ounce of gold:																Gross profit per pound of copper/per ounce of gold:

Revenues, excluding adjustments																$	3.49		$	3.49		$	1,587

Site production and delivery, before net noncash
and other costs shown below																3.23			1.97			898
Gold and silver credits																(2.20		)	—			—
Treatment charges																0.21			0.13			58
Royalty on metals																0.13			0.08			37
Unit net cash costs																1.37			2.18			993
Depreciation and amortization																0.29			0.18			80
Noncash and other costs, net																0.03			0.02			8
Total unit costs																1.69			2.38			1,081
Revenue adjustments, primarily for pricing on
prior period open sales																(0.11		)	(0.11		)	(9		)
PT Smelting intercompany profit																0.05			0.03			13
Gross profit per pound/ounce																$	1.74		$	1.03		$	510

Reconciliation to Amounts Reported
	Revenues			Production and Delivery			Depreciation, Depletion and Amortization
(In millions)																Revenues			Production and Delivery			Depreciation, Depletion and Amortization
Totals presented above	$	977		$	470		$	46								$	1,041		$	589		$	53
Treatment charges	(25		)	—			—									(38		)	—			—
Royalty on metals	(18		)	—			—									(25		)	—			—
Net noncash and other costs	—			25			—									—			5			—
Revenue adjustments, primarily for pricing on prior period open sales	16			—			—									(22		)	—			—
PT Smelting intercompany loss	—			20			—
PT Smelting intercompany profit																—			(8		)	—
Indonesia mining	950			515			46									956			586			53
North America copper mines	1,456			707			93
South America mining	1,254			463			62
Africa mining	305			132			32
Molybdenum mines	126			70			11
Rod & Refining	1,304			1,297			2
Atlantic Copper Smelting & Refining	712			695			10
Other mining & eliminations^b																3,517			2,035			236
Total mining																4,473			2,621			289
Oil & Gas operations																—			—			—
Corporate, other & eliminations	(1,502		)	(1,451		)	11									2			1			2
As reported in FCX’s consolidated financial statements	$	4,605		$	2,428		$	267								$	4,475		$	2,622		$	291


a.	Includes silver sales of ~~449~~476 thousand ounces ($~~33.08~~27.23 per ounce average realized price).



b.									Represents the combined total for all other mining operations and the related eliminations, as presented in Note 13.

Table of Contents

Indonesia Mining Product Revenues and Production Costs (continued)




Six Months Ended June 30, 2013
(In millions)	By-Product			Co-Product Method
	Method			Copper			Gold			Silver			Total
Revenues, excluding adjustments	$	1,137		$	1,137		$	490		$	24	^a	$	1,651
Site production and delivery, before net noncash and other costs shown below	1,077			742			319			16			1,077
Gold and silver credits	(512		)	—			—			—			—
Treatment charges	81			56			24			1			81
Royalty on metals	47			33			14			—			47
Net cash costs	693			831			357			17			1,205
Depreciation and amortization	113			78			33			2			113
Noncash and other costs, net	87			60			26			1			87
Total costs	893			969			416			20			1,405
Revenue adjustments, primarily for pricing on prior period open sales	1			1			(2		)	—			(1		)
PT Smelting intercompany profit	38			26			11			1			38
Gross profit	$	283		$	195		$	83		$	5		$	283

Copper sales (millions of recoverable pounds)	356			356
Gold sales (thousands of recoverable ounces)							342

Gross profit per pound of copper/per ounce of gold:

Revenues, excluding adjustments	$	3.20		$	3.20		$	1,431

Site production and delivery, before net noncash
and other costs shown below	3.03			2.08			934
Gold and silver credits	(1.44		)	—			—
Treatment charges	0.23			0.16			70
Royalty on metals	0.13			0.09			41
Unit net cash costs	1.95			2.33			1,045
Depreciation and amortization	0.32			0.22			98
Noncash and other costs, net	0.24			0.17			76
Total unit costs	2.51			2.72			1,219
Revenue adjustments, primarily for pricing on
prior period open sales	—			—			(4		)
PT Smelting intercompany profit	0.10			0.07			33
Gross profit per pound/ounce	$	0.79		$	0.55		$	241

Reconciliation to Amounts Reported
(In millions)	Revenues			Production and Delivery			Depreciation, Depletion and Amortization
Totals presented above	$	1,651		$	1,077		$	113
Treatment charges	(81		)	—			—
Royalty on metals	(47		)	—			—
Net noncash and other costs	—			87			—
Revenue adjustments, primarily for pricing on prior period open sales	(1		)	—			—
PT Smelting intercompany profit	—			(38		)	—
Indonesia mining	1,522			1,126			113
Other mining & eliminations^b	7,010			4,349			572
Total mining	8,532			5,475			685
Oil & Gas operations	336			89			169
Corporate, other & eliminations	3			8			5
As reported in FCX’s consolidated financial statements	$	8,871		$	5,572		$	859



a.									Includes silver sales of 1.0 million ounces ($23.19 per ounce average realized price).


b.	Represents the combined total for all other mining operations and the related eliminations, as presented in Note 13.

Table of Contents

Indonesia Mining Product Revenues and Production Costs (continued)




Six Months Ended June 30, 2012
(In millions)	By-Product			Co-Product Method
	Method			Copper			Gold			Silver			Total
Revenues, excluding adjustments	$	1,128		$	1,128		$	841		$	27	^a	$	1,996
Site production and delivery, before net noncash and other costs shown below	1,059			598			446			15			1,059
Gold and silver credits	(871		)	—			—			—			—
Treatment charges	63			36			26			1			63
Royalty on metals	43			24			18			1			43
Net cash costs	294			658			490			17			1,165
Depreciation and amortization	99			56			42			1			99
Noncash and other costs, net	30			17			13			—			30
Total costs	423			731			545			18			1,294
Revenue adjustments, primarily for pricing on prior period open sales	13			13			3			—			16
PT Smelting intercompany loss	(12		)	(7		)	(5		)	—			(12		)
Gross profit	$	706		$	403		$	294		$	9		$	706

Copper sales (millions of recoverable pounds)	317			317
Gold sales (thousands of recoverable ounces)							513

Gross profit per pound of copper/per ounce of gold:

Revenues, excluding adjustments	$	3.56		$	3.56		$	1,639

Site production and delivery, before net noncash
and other costs shown below	3.35			1.89			869
Gold and silver credits	(2.75		)	—			—
Treatment charges	0.20			0.11			52
Royalty on metals	0.13			0.08			35
Unit net cash costs	0.93			2.08			956
Depreciation and amortization	0.31			0.18			81
Noncash and other costs, net	0.09			0.05			25
Total unit costs	1.33			2.31			1,062
Revenue adjustments, primarily for pricing on
prior period open sales	0.04			0.04			5
PT Smelting intercompany loss	(0.04		)	(0.02		)	(10		)
Gross profit per pound/ounce	$	2.23		$	1.27		$	572

Reconciliation to Amounts Reported
(In millions)	Revenues			Production and Delivery			Depreciation, Depletion and Amortization
Totals presented above	$	1,996		$	1,059		$	99
Treatment charges	(63		)	—			—
Royalty on metals	(43		)	—			—
Net noncash and other costs	—			30			—
Revenue adjustments, primarily for pricing on prior period open sales	16			—			—
PT Smelting intercompany loss	—			12			—
Indonesia mining	1,906			1,101			99
Other mining & eliminations^b	7,170			3,949			455
Total mining	9,076			5,050			554
Oil & Gas operations	—			—			—
Corporate, other & eliminations	4			—			4
As reported in FCX’s consolidated financial statements	$	9,080		$	5,050		$	558


a.	Includes silver sales of 925 thousand ounces ($29.84 per ounce average realized price).


b.	Represents the combined total for all other mining operations and the related eliminations, as presented in Note 13.

5181

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Africa Mining Product Revenues and Production Costs


Three Months Ended March 31, 2013
Three Months Ended June 30, 2013
(In millions)	By-Product			Co-Product Method							By-Product			Co-Product Method
	Method			Copper			Cobalt		Total		Method			Copper			Cobalt		Total
Revenues, excluding adjustments^a	$	401		$	401		$	41	$	442	$	330		$	330		$	47	$	377
Site production and delivery, before net noncash and other costs shown below	164			157			23		180		156			146			27		173
Cobalt credits^b	(27		)	—			—		—		(31		)	—			—		—
Royalty on metals	8			7			1		8		6			5			1		6
Net cash costs	145			164			24		188		131			151			28		179
Depreciation, depletion and amortization	58			54			4		58		57			52			5		57
Noncash and other costs, net	5			5			—		5		12			11			1		12
Total costs	208			223			28		251		200			214			34		248
Revenue adjustments, primarily for pricing on prior period open sales	2			2			2		4		(7		)	(8		)	2		(6		)
Gross profit	$	195		$	180		$	15	$	195	$	123		$	108		$	15	$	123

Copper sales (millions of recoverable pounds)											106			106
Cobalt sales (millions of contained pounds)																	5

Gross profit per pound of copper/cobalt:											Gross profit per pound of copper/cobalt:

Revenues, excluding adjustments^a											$	3.10		$	3.10		$	8.48

Site production and delivery, before net noncash
and other costs shown below											1.47			1.37			4.92
Cobalt credits^b											(0.30		)	—			—
Royalty on metals											0.06			0.05			0.15
Unit net cash costs											1.23			1.42			5.07
Depreciation, depletion and amortization											0.53			0.49			0.80
Noncash and other costs, net											0.11			0.10			0.17
Total unit costs											1.87			2.01			6.04
Revenue adjustments, primarily for pricing
on prior period open sales											(0.07		)	(0.07		)	0.27
Gross profit per pound											$	1.16		$	1.02		$	2.71

Reconciliation to Amounts Reported
	Revenues			Production and Delivery			Depreciation, Depletion and Amortization
(In millions)											Revenues			Production and Delivery			Depreciation, Depletion and Amortization
Totals presented above	$	442		$	180		$	58			$	377		$	173		$	57
Royalty on metals	(8		)	—			—				(6		)	—			—
Net noncash and other costs	—			5			—				—			12			—
Revenue adjustments, primarily for pricing on prior period open sales	4			—			—				(6		)	—			—
Africa mining	438			185			58				365			185			57
North America copper mines	1,389			811			102
South America mining	1,014			475			71
Indonesia mining	931			563			55
Molybdenum mines	143			80			20
Rod & Refining	1,337			1,328			3
Atlantic Copper Smelting & Refining	639			628			10
Other mining & eliminations^c											3,586			2,574			301
Total mining											3,951			2,759			358
Oil & Gas operations											336			89			169
Corporate, other & eliminations	(1,308		)	(1,351		)	10				1			5			3
As reported in FCX’s consolidated financial statements	$	4,583		$	2,719		$	329			$	4,288		$	2,853		$	530


a.	Includes point-of-sale transportation costs as negotiated in customer contracts.


b.	Net of cobalt downstream processing and freight costs.


c.	Represents the combined total for all other mining operations and the related eliminations, as presented in Note 13.

