Freeport-McMoRan (FCX) 10-Q 10 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - USD ($) $ in Billions	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015	Jun. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	FREEPORT-MCMORAN INC
Entity Central Index Key	831,259
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 37.3
Entity Common Stock, Shares Outstanding		1,040,228,261
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions		Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents		$ 466	$ 464
Trade accounts receivable		949	953
Other accounts receivable		1,323	1,610
Inventories:
Materials and supplies, net	[1]	2,014	1,886
Mill and leach stockpiles		1,933	1,914
Product		1,484	1,561
Other current assets		528	657
Total current assets		8,697	9,045
Property, plant, equipment and mining development costs, net		27,095	26,220
Oil and gas properties, net - full cost method
Subject to amortization, less accumulated amortization		4,649	9,187
Not subject to amortization		9,312	10,087
Long-term mill and leach stockpiles		2,277	2,179
Other assets		1,978	1,956
Total assets		54,008	58,674
Current liabilities:
Accounts payable and accrued liabilities		3,376	3,653
Current portion of debt		791	478
Current portion of environmental and asset retirement obligations		330	296
Dividends payable		175	335
Accrued income taxes		67	410
Total current liabilities		4,739	5,172
Long-term debt, less current portion		20,111	18,371
Deferred income taxes		4,870	6,398
Environmental and asset retirement obligations, less current portion		3,716	3,647
Other liabilities		1,760	1,861
Total liabilities		35,196	35,449
Redeemable noncontrolling interest		757	751
Stockholders’ equity:
Common stock		117	117
Capital in excess of par value		22,330	22,281
(Accumulated deficit) retained earnings		(4,417)	128
Accumulated other comprehensive loss		(523)	(544)
Common stock held in treasury		(3,702)	(3,695)
Total stockholders’ equity		13,805	18,287
Noncontrolling interests		4,250	4,187
Total equity		18,055	22,474
Total liabilities and equity		$ 54,008	$ 58,674
[1]	Materials and supplies inventory was net of obsolescence reserves totaling $25 million at June 30, 2015, and $20 million at December 31, 2014.

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues	$ 4,248	$ 5,522	$ 8,401	$ 10,507
Cost of sales:
Production and delivery	2,848	3,082	5,760	5,819
Depreciation, depletion and amortization	890	1,013	1,829	1,979
Impairment of oil and gas properties	2,686	0	5,790	0
Total cost of sales	6,424	4,095	13,379	7,798
Selling, general and administrative expenses	151	164	305	299
Mining exploration and research expenses	36	34	69	64
Environmental obligations and shutdown costs	11	76	24	82
Net gain on sale of assets	0	0	(39)	0
Total costs and expenses	6,622	4,369	13,738	8,243
Operating (loss) income	(2,374)	1,153	(5,337)	2,264
Interest expense, net	(149)	(164)	(295)	(325)
Insurance and other third-party recoveries	92	0	92	0
Net gain on early extinguishment of debt	0	5	0	5
Other (expense) income, net	(55)	(8)	(48)	25
(Loss) income before income taxes and equity in affiliated companies' net earnings	(2,486)	986	(5,588)	1,969
Benefit from (provision for) income taxes	687	(328)	1,382	(685)
Equity in affiliated companies’ net earnings	0	2	1	2
Net (loss) income	(1,799)	660	(4,205)	1,286
Net income attributable to noncontrolling interests	(42)	(168)	(100)	(274)
Preferred dividends attributable to redeemable noncontrolling interest	(10)	(10)	(20)	(20)
Net (loss) income attributable to common stockholders	$ (1,851)	$ 482	$ (4,325)	$ 992
Net (loss) income per share attributable to common stockholders:
Basic	$ (1.78)	$ 0.46	$ (4.16)	$ 0.95
Diluted	$ (1.78)	$ 0.46	$ (4.16)	$ 0.95
Weighted-average common shares outstanding:
Basic	1,040	1,039	1,040	1,039
Diluted	1,040	1,045	1,040	1,045
Dividends declared per share of common stock	$ 0.1605	$ 0.3125	$ 0.2105	$ 0.625

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net (loss) income	$ (1,799)	$ 660	$ (4,205)	$ 1,286
Defined benefit plans:
Amortization of unrecognized amounts included in net periodic benefit costs	8	4	16	7
Foreign exchange gains (losses)	1	(3)	5	(3)
Other comprehensive income	9	1	21	4
Total comprehensive (loss) income	(1,790)	661	(4,184)	1,290
Total comprehensive income attributable to noncontrolling interests	(42)	(168)	(100)	(274)
Preferred dividends attributable to redeemable noncontrolling interest	(10)	(10)	(20)	(20)
Total comprehensive (loss) income attributable to common stockholders	$ (1,842)	$ 483	$ (4,304)	$ 996

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flow from operating activities:
Net (loss) income	$ (4,205)	$ 1,286
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, depletion and amortization	1,829	1,979
Impairment of oil and gas properties	5,790	0
Lower of cost or market inventory adjustments	63	0
Net gain on sale of assets	(39)	0
Net (gains) losses on crude oil and natural gas derivative contracts	(58)	120
Net charges for environmental and asset retirement obligations, including accretion	109	97
Payments for environmental and asset retirement obligations	(81)	(96)
Net gain on early extinguishment of debt	0	(5)
Deferred income taxes	(1,432)	37
Increase in long-term mill and leach stockpiles	(104)	(131)
Other, net	104	77
Changes in working capital and other tax payments, excluding amounts from acquisitions and disposition:
Accounts receivable	493	(243)
Inventories	8	(230)
Other current assets	(1)	35
Accounts payable and accrued liabilities	(205)	(186)
Accrued income taxes and changes in other tax payments	(485)	(153)
Net cash provided by operating activities	1,786	2,587
Capital expenditures:
North America copper mines	(214)	(627)
South America	(902)	(839)
Indonesia	(438)	(479)
Africa	(97)	(60)
Molybdenum mines	(7)	(33)
United States oil and gas operations	(1,795)	(1,484)
Other	(75)	(40)
Acquisition of Deepwater Gulf of Mexico interests	0	(925)
Net proceeds from sale of Eagle Ford shale assets	0	3,009
Other, net	136	(363)
Net cash used in investing activities	(3,392)	(1,841)
Cash flow from financing activities:
Proceeds from debt	4,422	1,248
Repayments of debt	(2,360)	(1,611)
Cash dividends and distributions paid:
Common stock	(380)	(653)
Noncontrolling interests	(60)	(250)
Stock-based awards net (payments) proceeds, including excess tax benefit	(7)	3
Debt financing costs and other, net	(7)	(10)
Net cash provided by (used in) financing activities	1,608	(1,273)
Net increase (decrease) in cash and cash equivalents	2	(527)
Cash and cash equivalents at beginning of year	464	1,985
Cash and cash equivalents at end of period	$ 466	$ 1,458

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) shares in Millions, $ in Millions	Total	Total FCX Stockholders' Equity [Member]	Common Stock [Member]	Capital in Excess of Par Value [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Loss [Member]	Common Stock Held in Treasury [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2014	$ 22,474	$ 18,287	$ 117	$ 22,281	$ 128	$ (544)	$ (3,695)	$ 4,187
Balance (in shares) at Dec. 31, 2014			1,167				128
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards	3	3	$ 0	3	0	0	$ 0	0
Exercised and issued stock-based awards (in shares)			1				0
Stock-based compensation	57	50	$ 0	50	0	0	$ 0	7
Reserve of tax benefit for stock-based awards	(2)	(2)	0	(2)	0	0	0	0
Tender of shares for stock-based awards	(7)	(7)	$ 0	0	0	0	$ (7)	0
Tender of shares for stock-based awards (in shares)			0				0
Dividends on common stock	(220)	(220)	$ 0	0	(220)	0	$ 0	0
Dividends to noncontrolling interests	(46)	0	0	0	0	0	0	(46)
Noncontrolling interests' share of contributed capital in subsidiary	0	(2)	0	(2)	0	0	0	2
Net loss attributable to common stockholders	(4,325)	(4,325)	0	0	(4,325)	0	0	0
Net income attributable to noncontrolling interests	100	0	0	0	0	0	0	100
Other comprehensive income	21	21	0	0	0	21	0	0
Balance at Jun. 30, 2015	$ 18,055	$ 13,805	$ 117	$ 22,330	$ (4,417)	$ (523)	$ (3,702)	$ 4,250
Balance (in shares) at Jun. 30, 2015			1,168				128

General Information (Unaudited)

General Information (Unaudited)	6 Months Ended
	Jun. 30, 2015
General Information [Abstract]
General Information	GENERAL INFORMATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles (GAAP) in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Inc.'s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2014. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. With the exception of the oil and gas properties impairment discussed below and the related tax charge to establish a deferred tax valuation allowance, all such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the quarter and six months ended June 30, 2015 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . Oil and Gas Properties. Under the U.S. Securities and Exchange Commission's (SEC) full cost accounting rules, FCX reviews the carrying value of its oil and gas properties each quarter on a country-by-country basis. Under these rules, capitalized costs of oil and gas properties (net of accumulated depreciation, depletion, amortization and impairment, and related deferred income taxes) for each cost center may not exceed a “ceiling” equal to: • the present value, discounted at 10 percent , of estimated future net cash flows from the related proved oil and natural gas reserves, net of estimated future income taxes; plus • the cost of the related unproved properties not being amortized; plus • the lower of cost or estimated fair value of the related unproved properties included in the costs being amortized (net of related tax effects). These rules require that FCX price its future oil and gas production at the twelve-month average of the first-day-of-the-month historical reference prices as adjusted for location and quality differentials. FCX's reference prices are West Texas Intermediate (WTI) for oil and the Henry Hub spot price for natural gas. Such prices are utilized except where different prices are fixed and determinable from applicable contracts for the remaining term of those contracts. The reserve estimates exclude the effect of any crude oil derivatives FCX has in place. The estimated future net cash flows also exclude future cash outflows associated with settling asset retirement obligations included in the net book value of the oil and gas properties. The rules require an impairment if the capitalized costs exceed this “ceiling.” At June 30, 2015, and March 31, 2015, net capitalized costs with respect to FCX's proved U.S. oil and gas properties exceeded the related ceiling test limitation; therefore, impairment charges of $2.7 billion were recorded in second-quarter 2015 and $5.8 billion for the first six months of 2015, primarily because of the lower twelve-month average of the first-day-of-the-month historical reference oil price and higher capitalized costs at such dates. The SEC requires that the twelve-month average of the first-day-of-the-month historical reference oil price be used in determining the ceiling amount under its full cost accounting rules. This price (using WTI as the reference oil price) was $71.68 per barrel at June 30, 2015 (the twelve-month average was $82.72 per barrel at March 31, 2015).

Acquisitions and Dispositions (

Acquisitions and Dispositions (Unaudited) (Notes)	6 Months Ended
	Jun. 30, 2015
Acquisitions and Dispositions [Abstract]
Business Combination Disclosure [Text Block]	ACQUISITIONS AND DISPOSITIONS Eagle Ford Disposition. On June 20, 2014 , FCX completed the sale of its Eagle Ford shale assets to a subsidiary of Encana Corporation for cash consideration of $3.1 billion , before closing adjustments from the April 1, 2014 , effective date. Under full cost accounting rules, the proceeds were recorded as a reduction of capitalized oil and gas properties, with no gain or loss recognition, except for $58 million of deferred tax expense recorded in connection with the allocation of $221 million of goodwill (for which deferred taxes were not previously provided) to the Eagle Ford shale assets. Approximately $1.3 billion of proceeds from this transaction was placed in a like-kind exchange escrow and was used to reinvest in additional Deepwater Gulf of Mexico (GOM) oil and gas interests, as discussed below and in Note 2 of FCX's annual report on Form 10-K for the year ended December 31, 2014 . The remaining proceeds were used to repay debt. Deepwater GOM Acquisition. On June 30, 2014 , FCX completed the acquisition of interests in the Deepwater GOM from a subsidiary of Apache Corporation, including interests in the Lucius and Heidelberg oil fields and several exploration leases, for $918 million ( $451 million for oil and gas properties subject to amortization and $477 million for costs not subject to amortization, including transaction costs and $10 million of asset retirement costs). The Deepwater GOM acquisition was funded by the like-kind exchange escrow.

Earnings Per Share (Unaudited)

Earnings Per Share (Unaudited)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE FCX’s basic net (loss) income per share of common stock was computed by dividing net (loss) income attributable to common stockholders by the weighted-average shares of common stock outstanding during the period. Diluted net income per share of common stock was computed using the most dilutive of (a) the two-class method or (b) the treasury stock method. Under the two-class method, net income is allocated to each class of common stock and participating securities as if all of the earnings for the period had been distributed. FCX’s participating securities consist of vested restricted stock units (RSUs) for which the underlying common shares are not yet issued and entitle holders to non-forfeitable dividends. A reconciliation of net (loss) income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net (loss) income per share follows (in millions, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net (loss) income $ (1,799 ) $ 660 $ (4,205 ) $ 1,286 Net income attributable to noncontrolling interests (42 ) (168 ) (100 ) (274 ) Preferred dividends on redeemable noncontrolling interest (10 ) (10 ) (20 ) (20 ) Undistributed earnings allocable to participating securities (3 ) (2 ) (3 ) (3 ) Net (loss) income allocable to common stockholders $ (1,854 ) $ 480 $ (4,328 ) $ 989 Basic weighted-average shares of common stock outstanding 1,040 1,039 1,040 1,039 Add shares issuable upon exercise or vesting of dilutive stock options and RSUs — a 6 a — a 6 a Diluted weighted-average shares of common stock outstanding 1,040 1,045 1,040 1,045 Basic net (loss) income per share attributable to common stockholders $ (1.78 ) $ 0.46 $ (4.16 ) $ 0.95 Diluted net (loss) income per share attributable to common stockholders $ (1.78 ) $ 0.46 $ (4.16 ) $ 0.95 a. Excludes approximately four million shares of common stock for both the quarter and six months ended June 30, 2015 , and three million shares of common stock for both the quarter and six months ended June 30, 2014 , associated with outstanding stock options with exercise prices less than the average market price of FCX's common stock and RSUs that were anti-dilutive. Outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the period are excluded from the computation of diluted net income per share of common stock. Excluded stock options totaled 40 million for both the quarter and six months ended June 30, 2015 , and 30 million for both the quarter and six months ended June 30, 2014 .

Inventories, Including Long-Ter

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited)	6 Months Ended
	Jun. 30, 2015
Inventories, Including Long Term Mill and Leach Stockpiles [Abstract]
Inventories, Including Long-Term Mill and Leach Stockpiles	INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES The components of inventories follow (in millions): June 30, December 31, 2014 Current inventories: Mill stockpiles $ 130 $ 86 Leach stockpiles 1,803 1,828 Total current mill and leach stockpiles $ 1,933 $ 1,914 Total materials and supplies, net a $ 2,014 $ 1,886 Raw materials (primarily concentrates) $ 306 $ 288 Work-in-process 155 174 Finished goods 1,023 1,099 Total product inventories $ 1,484 $ 1,561 Long-term inventories: Mill stockpiles $ 361 $ 360 Leach stockpiles 1,916 1,819 Total long-term mill and leach stockpiles b $ 2,277 $ 2,179 a. Materials and supplies inventory was net of obsolescence reserves totaling $25 million at June 30, 2015 , and $20 million at December 31, 2014 . b. Estimated metals in stockpiles not expected to be recovered within the next 12 months. FCX recorded charges for lower of cost or market (LCM) inventory adjustments of $59 million ( $48 million for molybdenum inventories and $11 million for copper inventories) for second-quarter 2015 and $63 million ( $52 million for molybdenum inventories and $11 million for copper inventories) for the first six months of 2015, primarily because of lower molybdenum and copper prices.