5282

Table of Contents

Africa Mining Product Revenues and Production Costs (continued)


Three Months Ended March 31, 2012
Three Months Ended June 30, 2012
(In millions)	By-Product			Co-Product Method							By-Product			Co-Product Method
	Method			Copper			Cobalt		Total		Method			Copper			Cobalt		Total
Revenues, excluding adjustments^a	$	257		$	257		$	43	$	300	$	284		$	284		$	49	$	333
Site production and delivery, before net noncash and other costs shown below	103			99			26		125		121			114			30		144
Cobalt credits^b	(23		)	—			—		—		(27		)	—			—		—
Royalty on metals	5			5			—		5		6			5			1		6
Net cash costs	85			104			26		130		100			119			31		150
Depreciation, depletion and amortization	32			29			3		32		40			35			5		40
Noncash and other costs, net	7			6			1		7		8			7			1		8
Total costs	124			139			30		169		148			161			37		198
Revenue adjustments, primarily for pricing on prior period open sales	8			8			2		10		(6		)	(6		)	1		(5		)
Gross profit	$	141		$	126		$	15	$	141	$	130		$	117		$	13	$	130

Copper sales (millions of recoverable pounds)											82			82
Cobalt sales (millions of contained pounds)																	6

Gross profit per pound of copper/cobalt:											Gross profit per pound of copper/cobalt:

Revenues, excluding adjustments^a											$	3.45		$	3.45		$	8.24

Site production and delivery, before net noncash
and other costs shown below											1.48			1.39			5.09
Cobalt credits^b											(0.33		)	—			—
Royalty on metals											0.07			0.06			0.13
Unit net cash costs											1.22			1.45			5.22
Depreciation, depletion and amortization											0.49			0.43			0.75
Noncash and other costs, net											0.09			0.08			0.14
Total unit costs											1.80			1.96			6.11
Revenue adjustments, primarily for pricing
on prior period open sales											(0.07		)	(0.07		)	0.12
Gross profit per pound											$	1.58		$	1.42		$	2.25

Reconciliation to Amounts Reported
	Revenues			Production and Delivery			Depreciation, Depletion and Amortization
(In millions)											Revenues			Production and Delivery			Depreciation, Depletion and Amortization
Totals presented above	$	300		$	125		$	32			$	333		$	144		$	40
Royalty on metals	(5		)	—			—				(6		)	—			—
Net noncash and other costs	—			7			—				—			8			—
Revenue adjustments, primarily for pricing on prior period open sales	10			—			—				(5		)	—			—
Africa mining	305			132			32				322			152			40
North America copper mines	1,456			707			93
South America mining	1,254			463			62
Indonesia mining	950			515			46
Molybdenum mines	126			70			11
Rod & Refining	1,304			1,297			2
Atlantic Copper Smelting & Refining	712			695			10
Other mining & eliminations^c											4,151			2,469			249
Total mining											4,473			2,621			289
Oil & Gas operations											—			—			—
Corporate, other & eliminations	(1,502		)	(1,451		)	11				2			1			2
As reported in FCX’s consolidated financial statements	$	4,605		$	2,428		$	267			$	4,475		$	2,622		$	291


a.	Includes point-of-sale transportation costs as negotiated in customer contracts.


b.	Net of cobalt downstream processing and freight costs.



c.							Represents the combined total for all other mining operations and the related eliminations, as presented in Note 13.

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Africa Mining Product Revenues and Production Costs (continued)




Six Months Ended June 30, 2013
(In millions)	By-Product			Co-Product Method
	Method			Copper		Cobalt		Total
Revenues, excluding adjustments^a	$	724		$	724	$	89	$	813
Site production and delivery, before net noncash and other costs shown below	321			303		51		354
Cobalt credits^b	(58		)	—		—		—
Royalty on metals	14			13		1		14
Net cash costs	277			316		52		368
Depreciation, depletion and amortization	115			107		8		115
Noncash and other costs, net	16			15		1		16
Total costs	408			438		61		499
Revenue adjustments, primarily for pricing on prior period open sales	2			2		2		4
Gross profit	$	318		$	288	$	30	$	318

Copper sales (millions of recoverable pounds)	224			224
Cobalt sales (millions of contained pounds)						11

Gross profit per pound of copper/cobalt:

Revenues, excluding adjustments^a	$	3.22		$	3.22	$	7.99

Site production and delivery, before net noncash
and other costs shown below	1.43			1.35		4.54
Cobalt credits^b	(0.26		)	—		—
Royalty on metals	0.06			0.06		0.14
Unit net cash costs	1.23			1.41		4.68
Depreciation, depletion and amortization	0.51			0.47		0.75
Noncash and other costs, net	0.08			0.07		0.11
Total unit costs	1.82			1.95		5.54
Revenue adjustments, primarily for pricing
on prior period open sales	0.01			0.01		0.21
Gross profit per pound	$	1.41		$	1.28	$	2.66

Reconciliation to Amounts Reported
(In millions)	Revenues			Production and Delivery		Depreciation, Depletion and Amortization
Totals presented above	$	813		$	354	$	115
Royalty on metals	(14		)	—		—
Net noncash and other costs	—			16		—
Revenue adjustments, primarily for pricing on prior period open sales	4			—		—
Africa mining	803			370		115
Other mining & eliminations^c	7,729			5,105		570
Total mining	8,532			5,475		685
Oil & Gas operations	336			89		169
Corporate, other & eliminations	3			8		5
As reported in FCX’s consolidated financial statements	$	8,871		$	5,572	$	859



a.							Includes point-of-sale transportation costs as negotiated in customer contracts.


b.	Net of cobalt downstream processing and freight costs.


c.	Represents the combined total for all other mining operations and the related eliminations, as presented in Note 13.

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Africa Mining Product Revenues and Production Costs (continued)




Six Months Ended June 30, 2012
(In millions)	By-Product			Co-Product Method
	Method			Copper		Cobalt		Total
Revenues, excluding adjustments^a	$	536		$	536	$	92	$	628
Site production and delivery, before net noncash and other costs shown below	224			213		56		269
Cobalt credits^b	(50		)	—		—		—
Royalty on metals	12			11		1		12
Net cash costs	186			224		57		281
Depreciation, depletion and amortization	72			64		8		72
Noncash and other costs, net	15			13		2		15
Total costs	273			301		67		368
Revenue adjustments, primarily for pricing on prior period open sales	8			8		3		11
Gross profit	$	271		$	243	$	28	$	271

Copper sales (millions of recoverable pounds)	151			151
Cobalt sales (millions of contained pounds)						11

Gross profit per pound of copper/cobalt:

Revenues, excluding adjustments^a	$	3.54		$	3.54	$	8.40

Site production and delivery, before net noncash
and other costs shown below	1.49			1.41		5.11
Cobalt credits^b	(0.34		)	—		—
Royalty on metals	0.08			0.07		0.13
Unit net cash costs	1.23			1.48		5.24
Depreciation, depletion and amortization	0.48			0.42		0.71
Noncash and other costs, net	0.10			0.09		0.14
Total unit costs	1.81			1.99		6.09
Revenue adjustments, primarily for pricing
on prior period open sales	0.06			0.06		0.22
Gross profit per pound	$	1.79		$	1.61	$	2.53

Reconciliation to Amounts Reported
(In millions)	Revenues			Production and Delivery		Depreciation, Depletion and Amortization
Totals presented above	$	628		$	269	$	72
Royalty on metals	(12		)	—		—
Net noncash and other costs	—			15		—
Revenue adjustments, primarily for pricing on prior period open sales	11			—		—
Africa mining	627			284		72
Other mining & eliminations^c	8,449			4,766		482
Total mining	9,076			5,050		554
Oil & Gas operations	—			—		—
Corporate, other & eliminations	4			—		4
As reported in FCX’s consolidated financial statements	$	9,080		$	5,050	$	558


a.	Includes point-of-sale transportation costs as negotiated in customer contracts.


b.	Net of cobalt downstream processing and freight costs.


c.	Represents the combined total for all other mining operations and the related eliminations, as presented in Note 13.

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Molybdenum Mines Product Revenues and Production Costs


	Three Months Ended March 31,								Three Months Ended June 30,
(In millions)	2013^a			2012^a					2013^a			2012^a
Revenues, excluding adjustments	$	155		$	134
Revenues, excluding adjustments^b									$	156		$	130

Site production and delivery, before net noncash and other costs shown below	78			53					76			51
Treatment charges and other	12			8					12			8
Net cash costs	90			61					88			59
Depreciation, depletion and amortization	20			8					21			8
Noncash and other costs, net	2			1					2			2
Total costs	112			70					111			69
Gross profit	$	43		$	64				$	45		$	61

Reconciliation to Amounts Reported	Revenues			Production and Delivery			Depreciation, Depletion and Amortization
Three Months Ended March 31, 2013
Molybdenum production (millions of recoverable pounds)^b									13			8

Gross profit per pound of molybdenum:									Gross profit per pound of molybdenum:

Revenues, excluding adjustments^b									$	12.13		$	15.11

Site production and delivery, before net noncash and other costs shown below									5.84			5.95
Treatment charges and other									0.95			0.88
Unit net cash costs									6.79			6.83
Depreciation, depletion and amortization									1.65			0.95
Noncash and other costs, net									0.18			0.25
Total unit costs									8.62			8.03
Gross profit per pound									$	3.51		$	7.08

Reconciliation to Amounts Reported (In millions)									Revenues			Production and Delivery		Depreciation, Depletion and Amortization
Three Months Ended June 30, 2013
Totals presented above	$	155		$	78		$	20	$	156		$	76	$	21
Treatment charges and other	(12		)	—			—		(12		)	—		—
Net noncash and other costs	—			2			—		—			2		—
Molybdenum mines	143			80			20		144			78		21
North America copper mines	1,389			811			102
South America mining	1,014			475			71
Indonesia mining	931			563			55
Africa mining	438			185			58
Rod & Refining	1,337			1,328			3
Atlantic Copper Smelting & Refining	639			628			10
Corporate, other & eliminations^b	(1,308		)	(1,351		)	10
Other mining & eliminations^c									3,807			2,681		337
Total mining									3,951			2,759		358
Oil & Gas operations									336			89		169
Corporate, other & eliminations									1			5		3
As reported in FCX’s consolidated financial statements	$	4,583		$	2,719		$	329	$	4,288		$	2,853	$	530

Three Months Ended March 31, 2012
Three Months Ended June 30, 2012
Totals presented above	$	134		$	53		$	8	$	130		$	51	$	8
Treatment charges and other	(8		)	—			—		(8		)	—		—
Net noncash and other costs	—			1			—		—			2		—
Henderson mine	126			54			8		122			53		8
Climax mine	—			16			3		12			26		4
Molybdenum mines	126			70			11		134			79		12
North America copper mines	1,456			707			93
South America mining	1,254			463			62
Indonesia mining	950			515			46
Africa mining	305			132			32
Rod & Refining	1,304			1,297			2
Atlantic Copper Smelting & Refining	712			695			10
Corporate, other & eliminations^b	(1,502		)	(1,451		)	11
Other mining & eliminations^c									4,339			2,542		277
Total mining									4,473			2,621		289
Oil & Gas operations									—			—		—
Corporate, other & eliminations									2			1		2
As reported in FCX’s consolidated financial statements	$	4,605		$	2,428		$	267	$	4,475		$	2,622	$	291


a.	~~First-quarter~~The 2013 period includes the results of the Henderson and Climax mines; the ~~first-quarter~~2012 period reflects the results of only the Henderson mine as start up activities were still underway for the Climax mine.


b.	~~Includes~~Reflects sales of the molybdenum mines' production to our molybdenum sales company at market-based pricing. On a consolidated basis, realizations are based on the actual contract terms for sales to third-parties; as a result, our consolidated average realized price per pound of molybdenum will differ from the amounts reported in this table.


c.	Represents the combined total for all other mining operations and the related eliminations, as presented in Note 13. Also includes amounts associated with our molybdenum sales company, which includes sales of molybdenum produced by the molybdenum mines and by certain of ~~our~~the North and South America copper mines.

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Molybdenum Mines Product Revenues and Production Costs (continued)




	Six Months Ended June 30,
(In millions)	2013^a			2012^a
Revenues, excluding adjustments^b	$	311		$	264

Site production and delivery, before net noncash and other costs shown below	154			105
Treatment charges and other	24			15
Net cash costs	178			120
Depreciation, depletion and amortization	41			16
Noncash and other costs, net	4			1
Total costs	223			137
Gross profit	$	88		$	127

Molybdenum sales (millions of recoverable pounds)^b	25			17

Gross profit per pound of molybdenum:

Revenues, excluding adjustments^b	$	12.33		$	15.07

Site production and delivery, before net noncash and other costs shown below	6.10			5.98
Treatment charges and other	0.95			0.87
Unit net cash costs	7.05			6.85
Depreciation, depletion and amortization	1.64			0.93
Noncash and other costs, net	0.16			0.06
Total unit costs	8.85			7.84
Gross profit per pound	$	3.48		$	7.23

Reconciliation to Amounts Reported (In millions)	Revenues			Production and Delivery		Depreciation, Depletion and Amortization
Six Months Ended June 30, 2013
Totals presented above	$	311		$	154	$	41
Treatment charges and other	(24		)	—		—
Net noncash and other costs	—			4		—
Molybdenum mines	287			158		41
Other mining & eliminations^c	8,245			5,317		644
Total mining	8,532			5,475		685
Oil & Gas operations	336			89		169
Corporate, other & eliminations	3			8		5
As reported in FCX’s consolidated financial statements	$	8,871		$	5,572	$	859

Six Months Ended June 30, 2012
Totals presented above	$	264		$	105	$	16
Treatment charges and other	(15		)	—		—
Net noncash and other costs	—			1		—
Henderson mine	249			106		16
Climax mine	11			43		7
Molybdenum mines	260			149		23
Other mining & eliminations^c	8,816			4,901		531
Total mining	9,076			5,050		554
Oil & Gas operations	—			—		—
Corporate, other & eliminations	4			—		4
As reported in FCX’s consolidated financial statements	$	9,080		$	5,050	$	558



a.					The 2013 period includes the results of the Henderson and Climax mines; the 2012 period reflects the results of only the Henderson mine as start up activities were still underway for the Climax mine.


b.	Reflects sales of the molybdenum mines' production to our molybdenum sales company at market-based pricing. On a consolidated basis, realizations are based on the actual contract terms for sales to third-parties; as a result, our consolidated average realized price per pound of molybdenum will differ from the amounts reported in this table.


c.	Represents the combined total for all other mining operations and the related eliminations, as presented in Note 13. Also includes amounts associated with our molybdenum sales company, which includes sales of molybdenum produced by the molybdenum mines and by certain of the North and South America copper mines.

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Oil & Gas Product Revenues and Cash Production Costs and Realizations



June 1, 2013, to June 30, 2013


(In millions)	Oil			Natural Gas		NGLs		Total Oil & Gas
Oil and gas revenues before derivatives	$	330		$	30	$	11	$	371
Realized gains on derivative instruments	1			—		—		1
Realized revenues	$	331		$	30	$	11	372
Less: cash production costs								83
Cash operating margin								289
Less: depreciation, depletion and amortization								169
Less: accretion and other costs								6
Unrealized losses on derivative instruments								(36		)
Other net adjustments								—
Gross profit								$	78

Oil (MMBbls)	3.4
Gas (Bcf)				7.7
NGLs (MMBbls)						0.3
Oil Equivalents (MMBOE)								5.0

	Oil (per barrel)			Natural Gas (per MMBtu)		NGLs (per barrel)		Per BOE
Oil and gas revenues before derivatives	$	97.05		$	3.81	$	35.18	$	74.03
Realized gains on derivative instruments	0.37			0.05		—		0.34
Realized revenues	$	97.42		$	3.86	$	35.18	74.37
Less: cash production costs								16.58
Cash operating margin								57.79
Less: depreciation, depletion and amortization								33.82
Less: accretion and other costs								1.11
Unrealized losses on derivative instruments								(7.27		)
Other net adjustments								(0.02		)
Gross profit								$	15.57

Reconciliation to Amounts Reported
(In millions)	Revenues			Production and Delivery		Depreciation, Depletion and Amortization
Revenues, before derivative instruments	$	371		$	—	$	—
Realized gains on derivative instruments	1			—		—
Unrealized losses on derivative instruments	(36		)	—		—
Cash production costs	—			83		—
Accretion and other costs	—			6		—
Depreciation, depletion and amortization	—			—		169
Oil & Gas operations	336			89		169
Total mining	3,951			2,759		358
Corporate, other & eliminations	1			5		3
As reported in our consolidated financial statements	$	4,288		$	2,853	$	530

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CAUTIONARY STATEMENT

Our discussion and analysis contains forward-looking statements in which we discuss factors we believe may affect our future performance. Forward-looking statements are all statements other than statements of historical facts, such as ~~those statements regarding projected~~projections or expectations relating to ore grades and milling rates, ~~projected~~ production and sales volumes, ~~projected~~ unit net cash costs, ~~projected~~ operating cash flows, ~~projected~~ capital expenditures, exploration efforts and results, ~~mine~~development and production activities and ~~development plans,~~costs, liquidity, tax rates, the impact of copper, gold, molybdenum, cobalt, oil and gas price changes, the impact of derivative positions, the impact of deferred intercompany profits on earnings, ~~liquidity, other financial commitments and tax rates, the impact of copper, gold, molybdenum and cobalt price changes,~~reserve estimates, future dividend payments and potential share purchases. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “intends,” “likely,” “will,” “should,” “to be,” and any similar expressions are intended to identify those assertions as forward-looking statements. The declaration of dividends is at the discretion of ~~our~~the Board and will depend on our financial results, cash requirements, future prospects, ~~the impact of pending acquisitions~~ and other factors deemed relevant by the Board.

We caution readers that forward-looking statements are not guarantees of future performance and our actual results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Important factors that can cause our actual results to differ materially from those anticipated in the forward-looking statements include ~~commodity~~demand for, and prices of, copper, gold, molybdenum, cobalt, oil and gas, mine sequencing, production rates, ~~industry risks, regulatory changes, political risks,~~drilling results, the outcome of ongoing discussions with the Indonesian government, the potential effects of violence in Indonesia, the resolution of administrative disputes in the ~~DRC, weather- and climate-related risks,~~Democratic Republic of Congo, labor relations, ~~environmental risks, litigation results,~~the ability to retain current or future lease acreage rights, unanticipated hazards for which we have limited or no insurance coverage, failure of third party partners to fulfill their capital and other commitments, adverse conditions that could lead to structural or mechanical failures or increased costs, changes in reserve estimates, currency translation risks, risks associated with the ~~completion~~integration of ~~pending acquisitions~~recently acquired oil and gas operations, industry risks, regulatory changes, political risks, weather- and climate-related risks, environmental risks, litigation results, and other factors described in more detail under the heading “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2012,, filed with the SEC as updated by our subsequent filings with the SEC.

Investors are cautioned that many of the assumptions on which our forward-looking statements are based are likely to change after our forward-looking statements are made, including for example commodity prices, which we cannot control, and production volumes and costs, some aspects of which we may or may not be able to control. Further, we may make changes to our business plans that could or will affect our results. We caution investors that we do not intend to update our forward-looking statements more frequently than quarterly notwithstanding any changes in our assumptions, changes in our business plans, our actual experience, or other changes, and we undertake no obligation to update any forward-looking statements.

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Item 3.	Quantitative and Qualitative Disclosures About Market Risk.

There have been no material changes in our market risks during the three-month period ended ~~March 31,~~June 30, 2013. For additional information on market risks, refer to “Disclosures About Market Risks” included in Part ~~II,~~I, Item ~~7A.~~2. of ~~our annual~~this quarterly report on Form ~~10-K~~10-Q for the ~~year~~period ended ~~December 31, 2012~~June 30, 2013. For projected sensitivities of our operating cash flow to changes in commodity prices, refer to “Outlook” in Part I, Item 2. of this quarterly report on Form 10-Q for the period ended ~~March 31,~~June 30, 2013; for projected sensitivities of our provisionally priced copper sales and derivative instruments to changes in commodity prices refer to “Consolidated Results – Revenues” in Part I, Item 2. of this quarterly report on Form 10-Q for the period ended ~~March 31,~~June 30, 2013.


Item 4.	Controls and Procedures.

(a)

Evaluation of disclosure controls and procedures. Our chief executive officer and chief financial officer, with the participation of management, have evaluated the effectiveness of our “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15(d)-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this quarterly report on Form 10-Q. Based on their evaluation, they have concluded that our disclosure controls and procedures are effective as of ~~March 31,~~June 30, 2013.

(b)

Changes in internal control over financial reporting. During second-quarter 2011, we began a phased implementation of a new enterprise resource planning (ERP) information technology system to upgrade our information technology infrastructure and enhance operating efficiency and effectiveness. Implementation has been completed at our North America, South America, Africa and Indonesia mining operations and at our downstream operations in Europe, and we expect the initial implementation of the ERP system to be completed at all of our operations in ~~2013.~~2013, excluding the recently acquired oil and gas operations. During each phase of the implementation, an appropriate level of training of employees, testing of the system and monitoring of the financial results recorded in the system is conducted. Management has updated our system of internal control over financial reporting for the impacted operating business units.

During second-quarter 2013, we completed our acquisitions of Plains Exploration & Production Company and McMoRan Exploration Co. (collectively known as Freeport-McMoRan Oil & Gas, or FM O&G). We consider these oil and gas acquisitions material to our results of operations, financial position and cash flows from June 1, 2013 through June 30, 2013. The assets of FM O&G represented 42 percent of our total assets as of June 30, 2013, and the revenues from the FM O&G operations represented 8 percent of our total revenues for the three months ended June 30, 2013. Refer Note 2 for additional information regarding the oil and gas acquisitions.

We are currently in the process of integrating the FM O&G operations, including internal controls and procedures and extending our Sarbanes-Oxley Act Section 404 compliance program to include FM O&G. We anticipate a successful integration of FM O&G's operations and internal controls and procedures and will continue to evaluate our internal control over financial reporting as we execute integration activities. We expect that our assessment of the effectiveness of our controls and procedures for the year ended December 31, 2013, will include FM O&G.

With the exception of the ERP implementation and the ongoing integration activities described above,

there has been no change in our internal control over financial reporting that occurred during the quarter ended ~~March 31,~~June 30, 2013, that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.


Part II.	OTHER INFORMATION


Item 1.	Legal Proceedings.