Income Taxes (Unaudited)

Income Taxes (Unaudited)	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Variations in the relative proportions of jurisdictional income result in fluctuations to FCX's consolidated effective income tax rate. FCX’s consolidated effective income tax rate was 25 percent for the first six months of 2015 and 35 percent for the first six months of 2014 . Geographic sources of FCX's (benefit from) provision for income taxes follow (in millions): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 U.S. operations $ (829 ) a $ 149 b $ (1,664 ) a $ 285 b International operations 142 179 282 400 Total $ (687 ) $ 328 $ (1,382 ) $ 685 a. As a result of the impairment to oil and gas properties, FCX recorded tax charges of $305 million for second-quarter 2015 and $763 million for the first six months of 2015 to establish a valuation allowance primarily against U.S. federal alternative minimum tax credits. Excluding this charge, FCX's consolidated effective income tax rate was 38 percent for the first six months of 2015. b. FCX recognized a $58 million charge for deferred taxes recorded in connection with the allocation of goodwill to the sale of Eagle Ford shale assets.

Debt and Equity Transactions (U

Debt and Equity Transactions (Unaudited)	6 Months Ended
	Jun. 30, 2015
Debt and Equity Transactions [Abstract]
Debt and Equity Transactions	DEBT AND EQUITY TRANSACTIONS Debt Transactions. At June 30, 2015, FCX had $20.9 billion in debt, which included additions for unamortized fair value adjustments of $225 million (primarily from the oil and gas acquisitions in 2013), and is net of reductions attributable to unamortized net discounts of $21 million and unamortized debt issuance costs of $116 million . Refer to Note 12 for discussion of a change in the presentation of debt issuance costs. In February 2015, FCX's unsecured revolving credit facility and $4.0 billion bank term loan (Term Loan) were modified to amend the maximum total leverage ratio. In addition, the Term Loan amortization schedule was extended such that, as amended, the Term Loan’s scheduled payments total $205 million in 2016, $272 million in 2017, $1.0 billion in 2018, $313 million in 2019 and $1.3 billion in 2020, compared with the previous amortization schedule of $650 million in 2016, $200 million in 2017 and $2.2 billion in 2018. At June 30, 2015 , $985 million was outstanding and $42 million of letters of credit were issued under FCX's revolving credit facility, resulting in availability of approximately $3.0 billion , of which approximately $1.5 billion could be used for additional letters of credit. At June 30, 2015 , $1.3 billion was outstanding and no letters of credit were issued under Sociedad Minera Cerro Verde S.A.A.'s (Cerro Verde, FCX's mining subsidiary in Peru) credit facility, resulting in availability of $531 million . Cerro Verde's five -year, $1.8 billion senior unsecured credit facility is nonrecourse to FCX and the other shareholders of Cerro Verde. In April 2014, FCX redeemed $210 million of the aggregate principal amount of FCX Oil & Gas Inc.'s (FM O&G, FCX's oil and gas subsidiary) outstanding 6.625% Senior Notes due 2021. In accordance with the terms of the senior notes, the redemption was funded with cash contributions to FM O&G by FCX in exchange for additional equity, which is eliminated in the consolidated financial statements. Holders of these senior notes received the principal amount together with the redemption premium and accrued and unpaid interest to the redemption date. As a result of the redemption, FCX recorded a gain on early extinguishment of debt of $6 million in second-quarter 2014. Consolidated interest expense (excluding capitalized interest) totaled $215 million in second-quarter 2015 , $225 million in second-quarter 2014 , $425 million for the first six months of 2015 and $449 million for the first six months of 2014. Capitalized interest added to property, plant, equipment and mining development costs, net, totaled $47 million in second-quarter 2015 , $39 million in second-quarter 2014 , $92 million for the first six months of 2015 and $79 million for the first six months of 2014. Capitalized interest added to oil and gas properties not subject to amortization totaled $19 million in second-quarter 2015 , $22 million in second-quarter 2014 , $38 million for the first six months of 2015 and $45 million for the first six months of 2014. Equity Transactions. On June 24, 2015 , FCX's Board of Directors (the Board) declared a dividend of $0.1605 per share, which was paid on August 3, 2015 , to common shareholders of record at the close of business on July 15, 2015 . This common stock dividend consisted of $0.05 per share for FCX's regular quarterly dividend and $0.1105 per share as a one-time special dividend related to the settlement of the shareholder derivative litigation (refer to Note 9 for further discussion).

Financial Instruments (Unaudite

Financial Instruments (Unaudited)	6 Months Ended
	Jun. 30, 2015
Financial Instruments [Abstract]
Financial Instruments	FINANCIAL INSTRUMENTS FCX does not purchase, hold or sell derivative financial instruments unless there is an existing asset or obligation, or it anticipates a future activity that is likely to occur and will result in exposure to market risks, which FCX intends to offset or mitigate. FCX does not enter into any derivative financial instruments for speculative purposes, but has entered into derivative financial instruments in limited instances to achieve specific objectives. These objectives principally relate to managing risks associated with commodity price changes, foreign currency exchange rates and interest rates. Commodity Contracts. From time to time, FCX has entered into derivative contracts to hedge the market risk associated with fluctuations in the prices of commodities it purchases and sells. As a result of the acquisition of the oil and gas business in 2013, FCX assumed a variety of crude oil and natural gas commodity derivatives to hedge the exposure to the volatility of crude oil and natural gas commodity prices. Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions. As of June 30, 2015 , and December 31, 2014 , FCX had no price protection contracts relating to its mine production. A discussion of FCX’s derivative contracts and programs follows. Derivatives Designated as Hedging Instruments – Fair Value Hedges Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX), a division of the New York Mercantile Exchange, average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses during the three -month or six -month periods ended June 30, 2015 and 2014 , resulting from hedge ineffectiveness. At June 30, 2015 , FCX held copper futures and swap contracts that qualified for hedge accounting for 51 million pounds at an average contract price of $2.71 per pound, with maturities through May 2017 . A summary of gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, along with the unrealized gains (losses) on the related hedged item follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Copper futures and swap contracts: Unrealized gains (losses): Derivative financial instruments $ (4 ) $ 12 $ 2 $ — Hedged item – firm sales commitments 4 (12 ) (2 ) — Realized (losses) gains: Matured derivative financial instruments (1 ) (2 ) (11 ) (4 ) Derivatives Not Designated as Hedging Instruments Embedded Derivatives. As described in Note 1 to FCX's annual report on Form 10-K for the year ended December 31, 2014, under “Revenue Recognition,” certain FCX copper concentrate, copper cathode and gold sales contracts provide for provisional pricing primarily based on the London Metal Exchange (LME) copper price or the COMEX copper price and the London Bullion Market Association (London) gold price at the time of shipment as specified in the contract. Similarly, FCX purchases copper under contracts that provide for provisional pricing. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host sales agreements since the contracts do not allow for net settlement and always result in physical delivery. Sales and purchases with a provisional sales price contain an embedded derivative ( i.e. , the price settlement mechanism is settled after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale or purchase of the metals contained in the concentrates or cathodes at the then-current LME or COMEX copper price or the London gold price as defined in the contract. Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in cost of sales as production and delivery costs for purchase contracts. A summary of FCX’s embedded commodity derivatives at June 30, 2015 , follows: Open Positions Average Price Per Unit Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 572 $ 2.68 $ 2.58 November 2015 Gold (thousands of ounces) 229 1,189 1,174 September 2015 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 134 2.75 2.61 October 2015 Crude Oil Contracts. As a result of the acquisition of the oil and gas business, FCX has derivative contracts extending through 2015 that consist of crude oil options. These crude oil derivatives are not designated as hedging instruments and are recorded at fair value with the mark-to-market gains and losses recorded in revenues. The crude oil options were entered into by the oil and gas business to protect the realized price of a portion of expected future sales in order to limit the effects of crude oil price decreases. At June 30, 2015 , these contracts are composed of crude oil put spreads consisting of put options with a floor limit. The premiums associated with put options are deferred until the settlement period. At June 30, 2015 , the deferred option premiums and accrued interest associated with the crude oil option contracts totaled $106 million , which was included as a component of the fair value of the crude oil options contracts. At June 30, 2015 , the outstanding 2015 crude oil option contracts, which settle monthly and cover approximately 15.5 million barrels over the remainder of 2015, follow: Daily Volumes (thousand barrels) Average Strike Price (per barrel) a Weighted-Average Deferred Premium (per barrel) 2015 Period Instrument Type Floor Floor Limit Index July - December Put options b 84 $ 90 $ 70 $ 6.89 Brent 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. Copper Forward Contracts. Atlantic Copper, FCX's wholly owned smelting and refining unit in Spain, enters into copper forward contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in cost of sales. At June 30, 2015 , Atlantic Copper held net copper forward purchase contracts for 31 million pounds at an average contract price of $2.65 per pound, with maturities through August 2015 . Summary of (Losses) Gains. A summary of the realized and unrealized (losses) gains recognized in (loss) income before income taxes and equity in affiliated companies’ net earnings for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Embedded derivatives in provisional copper and gold sales contracts a $ (78 ) $ 84 $ (150 ) $ (85 ) Crude oil options a 6 (68 ) 58 (104 ) Natural gas swaps a — (2 ) — (16 ) Copper forward contracts b (6 ) 4 (7 ) 5 a. Amounts recorded in revenues. b. Amounts recorded in cost of sales as production and delivery costs. Unsettled Derivative Financial Instruments A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions): June 30, December 31, 2014 Commodity Derivative Assets: Derivatives not designated as hedging instruments: Embedded derivatives in provisional copper and gold sales/purchase contracts $ 21 $ 15 Crude oil options a 174 316 Total derivative assets $ 195 $ 331 Commodity Derivative Liabilities: Derivatives designated as hedging instruments: Copper futures and swap contracts b $ 5 $ 7 Derivatives not designated as hedging instruments: Embedded derivatives in provisional copper and gold sales/purchase contracts 65 93 Copper forward contracts 1 — Total derivative liabilities $ 71 $ 100 a. Amounts are net of $106 million at June 30, 2015 , and $210 million at December 31, 2014 , for deferred premiums and accrued interest. b. FCX paid $9 million to brokers at June 30, 2015 , and $10 million at December 31, 2014 , for margin requirements (recorded in other current assets). FCX's commodity contracts have netting arrangements with counterparties with which the right of offset exists, and it is FCX's policy to offset balances by counterparty on the balance sheet. FCX's embedded derivatives on provisional sales/purchases are netted with the corresponding outstanding receivable/payable balances. A summary of these unsettled commodity contracts that are offset in the balance sheet follows (in millions): Assets Liabilities June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 Gross amounts recognized: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 21 $ 15 $ 65 $ 93 Crude oil derivatives 174 316 — — Copper derivatives — — 6 7 195 331 71 100 Less gross amounts of offset: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 1 1 1 1 Copper derivatives — — — — 1 1 1 1 Net amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 20 14 64 92 Crude oil derivatives 174 316 — — Copper derivatives — — 6 7 $ 194 $ 330 $ 70 $ 99 Balance sheet classification: Trade accounts receivable $ 3 $ 5 $ 53 $ 56 Other current assets 174 316 — — Accounts payable and accrued liabilities 17 9 17 43 $ 194 $ 330 $ 70 $ 99 Credit Risk. FCX is exposed to credit loss when financial institutions with which FCX has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. FCX does not anticipate that any of the counterparties it deals with will default on their obligations. As of June 30, 2015 , the maximum amount of credit exposure associated with derivative transactions was $226 million . Other Financial Instruments. Other financial instruments include cash and cash equivalents, accounts receivable, restricted cash, investment securities, legally restricted funds, accounts payable and accrued liabilities, dividends payable and long-term debt. The carrying value for cash and cash equivalents (which included time deposits of $27 million at June 30, 2015 , and $48 million at December 31, 2014), accounts receivable, restricted cash, accounts payable and accrued liabilities, and dividends payable approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 8 for the fair values of investment securities, legally restricted funds and long-term debt).

Fair Value Measurement (Unaudit

Fair Value Measurement (Unaudited)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurement	FAIR VALUE MEASUREMENT Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). FCX recognizes transfers between levels at the end of the reporting period. FCX did not have any significant transfers in or out of Level 1, 2 or 3 for second -quarter 2015 . A summary of the carrying amount and fair value of FCX’s financial instruments, other than cash and cash equivalents, accounts receivable, restricted cash, accounts payable and accrued liabilities, and dividends payable (refer to Note 7 ), follows (in millions): At June 30, 2015 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 23 $ 23 $ — $ 23 $ — Money market funds 22 22 22 — — Equity securities 3 3 3 — — Total 48 48 25 23 — Legally restricted funds: a,b,c,d U.S. core fixed income fund 51 51 — 51 — Government bonds and notes 35 35 — 35 — Corporate bonds 28 28 — 28 — Government mortgage-backed securities 24 24 — 24 — Asset-backed securities 14 14 — 14 — Money market funds 9 9 9 — — Collateralized mortgage-backed securities 8 8 — 8 — Municipal bonds 1 1 — 1 — Total 170 170 9 161 — Derivatives: a,e Embedded derivatives in provisional sales/purchase contracts in a gross asset position 21 21 — 21 — Crude oil options 174 174 — — 174 Total 195 195 — 21 174 Total assets $ 413 $ 34 $ 205 $ 174 Liabilities Derivatives: a,e Embedded derivatives in provisional sales/purchase contracts in a gross liability position $ 65 $ 65 $ — $ 65 $ — Copper futures and swap contracts 5 5 5 — — Copper forward contracts 1 1 — 1 — Total 71 71 5 66 — Long-term debt, including current portion f 20,902 20,191 — 20,191 — Total liabilities $ 20,262 $ 5 $ 20,257 $ — At December 31, 2014 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 23 $ 23 $ — $ 23 $ — Money market funds 20 20 20 — — Equity securities 3 3 3 — — Total 46 46 23 23 — Legally restricted funds: a,b,c,d U.S. core fixed income fund 52 52 — 52 — Government bonds and notes 39 39 — 39 — Corporate bonds 27 27 — 27 — Government mortgage-backed securities 19 19 — 19 — Asset-backed securities 17 17 — 17 — Money market funds 11 11 11 — — Collateralized mortgage-backed securities 6 6 — 6 — Municipal bonds 1 1 — 1 — Total 172 172 11 161 — Derivatives: a,e Embedded derivatives in provisional sales/purchase contracts in a gross asset position 15 15 — 15 — Crude oil options 316 316 — — 316 Total 331 331 — 15 316 Total assets $ 549 $ 34 $ 199 $ 316 Liabilities Derivatives: a,e Embedded derivatives in provisional sales/purchase contracts in a gross liability position $ 93 $ 93 $ — $ 93 $ — Copper futures and swap contracts 7 7 6 1 — Total 100 100 6 94 — Long-term debt, including current portion f 18,849 18,735 — 18,735 — Total liabilities $ 18,835 $ 6 $ 18,829 $ — a. Recorded at fair value. b. Current portion included in other current assets and long-term portion included in other assets. c. Excludes time deposits (which approximated fair value) included in other assets of $117 million at June 30, 2015 , and $115 million at December 31, 2014 , associated with an assurance bond to support PT Freeport Indonesia's (PT-FI) commitment for smelter development in Indonesia. d. Excludes time deposits (which approximated fair value) included in other current assets of $10 million at June 30, 2015 , and $8 million at December 31, 2014 , associated with a reclamation guarantee at PT-FI. Also, excludes a time deposit of $9 million at December 31, 2014 , associated with a customs audit assessment. e. Refer to Note 7 for further discussion and balance sheet classifications. Crude oil options are net of $106 million at June 30, 2015 , and $210 million at December 31, 2014 , for deferred premiums and accrued interest. f. Recorded at cost except for debt assumed in acquisitions, which were recorded at fair value at the respective acquisition dates. Valuation Techniques Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. The U.S. core fixed income fund is valued at net asset value. The fund strategy seeks total return consisting of income and capital appreciation primarily by investing in a broad range of investment-grade debt securities, including U.S. government obligations, corporate bonds, mortgage-backed securities, asset-backed securities and money market instruments. There are no restrictions on redemptions (usually within one business day of notice) and, as such, this fund is classified within Level 2 of the fair value hierarchy. Fixed income securities (government securities, corporate bonds, asset-backed securities, collateralized mortgage-backed securities and municipal bonds) are valued using a bid evaluation price or a mid-evaluation price. A bid evaluation price is an estimated price at which a dealer would pay for a security. A mid-evaluation price is the average of the estimated price at which a dealer would sell a security and the estimated price at which a dealer would pay for a security. These evaluations are based on quoted prices, if available, or models that use observable inputs and, as such, are classified within Level 2 of the fair value hierarchy. Equity securities are valued at the closing price reported on the active market on which the individual securities are traded and, as such, are classified within Level 1 of the fair value hierarchy. FCX’s embedded derivatives on provisional copper concentrate, copper cathode and gold purchases and sales are valued using quoted monthly LME or COMEX copper forward prices and the London gold forward price at each reporting date based on the month of maturity (refer to Note 7 for further discussion); however, FCX's contracts themselves are not traded on an exchange. As a result, these derivatives are classified within Level 2 of the fair value hierarchy. FCX ' s derivative financial instruments for crude oil options are valued using an option pricing model, which uses various inputs including Intercontinental Exchange Holdings, Inc. crude oil prices, volatilities, interest rates and contract terms. Valuations are adjusted for credit quality, using the counterparties ' credit quality for asset balances and FCX ' s credit quality for liability balances (which considers the impact of netting agreements on counterparty credit risk, including whether the position with the counterparty is a net asset or net liability). For asset balances, FCX uses the credit default swap value for counterparties when available or the spread between the risk-free interest rate and the yield rate on the counterparties ' publicly traded debt for similar instruments . The crude oil options are classified within Level 3 of the fair value hierarchy because the inputs used in the valuation models are not observable for the full term of the instruments. The significant unobservable inputs used in the fair value measurement of the crude oil options are implied volatilities and deferred premiums. Significant increases (decreases) in implied volatilities in isolation would result in a significantly higher (lower) fair value measurement. The implied volatilities ranged from 28 percent to 41 percent , with a weighted average of 32 percent . The weighted-average cost of deferred premiums totals $6.89 per barrel at June 30, 2015 . Refer to Note 7 for further discussion of these derivative financial instruments . FCX’s derivative financial instruments for copper futures and swap contracts and copper forward contracts that are traded on the respective exchanges are classified within Level 1 of the fair value hierarchy because they are valued using quoted monthly COMEX or LME prices at each reporting date based on the month of maturity (refer to Note 7 for further discussion). Certain of these contracts are traded on the over-the-counter market and are classified within Level 2 of the fair value hierarchy based on COMEX and LME forward prices. Long-term debt, including the current portion, is not actively traded and is valued using prices obtained from a readily available pricing source and, as such, is classified within Level 2 of the fair value hierarchy. The techniques described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the techniques used at June 30, 2015 . A summary of the changes in the fair value of FCX ' s most significant Level 3 instruments, crude oil options, follows (in millions): Crude Oil Options Fair value at December 31, 2014 $ 316 Net realized gains 21 Net unrealized gains included in earnings related to assets and liabilities still held at the end of the period 36 a Net settlement receipts (199 ) b Fair value at June 30, 2015 $ 174 a. Includes net unrealized gains of $37 million , partially offset by $1 million of interest expense associated with the deferred premiums. b. Includes interest payments of $2 million .