We are involved in numerous legal proceedings that arise in the ordinary course of our business or are associated with environmental issues arising from legacy operations conducted over the years by Freeport-McMoRan Corporation (FMC - formerly Phelps Dodge Corporation) and its affiliates. We are also involved from time to time in other reviews, investigations and proceedings by government agencies, some of which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief.

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Management does not believe, based on currently available information, that the outcome of any proceeding reported in Note 13 and incorporated by reference into Part I, Item 3. “Legal Proceedings” of our annual report on Form 10-K for the year ended December 31, 2012 will have a material adverse effect on our financial condition; although individual outcomes could be material to our operating results for a particular period, depending on the nature and magnitude of the outcome and the operating results for the period. Refer to Note 98 for discussion of updates to previously reported legal proceedings.

~~Table of Contents~~

Item 1A. Risk Factors.

~~There have been no material changes to our~~During second-quarter 2013, we completed the acquisitions of Plains Exploration & Production Company (PXP) and McMoRan Exploration Co. (MMR). Accordingly, the following discussion updates the risk factors ~~during the three-month period ended~~ ~~March 31, 2013. For additional information on risk factors, refer to~~reported in Part I, Item 1A. ~~"Risk Factors"~~“Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2012, by addressing risk factors specific to the newly acquired oil and gas operations:

Financial risks

Extended declines in the market prices of copper, gold, molybdenum, and/or oil could adversely affect our earnings and cash flows and, if sustained, could adversely affect our ability to repay debt. Fluctuations in the market prices of copper, gold, molybdenum or oil can cause significant volatility in our financial performance and adversely affect the trading prices of our debt and common stock.

In addition to the financial risks related to market prices of copper, gold and molybdenum, as described in Part I, Item 1A. “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2012, our financial results may vary with fluctuations in oil prices. Historically, the market for oil has been volatile and is likely to continue to be volatile in the future. For the three-year period ending June 30, 2013, Brent crude oil prices ranged from a low of $71.45 per barrel to a high of $126.65 per barrel. Oil prices are affected by numerous factors beyond our control, including:

Worldwide and domestic supplies of and demand for oil;

The level of global oil inventories;

Weather conditions;

Actions by the Organization of the Petroleum Exporting Countries and other major oil producing nations;

Political conditions and events in oil producing regions, including the possibility of insurgency, terrorism or war in such areas;

The prices of foreign exports and the availability of alternate fuel sources;

Technological advances affecting energy exploration, production and consumption;

The overall economic conditions in the United States (U.S.) and worldwide, including the value of the U.S. Dollar relative to other major currencies; and

Governmental regulations and taxes.

A significant decline in the prices of oil and gas could adversely affect our financial results and our reserve estimates. We may also have to revise operating plans for our oil and gas operations, including delaying or postponing capital projects. In addition, declines in the prices of oil and gas could result in a “ceiling” write-down of the carrying value of our oil and gas properties and/or of goodwill recorded in connection with the second-quarter 2013 oil and gas acquisitions. For further discussion of our accounting policies and estimates used in evaluating our oil and gas properties and goodwill for impairment, refer to Note 3 (contained in Part I, Item 1. of this quarterly report) and to Critical Accounting Policies and Estimates (contained in Part I, Item 2. of this quarterly report). Any impairment charge related to our oil and gas properties or goodwill would potentially have a material adverse impact on our results of operations and stockholders' equity, but would have no effect on cash flows.

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A significant portion of our oil and gas production for 2013 through 2015, are hedged with derivative contracts, which may prevent us from benefitting fully from price increases and may expose us to other risks.

PXP historically used derivative instruments to manage commodity price risk for a substantial portion of its oil and gas production. In connection with the acquisition of PXP, we assumed the 2013, 2014 and 2015 hedge positions that consist of oil options, and oil and gas swaps. As a result, we may not benefit fully from increases in oil and gas prices above the maximum fixed amount specified in the derivative contracts. In addition, these derivative instruments may also expose us to the risk of financial loss in certain circumstances, including when:

a counterparty to the derivative contract is unable to satisfy its obligations;

production is delayed or is less than expected; or

there is an adverse change in the expected differential between the underlying price in the derivative instrument and actual prices received for our production.

Refer to Note 9 for a summary of our oil and gas derivative positions at June 30, 2013. Because the oil and gas derivative contracts do not qualify for hedge accounting and are recorded at fair value with the mark-to-market gains and losses recorded in revenues, we expect fluctuations in our consolidated statements of income as changes occur in the index prices.

Operational risks

Oil and gas reserves are estimates, and actual recoveries may vary significantly.

There are numerous uncertainties inherent in estimating quantities and values of reserves. Petroleum engineering is a subjective process of estimating underground accumulations of oil and gas that cannot be measured in an exact manner. Because of the high degree of judgment involved, the accuracy of any reserve estimate is inherently imprecise, and a function of the quality of available data and the engineering and geological interpretation. In accordance with Securities and Exchange Commission guidelines, our estimates of proved oil and gas reserves are based on the twelve-month average of the first-day-of-the-month reference prices as adjusted for location and quality differentials. Therefore, these reserve quantities will change when actual oil or gas prices increase or decrease. Our estimates of economically recoverable oil and gas reserves and of the related future net cash flows depend upon a number of factors and assumptions that may vary from actual results, including:

Historical production from the area, compared with production from other comparable producing areas;

The effects of regulations by governmental agencies;

Future oil and gas prices; and

Amounts and timing of future operating costs, transportation costs, severance and excise taxes, development costs and workover and remedial costs.

Future decreases in estimated proved oil and gas reserves could result in prospective changes to our depletion rates, which could have a significant impact on our results of operations. Estimated proved oil and gas reserve decreases could also result in impairment of our oil and gas properties and/or to goodwill recorded in connection with the second-quarter 2013 oil and gas acquisitions. Any impairment charge related to our oil and gas properties or goodwill would potentially have a material adverse impact on our results of operations and stockholders' equity, but would have no effect on cash flows. For further discussion of our accounting policies and estimates used in evaluating our oil and gas properties and goodwill for impairment, refer to Note 3 (contained in Part I, Item 1. of this quarterly report) and to Critical Accounting Policies and Estimates (contained in Part I, Item 2. of this quarterly report).

We must continually replace oil and gas reserves depleted by production. We may not be successful in acquiring, developing or exploring oil and gas properties.

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The future success of our oil and gas operations depends on our ability to find, develop and acquire additional oil and gas reserves that are economically recoverable. Without successful acquisition or exploration activities, our oil and gas reserves will decline as a result of our current reserves being depleted by production and we may not be able to find or acquire additional reserves that are economically recoverable.

Operations in the deepwaters of the Gulf of Mexico (GOM) present unique and more costly operating risks than operations in the shallower waters or onshore. In addition, our ultra-deep prospects, which target shallow water, ultra-deep formations on the Shelf of the GOM and onshore Gulf Coast, have greater risks and costs associated with their exploration and development than conventional GOM prospects..

The Deepwater GOM area has had relatively limited drilling activity due to risks associated with geological complexity, water depth and higher drilling and development costs, any of which can cause substantial cost overruns and uneconomic projects or wells. The Deepwater GOM also lacks the infrastructure present in shallower waters, which can result in significant delays in obtaining or maintaining production. As a result, deepwater operations may require significant time between a discovery and marketability, thereby increasing the financial risk of these operations.

Our objectives in our ultra-deep prospects target formations below the salt weld (i.e., ultra-deep targets) in the shallow water of the GOM Shelf and onshore in South Louisiana. These ultra-deep targets have not traditionally been the subject of exploratory activity in these regions, so that little direct comparative data is available. To date, there has been no production of hydrocarbons from ultra-deep reservoirs in these areas. As a result of the unavailability of direct comparative data and limitations of diagnostic tools that operate in the extreme temperatures and pressures encountered, it is very difficult to predict with accuracy the reservoir quality and performance of ultra-deep formations. Additionally, ultra-deep formations are significantly more expensive to drill and complete than wells drilled on the GOM Shelf at more conventional depths. Major contributors to such increased costs include far higher temperatures and pressures encountered down hole and longer drilling times.

Operating hazards, natural disasters or other interruptions of our oil and gas operations could result in potential liabilities, which may not be fully covered by our insurance.

In addition to the operational risks that could adversely affect our business, as described in Part I, Item 1A. “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2012, the oil and gas business involves operating hazards such as well blowouts, cratering, explosions, fires, uncontrollable flows of oil, gas or well fluids, pipeline ruptures, pollution, and releases of toxic gas, as well as natural disasters such as earthquakes, mudslides, and hurricanes. Any of these operating hazards could cause personal injuries, fatalities, oil spills, discharge of hazardous materials, lost production, remediation and clean-up costs and other environmental damages, or property damage, all of which could adversely affect our business, operating results and cash flows.

Our oil and gas operations are subject to extensive regulation, some of which require permits and other approvals. These regulations increase our costs and in some circumstances may terminate, delay or suspend our operations.

Our oil and gas business is subject to extensive federal, state and local laws and regulations that are interpreted by governmental agencies and other bodies vested with broad authority relating to the exploration for, and the development, production and transportation of, oil and gas, as well as environmental and safety matters. Certain of these regulations require permits for the drilling and operation of wells. Existing laws and regulations, or their interpretations, can be changed, and any changes can increase costs of compliance and operations, delay projects or significantly limit drilling activity which could adversely affect our business, operating results and cash flows.

Certain of our undeveloped leasehold acreage is subject to leases that will expire over the next several years unless production is established on units containing the acreage.

Unless production in paying quantities is established on units containing undeveloped leasehold acreage during their terms, the leases will expire. If leases expire and we are unable to renew them, we will lose our right to develop those properties. Our drilling plans are subject to change based upon various factors, including drilling results, oil and gas prices, the availability and cost of capital, drilling and production costs, availability of drilling services and equipment, gathering system and pipeline transportation constraints, and regulatory approvals.

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We have limited control over the development of properties in which we have an interest but do not operate.

Certain of our oil and gas properties, including Lucius, Ram Powell, Lineham Creek, Haynesville and portions of our Eagle Ford acreage, are operated by other companies and involve third-party working interest owners. As a result, we have limited ability to influence or control the operation or future development of such properties, including compliance with environmental, safety and other regulations, or the amount of capital expenditures that we will be required to fund with respect to such properties. Additionally, we are dependent on the other working interest owners of such projects to fund their contractual share of the operating costs and capital expenditures of such projects. These limitations and our dependence on the operator and other working interest owners for these projects could cause us to incur unexpected future costs, result in lower production and materially and adversely affect our financial condition and results of operations.

Environmental risks

Our oil and gas operations may incur significant costs related to environmental matters.

Oil and gas operations are subject to environmental hazards, such as oil spills, gas leaks, ruptures, discharges of petroleum products and hazardous substances, and historical disposal activities. These environmental hazards could expose us to material liabilities for property damages, personal injuries or other environmental harm, including costs of investigating and remediating contaminated properties. We may also be liable for environmental damages caused by the previous owners or operators of properties we are currently operating.

Our oil and gas operations are subject to federal, state and local laws and regulations relating to the discharge of materials into, and the protection of, the environment. These laws and regulations, among other things, impose liability on the lessee under an oil and gas lease for the cost of pollution clean-up resulting from operations, subject the lessee to liability for pollution damages and require suspension or cessation of operations in affected areas. Any noncompliance with these laws and regulations could result in material administrative, civil or criminal penalties or other liabilities. Additionally, our compliance with these laws may, from time to time, result in delays to project implementation, and increased costs to our operations or decreased production. Furthermore, changes to existing laws and regulations, or their interpretations, can result in increased costs of compliance and operations, delayed projects, or significantly limited drilling activity.

In addition, in response to the 2010 Deepwater Horizon incident, the Bureau of Ocean Energy Management and the Bureau of Safety and Environmental Enforcement issued new guidelines and regulations regarding safety, environmental matters, drilling equipment, and decommissioning applicable to drilling in the GOM. The enactment of new or stricter regulations in the U.S. and increased liability for companies operating in this area could adversely impact our oil and gas operations in the GOM.

Proposed federal, state or local regulations regarding hydraulic fracturing could increase our operating and capital costs.

Our oil and gas operations utilize hydraulic fracturing and other types of well stimulation. Hydraulic fracturing involves the injection of water, sand and chemicals under pressure into rock formations to stimulate the flow of oil and gas. Hydraulic fracturing is necessary to produce commercial quantities of oil and gas from many reservoirs, especially shale formations such as the Haynesville Shale and the Eagle Ford Shale.

The process is typically regulated by state oil and gas commissions and agencies, and continues to receive significant regulatory and legislative attention at the federal, state, and local levels. Several proposals are before the U.S. Congress that, if implemented, would either prohibit or restrict the practice of hydraulic fracturing or subject the process to more extensive regulations. Several states have adopted or are considering legislation to regulate hydraulic fracturing practices that could impose more stringent permitting, transparency, and well construction requirements on hydraulic-fracturing operations or otherwise seek to ban fracturing activities altogether. In addition, some municipalities have significantly limited or prohibited drilling activities and/or hydraulic fracturing, or are considering doing so.

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Although it is not possible to predict the final outcome of any legislation regarding hydraulic fracturing, any new federal, state or local restrictions on hydraulic fracturing that are enacted in areas where we conduct our oil and gas operations could result in increased compliance costs or additional operating restrictions in the U.S.

Other risks

We may experience difficulties in integrating the oil and gas businesses of PXP and MMR, which could cause us to fail to realize many of the anticipated potential synergies of our acquisitions of PXP and MMR.

We acquired PXP and MMR because we believe that the transactions will be beneficial to our company and our stockholders. Achieving the anticipated benefits of the transactions will depend in part upon whether we can integrate these oil and gas businesses in an efficient and effective manner. We may not be able to accomplish this integration process smoothly or successfully. The difficulties of combining the oil and gas businesses of PXP and MMR potentially will include, among other things:

Coordinating geographically separated organizations and addressing possible differences with respect to incorporating corporate cultures and management philosophies;

Dedicating significant management resources to the integration, which may temporarily distract management's attention from the day-to-day business of the combined company;

Operating in states where we have not previously conducted business; and

Operating an oil and gas business, which is a line of business in which FCX has not historically engaged.


Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.


(c)	The following table sets forth information with respect to shares of Freeport-McMoRan Copper & Gold Inc. (FCX) common stock purchased by us during the three months ended ~~March 31,~~June 30, 2013:

Period
(a) Total Number
of Shares Purchased

(b) Average
Price Paid Per Share

(c) Total Number of
Shares Purchased as Part
of Publicly Announced Plans or Programs^b

(d) Maximum Number
of Shares That May
Yet Be Purchased Under the Plans or Programs^b

January 1-31, 2013 —
$ —
—
23,685,500
February 1-28, 2013 15,000
^a
$ 35.16
—
23,685,500
March 1-31, 2013 —
$ —
—
23,685,500
Total 15,000
$ 35.16
—
23,685,500



Period	(a) Total Number of Shares Purchased	(b) Average Price Paid Per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs^a	(d) Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs^a
Period	(a) Total Number of Shares Purchased	(b) Average Price Paid Per Share
April 1-30, 2013	—	$	—	—	23,685,500
May 1-31, 2013	—	$	—	—	23,685,500
June 1-30, 2013	—	$	—	—	23,685,500
Total	—	$	—	—	23,685,500


a.	~~Consists of shares acquired in connection with stock option exercises.~~


b.	On July 21, 2008, our Board of Directors approved an increase in our open-market share purchase program for up to 30 million shares. There have been no purchases under this program since 2008. This program does not have an expiration date.


Item 4.	Mine Safety Disclosure.

The safety and health of all employees is our highest priority. Management believes that safety and health considerations are integral to, and compatible with, all other functions in the organization and that proper safety and health management will enhance production and reduce costs. Our approach towards the safety and health of our workforce is to continuously improve performance through implementing robust management systems and providing adequate training, safety incentive and occupational health programs. The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95.1 to this quarterly report on Form 10-Q.


Item 6.	Exhibits.

The exhibits to this report are listed in the Exhibit Index beginning on Page E-1 hereof.

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FREEPORT-McMoRan COPPER & GOLD INC.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



	FREEPORT-McMoRan COPPER & GOLD INC.

	By:	/s/ C. Donald Whitmire, Jr.
		C. Donald Whitmire, Jr.
		Vice President and
		Controller - Financial Reporting
		(authorized signatory
		and Principal Accounting Officer)

Date: ~~May 6,~~August 8, 2013

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FREEPORT-McMoRan COPPER & GOLD INC.
EXHIBIT INDEX
		Filed
Exhibit		with this	Incorporated by Reference
Number	Exhibit Title	Form 10-Q	Form	File No.	Date Filed
3.1	Composite Certificate of Incorporation of Freeport-McMoRan Copper & Gold Inc.		10-Q	001-1307-01	8/6/2010
3.2	Composite By-Laws of Freeport-McMoRan Copper & Gold Inc. as of July 16, 2013		8-K	001-1307-01	7/18/2013
4.1	Indenture dated as of February 13, 2012, between Freeport-McMoRan Copper & Gold Inc. and U.S. Bank National Association, as Trustee (relating to the 1.4% Senior Notes due 2015, the 2.15% Senior Notes due 2017, and the 3.55% Senior Notes due 2022)		8-K	001-1307-01	2/13/2012
4.2	First Supplemental Indenture dated as of February 13, 2012, between Freeport-McMoRan Copper & Gold Inc. and U.S. Bank National Association, as Trustee (relating to the 1.4% Senior Notes due 2015)		8-K	001-1307-01	2/13/2012
4.3	Second Supplemental Indenture dated as of February 13, 2012, between Freeport-McMoRan Copper & Gold Inc. and U.S. Bank National Association, as Trustee (relating to the 2.15% Senior Notes due 2017)		8-K	001-1307-01	2/13/2012
4.4	Third Supplemental Indenture dated as of February 13, 2012, between Freeport-McMoRan Copper & Gold Inc. and U.S. Bank National Association, as Trustee (relating to the 3.55% Senior Notes due 2022)		8-K	001-1307-01	2/13/2012
4.5	Fourth Supplemental Indenture dated as of May 31, 2013, among Freeport-McMoRan Copper & Gold Inc., Freeport-McMoRan Oil & Gas LLC and U.S. Bank National Association, as Trustee (relating to the 1.4% Senior Notes due 2015, the 2.15% Senior Notes due 2017, and the 3.55% Senior Notes due 2022)		8-K	001-1307-01	6/3/2013
4.6	Indenture dated as of March 7, 2013, between Freeport-McMoRan Copper & Gold Inc. and U.S. Bank National Association, as Trustee (relating to the 2.375% Senior Notes due 2018, the 3.100% Senior Notes due 2020, the 3.875% Senior Notes due 2023, and the 5.450% Senior Notes due 2043)		8-K	001-1307-01	3/7/2013
4.7	Supplemental Indenture dated as of May 31, 2013, among Freeport-McMoRan Copper & Gold Inc., Freeport-McMoRan Oil & Gas LLC and U.S. Bank National Association, as Trustee (relating to the 2.375% Senior Notes due 2018, the 3.100% Senior Notes due 2020, the 3.875% Senior Notes due 2023, and the 5.450% Senior Notes due 2043)		8-K	001-1307-01	6/3/2013
4.8	Indenture dated as of March 13, 2007, among Plains Exploration & Production Company, the Subsidiary Guarantors parties thereto, and Wells Fargo Bank, N.A., as Trustee (relating to the 7.625% Senior Notes due 2018, the 8.625% Senior Notes due 2019, the 7.625% Senior Notes due 2020, the 6.625% Senior Notes due 2021, the 6.75% Senior Notes due 2022, the 6.125% Senior Notes due 2019, the 6.5% Senior Notes due 2020, and the 6.875% Senior Notes due 2023)		8-K	001-31470	3/13/2007
4.9	Seventh Supplemental Indenture dated as of May 23, 2008 to the Indenture dated as of March 13, 2007, among Plains Exploration & Production Company, the Subsidiary Guarantors parties thereto and Wells Fargo Bank, N.A., as Trustee (relating to the 7.625% Senior Notes due 2018)		8-K	001-31470	5/23/2008

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FREEPORT-McMoRan COPPER & GOLD INC.
EXHIBIT INDEX
		Filed
Exhibit		with this	Incorporated by Reference
Number	Exhibit Title	Form 10-Q	Form	File No.	Date Filed
~~3.1~~4.10	~~Composite Certificate~~Tenth Supplemental Indenture dated as of ~~Incorporation~~September 11, 2009 to the Indenture dated as of ~~FCX.~~		~~10-Q~~	~~001-11307-01~~	~~8/6/2010~~
~~3.2~~	~~Amended~~March 13, 2007, among Plains Exploration & Production Company, the Subsidiary Guarantors parties thereto and ~~Restated By-Laws of FCX,~~Wells Fargo Bank, N.A., as ~~amended through April 17, 2013~~Trustee (relating to the 8.625% Senior Notes due 2019)		8-K	~~001-11307-01~~001-31470	~~4/17/~~9/11/2009
4.11	Eleventh Supplemental Indenture dated as of March 29, 2010 to the Indenture dated as of March 13, 2007, among Plains Exploration & Production Company, the Subsidiary Guarantors parties thereto and Wells Fargo Bank, N.A., as Trustee (relating to the 7.625% Senior Notes due 2020)		8-K	001-31470	3/29/2010
4.12	Twelfth Supplemental Indenture dated as of March 29, 2011 to the Indenture dated as of March 13, 2007, among Plains Exploration & Production Company, the Subsidiary Guarantors parties thereto and Wells Fargo Bank, N.A., as Trustee (relating to the 6.625% Senior Notes due 2021)		8-K	001-31470	3/29/2011
4.13	Thirteenth Supplemental Indenture dated as of November 21, 2011 to the Indenture dated as of March 13, 2007, among Plains Exploration & Production Company, the Subsidiary Guarantors parties thereto and Wells Fargo Bank, N.A., as Trustee (relating to the 6.75% Senior Notes due 2022)		8-K	001-31470	11/21/2011
4.14	Fourteenth Supplemental Indenture dated as of April 27, 2012 to the Indenture dated as of March 13, 2007, among Plains Exploration & Production Company, the Subsidiary Guarantors parties thereto and Wells Fargo Bank, N.A., as Trustee (relating to the 6.125% Senior Notes due 2019)		8-K	001-31470	7/27/2012
4.15	Sixteenth Supplemental Indenture dated as of October 26, 2012 to the Indenture dated as of March 13, 2007, among Plains Exploration & Production Company, the Subsidiary Guarantors parties thereto and Wells Fargo Bank, N.A., as Trustee (relating to the 6.5% Senior Notes due 2020)		8-K	001-31470	10/26/2012
4.16	Seventeenth Supplemental Indenture dated as of October 26, 2012 to the Indenture dated as of March 13, 2007, among Plains Exploration & Production Company, the Subsidiary Guarantors parties thereto and Wells Fargo Bank, N.A., as Trustee (relating to the 6.875% Senior Notes due 2023)		8-K	001-31470	10/26/2012
4.17	Eighteenth Supplemental Indenture dated as of May 31, 2013 to the Indenture dated as of March 13, 2007, among Freeport-McMoRan Oil & Gas LLC, as Successor Issuer, FCX Oil & Gas Inc., as Co-Issuer, Freeport-McMoRan Copper & Gold Inc., as Parent Guarantor, Plains Exploration & Production Company, as Original Issuer, and Wells Fargo Bank, N.A., as Trustee (relating to the 7.625% Senior Notes due 2018, the 8.625% Senior Notes due 2019, the 7.625% Senior Notes due 2020, the 6.625% Senior Notes due 2021, the 6.75% Senior Notes due 2022, the 6.125% Senior Notes due 2019, the 6.5% Senior Notes due 2020, and the 6.875% Senior Notes due 2023)		8-K	001-1307-01	6/3/2013
~~4.1~~4.18	Form of Indenture dated as of September 22, 1997, between Phelps Dodge Corporation and The Chase Manhattan Bank, as Trustee (relating to the 7.125% Senior Notes due 2027, the 9.50% Senior Notes due 2031, and the 6.125% Senior Notes due 2034)		S-3	333-36415	9/25/1997