Contingencies and Commitments (

Contingencies and Commitments (Unaudited)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	CONTINGENCIES AND COMMITMENTS Litigation. The following information includes a discussion of updates to previously reported legal proceedings included in Note 12 of FCX's annual report on Form 10-K for the year ended December 31, 2014, as updated in Note 8 of FCX's quarterly report on Form 10-Q for the quarterly period ended March 31, 2015. Shareholder Litigation. On April 7, 2015, the Delaware Court of Chancery approved the settlement of FCX’s consolidated stockholder derivative litigation captioned In Re Freeport-McMoRan Copper & Gold Inc. Derivative Litigation , No. 8145-VCN, and awarded the plaintiffs legal fees and expenses. This settlement resolved all pending derivative claims against directors and officers of FCX challenging FCX's 2013 acquisitions of Plains Exploration & Production Company and McMoRan Exploration Co. During first-quarter 2015, insurers under FCX’s directors and officers liability insurance policies and other third parties funded an escrow account with the $125 million settlement amount, from which the proceeds, net of plaintiffs’ legal fees and expenses totaling $33 million , were released to FCX in May 2015. Upon the release of funds, FCX recognized a gain of $92 million in second-quarter 2015. As a result and in accordance with the approved settlement terms, FCX's Board declared a special dividend that was paid on August 3, 2015 , together with the regular quarterly dividend paid on the same day (refer to Note 6 for further discussion). Tax and Other Matters. There were no significant changes to the Cerro Verde royalty dispute or other Peruvian tax matters during the second quarter of 2015 (refer to Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2014 , for further discussion of these matters). Indonesia Tax Matters. The following information includes a discussion of updates to previously reported Indonesia tax matters included in Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2014, as updated in Note 8 of FCX's quarterly report on Form 10-Q for the quarterly period ended March 31, 2015. PT-FI received assessments from the local regional tax authority in Papua, Indonesia, for additional taxes and penalties related to water rights tax payments for the period from January 2011 through June 2015. PT-FI has filed or will file objections to these assessments. In March 2015, the local government of Papua rejected PT-FI’s objections to the assessments related to the period from January 2011 through December 2014, and in April 2015, PT-FI filed appeals with the Indonesian tax court. The aggregate amount of all assessments received through August 3, 2015, including penalties, was 2.5 trillion Indonesian rupiah ( $190 million based on exchange rates at June 30, 2015). Additional penalties, which could be significant, may be assessed depending on the outcome of the appeals process. No amounts have been accrued for these assessments as of June 30, 2015, because PT-FI believes its Contract of Work (COW) exempts it from these payments and that it has the right to contest these assessments in the tax court and ultimately the Indonesian Supreme Court.

Business Segments (Unaudited)

Business Segments (Unaudited)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTS FCX has organized its mining operations into five primary divisions – North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines. Notwithstanding this structure, FCX internally reports information on a mine-by-mine basis for its mining operations. Therefore, FCX concluded that its operating segments include individual mines or operations relative to its mining operations. For oil and gas operations, FCX determines its operating segments on a country-by-country basis. Operating segments that meet certain thresholds are reportable segments, which are separately disclosed in the following table. Intersegment Sales. Intersegment sales between FCX’s mining operations are based on similar arms-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, timing of sales to unaffiliated customers and transportation premiums. FCX defers recognizing profits on sales from its mines to other divisions, including Atlantic Copper (FCX's wholly owned smelter and refinery in Spain) and on 25 percent of PT-FI's sales to PT Smelting (FCX's 25 percent -owned smelter and refinery in Indonesia), until final sales to third parties occur. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX's net deferred profits and quarterly earnings. Allocations. FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in corporate, other & eliminations), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, most mining exploration and research activities are managed on a consolidated basis, and those costs along with some selling, general and administrative costs are not allocated to the operating divisions or individual segments. Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each operating division or segment would be if it was an independent entity. Financial Information by Business Segments (In millions) Mining Operations North America Copper Mines South America Indonesia Africa Atlantic Other Corporate, Molyb- Copper Mining U.S. Other Other Cerro Other denum Rod & Smelting & Elimi- Total Oil & Gas & Elimi- FCX Morenci Mines Total Verde Mines a Total Grasberg Tenke Mines Refining & Refining nations Mining Operations b nations Total Three Months Ended June 30, 2015 Revenues: Unaffiliated customers $ 180 $ 92 $ 272 $ 195 $ 221 $ 416 $ 792 c $ 310 $ — $ 1,089 $ 495 $ 305 d $ 3,679 $ 569 e $ — $ 4,248 Intersegment 427 706 1,133 37 — 37 (2 ) f 41 102 8 5 (1,324 ) — — — — Production and delivery 386 576 g 962 165 150 315 455 190 84 g 1,088 468 (997 ) g 2,565 281 2 2,848 Depreciation, depletion and amortization 55 84 139 40 32 72 78 57 25 3 9 19 402 485 3 890 Impairment of oil and gas properties — — — — — — — — — — — — — 2,686 — 2,686 Selling, general and administrative expenses — 2 2 — 1 1 25 3 — — 4 5 40 49 62 151 Mining exploration and research expenses — 2 2 — — — — — — — — 34 36 — — 36 Environmental obligations and shutdown costs — — — — — — — — — — — 11 11 — — 11 Operating income (loss) 166 134 300 27 38 65 232 101 (7 ) 6 19 (91 ) 625 (2,932 ) (67 ) (2,374 ) Interest expense, net — 1 1 — — — — — — — 2 39 42 41 66 149 Provision for (benefit from) income taxes — — — (5 ) 11 6 95 27 — — — — 128 — (815 ) (687 ) Total assets at June 30, 2015 3,806 5,582 9,388 8,567 1,935 10,502 8,959 5,125 2,052 286 786 1,336 38,434 15,393 181 54,008 Capital expenditures 79 28 107 444 13 457 213 58 4 — 4 11 854 777 30 1,661 Three Months Ended June 30, 2014 Revenues: Unaffiliated customers $ 52 $ 55 $ 107 $ 421 $ 524 $ 945 $ 523 c $ 386 $ — $ 1,234 $ 623 $ 468 d $ 4,286 $ 1,236 e $ — $ 5,522 Intersegment 474 888 1,362 23 63 86 — 32 170 8 6 (1,664 ) — — — — Production and delivery 312 558 870 195 335 530 511 198 81 1,233 618 (1,287 ) 2,754 329 (1 ) 3,082 Depreciation, depletion and amortization 43 85 128 43 52 95 54 63 24 3 10 17 394 616 3 1,013 Selling, general and administrative expenses 1 — 1 1 1 2 25 3 — — 5 6 42 59 63 164 Mining exploration and research expenses — 2 2 — — — — — — — — 32 34 — — 34 Environmental obligations and shutdown costs — — — — — — — — — — — 76 76 — — 76 Operating income (loss) 170 298 468 205 199 404 (67 ) 154 65 6 (4 ) (40 ) 986 232 (65 ) 1,153 Interest expense, net — 1 1 — — — — — — — 3 18 22 74 68 164 Provision for (benefit from) income taxes — — — 73 67 140 (33 ) 33 — — — — 140 — 188 328 Total assets at June 30, 2014 3,675 5,822 9,497 6,876 3,791 10,667 7,972 4,952 2,095 299 882 1,127 37,491 25,293 1,119 63,903 Capital expenditures 289 35 324 391 25 416 243 29 14 1 5 17 1,049 903 (2 ) 1,950 a. Second-quarter 2014 includes the results of the Candelaria and Ojos del Salado mining operations, which were sold in November 2014. b. Second-quarter 2014 includes the results from Eagle Ford, which was sold in June 2014. c. Includes PT-FI’s sales to PT Smelting totaling $293 million in second-quarter 2015 and $540 million in second-quarter 2014 . d. Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North and South America copper mines. e. Includes net mark-to-market gains (losses) associated with crude oil and natural gas derivative contracts totaling $6 million in second-quarter 2015 and $(70) million in second-quarter 2014 . f. Amounts include net reductions for provisional pricing adjustments to prior period open sales. There were no intersegment sales from Grasberg in second-quarter 2015. g. Includes LCM inventory adjustments totaling $11 million at other North America copper mines, $3 million at Molybdenum mines and $45 million at other mining & eliminations (see Note 4). (In millions) Mining Operations North America Copper Mines South America Indonesia Africa Atlantic Other Corporate, Molyb- Copper Mining U.S. Other Other Cerro Other denum Rod & Smelting & Elimi- Total Oil & Gas & Elimi- FCX Morenci Mines Total Verde Mines a Total Grasberg Tenke Mines Refining & Refining nations Mining Operations b nations Total Six Months Ended June 30, 2015 Revenues: Unaffiliated customers $ 286 $ 207 $ 493 $ 443 $ 452 $ 895 $ 1,413 c $ 692 $ — $ 2,151 $ 1,035 $ 653 d $ 7,332 $ 1,069 e $ — $ 8,401 Intersegment 877 1,370 2,247 51 (7 ) f 44 (16 ) f 69 215 15 11 (2,585 ) — — — — Production and delivery 760 1,145 g 1,905 363 297 660 894 425 167 g 2,151 987 (1,998 ) g 5,191 564 5 5,760 Depreciation, depletion and amortization 106 166 272 77 70 147 148 130 51 5 19 35 807 1,015 7 1,829 Impairment of oil and gas properties — — — — — — — — — — — — — 5,790 — 5,790 Selling, general and administrative expenses 1 2 3 1 1 2 50 6 — — 9 11 81 103 121 305 Mining exploration and research expenses — 5 5 — — — — — — — — 64 69 — — 69 Environmental obligations and shutdown costs — — — — — — — — — — — 24 24 — — 24 Net gain on sales of assets — (39 ) (39 ) — — — — — — — — — (39 ) — — (39 ) Operating income (loss) 296 298 594 53 77 130 305 200 (3 ) 10 31 (68 ) 1,199 (6,403 ) (133 ) (5,337 ) Interest expense, net 1 1 2 1 — 1 — — — — 5 79 87 78 130 295 Provision for (benefit from) income taxes — — — — 30 30 124 53 — — — — 207 — (1,589 ) (1,382 ) Capital expenditures 163 51 214 875 27 902 438 97 7 1 8 27 1,694 1,795 39 3,528 Six Months Ended June 30, 2014 Revenues: Unaffiliated customers $ 75 $ 116 $ 191 $ 701 $ 946 $ 1,647 $ 985 c $ 692 $ — $ 2,380 $ 1,211 $ 904 d $ 8,010 $ 2,497 e $ — $ 10,507 Intersegment 918 1,646 2,564 87 195 282 8 53 296 16 11 (3,230 ) — — — — Production and delivery 595 1,061 1,656 360 646 1,006 894 350 157 2,381 1,206 (2,470 ) 5,180 640 (1 ) 5,819 Depreciation, depletion and amortization 77 158 235 79 103 182 102 114 46 5 20 36 740 1,232 7 1,979 Selling, general and administrative expenses 1 1 2 2 2 4 46 6 — — 9 13 80 116 103 299 Mining exploration and research expenses — 4 4 — — — — — — — — 60 64 — — 64 Environmental obligations and shutdown costs — — — — — — — — — — — 82 82 — — 82 Operating income (loss) 320 538 858 347 390 737 (49 ) 275 93 10 (13 ) (47 ) 1,864 509 (109 ) 2,264 Interest expense, net 1 1 2 — — — — — — — 7 36 45 150 130 325 Provision for (benefit from) income taxes — — — 130 137 267 (15 ) 57 — — — — 309 — 376 685 Capital expenditures 533 94 627 791 48 839 479 60 33 2 6 27 2,073 1,484 5 3,562 a. The first six months of 2014 include the results of the Candelaria and Ojos del Salado mining operations, which were sold in November 2014. b. The first six months of 2014 include the results from Eagle Ford, which was sold in June 2014. c. Includes PT-FI’s sales to PT Smelting totaling $643 million for the first six months of 2015 and $913 million for the first six months of 2014 . d. Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North and South America copper mines. e. Includes net mark-to-market gains (losses) associated with crude oil and natural gas derivative contracts totaling $58 million for the first six months 2015 and $(120) million for the first six months of 2014 . f. Amounts include net reductions for provisional pricing adjustments to prior period open sales. There were no intersegment sales from El Abra or Grasberg for the first six months of 2015. g. Includes LCM inventory adjustments totaling $11 million at other North America copper mines, $3 million at Molybdenum mines and $49 million at other mining & eliminations (see Note 4).