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FREEPORT-McMoRan COPPER & GOLD INC.
EXHIBIT INDEX
		Filed
Exhibit		with this	Incorporated by Reference
Number	Exhibit Title	Form 10-Q	Form	File No.	Date Filed
4.19	Form of 7.125% Debenture due November 1, 2027 of Phelps Dodge Corporation issued on November 5, 1997, pursuant to the Indenture dated as of September 22, 1997, between Phelps Dodge Corporation and The Chase Manhattan Bank, as Trustee (relating to the 7.125% Senior Notes due 2027)		8-K	01-00082	11/3/1997
4.20	Form of 9.5% Note due June 1, 2031 of Phelps Dodge Corporation issued on May 30, 2001, pursuant to the Indenture dated as of September 22, 1997, between Phelps Dodge Corporation and First Union National Bank, as successor Trustee (relating to the 9.50% Senior Notes due 2031)		8-K	01-00082	5/30/2001
4.21	Form of 6.125% Note due March 15, 2034 of Phelps Dodge Corporation issued on March 4, 2004, pursuant to the Indenture dated as of September 22, 1997, between Phelps Dodge Corporation and First Union National Bank, as successor Trustee (relating to the 6.125% Senior Notes due 2034)		10-K	01-00082	3/7/2005
4.22	Indenture dated as of ~~March 19,~~November 14, 2007, ~~from FCX to~~between McMoRan Exploration Co. and The Bank of New York, as Trustee ~~with respect~~(related to the 11.875% Senior ~~Floating Rate~~ Notes due ~~2015.~~2014)		8-K	~~001-11307-01~~001-07791	~~3/19/~~11/15/2007
~~4.2~~	~~Indenture dated as of February 13, 2012 between Freeport-McMoRan Copper & Gold Inc. and U.S. Bank National Association, as trustee.~~		~~8-K~~	~~001-11307-01~~	~~2/13/2012~~
~~4.3~~4.23	First Supplemental Indenture dated as of ~~February 13, 2012~~November 14, 2007, by and between ~~Freeport-McMoRan Copper & Gold Inc.~~McMoRan and ~~U.S.~~the Bank ~~National Association,~~of New York, as ~~trustee.~~Trustee (related to the 11.875% Senior Notes due 2014)		8-K	~~001-11307-01~~001-07791	~~2/13/2012~~11/15/2007
~~4.4~~4.24	Second Supplemental Indenture dated as of ~~February 13, 2012 between~~June 3, 2013, by and among McMoRan Exploration Co., Freeport-McMoRan Copper & Gold Inc., as Parent Guarantor, and ~~U.S.~~The Bank ~~National Association,~~of New York Mellon, as ~~trustee.~~Trustee (relating to the 11.875% Senior Notes due 2014)		8-K	~~001-11307-01~~001-1307-01	2/6/3/2013
4.25	Indenture dated September 13, 2012, by and among McMoRan and The Bank of New York Mellon Trust Company, N.A., as Trustee (relating to the 5.25% Convertible Senior Notes due 2013)		8-K	001-07791	9/13/2012
~~4.5~~4.26	~~Third~~First Supplemental Indenture dated as of ~~February 13, 2012~~June 3, 2013, between ~~Freeport-McMoRan Copper & Gold Inc.~~McMoRan Exploration Co. and ~~U.S.~~The Bank ~~National Association,~~of New York Mellon Trust Company, N.A., as ~~trustee.~~Trustee (relating to the 5.25% Convertible Senior Notes due 2013)		8-K	~~001-11307-01~~001-1307-01	~~2/13/2012~~
~~4.6~~	~~Indenture, dated as of March 7, 2013, between Freeport McMoRan Copper & Gold Inc. and U.S. Bank National Association, as trustee.~~		~~8-K~~	~~001-11307-01~~	6/3/7/2013
~~4.7~~4.27	Registration Rights Agreement dated as of March 7, 2013, among Freeport McMoRan Copper & Gold Inc. and J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives of the Initial Purchasers, relating to the 2.375% Senior Notes due 2018.		~~8-K~~	~~001-11307-01~~	~~3/7/2013~~
~~4.8~~	Registration Rights Agreement dated as of March 7, 2013, among Freeport McMoRan Copper & Gold Inc. and J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives of the Initial Purchasers, relating to the 3.100% Senior Notes due 2020.		~~8-K~~	~~001-11307-01~~	~~3/7/2013~~
~~4.9~~	Registration Rights Agreement dated as of March 7, 2013, among Freeport McMoRan Copper & Gold Inc. and J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives of the Initial Purchasers, relating to the 3.875% Senior Notes due 2023.		~~8-K~~	~~001-11307-01~~	~~3/7/2013~~
~~4.1~~	Registration Rights Agreement dated as of March 7, 2013, among Freeport McMoRan Copper & Gold Inc. and J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives of the Initial Purchasers, relating to the 5.450% Senior Notes due 2043.		~~8-K~~	~~001-11307-01~~	~~3/7/2013~~
~~10.1~~	~~Purchase Agreement dated as of February 28,~~ 2013, among Freeport-McMoRan Copper & Gold Inc. and J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives of the ~~several initial purchasers named in Schedule 1 thereto.~~Initial Purchasers (relating to the 2.375% Senior Notes due 2018)		8-K	~~001-11307-01~~001-1307-01	3/5/7/2013
4.28	Registration Rights Agreement dated as of March 7, 2013, among Freeport-McMoRan Copper & Gold Inc. and J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives of the Initial Purchasers (relating to the 3.100% Senior Notes due 2020)		8-K	001-1307-01	3/7/2013
4.29	Registration Rights Agreement dated as of March 7, 2013, among Freeport-McMoRan Copper & Gold Inc. and J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives of the Initial Purchasers (relating to the 3.875% Senior Notes due 2023)		8-K	001-1307-01	3/7/2013

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FREEPORT-McMoRan COPPER & GOLD INC.
EXHIBIT INDEX
		Filed
Exhibit		with this	Incorporated by Reference
Number	Exhibit Title	Form 10-Q	Form	File No.	Date Filed
4.30	Registration Rights Agreement dated as of March 7, 2013, among Freeport-McMoRan Copper & Gold Inc. and J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives of the Initial Purchasers (relating to the 5.450% Senior Notes due 2043)		8-K	001-1307-01	3/7/2013
15.1	Letter from Ernst & Young LLP regarding unaudited interim financial statements.	X
31.1	Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d – 14(a).	X
31.2	Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d – 14(a).	X
32.1	Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350.	X

~~E-1~~

~~Table of Contents~~



~~FREEPORT-McMoRan COPPER & GOLD INC.~~
~~EXHIBIT INDEX~~
		~~Filed~~
~~Exhibit~~		~~with this~~	~~Incorporated by Reference~~
~~Number~~	~~Exhibit Title~~	~~Form 10-Q~~	~~Form~~	~~File No.~~	~~Date Filed~~
32.2	Certification of Principal Financial Officer pursuant to 18 U.S.C Section 1350.	X
95.1	Mine Safety and Health Administration Safety Data.	X
101.INS	XBRL Instance Document.	X
101.SCH	XBRL Taxonomy Extension Schema.	X
101.CAL	XBRL Taxonomy Extension Calculation Linkbase.	X
101.DEF	XBRL Taxonomy Extension Definition Linkbase.	X
101.LAB	XBRL Taxonomy Extension Label Linkbase.	X
101.PRE	XBRL Taxonomy Extension Presentation Linkbase.	X

~~E-2~~E-4



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended ~~March 31,~~June 30, 2013
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from		to
Commission File Number: 001-11307-01



Delaware	74-2480931
(State or other jurisdiction of	(I.R.S. Employer Identification No.)
incorporation or organization)

333 North Central Avenue
Phoenix, AZ	85004-2189
(Address of principal executive offices)	(Zip Code)
(602) 366-8100
(Registrant's telephone number, including area code)




	Page

Part I. Financial Information	3

Item 1. Financial Statements:

Condensed Consolidated Balance Sheets (Unaudited)	3

Consolidated Statements of Income (Unaudited)	4

Consolidated Statements of Comprehensive Income (Unaudited)	5

Consolidated Statements of Cash Flows (Unaudited)	6

Consolidated Statement of Equity (Unaudited)	7

Notes to Consolidated Financial Statements (Unaudited)	8

Report of Independent Registered Public Accounting Firm	2135

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	2236

Item 3. Quantitative and Qualitative Disclosures About Market Risk	5690

Item 4. Controls and Procedures	5690

Part II. Other Information	5690

Item 1. Legal Proceedings	5690

Item 1A. Risk Factors	5791

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	5795

Item 4. Mine Safety ~~Disclosure~~Disclosuress	5795

Item 6. Exhibits	5795

Signature	5896

Exhibit Index	E-1


	March 31, 2013			December 31, 2012			June 30, 2013			December 31, 2012
	(In millions)						(In millions)
ASSETS
Current assets:
Cash and cash equivalents	$	9,595		$	3,705		$	3,294		$	3,705
Trade accounts receivable	1,082			927			1,244			927
Other accounts receivable	687			702			635			702
Inventories:
Mill and leach stockpiles	1,698			1,672			1,713			1,672
Materials and supplies, net	1,575			1,504			1,725			1,504
Product	1,536			1,400			1,508			1,400
Other current assets	410			387			459			387
Total current assets	16,583			10,297			10,578			10,297
Property, plant, equipment and development costs, net	21,689			20,999			46,214			20,999
Long-term mill and leach stockpiles	2,081			1,955			2,192			1,955
Goodwill							1,904			—
Other assets	2,235			2,189			2,269			2,189
Total assets	$	42,588		$	35,440		$	63,157		$	35,440

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	2,892		$	3,007		$	3,771		$	2,708
Dividends payable							1,368			299
Current portion of reclamation and environmental obligations	254			241			284			241
Accrued income taxes	125			93			114			93
Current portion of debt	4			2			73			2
Total current liabilities	3,275			3,343			5,610			3,343
Long-term debt, less current portion	10,088			3,525			21,142			3,525
Deferred income taxes	3,580			3,490			6,840			3,490
Reclamation and environmental obligations, less current portion	2,130			2,127			3,106			2,127
Other liabilities	1,666			1,644			1,810			1,644
Total liabilities	20,739			14,129			38,508			14,129

Redeemable noncontrolling interest							782			—

Equity:
FCX stockholders’ equity:
Common stock	107			107			117			107
Capital in excess of par value	19,163			19,119			22,072			19,119
Retained earnings	2,750			2,399			1,865			2,399
Accumulated other comprehensive loss	(500		)	(506		)	(495		)	(506		)
Common stock held in treasury	(3,580		)	(3,576		)	(3,681		)	(3,576		)
Total FCX stockholders’ equity	17,940			17,543			19,878			17,543
Noncontrolling interests	3,909			3,768			3,989			3,768
Total equity	21,849			21,311			23,867			21,311
Total liabilities and equity	$	42,588		$	35,440		$	63,157		$	35,440


	Three Months Ended						Three Months Ended						Six Months Ended
	March 31,						June 30,						June 30,
	2013			2012			2013			2012			2013			2012
	(In millions, except per share amounts)						(In millions, except per share amounts)
Revenues	$	4,583		$	4,605		$	4,288		$	4,475		$	8,871		$	9,080
Cost of sales:
Production and delivery	2,719			2,428			2,853			2,622			5,572			5,050
Depreciation, depletion and amortization	329			267			530			291			859			558
Total cost of sales	3,048			2,695			3,383			2,913			6,431			5,608
Selling, general and administrative expenses	113			104			186			97			299			201
Exploration and research expenses	52			62
Mining exploration and research expenses							64			73			116			135
Environmental obligations and shutdown costs	15			10			16			81			31			91
Total costs and expenses	3,228			2,871			3,649			3,164			6,877			6,035
Operating income	1,355			1,734			639			1,311			1,994			3,045
Interest expense, net	(57		)	(63		)	(132		)	(43		)	(189		)	(106		)
Losses on early extinguishment of debt	(45		)	(168		)	—			—			(45		)	(168		)
Other expense, net	(3		)	(13		)
Income before income taxes and equity in affiliated companies' net earnings	1,250			1,490
Gain on investment in McMoRan Exploration Co.							128			—			128			—
Other income, net							13			51			10			38
Income before income taxes and equity in affiliated companies' net
earnings (losses)							648			1,319			1,898			2,809
Provision for income taxes	(428		)	(491		)	(40		)	(422		)	(468		)	(913		)
Equity in affiliated companies’ net earnings	2			2
Equity in affiliated companies’ net earnings (losses)							2			(3		)	4			(1		)
Net income	824			1,001			610			894			1,434			1,895
Net income attributable to noncontrolling interests	(176		)	(237		)	(128		)	(184		)	(304		)	(421		)
Net income attributable to FCX common stockholders	$	648		$	764		$	482		$	710		$	1,130		$	1,474

Net income per share attributable to FCX common stockholders:
Basic	$	0.68		$	0.81		$	0.49		$	0.75		$	1.17		$	1.55
Diluted	$	0.68		$	0.80		$	0.49		$	0.74		$	1.17		$	1.55

Weighted-average common shares outstanding:
Basic	950			949			980			949			965			949
Diluted	953			955			984			953			968			954

Dividends declared per share of common stock	$	0.3125		$	0.3125		$	1.3125		$	0.3125		$	1.625		$	0.625


	FCX Stockholders’ Equity
	Common Stock								Retained Earnings				Accumu- lated Other Compre- hensive Loss				Common Stock Held in Treasury							Total FCX Stock-holders' Equity											FCX Stockholders’ Equity
	Number of Shares	At Par Value			Capital in Excess of Par Value							Number of Shares					At Cost					Non- controlling Interests						Total Equity			Common Stock									Retained Earnings				Accumu- lated Other Compre- hensive Loss				Common Stock Held in Treasury							Total FCX Stock-holders' Equity
	Number of Shares			Retained Earnings				Accumu- lated Other Compre- hensive Loss				Number of Shares				Total FCX Stock-holders' Equity				Number of Shares		Non- controlling Interests						Total Equity			At Par Value				Capital in Excess of Par Value				Number of Shares								At Cost					Non- controlling Interests							Total Equity
	(In millions)																																	Retained Earnings			Accumu- lated Other Compre- hensive Loss	Total FCX Stock-holders' Equity	Number of Shares								At Cost					Non- controlling Interests							Total Equity
		At Par Value																																					(In millions)
Balance at December 31, 2012	1,073	$	107				$		19,119			$	2,399					$	(506	Number of Shares	)		124			$	(3,576	)		$	At Par Value					17,543				$	3,768			$	21,311		1,073			$	107			$	19,119			$	2,399			$	(506	)	124		$	(3,576	)	$	17,543	$	3,768	$	21,311
Common stock issued to acquire Plains Exploration & Production Co.																																				91			9				2,822				—				—				—			—				2,831				—				2,831
Exchange of employee stock-based awards in connection
with acquisitions																																			—		—			67				—				—				—			—				67				—				67
Exercised and issued stock-based awards	1	—			2					—				—				—			—				2				—				2			1		1			2				—				—				—			—				3				—				3
Stock-based compensation	—	—			41				—				—				—			—				41				—				41				—		—			66				—				—				—			—				66				—				66
Tax benefit for stock-based awards	—	—			1				—				—				—			—				1				—				1
Tender of shares for stock-based awards	—	—			—				—				—				—			(4		)		(4		)		—				(4		)	—		—			—				—				—				3			(105		)		(105		)		—				(105		)
Dividends on common stock	—	—			—				(297		)		—				—			—				(297		)		—				(297		)	—		—			—				(1,664		)		—				—			—				(1,664		)		—				(1,664		)
Dividends to noncontrolling interests	—	—			—				—				—				—			—				—				(35		)		(35		)	—		—			—				—				—				—			—				—				(84		)		(84		)
Noncontrolling interests' share of contributed capital in subsidiary																																			—		—			(4		)		—				—				—			—				(4		)		4				—
Redeemable noncontrolling interest																																			—		—			—				—				—				—			—				—				(3		)		(3		)
Total comprehensive income	—	—			—				648				6				—			—				654				176				830			—		—			—				1,130				11				—			—				1,141				304				1,445
Balance at March 31, 2013	1,074	$	107		$	19,163			$	2,750			$	(500	)		124			$	(3,580	)		$	17,940			$	3,909			$	21,849
Balance at June 30, 2013																																			1,165		$	117		$	22,072			$	1,865			$	(495	)		127			$	(3,681	)		$	19,878			$	3,989			$	23,867



Number of shares of PXP common stock acquired	132.280		^a
Exchange ratio of FCX common stock for each PXP share	0.6531
	86.392
Shares of FCX common stock issued for certain PXP equity awards	4.769
Total shares of FCX common stock issued	91.161

Closing share price of FCX common stock at May 31, 2013	$	31.05
FCX stock consideration	$	2,831
Cash consideration	3,725		^b
Employee stock-based awards, primarily cash-settled in stock-based awards	78
Total purchase price	$	6,634


b.	Cash consideration includes the payment of $25.00 in cash for each PXP share ($3.3 billion), cash paid in lieu of any fractional shares of FCX common stock, cash paid for certain equity awards ($7 million), and the value of the $3 per share PXP special cash dividend ($411 million) paid on May 31, 2013.



Number of shares of MMR common stock acquired	112.362		^a
Cash consideration of $14.75 per share	$	14.75
Cash consideration paid by FCX	$	1,657
Employee stock-based awards	63
Total	1,720

Fair value of FCX's investment in 51 million shares of MMR common stock acquired on
May 31, 2013, through the acquisition of PXP	854
Fair value of FCX's investment in MMR's 5.75% Convertible Perpetual Preferred Stock, Series 2	554
Total purchase price	$	3,128



	PXP			MMR			Eliminations			Total
Current assets	$	1,010		$	96		$	—		$	1,106
Oil and natural gas properties - full cost method:
Subject to depletion	11,447			801			—			12,248
Not subject to depletion	9,635			1,692			—			11,327
Property, plant and equipment	261			1			—			262
Investment in MMR^a	848			—			(848		)	—
Other assets	12			399			—			411
Current liabilities	(915		)	(174		)	—			(1,089		)
Debt (current and long-term)	(10,630		)	(620		)	—			(11,250		)
Deferred income taxes^b	(3,871		)	—			—			(3,871		)
Other long-term liabilities	(868		)	(258		)	—			(1,126		)
Redeemable noncontrolling interest	(749		)	(259		)	—			(1,008		)
Total fair value, excluding goodwill	6,180			1,678			(848		)	7,010
Goodwill^c	454			1,450			—			1,904
Total purchase price	$	6,634		$	3,128		$	(848	)	$	8,914


a.	PXP owned 51 million shares of MMR common stock, which was eliminated in FCX's condensed consolidated balance sheet at June 30, 2013.


b.	Deferred income taxes have been recognized based on the estimated fair value adjustments to net assets using a 38 percent tax rate, which reflected the 35 percent federal statutory rate and a 3 percent weighted-average of the applicable statutory state tax rates (net of federal benefit).


c.	The final valuation of assets acquired, liabilities assumed and noncontrolling interest is not complete and the net adjustments to those values may result in changes to goodwill and other carrying amounts initially assigned to the assets, liabilities and noncontrolling interest based on the preliminary fair value analysis.


a.	Excluded shares of common stock associated with outstanding stock options with exercise prices less than the average market price of FCX's common stock that were anti-dilutive based on the treasury stock method oftotaled approximately ~~three~~one million for the ~~first-quarter~~six months ended June 30, 2012.


	March 31, 2013		December 31, 2012		June 30, 2013		December 31, 2012
Raw materials (primarily concentrates)	$	171	$	237	$	210	$	237
Work-in-process^a	237		252		244		252
Finished goods^b	1,128		911		1,054		911
Total product inventories	$	1,536	$	1,400	$	1,508	$	1,400

Total materials and supplies, net^c	$	1,575	$	1,504	$	1,725	$	1,504


b.	Primarily included molybdenum concentrates and copper concentrates, anodes, cathodes and rod.



			Average Price (per Bbl)^a
Period	Instrument Type	Daily Volumes (MBbls)	Ceiling		Floor		Floor Limit		Average Deferred Premium (per Bbl)		Index

2013
Jul - Dec	Put options^b	13	N/A		$	100	$	80	$	6.80	Brent
Jul - Dec	Three-way collars^c	25	$	124.29	100		80		—		Brent
Jul - Dec	Three-way collars^c	5	126.08		90		70		—		Brent
Jul - Dec	Put options^b	17	N/A		90		70		6.25		Brent

2014
Jan - Dec	Put options^b	5	N/A		100		80		7.11		Brent
Jan - Dec	Put options^b	30	N/A		95		75		6.09		Brent
Jan - Dec	Put options^b	75	N/A		90		70		5.74		Brent

2015
Jan - Dec	Put options^b	84	N/A		90		70		6.89		Brent


a.	FCX's mining operations also have work-in-process inventories that are included in mill and leach stockpiles.


c.	Materials and supplies inventory was net of obsolescence reserves totaling $2730 million at ~~March 31,~~June 30, 2013, and$27 million at December 31, 2012.


a.	Metals in stockpiles not expected to be recovered within the next 12 months.