Guarantor Financial Statements

Guarantor Financial Statements (Unaudited) (Notes)	6 Months Ended
	Jun. 30, 2015
Guarantor Financial Statements [Abstract]
Guarantor Financial Statements [Text Block]	GUARANTOR FINANCIAL STATEMENTS All of the senior notes issued by FCX are fully and unconditionally guaranteed on a senior basis jointly and severally by Freeport-McMoRan Oil & Gas LLC (FM O&G LLC), as guarantor, which is a 100 percent owned subsidiary of FM O&G and FCX. The guarantee is an unsecured obligation of the guarantor and ranks equal in right of payment with all existing and future indebtedness of FM O&G LLC, including indebtedness under the revolving credit facility. The guarantee ranks senior in right of payment with all of FM O&G LLC's future subordinated obligations and is effectively subordinated in right of payment to any debt of FM O&G LLC's subsidiaries. The indentures provide that FM O&G LLC's guarantee may be released or terminated for certain obligations under the following circumstances: (i) all or substantially all of the equity interests or assets of FM O&G LLC are sold to a third party; or (ii) FM O&G LLC no longer has any obligations under any FM O&G senior notes or any refinancing thereof and no longer guarantees any obligations of FCX under the revolver, the Term Loan or any other senior debt. The following condensed consolidating financial information includes information regarding FCX, as issuer, FM O&G LLC, as guarantor, and all other non-guarantor subsidiaries of FCX. Included are the condensed consolidating balance sheets at June 30, 2015 , and December 31, 2014 , and the related condensed consolidating statements of comprehensive (loss) income for the three and six months ended June 30, 2015 and 2014 , and condensed consolidating statements of cash flows for the six months ended June 30, 2015 and 2014 (in millions), which should be read in conjunction with FCX's notes to the consolidated financial statements. CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2015 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets $ 257 $ 2,900 $ 9,665 $ (4,125 ) $ 8,697 Property, plant, equipment and mining development costs, net 20 51 27,024 — 27,095 Oil and gas properties, net - full cost method: Subject to amortization, less accumulated amortization — 1,507 3,142 — 4,649 Not subject to amortization — 2,649 6,659 4 9,312 Investments in consolidated subsidiaries 24,153 2,216 4,019 (30,388 ) — Other assets 9,991 4,703 4,179 (14,618 ) 4,255 Total assets $ 34,421 $ 14,026 $ 54,688 $ (49,127 ) $ 54,008 LIABILITIES AND EQUITY Current liabilities $ 3,106 $ 433 $ 5,325 $ (4,125 ) $ 4,739 Long-term debt, less current portion 15,841 5,181 10,221 (11,132 ) 20,111 Deferred income taxes 1,613 a — 3,257 — 4,870 Environmental and asset retirement obligations, less current portion — 307 3,409 — 3,716 Other liabilities 56 3,361 1,829 (3,486 ) 1,760 Total liabilities 20,616 9,282 24,041 (18,743 ) 35,196 Redeemable noncontrolling interest — — 757 — 757 Equity: Stockholders' equity 13,805 4,744 26,173 (30,917 ) 13,805 Noncontrolling interests — — 3,717 533 4,250 Total equity 13,805 4,744 29,890 (30,384 ) 18,055 Total liabilities and equity $ 34,421 $ 14,026 $ 54,688 $ (49,127 ) $ 54,008 a. All U.S. related deferred income taxes are recorded at the parent company. CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2014 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets $ 323 $ 2,635 $ 8,659 $ (2,572 ) $ 9,045 Property, plant, equipment and mining development costs, net 22 46 26,152 — 26,220 Oil and gas properties, net - full cost method: Subject to amortization, less accumulated amortization — 3,296 5,907 (16 ) 9,187 Not subject to amortization — 2,447 7,640 — 10,087 Investments in consolidated subsidiaries 28,765 6,460 10,246 (45,471 ) — Other assets 8,914 3,947 4,061 (12,787 ) 4,135 Total assets $ 38,024 $ 18,831 $ 62,665 $ (60,846 ) $ 58,674 LIABILITIES AND EQUITY Current liabilities $ 1,592 $ 560 $ 5,592 $ (2,572 ) $ 5,172 Long-term debt, less current portion 14,930 3,874 8,879 (9,312 ) 18,371 Deferred income taxes 3,161 a — 3,237 — 6,398 Environmental and asset retirement obligations, less current portion — 302 3,345 — 3,647 Other liabilities 54 3,372 1,910 (3,475 ) 1,861 Total liabilities 19,737 8,108 22,963 (15,359 ) 35,449 Redeemable noncontrolling interest — — 751 — 751 Equity: Stockholders' equity 18,287 10,723 35,268 (45,991 ) 18,287 Noncontrolling interests — — 3,683 504 4,187 Total equity 18,287 10,723 38,951 (45,487 ) 22,474 Total liabilities and equity $ 38,024 $ 18,831 $ 62,665 $ (60,846 ) $ 58,674 a. All U.S. related deferred income taxes are recorded at the parent company. CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Three Months Ended June 30, 2015 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 169 $ 4,079 $ — $ 4,248 Total costs and expenses 19 1,217 a 5,383 a 3 6,622 Operating (loss) income (19 ) (1,048 ) (1,304 ) (3 ) (2,374 ) Interest expense, net (121 ) (2 ) (67 ) 41 (149 ) Other income (expense), net 127 — (56 ) (34 ) 37 (Loss) income before income taxes and equity in affiliated companies' net (losses) earnings (13 ) (1,050 ) (1,427 ) 4 (2,486 ) (Provision for) benefit from income taxes (265 ) 374 580 (2 ) 687 Equity in affiliated companies' net (losses) earnings (1,573 ) (1,920 ) (2,972 ) 6,465 — Net (loss) income (1,851 ) (2,596 ) (3,819 ) 6,467 (1,799 ) Net income and preferred dividends attributable to noncontrolling interests — — (38 ) (14 ) (52 ) Net (loss) income attributable to common stockholders $ (1,851 ) $ (2,596 ) $ (3,857 ) $ 6,453 $ (1,851 ) Other comprehensive income (loss) 9 — 9 (9 ) 9 Total comprehensive (loss) income $ (1,842 ) $ (2,596 ) $ (3,848 ) $ 6,444 $ (1,842 ) a. Includes charges totaling $1.0 billion at the FM O&G LLC guarantor and $1.7 billion at the non-guarantor subsidiaries related to ceiling test impairment of FCX's oil and gas properties pursuant to full cost accounting rules. Six Months Ended June 30, 2015 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 350 $ 8,051 $ — $ 8,401 Total costs and expenses 35 2,535 a 11,181 a (13 ) 13,738 Operating (loss) income (35 ) (2,185 ) (3,130 ) 13 (5,337 ) Interest expense, net (236 ) (6 ) (124 ) 71 (295 ) Other income (expense), net 156 — (48 ) (64 ) 44 (Loss) income before income taxes and equity in affiliated companies' net (losses) earnings (115 ) (2,191 ) (3,302 ) 20 (5,588 ) (Provision for) benefit from income taxes (686 ) 790 1,286 (8 ) 1,382 Equity in affiliated companies' net (losses) earnings (3,524 ) (4,279 ) (6,502 ) 14,306 1 Net (loss) income (4,325 ) (5,680 ) (8,518 ) 14,318 (4,205 ) Net income and preferred dividends attributable to noncontrolling interests — — (94 ) (26 ) (120 ) Net (loss) income attributable to common stockholders $ (4,325 ) $ (5,680 ) $ (8,612 ) $ 14,292 $ (4,325 ) Other comprehensive income (loss) 21 — 21 (21 ) 21 Total comprehensive (loss) income $ (4,304 ) $ (5,680 ) $ (8,591 ) $ 14,271 $ (4,304 ) a. Includes charges totaling $2.1 billion at the FM O&G LLC guarantor and $3.7 billion at the non-guarantor subsidiaries related to ceiling test impairment of FCX's oil and gas properties pursuant to full cost accounting rules. CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2014 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 570 $ 4,952 $ — $ 5,522 Total costs and expenses 21 489 3,865 (6 ) 4,369 Operating (loss) income (21 ) 81 1,087 6 1,153 Interest expense, net (87 ) (44 ) (51 ) 18 (164 ) Net (loss) gain on early extinguishment of debt (1 ) 6 — — 5 Other income (expense), net 17 1 (8 ) (18 ) (8 ) (Loss) income before income taxes and equity in affiliated companies' net earnings (losses) (92 ) 44 1,028 6 986 Benefit from (provision for) income taxes 26 26 (378 ) (2 ) (328 ) Equity in affiliated companies' net earnings (losses) 548 126 154 (826 ) 2 Net income (loss) 482 196 804 (822 ) 660 Net income and preferred dividends attributable to noncontrolling interests — — (180 ) 2 (178 ) Net income (loss) attributable to common stockholders $ 482 $ 196 $ 624 $ (820 ) $ 482 Other comprehensive income (loss) 1 — 1 (1 ) 1 Total comprehensive income (loss) $ 483 $ 196 $ 625 $ (821 ) $ 483 Six Months Ended June 30, 2014 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 1,214 $ 9,293 $ — $ 10,507 Total costs and expenses 32 1,015 7,204 (8 ) 8,243 Operating (loss) income (32 ) 199 2,089 8 2,264 Interest expense, net (169 ) (85 ) (109 ) 38 (325 ) Net (loss) gain on early extinguishment of debt (1 ) 6 — — 5 Other income (expense), net 37 1 25 (38 ) 25 (Loss) income before income taxes and equity in affiliated companies' net earnings (losses) (165 ) 121 2,005 8 1,969 Benefit from (provision for) income taxes 5 (17 ) (670 ) (3 ) (685 ) Equity in affiliated companies' net earnings (losses) 1,152 256 339 (1,745 ) 2 Net income (loss) 992 360 1,674 (1,740 ) 1,286 Net income and preferred dividends attributable to noncontrolling interests — — (291 ) (3 ) (294 ) Net income (loss) attributable to common stockholders $ 992 $ 360 $ 1,383 $ (1,743 ) $ 992 Other comprehensive income (loss) 4 — 4 (4 ) 4 Total comprehensive income (loss) $ 996 $ 360 $ 1,387 $ (1,747 ) $ 996 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Six Months Ended June 30, 2015 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Cash flow from operating activities: Net (loss) income $ (4,325 ) $ (5,680 ) $ (8,518 ) $ 14,318 $ (4,205 ) Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation, depletion and amortization 2 223 1,638 (34 ) 1,829 Impairment of oil and gas properties — 2,052 3,717 21 5,790 Net gains on crude oil derivative contracts — (58 ) — — (58 ) Equity in losses (earnings) of consolidated subsidiaries 3,524 4,279 6,502 (14,306 ) (1 ) Other, net (1,431 ) 9 43 — (1,379 ) Changes in working capital and other tax payments 2,222 (550 ) (1,870 ) 8 (190 ) Net cash (used in) provided by operating activities (8 ) 275 1,512 7 1,786 Cash flow from investing activities: Capital expenditures — (734 ) (2,787 ) (7 ) (3,528 ) Intercompany loans (1,073 ) (794 ) — 1,867 — Dividends from (investments in) consolidated subsidiaries 438 (31 ) 74 (481 ) — Other, net (10 ) (1 ) 137 10 136 Net cash (used in) provided by investing activities (645 ) (1,560 ) (2,576 ) 1,389 (3,392 ) Cash flow from financing activities: Proceeds from debt 2,735 — 1,687 — 4,422 Repayments of debt (1,690 ) — (670 ) — (2,360 ) Intercompany loans — 1,321 546 (1,867 ) — Cash dividends and distributions paid, and contributions received (380 ) — (481 ) 421 (440 ) Other, net (12 ) (37 ) (15 ) 50 (14 ) Net cash provided by (used in) financing activities 653 1,284 1,067 (1,396 ) 1,608 Net (decrease) increase in cash and cash equivalents — (1 ) 3 — 2 Cash and cash equivalents at beginning of period — 1 463 — 464 Cash and cash equivalents at end of period $ — $ — $ 466 $ — $ 466 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Six Months Ended June 30, 2014 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Cash flow from operating activities: Net income (loss) $ 992 $ 360 $ 1,674 $ (1,740 ) $ 1,286 Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Depreciation, depletion and amortization 2 545 1,440 (8 ) 1,979 Net losses on crude oil and natural gas derivative contracts — 120 — — 120 Net gain (loss) on early extinguishment of debt 1 (6 ) — — (5 ) Equity in (earnings) losses of consolidated subsidiaries (1,152 ) (256 ) 39 1,367 (2 ) Other, net 121 (12 ) (123 ) — (14 ) Changes in working capital and other tax payments (164 ) (2,165 ) 1,552 — (777 ) Net cash (used in) provided by operating activities (200 ) (1,414 ) 4,582 (381 ) 2,587 Cash flow from investing activities: Capital expenditures — (897 ) (2,665 ) — (3,562 ) Acquisition of Deepwater GOM interests — — (925 ) — (925 ) Intercompany loans 1,318 1,629 — — (2,947 ) — (Investments in) dividends from consolidated subsidiaries (364 ) (96 ) 1,079 (619 ) — Net proceeds from sale of Eagle Ford shale assets — 3,009 — — 3,009 Other, net — (381 ) 18 — (363 ) Net cash provided by (used in) investing activities 954 3,264 (2,493 ) (3,566 ) (1,841 ) Cash flow from financing activities: Proceeds from debt 890 — 358 — 1,248 Repayments of debt (990 ) (224 ) (397 ) — (1,611 ) Intercompany loans — (170 ) (2,777 ) 2,947 — Cash dividends and distributions paid, and contributions received (653 ) (1,453 ) 203 1,000 (903 ) Other, net (1 ) (2 ) (4 ) — (7 ) Net cash (used in) provided by financing activities (754 ) (1,849 ) (2,617 ) 3,947 (1,273 ) Net increase (decrease) in cash and cash equivalents — 1 (528 ) — (527 ) Cash and cash equivalents at beginning of period — — 1,985 — 1,985 Cash and cash equivalents at end of period $ — $ 1 $ 1,457 $ — $ 1,458

New Accounting Standard (Unaudi

New Accounting Standard (Unaudited)	6 Months Ended
	Jun. 30, 2015
New Accounting Standards [Abstract]
New Accounting Standard	NEW ACCOUNTING STANDARDS In April 2015, the Financial Accounting Standards Board issued an Accounting Standards Update (ASU) to simplify the presentation of debt issuance costs. This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. For public entities, this ASU is effective for annual periods beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. FCX adopted this ASU in first-quarter 2015 and retrospectively adjusted its previously issued financial statements. Upon adoption, FCX adjusted its December 31, 2014, balance sheet by decreasing other assets and long-term debt by $121 million for debt issuance costs related to corresponding debt balances. FCX elected to continue presenting debt issuance costs for its revolving credit facility as a deferred charge (asset) because of the volatility of its borrowings and repayments under the facility.

Subsequent Events (Unaudited)

Subsequent Events (Unaudited)	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS As reported in Note 13 of FCX's annual report on Form 10-K for the year ended December 31, 2014 , PT-FI entered into a Memorandum of Understanding (MOU) with the Indonesian government in July 2014. Under the MOU, PT-FI provided a $115 million assurance bond to support its commitment for smelter development, agreed to increased royalty rates and agreed to pay export duties (which were set at 7.5 percent , declining to 5.0 percent when smelter development progress exceeds 7.5 percent and are eliminated when development progress exceeds 30 percent ). The MOU also anticipated an amendment of the COW within six months to address other matters; however, no terms of the COW other than those relating to the smelter bond, increased royalties and export duties were changed. In January 2015, the MOU was extended to July 25, 2015 , and it expired on that date. The increased royalty rates, export duties and smelter assurance bond remain in effect. PT-FI is also required to apply for renewal of export permits at six -month intervals. On July 29, 2015 , PT-FI's export permit was renewed through January 28, 2016 . In connection with the renewal, export duties were reduced to 5.0 percent , as a result of smelter development progress. FCX evaluated events after June 30, 2015 , and through the date the consolidated financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

Earnings Per Share (Unaudited)

Earnings Per Share (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Reconciliation of net income and weighted-average shares of common stock outstanding	A reconciliation of net (loss) income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net (loss) income per share follows (in millions, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net (loss) income $ (1,799 ) $ 660 $ (4,205 ) $ 1,286 Net income attributable to noncontrolling interests (42 ) (168 ) (100 ) (274 ) Preferred dividends on redeemable noncontrolling interest (10 ) (10 ) (20 ) (20 ) Undistributed earnings allocable to participating securities (3 ) (2 ) (3 ) (3 ) Net (loss) income allocable to common stockholders $ (1,854 ) $ 480 $ (4,328 ) $ 989 Basic weighted-average shares of common stock outstanding 1,040 1,039 1,040 1,039 Add shares issuable upon exercise or vesting of dilutive stock options and RSUs — a 6 a — a 6 a Diluted weighted-average shares of common stock outstanding 1,040 1,045 1,040 1,045 Basic net (loss) income per share attributable to common stockholders $ (1.78 ) $ 0.46 $ (4.16 ) $ 0.95 Diluted net (loss) income per share attributable to common stockholders $ (1.78 ) $ 0.46 $ (4.16 ) $ 0.95 a. Excludes approximately four million shares of common stock for both the quarter and six months ended June 30, 2015 , and three million shares of common stock for both the quarter and six months ended June 30, 2014 , associated with outstanding stock options with exercise prices less than the average market price of FCX's common stock and RSUs that were anti-dilutive.

Inventories, Including Long-T21

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2015
Inventories, Including Long Term Mill and Leach Stockpiles [Abstract]
Components of inventories	The components of inventories follow (in millions): June 30, December 31, 2014 Current inventories: Mill stockpiles $ 130 $ 86 Leach stockpiles 1,803 1,828 Total current mill and leach stockpiles $ 1,933 $ 1,914 Total materials and supplies, net a $ 2,014 $ 1,886 Raw materials (primarily concentrates) $ 306 $ 288 Work-in-process 155 174 Finished goods 1,023 1,099 Total product inventories $ 1,484 $ 1,561 Long-term inventories: Mill stockpiles $ 361 $ 360 Leach stockpiles 1,916 1,819 Total long-term mill and leach stockpiles b $ 2,277 $ 2,179 a. Materials and supplies inventory was net of obsolescence reserves totaling $25 million at June 30, 2015 , and $20 million at December 31, 2014 . b. Estimated metals in stockpiles not expected to be recovered within the next 12 months.

Income Taxes (Unaudited) (Table

Income Taxes (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Geographic Sources of Provision for Income Taxes	Geographic sources of FCX's (benefit from) provision for income taxes follow (in millions): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 U.S. operations $ (829 ) a $ 149 b $ (1,664 ) a $ 285 b International operations 142 179 282 400 Total $ (687 ) $ 328 $ (1,382 ) $ 685 a. As a result of the impairment to oil and gas properties, FCX recorded tax charges of $305 million for second-quarter 2015 and $763 million for the first six months of 2015 to establish a valuation allowance primarily against U.S. federal alternative minimum tax credits. Excluding this charge, FCX's consolidated effective income tax rate was 38 percent for the first six months of 2015. b. FCX recognized a $58 million charge for deferred taxes recorded in connection with the allocation of goodwill to the sale of Eagle Ford shale assets.

Financial Instruments (Unaudi23

Financial Instruments (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2015
Financial Instruments [Abstract]
Unrealized gains (losses) for derivative financial instruments that are designated and qualify as fair value hedge transactions and for the related hedged item	A summary of gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, along with the unrealized gains (losses) on the related hedged item follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Copper futures and swap contracts: Unrealized gains (losses): Derivative financial instruments $ (4 ) $ 12 $ 2 $ — Hedged item – firm sales commitments 4 (12 ) (2 ) — Realized (losses) gains: Matured derivative financial instruments (1 ) (2 ) (11 ) (4 )
Schedule of Derivative Instruments	A summary of FCX’s embedded commodity derivatives at June 30, 2015 , follows: Open Positions Average Price Per Unit Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 572 $ 2.68 $ 2.58 November 2015 Gold (thousands of ounces) 229 1,189 1,174 September 2015 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 134 2.75 2.61 October 2015 At June 30, 2015 , the outstanding 2015 crude oil option contracts, which settle monthly and cover approximately 15.5 million barrels over the remainder of 2015, follow: Daily Volumes (thousand barrels) Average Strike Price (per barrel) a Weighted-Average Deferred Premium (per barrel) 2015 Period Instrument Type Floor Floor Limit Index July - December Put options b 84 $ 90 $ 70 $ 6.89 Brent 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.
Realized and unrealized gains (losses) for derivative financial instruments that do not qualify as hedge transactions	A summary of the realized and unrealized (losses) gains recognized in (loss) income before income taxes and equity in affiliated companies’ net earnings for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Embedded derivatives in provisional copper and gold sales contracts a $ (78 ) $ 84 $ (150 ) $ (85 ) Crude oil options a 6 (68 ) 58 (104 ) Natural gas swaps a — (2 ) — (16 ) Copper forward contracts b (6 ) 4 (7 ) 5 a. Amounts recorded in revenues. b. Amounts recorded in cost of sales as production and delivery costs.
Fair Values of Unsettled Derivative Financial Instruments	A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions): June 30, December 31, 2014 Commodity Derivative Assets: Derivatives not designated as hedging instruments: Embedded derivatives in provisional copper and gold sales/purchase contracts $ 21 $ 15 Crude oil options a 174 316 Total derivative assets $ 195 $ 331 Commodity Derivative Liabilities: Derivatives designated as hedging instruments: Copper futures and swap contracts b $ 5 $ 7 Derivatives not designated as hedging instruments: Embedded derivatives in provisional copper and gold sales/purchase contracts 65 93 Copper forward contracts 1 — Total derivative liabilities $ 71 $ 100 a. Amounts are net of $106 million at June 30, 2015 , and $210 million at December 31, 2014 , for deferred premiums and accrued interest. b. FCX paid $9 million to brokers at June 30, 2015 , and $10 million at December 31, 2014 , for margin requirements (recorded in other current assets). A summary of these unsettled commodity contracts that are offset in the balance sheet follows (in millions): Assets Liabilities June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 Gross amounts recognized: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 21 $ 15 $ 65 $ 93 Crude oil derivatives 174 316 — — Copper derivatives — — 6 7 195 331 71 100 Less gross amounts of offset: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 1 1 1 1 Copper derivatives — — — — 1 1 1 1 Net amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 20 14 64 92 Crude oil derivatives 174 316 — — Copper derivatives — — 6 7 $ 194 $ 330 $ 70 $ 99 Balance sheet classification: Trade accounts receivable $ 3 $ 5 $ 53 $ 56 Other current assets 174 316 — — Accounts payable and accrued liabilities 17 9 17 43 $ 194 $ 330 $ 70 $ 99

Fair Value Measurement (Unaud24

Fair Value Measurement (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	A summary of the changes in the fair value of FCX ' s most significant Level 3 instruments, crude oil options, follows (in millions): Crude Oil Options Fair value at December 31, 2014 $ 316 Net realized gains 21 Net unrealized gains included in earnings related to assets and liabilities still held at the end of the period 36 a Net settlement receipts (199 ) b Fair value at June 30, 2015 $ 174 a. Includes net unrealized gains of $37 million , partially offset by $1 million of interest expense associated with the deferred premiums. b. Includes interest payments of $2 million .
Carrying Amount and Fair Value of Other Financial Instruments	A summary of the carrying amount and fair value of FCX’s financial instruments, other than cash and cash equivalents, accounts receivable, restricted cash, accounts payable and accrued liabilities, and dividends payable (refer to Note 7 ), follows (in millions): At June 30, 2015 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 23 $ 23 $ — $ 23 $ — Money market funds 22 22 22 — — Equity securities 3 3 3 — — Total 48 48 25 23 — Legally restricted funds: a,b,c,d U.S. core fixed income fund 51 51 — 51 — Government bonds and notes 35 35 — 35 — Corporate bonds 28 28 — 28 — Government mortgage-backed securities 24 24 — 24 — Asset-backed securities 14 14 — 14 — Money market funds 9 9 9 — — Collateralized mortgage-backed securities 8 8 — 8 — Municipal bonds 1 1 — 1 — Total 170 170 9 161 — Derivatives: a,e Embedded derivatives in provisional sales/purchase contracts in a gross asset position 21 21 — 21 — Crude oil options 174 174 — — 174 Total 195 195 — 21 174 Total assets $ 413 $ 34 $ 205 $ 174 Liabilities Derivatives: a,e Embedded derivatives in provisional sales/purchase contracts in a gross liability position $ 65 $ 65 $ — $ 65 $ — Copper futures and swap contracts 5 5 5 — — Copper forward contracts 1 1 — 1 — Total 71 71 5 66 — Long-term debt, including current portion f 20,902 20,191 — 20,191 — Total liabilities $ 20,262 $ 5 $ 20,257 $ — At December 31, 2014 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 23 $ 23 $ — $ 23 $ — Money market funds 20 20 20 — — Equity securities 3 3 3 — — Total 46 46 23 23 — Legally restricted funds: a,b,c,d U.S. core fixed income fund 52 52 — 52 — Government bonds and notes 39 39 — 39 — Corporate bonds 27 27 — 27 — Government mortgage-backed securities 19 19 — 19 — Asset-backed securities 17 17 — 17 — Money market funds 11 11 11 — — Collateralized mortgage-backed securities 6 6 — 6 — Municipal bonds 1 1 — 1 — Total 172 172 11 161 — Derivatives: a,e Embedded derivatives in provisional sales/purchase contracts in a gross asset position 15 15 — 15 — Crude oil options 316 316 — — 316 Total 331 331 — 15 316 Total assets $ 549 $ 34 $ 199 $ 316 Liabilities Derivatives: a,e Embedded derivatives in provisional sales/purchase contracts in a gross liability position $ 93 $ 93 $ — $ 93 $ — Copper futures and swap contracts 7 7 6 1 — Total 100 100 6 94 — Long-term debt, including current portion f 18,849 18,735 — 18,735 — Total liabilities $ 18,835 $ 6 $ 18,829 $ — a. Recorded at fair value. b. Current portion included in other current assets and long-term portion included in other assets. c. Excludes time deposits (which approximated fair value) included in other assets of $117 million at June 30, 2015 , and $115 million at December 31, 2014 , associated with an assurance bond to support PT Freeport Indonesia's (PT-FI) commitment for smelter development in Indonesia. d. Excludes time deposits (which approximated fair value) included in other current assets of $10 million at June 30, 2015 , and $8 million at December 31, 2014 , associated with a reclamation guarantee at PT-FI. Also, excludes a time deposit of $9 million at December 31, 2014 , associated with a customs audit assessment. e. Refer to Note 7 for further discussion and balance sheet classifications. Crude oil options are net of $106 million at June 30, 2015 , and $210 million at December 31, 2014 , for deferred premiums and accrued interest. f. Recorded at cost except for debt assumed in acquisitions, which were recorded at fair value at the respective acquisition dates.