Balance at December 31, 2012	$	3,527
Additions:
Acquisition-related debt:
Bank term loan	4,000
2.375% Senior Notes due 2018	1,500
3.100% Senior Notes due 2020	1,000
3.875% Senior Notes due 2023	1,999
5.450% Senior Notes due 2043	1,991
PXP debt assumed at the acquisition date (initially recorded at fair value):
Amended credit facility:
Revolving line of credit	1,469
Five-year term loan due 2017	750
Seven-year term loan due 2019	1,250
7⅝% Senior Notes due 2018	415
6⅛% Senior Notes due 2019	823
8⅝% Senior Notes due 2019	451
7⅝% Senior Notes due 2020	339
6½% Senior Notes due 2020	1,658
6⅝% Senior Notes due 2021	663
6¾% Senior Notes due 2022	1,117
6⅞% Senior Notes due 2023	1,695
MMR debt assumed at the acquisition date (initially recorded at fair value):
11.875% Senior Notes due 2014	314
4% Convertible Senior Notes due 2017	237
5¼% Convertible Senior Notes due 2013	69
PXP's additional borrowings under the amended credit facility	396
Other borrowings and changes	93
Subtotal	25,756
Less cash repayments:
PXP's amended credit facility	3,865
MMR's 4% Convertible Senior Notes due 2017	186
PXP's 7⅝% Senior Notes due 2018	415
Other	75
Total debt balance at June 30, 2013	21,215
Less current portion	(73		)
Long-term debt	$	21,142



Debt Instrument		Date
6⅛% Senior Notes due 2019		June 15, 2016
8⅝% Senior Notes due 2019		October 15, 2014
7⅝% Senior Notes due 2020		April 1, 2015
6½% Senior Notes due 2020		November 15, 2015
6⅝% Senior Notes due 2021		May 1, 2016
6¾% Senior Notes due 2022		February 1, 2017
6⅞% Senior Notes due 2023		February 15, 2018



Balance at December 31, 2012	$	1,146
Liabilities assumed in the acquisitions of PXP and MMR^a	1,024
Liabilities incurred	9
Revisions to cash flow estimates	15
Accretion expense	33
Spending, including oil and gas settlements	(28		)
Balance at June 30, 2013	2,199
Less current portion	(130		)
Long-term portion	$	2,069


a.	The fair value of AROs assumed in the acquisitions of PXP and MMR ($741 million and $283 million, respectively) were estimated based on projected cash flows, an estimated long-term annual inflation rate of 2.5 percent, and discount rates based on FCX's estimated credit-adjusted, risk-free interest rates ranging from 1.3 percent to 6.3 percent.



	Open Positions	Average Price Per Unit				Maturities Through
	Open Positions	Contract		Market		Maturities Through
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)	428	$	3.32	$	3.05	November 2013
Gold (thousands of ounces)	39	1,409		1,198		August 2013
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)	55	3.27		3.06		November 2013


a.	The average strike prices do not reflect any premiums to purchase the put options.


b.	If the index price is less than the per barrel floor, FCX receives the difference between the per barrel floor and the index price up to a maximum of $20 per barrel less the option premium. If the index price is at or above the per barrel floor, FCX pays the option premium and no cash settlement is received.



	Daily	Weighted-Average			Maturities
	Volumes	Fixed Price		Index	Through
2013 crude oil swaps (MBbls)^a	40	$	109.23	Brent	December 2013
2013 natural gas swaps (MMBtu)^a	110,000	4.27		Henry Hub	December 2013
2014 natural gas swaps (MMBtu)^a	100,000	4.09		Henry Hub	December 2014


a.	If the index price is less than the fixed price, FCX receives the difference between the fixed price and the index price. FCX pays the difference between the index price and the fixed price if the index price is greater than the fixed price.


b.	Amounts recorded in cost of sales as production and delivery costs.



	March 31, 2013		December 31, 2012
Derivatives designated as hedging instruments
Commodity contracts:
Copper futures and swap contracts:^a
Asset position^b	$	—	$	5
Liability position^c	8		1

Derivatives not designated as hedging instruments
Commodity contracts:
Embedded derivatives in provisional sales/purchase contracts:^d
Gross amounts in an asset position	$	19	$	36
Less gross amounts offset in the balance sheet	—		8
Net amounts in an asset position	$	19	$	28

Gross amounts in a liability position	$	79	$	27
Less gross amounts offset in the balance sheet	—		8
Net amounts in a liability position	$	79	$	19

Copper forward contracts:
Asset position^b	$	1	$	—



	June 30, 2013		December 31, 2012
Commodity Derivative Assets:
Derivatives designated as hedging instruments:
Copper futures and swap contracts:^a	$	—	$	5
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional copper and gold
sales/purchase contracts	11		36
Crude oil and natural gas swaps	81		—
Total derivative assets	$	92	$	41

Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts^a	$	14	$	1
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional copper and gold
sales/purchase contracts	121		27
Crude oil options	116		—
Copper forward contracts	3		—
Total derivative liabilities	$	254	$	28


a.	FCX paid $1020 million to brokers at ~~March 31,~~June 30, 2013, and $7 million at December 31, 2012, for margin requirements (recorded in other current assets).


c.	~~Amounts recorded in accounts payable and accrued liabilities.~~



	March 31, 2013		December 31, 2012
Money market funds	$	8,367	$	2,991
Time deposits	697		514
Overnight repurchase agreement^a	300		—
Cash in banks	231		200
Total cash and cash equivalents	$	9,595	$	3,705


	At March 31, 2013										At June 30, 2013
	Carrying		Fair Value								Carrying		Fair Value
	Amount		Total		Level 1		Level 2		Level 3		Amount		Total		Level 1		Level 2		Level 3
Assets
Investment securities (current and long-term):
MMR investment^b	$	439	$	592	$	—	$	592	$	—
U.S. core fixed income fund^a,c	22		22		—		22		—
Money market funds^{a, c}	16		16		16		—		—
Equity securities^{a, c}	7		7		7		—		—
Investment securities (current and long-term):^{a, b, c}
Money market funds											$	80	$	80	$	80	$	—	$	—
U.S. core fixed income fund											21		21		—		21		—
Equity securities											6		6		6		—		—
Total investment securities	484		637		23		614		—		107		107		86		21		—

Trust assets (long-term):^{a, c}
U.S. core fixed income fund	49		49		—		49		—		48		48		—		48		—
Government mortgage-backed securities	40		40		—		40		—		37		37		—		37		—
Corporate bonds	28		28		—		28		—		26		26		—		26		—
Government bonds and notes	19		19		—		19		—		21		21		—		21		—
Asset-backed securities	18		18		—		18		—		16		16		—		16		—
Money market funds	7		7		7		—		—		8		8		8		—		—
Municipal bonds	1		1		—		1		—		1		1		—		1		—
Total trust assets	162		162		7		155		—		157		157		8		149		—

Derivatives:^a
Derivatives:^{a, d}
Embedded derivatives in provisional sales/purchase
contracts in a gross asset position^d	19		19		—		19		—
Copper forward contracts^e	1		1		1		—		—
contracts in a gross asset position											11		11		—		11		—
Crude oil and natural gas swaps											81		81		—		81		—
Total derivative assets	20		20		1		19		—		92		92		—		92		—

Total assets			$	819	$	31	$	788	$	—			$	356	$	94	$	262	$	—

Liabilities
Derivatives:^a
Embedded derivatives in provisional sales/purchase
contracts in a gross liability position^d	$	79	$	79	$	—	$	79	$	—	$	121	$	121	$	—	$	121	$	—
Copper futures and swap contracts^f	8		8		6		2		—
Crude oil options^d											116		116		—		—		116
Copper futures and swap contracts^d											14		14		13		1		—
Copper forward contracts^d											3		3		2		1		—
Plains Offshore warrants^e											$	79	$	79	$	—	$	—	$	79
Total derivative liabilities	87		87		6		81		—		333		333		15		123		195

Long-term debt, including current portion^g	10,092		10,129		—		10,129		—
Long-term debt, including current portion^f											21,215		20,335		—		20,335		—

Total liabilities			$	10,216	$	6	$	10,210	$	—			$	20,668	$	15	$	20,458	$	195


	At December 31, 2012										At December 31, 2012
	Carrying		Fair Value								Carrying		Fair Value
	Amount		Total		Level 1		Level 2		Level 3		Amount		Total		Level 1		Level 2		Level 3
Assets
Investment securities (current and long-term):
MMR investment^b	$	446	$	539	$	—	$	539	$	—
U.S. core fixed income fund^a,c	22		22		—		22		—
MMR investment^g											$	446	$	539	$	—	$	539	$	—
U.S. core fixed income fund^{a, c}											22		22		—		22		—
Money market funds^{a, c}	16		16		16		—		—		16		16		16		—		—
Equity securities^{a, c}	8		8		8		—		—		8		8		8		—		—
Total investment securities	492		585		24		561		—		492		585		24		561		—

Trust assets (long-term):^{a, c}
U.S. core fixed income fund	50		50		—		50		—		50		50		—		50		—
Government mortgage-backed securities	36		36		—		36		—		36		36		—		36		—
Corporate bonds	30		30		—		30		—		30		30		—		30		—
Government bonds and notes	24		24		—		24		—		24		24		—		24		—
Asset-backed securities	15		15		—		15		—		15		15		—		15		—
Money market funds	7		7		7		—		—		7		7		7		—		—
Municipal bonds	1		1		—		1		—		1		1		—		1		—
Total trust assets	163		163		7		156		—		163		163		7		156		—

Derivatives:^a
Derivatives:^{a, d}
Embedded derivatives in provisional sales/purchase
contracts in a gross asset position^d	36		36		—		36		—
Copper futures and swaps contracts^e	5		5		5		—		—
contracts in a gross asset position											36		36		—		36		—
Copper futures and swaps contracts											5		5		5		—		—
Total derivative assets	41		41		5		36		—		41		41		5		36		—

Total assets			$	789	$	36	$	753	$	—			$	789	$	36	$	753	$	—

Liabilities
Derivatives:^a
Derivatives:^{a, d}
Embedded derivatives in provisional sales/purchase
contracts in a gross liability position^d	$	27	$	27	$	—	$	27	$	—
Copper futures and swap contracts^f	1		1		1		—		—
contracts in a gross liability position											$	27	$	27	$	—	$	27	$	—
Copper futures and swap contracts											1		1		1		—		—
Total derivative liabilities	28		28		1		27		—		28		28		1		27		—

Long-term debt, including current portion^g	3,527		3,589		—		3,589		—
Long-term debt, including current portion^f											3,527		3,589		—		3,589		—

Total liabilities			$	3,617	$	1	$	3,616	$	—			$	3,617	$	1	$	3,616	$	—