Business Segments (Unaudited) (

Business Segments (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information By Segment	Financial Information by Business Segments (In millions) Mining Operations North America Copper Mines South America Indonesia Africa Atlantic Other Corporate, Molyb- Copper Mining U.S. Other Other Cerro Other denum Rod & Smelting & Elimi- Total Oil & Gas & Elimi- FCX Morenci Mines Total Verde Mines a Total Grasberg Tenke Mines Refining & Refining nations Mining Operations b nations Total Three Months Ended June 30, 2015 Revenues: Unaffiliated customers $ 180 $ 92 $ 272 $ 195 $ 221 $ 416 $ 792 c $ 310 $ — $ 1,089 $ 495 $ 305 d $ 3,679 $ 569 e $ — $ 4,248 Intersegment 427 706 1,133 37 — 37 (2 ) f 41 102 8 5 (1,324 ) — — — — Production and delivery 386 576 g 962 165 150 315 455 190 84 g 1,088 468 (997 ) g 2,565 281 2 2,848 Depreciation, depletion and amortization 55 84 139 40 32 72 78 57 25 3 9 19 402 485 3 890 Impairment of oil and gas properties — — — — — — — — — — — — — 2,686 — 2,686 Selling, general and administrative expenses — 2 2 — 1 1 25 3 — — 4 5 40 49 62 151 Mining exploration and research expenses — 2 2 — — — — — — — — 34 36 — — 36 Environmental obligations and shutdown costs — — — — — — — — — — — 11 11 — — 11 Operating income (loss) 166 134 300 27 38 65 232 101 (7 ) 6 19 (91 ) 625 (2,932 ) (67 ) (2,374 ) Interest expense, net — 1 1 — — — — — — — 2 39 42 41 66 149 Provision for (benefit from) income taxes — — — (5 ) 11 6 95 27 — — — — 128 — (815 ) (687 ) Total assets at June 30, 2015 3,806 5,582 9,388 8,567 1,935 10,502 8,959 5,125 2,052 286 786 1,336 38,434 15,393 181 54,008 Capital expenditures 79 28 107 444 13 457 213 58 4 — 4 11 854 777 30 1,661 Three Months Ended June 30, 2014 Revenues: Unaffiliated customers $ 52 $ 55 $ 107 $ 421 $ 524 $ 945 $ 523 c $ 386 $ — $ 1,234 $ 623 $ 468 d $ 4,286 $ 1,236 e $ — $ 5,522 Intersegment 474 888 1,362 23 63 86 — 32 170 8 6 (1,664 ) — — — — Production and delivery 312 558 870 195 335 530 511 198 81 1,233 618 (1,287 ) 2,754 329 (1 ) 3,082 Depreciation, depletion and amortization 43 85 128 43 52 95 54 63 24 3 10 17 394 616 3 1,013 Selling, general and administrative expenses 1 — 1 1 1 2 25 3 — — 5 6 42 59 63 164 Mining exploration and research expenses — 2 2 — — — — — — — — 32 34 — — 34 Environmental obligations and shutdown costs — — — — — — — — — — — 76 76 — — 76 Operating income (loss) 170 298 468 205 199 404 (67 ) 154 65 6 (4 ) (40 ) 986 232 (65 ) 1,153 Interest expense, net — 1 1 — — — — — — — 3 18 22 74 68 164 Provision for (benefit from) income taxes — — — 73 67 140 (33 ) 33 — — — — 140 — 188 328 Total assets at June 30, 2014 3,675 5,822 9,497 6,876 3,791 10,667 7,972 4,952 2,095 299 882 1,127 37,491 25,293 1,119 63,903 Capital expenditures 289 35 324 391 25 416 243 29 14 1 5 17 1,049 903 (2 ) 1,950 a. Second-quarter 2014 includes the results of the Candelaria and Ojos del Salado mining operations, which were sold in November 2014. b. Second-quarter 2014 includes the results from Eagle Ford, which was sold in June 2014. c. Includes PT-FI’s sales to PT Smelting totaling $293 million in second-quarter 2015 and $540 million in second-quarter 2014 . d. Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North and South America copper mines. e. Includes net mark-to-market gains (losses) associated with crude oil and natural gas derivative contracts totaling $6 million in second-quarter 2015 and $(70) million in second-quarter 2014 . f. Amounts include net reductions for provisional pricing adjustments to prior period open sales. There were no intersegment sales from Grasberg in second-quarter 2015. g. Includes LCM inventory adjustments totaling $11 million at other North America copper mines, $3 million at Molybdenum mines and $45 million at other mining & eliminations (see Note 4). (In millions) Mining Operations North America Copper Mines South America Indonesia Africa Atlantic Other Corporate, Molyb- Copper Mining U.S. Other Other Cerro Other denum Rod & Smelting & Elimi- Total Oil & Gas & Elimi- FCX Morenci Mines Total Verde Mines a Total Grasberg Tenke Mines Refining & Refining nations Mining Operations b nations Total Six Months Ended June 30, 2015 Revenues: Unaffiliated customers $ 286 $ 207 $ 493 $ 443 $ 452 $ 895 $ 1,413 c $ 692 $ — $ 2,151 $ 1,035 $ 653 d $ 7,332 $ 1,069 e $ — $ 8,401 Intersegment 877 1,370 2,247 51 (7 ) f 44 (16 ) f 69 215 15 11 (2,585 ) — — — — Production and delivery 760 1,145 g 1,905 363 297 660 894 425 167 g 2,151 987 (1,998 ) g 5,191 564 5 5,760 Depreciation, depletion and amortization 106 166 272 77 70 147 148 130 51 5 19 35 807 1,015 7 1,829 Impairment of oil and gas properties — — — — — — — — — — — — — 5,790 — 5,790 Selling, general and administrative expenses 1 2 3 1 1 2 50 6 — — 9 11 81 103 121 305 Mining exploration and research expenses — 5 5 — — — — — — — — 64 69 — — 69 Environmental obligations and shutdown costs — — — — — — — — — — — 24 24 — — 24 Net gain on sales of assets — (39 ) (39 ) — — — — — — — — — (39 ) — — (39 ) Operating income (loss) 296 298 594 53 77 130 305 200 (3 ) 10 31 (68 ) 1,199 (6,403 ) (133 ) (5,337 ) Interest expense, net 1 1 2 1 — 1 — — — — 5 79 87 78 130 295 Provision for (benefit from) income taxes — — — — 30 30 124 53 — — — — 207 — (1,589 ) (1,382 ) Capital expenditures 163 51 214 875 27 902 438 97 7 1 8 27 1,694 1,795 39 3,528 Six Months Ended June 30, 2014 Revenues: Unaffiliated customers $ 75 $ 116 $ 191 $ 701 $ 946 $ 1,647 $ 985 c $ 692 $ — $ 2,380 $ 1,211 $ 904 d $ 8,010 $ 2,497 e $ — $ 10,507 Intersegment 918 1,646 2,564 87 195 282 8 53 296 16 11 (3,230 ) — — — — Production and delivery 595 1,061 1,656 360 646 1,006 894 350 157 2,381 1,206 (2,470 ) 5,180 640 (1 ) 5,819 Depreciation, depletion and amortization 77 158 235 79 103 182 102 114 46 5 20 36 740 1,232 7 1,979 Selling, general and administrative expenses 1 1 2 2 2 4 46 6 — — 9 13 80 116 103 299 Mining exploration and research expenses — 4 4 — — — — — — — — 60 64 — — 64 Environmental obligations and shutdown costs — — — — — — — — — — — 82 82 — — 82 Operating income (loss) 320 538 858 347 390 737 (49 ) 275 93 10 (13 ) (47 ) 1,864 509 (109 ) 2,264 Interest expense, net 1 1 2 — — — — — — — 7 36 45 150 130 325 Provision for (benefit from) income taxes — — — 130 137 267 (15 ) 57 — — — — 309 — 376 685 Capital expenditures 533 94 627 791 48 839 479 60 33 2 6 27 2,073 1,484 5 3,562 a. The first six months of 2014 include the results of the Candelaria and Ojos del Salado mining operations, which were sold in November 2014. b. The first six months of 2014 include the results from Eagle Ford, which was sold in June 2014. c. Includes PT-FI’s sales to PT Smelting totaling $643 million for the first six months of 2015 and $913 million for the first six months of 2014 . d. Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North and South America copper mines. e. Includes net mark-to-market gains (losses) associated with crude oil and natural gas derivative contracts totaling $58 million for the first six months 2015 and $(120) million for the first six months of 2014 . f. Amounts include net reductions for provisional pricing adjustments to prior period open sales. There were no intersegment sales from El Abra or Grasberg for the first six months of 2015. g. Includes LCM inventory adjustments totaling $11 million at other North America copper mines, $3 million at Molybdenum mines and $49 million at other mining & eliminations (see Note 4).

Guarantor Financial Statement26

Guarantor Financial Statements (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2015
Guarantor Financial Statements [Abstract]
Condensed Consolidating Balance Sheets [Table Text Block]	CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2015 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets $ 257 $ 2,900 $ 9,665 $ (4,125 ) $ 8,697 Property, plant, equipment and mining development costs, net 20 51 27,024 — 27,095 Oil and gas properties, net - full cost method: Subject to amortization, less accumulated amortization — 1,507 3,142 — 4,649 Not subject to amortization — 2,649 6,659 4 9,312 Investments in consolidated subsidiaries 24,153 2,216 4,019 (30,388 ) — Other assets 9,991 4,703 4,179 (14,618 ) 4,255 Total assets $ 34,421 $ 14,026 $ 54,688 $ (49,127 ) $ 54,008 LIABILITIES AND EQUITY Current liabilities $ 3,106 $ 433 $ 5,325 $ (4,125 ) $ 4,739 Long-term debt, less current portion 15,841 5,181 10,221 (11,132 ) 20,111 Deferred income taxes 1,613 a — 3,257 — 4,870 Environmental and asset retirement obligations, less current portion — 307 3,409 — 3,716 Other liabilities 56 3,361 1,829 (3,486 ) 1,760 Total liabilities 20,616 9,282 24,041 (18,743 ) 35,196 Redeemable noncontrolling interest — — 757 — 757 Equity: Stockholders' equity 13,805 4,744 26,173 (30,917 ) 13,805 Noncontrolling interests — — 3,717 533 4,250 Total equity 13,805 4,744 29,890 (30,384 ) 18,055 Total liabilities and equity $ 34,421 $ 14,026 $ 54,688 $ (49,127 ) $ 54,008 a. All U.S. related deferred income taxes are recorded at the parent company. CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2014 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets $ 323 $ 2,635 $ 8,659 $ (2,572 ) $ 9,045 Property, plant, equipment and mining development costs, net 22 46 26,152 — 26,220 Oil and gas properties, net - full cost method: Subject to amortization, less accumulated amortization — 3,296 5,907 (16 ) 9,187 Not subject to amortization — 2,447 7,640 — 10,087 Investments in consolidated subsidiaries 28,765 6,460 10,246 (45,471 ) — Other assets 8,914 3,947 4,061 (12,787 ) 4,135 Total assets $ 38,024 $ 18,831 $ 62,665 $ (60,846 ) $ 58,674 LIABILITIES AND EQUITY Current liabilities $ 1,592 $ 560 $ 5,592 $ (2,572 ) $ 5,172 Long-term debt, less current portion 14,930 3,874 8,879 (9,312 ) 18,371 Deferred income taxes 3,161 a — 3,237 — 6,398 Environmental and asset retirement obligations, less current portion — 302 3,345 — 3,647 Other liabilities 54 3,372 1,910 (3,475 ) 1,861 Total liabilities 19,737 8,108 22,963 (15,359 ) 35,449 Redeemable noncontrolling interest — — 751 — 751 Equity: Stockholders' equity 18,287 10,723 35,268 (45,991 ) 18,287 Noncontrolling interests — — 3,683 504 4,187 Total equity 18,287 10,723 38,951 (45,487 ) 22,474 Total liabilities and equity $ 38,024 $ 18,831 $ 62,665 $ (60,846 ) $ 58,674 a. All U.S. related deferred income taxes are recorded at the parent company.
Condensed Consolidating Statements of Income [Table Text Block]	CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Three Months Ended June 30, 2015 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 169 $ 4,079 $ — $ 4,248 Total costs and expenses 19 1,217 a 5,383 a 3 6,622 Operating (loss) income (19 ) (1,048 ) (1,304 ) (3 ) (2,374 ) Interest expense, net (121 ) (2 ) (67 ) 41 (149 ) Other income (expense), net 127 — (56 ) (34 ) 37 (Loss) income before income taxes and equity in affiliated companies' net (losses) earnings (13 ) (1,050 ) (1,427 ) 4 (2,486 ) (Provision for) benefit from income taxes (265 ) 374 580 (2 ) 687 Equity in affiliated companies' net (losses) earnings (1,573 ) (1,920 ) (2,972 ) 6,465 — Net (loss) income (1,851 ) (2,596 ) (3,819 ) 6,467 (1,799 ) Net income and preferred dividends attributable to noncontrolling interests — — (38 ) (14 ) (52 ) Net (loss) income attributable to common stockholders $ (1,851 ) $ (2,596 ) $ (3,857 ) $ 6,453 $ (1,851 ) Other comprehensive income (loss) 9 — 9 (9 ) 9 Total comprehensive (loss) income $ (1,842 ) $ (2,596 ) $ (3,848 ) $ 6,444 $ (1,842 ) a. Includes charges totaling $1.0 billion at the FM O&G LLC guarantor and $1.7 billion at the non-guarantor subsidiaries related to ceiling test impairment of FCX's oil and gas properties pursuant to full cost accounting rules. Six Months Ended June 30, 2015 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 350 $ 8,051 $ — $ 8,401 Total costs and expenses 35 2,535 a 11,181 a (13 ) 13,738 Operating (loss) income (35 ) (2,185 ) (3,130 ) 13 (5,337 ) Interest expense, net (236 ) (6 ) (124 ) 71 (295 ) Other income (expense), net 156 — (48 ) (64 ) 44 (Loss) income before income taxes and equity in affiliated companies' net (losses) earnings (115 ) (2,191 ) (3,302 ) 20 (5,588 ) (Provision for) benefit from income taxes (686 ) 790 1,286 (8 ) 1,382 Equity in affiliated companies' net (losses) earnings (3,524 ) (4,279 ) (6,502 ) 14,306 1 Net (loss) income (4,325 ) (5,680 ) (8,518 ) 14,318 (4,205 ) Net income and preferred dividends attributable to noncontrolling interests — — (94 ) (26 ) (120 ) Net (loss) income attributable to common stockholders $ (4,325 ) $ (5,680 ) $ (8,612 ) $ 14,292 $ (4,325 ) Other comprehensive income (loss) 21 — 21 (21 ) 21 Total comprehensive (loss) income $ (4,304 ) $ (5,680 ) $ (8,591 ) $ 14,271 $ (4,304 ) a. Includes charges totaling $2.1 billion at the FM O&G LLC guarantor and $3.7 billion at the non-guarantor subsidiaries related to ceiling test impairment of FCX's oil and gas properties pursuant to full cost accounting rules. CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2014 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 570 $ 4,952 $ — $ 5,522 Total costs and expenses 21 489 3,865 (6 ) 4,369 Operating (loss) income (21 ) 81 1,087 6 1,153 Interest expense, net (87 ) (44 ) (51 ) 18 (164 ) Net (loss) gain on early extinguishment of debt (1 ) 6 — — 5 Other income (expense), net 17 1 (8 ) (18 ) (8 ) (Loss) income before income taxes and equity in affiliated companies' net earnings (losses) (92 ) 44 1,028 6 986 Benefit from (provision for) income taxes 26 26 (378 ) (2 ) (328 ) Equity in affiliated companies' net earnings (losses) 548 126 154 (826 ) 2 Net income (loss) 482 196 804 (822 ) 660 Net income and preferred dividends attributable to noncontrolling interests — — (180 ) 2 (178 ) Net income (loss) attributable to common stockholders $ 482 $ 196 $ 624 $ (820 ) $ 482 Other comprehensive income (loss) 1 — 1 (1 ) 1 Total comprehensive income (loss) $ 483 $ 196 $ 625 $ (821 ) $ 483 Six Months Ended June 30, 2014 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 1,214 $ 9,293 $ — $ 10,507 Total costs and expenses 32 1,015 7,204 (8 ) 8,243 Operating (loss) income (32 ) 199 2,089 8 2,264 Interest expense, net (169 ) (85 ) (109 ) 38 (325 ) Net (loss) gain on early extinguishment of debt (1 ) 6 — — 5 Other income (expense), net 37 1 25 (38 ) 25 (Loss) income before income taxes and equity in affiliated companies' net earnings (losses) (165 ) 121 2,005 8 1,969 Benefit from (provision for) income taxes 5 (17 ) (670 ) (3 ) (685 ) Equity in affiliated companies' net earnings (losses) 1,152 256 339 (1,745 ) 2 Net income (loss) 992 360 1,674 (1,740 ) 1,286 Net income and preferred dividends attributable to noncontrolling interests — — (291 ) (3 ) (294 ) Net income (loss) attributable to common stockholders $ 992 $ 360 $ 1,383 $ (1,743 ) $ 992 Other comprehensive income (loss) 4 — 4 (4 ) 4 Total comprehensive income (loss) $ 996 $ 360 $ 1,387 $ (1,747 ) $ 996
Condensed Consolidating Statements of Cash Flows [Table Text Block]	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Six Months Ended June 30, 2015 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Cash flow from operating activities: Net (loss) income $ (4,325 ) $ (5,680 ) $ (8,518 ) $ 14,318 $ (4,205 ) Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation, depletion and amortization 2 223 1,638 (34 ) 1,829 Impairment of oil and gas properties — 2,052 3,717 21 5,790 Net gains on crude oil derivative contracts — (58 ) — — (58 ) Equity in losses (earnings) of consolidated subsidiaries 3,524 4,279 6,502 (14,306 ) (1 ) Other, net (1,431 ) 9 43 — (1,379 ) Changes in working capital and other tax payments 2,222 (550 ) (1,870 ) 8 (190 ) Net cash (used in) provided by operating activities (8 ) 275 1,512 7 1,786 Cash flow from investing activities: Capital expenditures — (734 ) (2,787 ) (7 ) (3,528 ) Intercompany loans (1,073 ) (794 ) — 1,867 — Dividends from (investments in) consolidated subsidiaries 438 (31 ) 74 (481 ) — Other, net (10 ) (1 ) 137 10 136 Net cash (used in) provided by investing activities (645 ) (1,560 ) (2,576 ) 1,389 (3,392 ) Cash flow from financing activities: Proceeds from debt 2,735 — 1,687 — 4,422 Repayments of debt (1,690 ) — (670 ) — (2,360 ) Intercompany loans — 1,321 546 (1,867 ) — Cash dividends and distributions paid, and contributions received (380 ) — (481 ) 421 (440 ) Other, net (12 ) (37 ) (15 ) 50 (14 ) Net cash provided by (used in) financing activities 653 1,284 1,067 (1,396 ) 1,608 Net (decrease) increase in cash and cash equivalents — (1 ) 3 — 2 Cash and cash equivalents at beginning of period — 1 463 — 464 Cash and cash equivalents at end of period $ — $ — $ 466 $ — $ 466 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Six Months Ended June 30, 2014 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Cash flow from operating activities: Net income (loss) $ 992 $ 360 $ 1,674 $ (1,740 ) $ 1,286 Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Depreciation, depletion and amortization 2 545 1,440 (8 ) 1,979 Net losses on crude oil and natural gas derivative contracts — 120 — — 120 Net gain (loss) on early extinguishment of debt 1 (6 ) — — (5 ) Equity in (earnings) losses of consolidated subsidiaries (1,152 ) (256 ) 39 1,367 (2 ) Other, net 121 (12 ) (123 ) — (14 ) Changes in working capital and other tax payments (164 ) (2,165 ) 1,552 — (777 ) Net cash (used in) provided by operating activities (200 ) (1,414 ) 4,582 (381 ) 2,587 Cash flow from investing activities: Capital expenditures — (897 ) (2,665 ) — (3,562 ) Acquisition of Deepwater GOM interests — — (925 ) — (925 ) Intercompany loans 1,318 1,629 — — (2,947 ) — (Investments in) dividends from consolidated subsidiaries (364 ) (96 ) 1,079 (619 ) — Net proceeds from sale of Eagle Ford shale assets — 3,009 — — 3,009 Other, net — (381 ) 18 — (363 ) Net cash provided by (used in) investing activities 954 3,264 (2,493 ) (3,566 ) (1,841 ) Cash flow from financing activities: Proceeds from debt 890 — 358 — 1,248 Repayments of debt (990 ) (224 ) (397 ) — (1,611 ) Intercompany loans — (170 ) (2,777 ) 2,947 — Cash dividends and distributions paid, and contributions received (653 ) (1,453 ) 203 1,000 (903 ) Other, net (1 ) (2 ) (4 ) — (7 ) Net cash (used in) provided by financing activities (754 ) (1,849 ) (2,617 ) 3,947 (1,273 ) Net increase (decrease) in cash and cash equivalents — 1 (528 ) — (527 ) Cash and cash equivalents at beginning of period — — 1,985 — 1,985 Cash and cash equivalents at end of period $ — $ 1 $ 1,457 $ — $ 1,458

General Information (Unaudite27

General Information (Unaudited) (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2015USD ($)	Mar. 31, 2015$ / bbl	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)$ / bbl	Jun. 30, 2014USD ($)
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Fair Value Inputs, Discount Rate				10.00%
Impairment of oil and gas properties	$ (2,686)		$ 0	$ (5,790)	$ 0
Crude Oil [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Average Sales Prices | $ / bbl		82.72		71.68

Acquisitions and Dispositions28

Acquisitions and Dispositions (Unaudited) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Jun. 20, 2014
Business Acquisition [Line Items]
Income Tax Expense (Benefit), Changes in Deferred Tax Liabilities and Deferred Tax Asset Valuation Allowances	$ 58	$ 58
Eagle Ford [Member]
Business Acquisition [Line Items]
Disposal Date		Jun. 20, 2014
Business Combination, Consideration Transferred		$ 3,100
Effective Date		Apr. 1, 2014
Income Tax Expense (Benefit), Changes in Deferred Tax Liabilities and Deferred Tax Asset Valuation Allowances		$ 58
Adjustment to Goodwill		221
Escrow Deposit Disbursements Related to Property Acquisition			$ 1,300
Deepwater Gulf of Mexico Interests [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred		$ 918
Effective Date		Jun. 30, 2014
Business Combination, Adjustment to Recognized Identifiable Assets Acquired and Liabilities Assumed Oil and Gas Properties Subject to Depletion		$ 451
Business Combination, Adjustment to Recognized Identifiable Assets Acquired and Liabilities Assumed Oil and Gas Properties Not Subject to Depletion		477
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Asset Retirement Costs		$ 10

Earnings Per Share (Unaudited29

Earnings Per Share (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Net (loss) income		$ (1,799)	$ 660	$ (4,205)	$ 1,286
Net income attributable to noncontrolling interests		(42)	(168)	(100)	(274)
Preferred dividends on redeemable noncontrolling interest		(10)	(10)	(20)	(20)
Undistributed earnings allocable to participating securities		(3)	(2)	(3)	(3)
Net (loss) income allocable to common stockholders		$ (1,854)	$ 480	$ (4,328)	$ 989
Basic weighted-average shares of common stock outstanding		1,040	1,039	1,040	1,039
Add shares issuable upon exercise or vesting of dilutive stock options and RSUs	[1]	0	6	0	6
Diluted weighted-average shares of common stock outstanding		1,040	1,045	1,040	1,045
Basic net (loss) income per share attributable to common stockholders		$ (1.78)	$ 0.46	$ (4.16)	$ 0.95
Diluted net (loss) income per share attributable to common stockholders		$ (1.78)	$ 0.46	$ (4.16)	$ 0.95
Potential anti-dilutive additional shares of common stock (in shares)		4	3	4	3
Outstanding stock options with exercise prices greater than average market price of common stock (in shares)		40	30	40	30
[1]	Excludes approximately four million shares of common stock for both the quarter and six months ended June 30, 2015, and three million shares of common stock for both the quarter and six months ended June 30, 2014, associated with outstanding stock options with exercise prices less than the average market price of FCX's common stock and RSUs that were anti-dilutive.

Inventories, Including Long-T30

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
		Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Components of Inventories [Line Items]
Raw materials (primarily concentrates)		$ 306	$ 306		$ 288
Work-in-process		155	155		174
Finished goods		1,023	1,023		1,099
Total product inventories		1,484	1,484		1,561
Total mill and leach stockpiles		1,933	1,933		1,914
Total materials and supplies, net	[1]	2,014	2,014		1,886
Total long-term mill and leach stockpiles		2,277	2,277		2,179
Inventory obsolescence reserves		25	25		20
Lower of cost or market inventory adjustments		(59)	(63)	$ 0
Current [Member]
Components of Inventories [Line Items]
Mill stockpiles		130	130		86
Leach stockpiles		1,803	1,803		1,828
Total mill and leach stockpiles		1,933	1,933		1,914
Long-Term [Member]
Components of Inventories [Line Items]
Mill stockpiles		361	361		360
Leach stockpiles		1,916	1,916		1,819
Total long-term mill and leach stockpiles	[2]	2,277	2,277		$ 2,179
Molybdenum [Member]
Components of Inventories [Line Items]
Lower of cost or market inventory adjustments		(48)	(52)
Copper [Member]
Components of Inventories [Line Items]
Lower of cost or market inventory adjustments		$ (11)	$ (11)
[1]	Materials and supplies inventory was net of obsolescence reserves totaling $25 million at June 30, 2015, and $20 million at December 31, 2014.
[2]	Estimated metals in stockpiles not expected to be recovered within the next 12 months.

Income Taxes (Unaudited) (Detai

Income Taxes (Unaudited) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2015		Jun. 30, 2014		Jun. 30, 2015		Jun. 30, 2014
Income Tax Disclosure [Abstract]
U.S. operations	$ (829)	[1]	$ 149	[2]	$ (1,664)	[1]	$ 285	[2]
International operations	142		179		282		400
Total	(687)		328		$ (1,382)		685
Income Tax Expense (Benefit), Changes in Deferred Tax Liabilities and Deferred Tax Asset Valuation Allowances			$ 58				$ 58
Consolidated effective income tax rate (percent)					25.00%		35.00%
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ (305)				$ (763)
Effective Income Tax Rate, Adjusted, Percent					38.00%
[1]	As a result of the impairment to oil and gas properties, FCX recorded tax charges of $305 million for second-quarter 2015 and $763 million for the first six months of 2015 to establish a valuation allowance primarily against U.S. federal alternative minimum tax credits. Excluding this charge, FCX's consolidated effective income tax rate was 38 percent for the first six months of 2015.
[2]	FCX recognized a $58 million charge for deferred taxes recorded in connection with the allocation of goodwill to the sale of Eagle Ford shale assets.

Debt and Equity Transactions 32

Debt and Equity Transactions (Unaudited) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Feb. 27, 2015	Dec. 31, 2014	Apr. 30, 2014
Extinguishment of Debt [Line Items]
Long-term Debt, Gross	$ 20,900,000,000		$ 20,900,000,000
Liabilities, Fair Value Adjustment			225,000,000
Debt Instrument, Unamortized Discount (Premium), Net	21,000,000		21,000,000
Unamortized Debt Issuance Expense	116,000,000		116,000,000			$ 121,000,000
Net gain on early extinguishment of debt	0	$ 5,000,000	0	$ 5,000,000
Bank Term Loan [Member]
Extinguishment of Debt [Line Items]
Debt Instrument, Face Amount	4,000,000,000		4,000,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Two					$ 205,000,000	650,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Three					272,000,000	200,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Four					1,000,000,000	$ 2,200,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Five					313,000,000
Long-term Debt, Maturities, Repayments of Principal after Year Five					$ 1,300,000,000
Credit Facility [Domain] | Revolving Credit Facility [Member]
Extinguishment of Debt [Line Items]
Long-term Debt, Gross	985,000,000		985,000,000
Letters of Credit Outstanding, Amount	42,000,000		42,000,000
Line of Credit Facility, Remaining Borrowing Capacity	3,000,000,000		3,000,000,000
Line Of Credit Facility Remaining Borrowing Capacity Available For Letters Of Credit	1,500,000,000		1,500,000,000
Senior Notes [Member] | 6.625% Senior Notes due 2021 [Member]
Extinguishment of Debt [Line Items]
Extinguishment of Debt, Amount		210,000,000
Debt Instrument, Interest Rate, Stated Percentage							6.625%
Net gain on early extinguishment of debt		$ 6,000,000
Cerro Verde [Member] | Credit Facility [Domain]
Extinguishment of Debt [Line Items]
Long-term Debt, Gross	1,300,000,000		1,300,000,000
Line of Credit Facility, Maximum Borrowing Capacity	1,800,000,000		1,800,000,000
Letters of Credit Outstanding, Amount	0		0
Line of Credit Facility, Remaining Borrowing Capacity	$ 531,000,000		$ 531,000,000
Term of Debt Agreement			5 years

Debt and Equity Transactions 33

Debt and Equity Transactions (Unaudited) Interest, Dividends and Maturities (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Capitalized Interest [Line Items]
Interest costs incurred	$ 215	$ 225	$ 425	$ 449
Dividends Payable, Date Declared			Jun. 24, 2015
Dividends declared per share of common stock	$ 0.1605	$ 0.3125	$ 0.2105	$ 0.625
Authorized Quarterly Rate Of Common Stock Dividend	$ 0.0500
Dividends Payable, Date to be Paid	Aug. 3, 2015
Dividends Payable, Date of Record	Jul. 15, 2015
Special Dividend, Per Share	$ 0.1105
Property, Plant, Equipment and Mining Development Costs, Net [Member]
Capitalized Interest [Line Items]
Interest costs capitalized	$ 47	$ 39	$ 92	$ 79
Oil and Gas Properties Not Subject to Amortization [Member]
Capitalized Interest [Line Items]
Interest costs capitalized	$ 19	$ 22	$ 38	$ 45

Financial Instruments (Unaudi34

Financial Instruments (Unaudited) (Details) - Commodity Contract [Member] - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value Hedging [Member] | Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative financial instruments		$ (4)	$ 12	$ 2	$ 0
Hedged item – firm sales commitments		4	(12)	(2)	0
Matured derivative financial instruments		(1)	(2)	(11)	(4)
Derivatives not designated as hedging instruments [Member] | Embedded derivatives in provisional sales contracts [Member] | Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gains (losses)	[1]	(78)	84	(150)	(85)
Derivatives not designated as hedging instruments [Member] | Copper forward contracts [Member] | Amounts recorded in Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gains (losses)	[2]	(6)	4	(7)	5
Derivatives not designated as hedging instruments [Member] | Plains Exploration & Production Company [Member] | Crude Oil Options [Member] | Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gains (losses)	[1]	6	(68)	58	(104)
Derivatives not designated as hedging instruments [Member] | Plains Exploration & Production Company [Member] | Natural gas swaps [Member] | Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gains (losses)	[1]	$ 0	$ (2)	$ 0	$ (16)
[1]	Amounts recorded in revenues.
[2]	Amounts recorded in cost of sales as production and delivery costs.

Financial Instruments (Unaudi35

Financial Instruments (Unaudited) Not Designated as Hedging Instruments (Details) - Jun. 30, 2015 oz in Thousands, lb in Millions	lboz$ / lb$ / oz
Embedded derivatives in provisional sales contracts - Copper [Member] | Derivatives not designated as hedging instruments [Member]
Derivative [Line Items]
Open positions (in lbs except gold in oz) | lb	572
Average contract price	2.68
Average market price	2.58
Maturities through	Nov. 30, 2015
Embedded derivatives in provisional sales contracts - Gold [Member] | Derivatives not designated as hedging instruments [Member]
Derivative [Line Items]
Open positions (in lbs except gold in oz) | oz	229
Average contract price | $ / oz	1,189
Average market price | $ / oz	1,174
Maturities through	Sep. 30, 2015
Embedded derivatives in provisional purchase contracts - Copper [Member] | Derivatives not designated as hedging instruments [Member]
Derivative [Line Items]
Open positions (in lbs except gold in oz) | lb	134
Average contract price	2.75
Average market price	2.61
Maturities through	Oct. 31, 2015
Atlantic Copper [Member] | Copper forward contracts [Member] | Derivatives not designated as hedging instruments [Member]
Derivative [Line Items]
Open positions (in lbs except gold in oz) | lb	31
Average contract price	2.65
Maturities through	Aug. 31, 2015
Copper futures and swap contracts [Member] | Fair Value Hedging [Member] | Derivatives designated as hedging instruments [Member]
Derivative [Line Items]
Open positions (in lbs except gold in oz) | lb	51
Average contract price	2.71
Maturities through	May 31, 2017

Financial Instruments (Unaudi36

Financial Instruments (Unaudited) Oil and Gas (Details) - Types of Financial Instruments [Domain] MMBTU in Millions, $ in Millions		6 Months Ended
		Jun. 30, 2015USD ($)MBblsMMBTU$ / bbl	Dec. 31, 2014USD ($)
Derivative [Line Items]
Derivative Liability | $		$ 70	$ 99
Maximum Price Limit per Barrel		20
2015 Positions [Member] | Derivatives not designated as hedging instruments [Member] | Crude Oil Options [Member]
Derivative [Line Items]
Daily Volumes (Bbls) | MMBTU		15.5
2015 Positions [Member] | Derivatives not designated as hedging instruments [Member] | Crude Oil Options [Member] | 84 MBbls [Member]
Derivative [Line Items]
Daily Volumes (Bbls) | MBbls	[1]	84
Derivative, Average Floor Price	[1],[2]	90
Derivative, Average Floor Price Limit	[1],[2]	70
Derivative, Underlying Basis	[1]	Brent
Weighted Average [Member] | Crude Oil Options [Member]
Derivative [Line Items]
Deferred Premium Price		6.89
Weighted Average [Member] | 2015 Positions [Member] | Derivatives not designated as hedging instruments [Member] | Crude Oil Options [Member] | 84 MBbls [Member]
Derivative [Line Items]
Deferred Premium Price	[1]	6.89
[1]	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.
[2]	The average strike prices do not reflect any premiums to purchase the put options.

Financial Instruments (Unaudi37

Financial Instruments (Unaudited) Unsettled Derivatives (Details) - USD ($) $ in Millions		Jun. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative Asset		$ 194	$ 330
Derivative Liability		70	99
Paid to brokers associated with margin requirements		9	10
Trade Accounts Receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		3	5
Derivative Liability		53	56
Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		174	316
Derivative Liability		0	0
Accounts Payable and Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		17	9
Derivative Liability		17	43
Commodity Contract [Member] | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Asset position		195	331
Liability position		71	100
Derivative Asset, Fair Value, Gross Liability		1	1
Derivative Liability, Fair Value, Gross Asset		1	1
Derivative Asset		194	330
Derivative Liability		70	99
Commodity Contract [Member] | Copper Derivatives [Member] | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Asset position		0	0
Liability position		6	7
Derivative Asset, Fair Value, Gross Liability		0	0
Derivative Liability, Fair Value, Gross Asset		0	0
Derivative Asset		0	0
Derivative Liability		6	7
Commodity Contract [Member] | Copper futures and swap contracts [Member] | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Liability position	[1]	5	7
Commodity Contract [Member] | Copper forward contracts [Member] | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Liability position		1	0
Commodity Contract [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Asset position		21	15
Liability position		65	93
Derivative Asset, Fair Value, Gross Liability		1	1
Derivative Liability, Fair Value, Gross Asset		1	1
Derivative Asset		20	14
Derivative Liability		64	92
Commodity Contract [Member] | Crude Oil and Natural Gas Derivatives [Member] | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Asset position		174	316
Liability position		0	0
Derivative Asset		174	316
Derivative Liability		0	0
Commodity Contract [Member] | Crude Oil Options [Member] | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Asset position	[2]	174	316
Deferred Option Premiums and Accrued Interest [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		$ 106	$ 210
[1]	FCX paid $9 million to brokers at June 30, 2015, and $10 million at December 31, 2014, for margin requirements (recorded in other current assets).
[2]	Amounts are net of $106 million at June 30, 2015, and $210 million at December 31, 2014, for deferred premiums and accrued interest.

Financial Instruments (Unaudi38

Financial Instruments (Unaudited) Other Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Cash and Cash Equivalents [Line Items]
Credit Derivative, Maximum Exposure, Undiscounted	$ 226
Cash and cash equivalents	466	$ 464	$ 1,458	$ 1,985
Time Deposits [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 27	$ 48

Fair Value Measurement (Unaud39

Fair Value Measurement (Unaudited) (Details) - USD ($) $ in Millions		Jun. 30, 2015	Dec. 31, 2014
Derivatives:
Derivative assets		$ 194	$ 330
Derivatives:
Derivative Liability		70	99
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	25	23
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	9	11
Derivatives:
Derivative assets	[2],[5]	0	0
Total assets		34	34
Derivatives:
Derivative Liability	[2],[5]	5	6
Long-term debt, including current portion	[6]	0	0
Total liabilities		5	6
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	23	23
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	161	161
Derivatives:
Derivative assets	[2],[5]	21	15
Total assets		205	199
Derivatives:
Derivative Liability	[2],[5]	66	94
Long-term debt, including current portion	[6]	20,191	18,735
Total liabilities		20,257	18,829
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	0	0
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Derivatives:
Derivative assets	[2],[5]	174	316
Total assets		174	316
Derivatives:
Derivative Liability	[2],[5]	0	0
Long-term debt, including current portion	[6]	0	0
Total liabilities		0	0
Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives:
Derivative Liability	[2],[5]	0
Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives:
Derivative Liability	[2],[5]	1
Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives:
Derivative Liability	[2],[5]	0
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives:
Derivative Liability	[2],[5]	0	0
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives:
Derivative Liability	[2],[5]	65	93
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives:
Derivative Liability	[2],[5]	0	0
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives:
Derivative Liability	[2],[5]	5	6
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives:
Derivative Liability	[2],[5]	0	1
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives:
Derivative Liability	[2],[5]	0	0
Fair Value, Measurements, Recurring [Member] | U.S. core fixed income fund [Member] | Fair Value, Inputs, Level 1 [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	0	0
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Fair Value, Measurements, Recurring [Member] | U.S. core fixed income fund [Member] | Fair Value, Inputs, Level 2 [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	23	23
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	51	52
Fair Value, Measurements, Recurring [Member] | U.S. core fixed income fund [Member] | Fair Value, Inputs, Level 3 [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	0	0
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Fair Value, Inputs, Level 1 [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	22	20
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	9	11
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Fair Value, Inputs, Level 2 [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	0	0
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Fair Value, Inputs, Level 3 [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	0	0
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Fair Value, Measurements, Recurring [Member] | Collateralized mortgage-backed securities [Member] | Fair Value, Inputs, Level 1 [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Fair Value, Measurements, Recurring [Member] | Collateralized mortgage-backed securities [Member] | Fair Value, Inputs, Level 2 [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	8	6
Fair Value, Measurements, Recurring [Member] | Collateralized mortgage-backed securities [Member] | Fair Value, Inputs, Level 3 [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Fair Value, Inputs, Level 1 [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	3	3
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Fair Value, Inputs, Level 2 [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	0	0
Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | Fair Value, Inputs, Level 3 [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	0	0
Fair Value, Measurements, Recurring [Member] | Government bonds and notes [Member] | Fair Value, Inputs, Level 1 [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Fair Value, Measurements, Recurring [Member] | Government bonds and notes [Member] | Fair Value, Inputs, Level 2 [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	35	39
Fair Value, Measurements, Recurring [Member] | Government bonds and notes [Member] | Fair Value, Inputs, Level 3 [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Fair Value, Measurements, Recurring [Member] | Government mortgage-backed securities [Member] | Fair Value, Inputs, Level 1 [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Fair Value, Measurements, Recurring [Member] | Government mortgage-backed securities [Member] | Fair Value, Inputs, Level 2 [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	24	19
Fair Value, Measurements, Recurring [Member] | Government mortgage-backed securities [Member] | Fair Value, Inputs, Level 3 [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Fair Value, Inputs, Level 1 [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Fair Value, Inputs, Level 2 [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	28	27
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Fair Value, Inputs, Level 3 [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | Fair Value, Inputs, Level 1 [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | Fair Value, Inputs, Level 2 [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	14	17
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | Fair Value, Inputs, Level 3 [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member] | Fair Value, Inputs, Level 1 [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member] | Fair Value, Inputs, Level 2 [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	1	1
Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member] | Fair Value, Inputs, Level 3 [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives:
Derivative assets	[2],[5]	0	0
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives:
Derivative assets	[2],[5]	21	15
Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives:
Derivative assets	[2],[5]	0	0
Fair Value, Measurements, Recurring [Member] | Crude oil options [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives:
Derivative assets	[2],[5]	0	0
Fair Value, Measurements, Recurring [Member] | Crude oil options [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives:
Derivative assets	[2],[5]	0	0
Fair Value, Measurements, Recurring [Member] | Crude oil options [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives:
Derivative assets	[2],[5]	174	316
Deferred Option Premiums and Accrued Interest [Member]
Derivatives:
Derivative assets		106	210
Other Current Assets [Member]
Derivatives:
Derivative assets		174	316
Derivatives:
Derivative Liability		0	0
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	48	46
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	170	172
Derivatives:
Derivative assets	[2],[5]	195	331
Derivatives:
Derivative Liability	[2],[5]	71	100
Long-term debt, including current portion	[6]	20,902	18,849
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member]
Derivatives:
Derivative Liability	[2],[5]	1
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member]
Derivatives:
Derivative Liability	[2],[5]	65	93
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member]
Derivatives:
Derivative Liability	[2],[5]	5	7
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | U.S. core fixed income fund [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	23	23
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	51	52
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Money market funds [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	22	20
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	9	11
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Collateralized mortgage-backed securities [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	8	6
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Equity securities [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	3	3
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Government bonds and notes [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	35	39
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Government mortgage-backed securities [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	24	19
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	28	27
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	14	17
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	1	1
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member]
Derivatives:
Derivative assets	[2],[5]	21	15
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Crude oil options [Member]
Derivatives:
Derivative assets	[2],[5]	174	316
Reported Value Measurement [Member] | Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Time Deposits [Member]
Derivatives:
Escrow Deposit Disbursements Related to Property Acquisition		117	115
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	48	46
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	170	172
Derivatives:
Derivative assets	[2],[5]	195	331
Total assets		413	549
Derivatives:
Derivative Liability	[2],[5]	71	100
Long-term debt, including current portion	[6]	20,191	18,735
Total liabilities		20,262	18,835
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member]
Derivatives:
Derivative Liability	[2],[5]	1
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member]
Derivatives:
Derivative Liability	[2],[5]	65	93
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member]
Derivatives:
Derivative Liability	[2],[5]	5	7
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | U.S. core fixed income fund [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	23	23
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	51	52
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Money market funds [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	22	20
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	9	11
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Collateralized mortgage-backed securities [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	8	6
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Equity securities [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	3	3
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Government bonds and notes [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	35	39
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Government mortgage-backed securities [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	24	19
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	28	27
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	14	17
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	1	1
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member]
Derivatives:
Derivative assets	[2],[5]	21	15
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Crude oil options [Member]
Derivatives:
Derivative assets	[2],[5]	174	316
Reclamation Guarantee [Member] | Reported Value Measurement [Member] | Other Current Assets [Member] | Fair Value, Measurements, Recurring [Member] | Time Deposits [Member]
Investment securities (current and long-term):
Investment securities		$ 10	8
Customs Audit Assessment [Member] | Reported Value Measurement [Member] | Other Current Assets [Member] | Fair Value, Measurements, Recurring [Member] | Time Deposits [Member]
Investment securities (current and long-term):
Investment securities			$ 9
[1]	Current portion included in other current assets and long-term portion included in other assets.
[2]	Recorded at fair value.
[3]	Excludes time deposits (which approximated fair value) included in other assets of $117 million at June 30, 2015, and $115 million at December 31, 2014, associated with an assurance bond to support PT Freeport Indonesia's (PT-FI) commitment for smelter development in Indonesia.
[4]	Excludes time deposits (which approximated fair value) included in other current assets of $10 million at June 30, 2015, and $8 million at December 31, 2014, associated with a reclamation guarantee at PT-FI. Also, excludes a time deposit of $9 million at December 31, 2014, associated with a customs audit assessment.
[5]	Refer to Note 7 for further discussion and balance sheet classifications. Crude oil options are net of $106 million at June 30, 2015, and $210 million at December 31, 2014, for deferred premiums and accrued interest.
[6]	Recorded at cost except for debt assumed in acquisitions, which were recorded at fair value at the respective acquisition dates.

Fair Value Measurement (Unaud40

Fair Value Measurement (Unaudited) Unobservable Inputs (Details) - Jun. 30, 2015 $ in Millions		USD ($)$ / bbl
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset		$ 330
Derivative Asset		194
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset	[1],[2]	316
Derivative Asset	[1],[2]	174
Crude Oil Options [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset		316
Net realized gains		21
Net unrealized gains included in earnings related to assets and liabilities still held at the end of the period	[3]	36
Net settlement (receipts) payments	[4]	(199)
Derivative Asset		$ 174
Crude Oil Options [Member] | Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Assumptions, Implied Volatilities		28.00%
Crude Oil Options [Member] | Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Assumptions, Implied Volatilities		41.00%
Crude Oil Options [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Deferred Premium Price | $ / bbl		6.89
Crude Oil Options [Member] | Weighted Average [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Assumptions, Implied Volatilities		32.00%
Sales [Member] | Crude Oil Options [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net unrealized gains included in earnings related to assets and liabilities still held at the end of the period		$ 37
Interest Expense [Member] | Crude Oil Options [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net unrealized gains included in earnings related to assets and liabilities still held at the end of the period	[3]	1
Net settlement (receipts) payments		$ (2)
[1]	Recorded at fair value.
[2]	Refer to Note 7 for further discussion and balance sheet classifications. Crude oil options are net of $106 million at June 30, 2015, and $210 million at December 31, 2014, for deferred premiums and accrued interest.
[3]	Includes net unrealized gains of $37 million, partially offset by $1 million of interest expense associated with the deferred premiums.
[4]	Includes interest payments of $2 million.

Contingencies and Commitments41

Contingencies and Commitments (Unaudited) (Details) $ in Millions, IDR in Trillions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015IDR
Loss Contingencies [Line Items]
Escrow Deposit	$ 125		$ 125
Legal Fees	33
Insurance and other third-party recoveries	$ 92	$ 0	92	$ 0
Dividends Payable, Date to be Paid	Aug. 3, 2015
PT Freeport Indonesia [Member]
Loss Contingencies [Line Items]
Assessment By Foreign Government Of Alleged Obligations	$ 190		$ 190
Assessment By Foreign Government of Alleged Obligations, Expressed in Foreign Currency | IDR					IDR 2.5

Business Segments (Unaudited)42

Business Segments (Unaudited) (Details) - USD ($) $ in Millions		3 Months Ended				6 Months Ended
		Jun. 30, 2015		Jun. 30, 2014		Jun. 30, 2015		Jun. 30, 2014		Dec. 31, 2014
Revenues:
Unaffiliated customers		$ 4,248		$ 5,522		$ 8,401		$ 10,507
Intersegment		0		0		0		0
Production and delivery		2,848		3,082		5,760		5,819
Depreciation, depletion and amortization		890		1,013		1,829		1,979
Impairment of oil and gas properties		2,686		0		5,790		0
Selling, general and administrative expenses		151		164		305		299
Mining exploration and research expenses		36		34		69		64
Environmental obligations and shutdown costs		11		76		24		82
Net gain on sale of assets		0		0		(39)		0
Operating income (loss)		(2,374)		1,153		(5,337)		2,264
Interest expense, net		149		164		295		325
Provision for (benefit from) income taxes		(687)		328		(1,382)		685
Total Assets		54,008		63,903		54,008		63,903		$ 58,674
Capital expenditures		1,661		1,950		3,528		3,562
Lower of cost or market inventory adjustments		(59)				(63)		0
Mining Operations [Member]
Revenues:
Unaffiliated customers		3,679		4,286		7,332		8,010
Intersegment		0		0		0		0
Production and delivery		2,565		2,754		5,191		5,180
Depreciation, depletion and amortization		402		394		807		740
Impairment of oil and gas properties		0				0
Selling, general and administrative expenses		40		42		81		80
Mining exploration and research expenses		36		34		69		64
Environmental obligations and shutdown costs		11		76		24		82
Net gain on sale of assets						(39)
Operating income (loss)		625		986		1,199		1,864
Interest expense, net		42		22		87		45
Provision for (benefit from) income taxes		128		140		207		309
Total Assets		38,434		37,491		38,434		37,491
Capital expenditures		854		1,049		1,694		2,073
North America Copper Mines [Member]
Revenues:
Unaffiliated customers		272		107		493		191
Intersegment		1,133		1,362		2,247		2,564
Production and delivery		962		870		1,905		1,656
Depreciation, depletion and amortization		139		128		272		235
Impairment of oil and gas properties		0				0
Selling, general and administrative expenses		2		1		3		2
Mining exploration and research expenses		2		2		5		4
Environmental obligations and shutdown costs		0		0		0		0
Net gain on sale of assets						(39)
Operating income (loss)		300		468		594		858
Interest expense, net		1		1		2		2
Provision for (benefit from) income taxes		0		0		0		0
Total Assets		9,388		9,497		9,388		9,497
Capital expenditures		107		324		214		627
Morenci [Member]
Revenues:
Unaffiliated customers		180		52		286		75
Intersegment		427		474		877		918
Production and delivery		386		312		760		595
Depreciation, depletion and amortization		55		43		106		77
Impairment of oil and gas properties		0				0
Selling, general and administrative expenses		0		1		1		1
Mining exploration and research expenses		0		0		0		0
Environmental obligations and shutdown costs		0		0		0		0
Net gain on sale of assets						0
Operating income (loss)		166		170		296		320
Interest expense, net		0		0		1		1
Provision for (benefit from) income taxes		0		0		0		0
Total Assets		3,806		3,675		3,806		3,675
Capital expenditures		79		289		163		533
Other North America Copper Mines [Member]
Revenues:
Unaffiliated customers		92		55		207		116
Intersegment		706		888		1,370		1,646
Production and delivery		576	[1]	558		1,145	[2]	1,061
Depreciation, depletion and amortization		84		85		166		158
Impairment of oil and gas properties		0				0
Selling, general and administrative expenses		2		0		2		1
Mining exploration and research expenses		2		2		5		4
Environmental obligations and shutdown costs		0		0		0		0
Net gain on sale of assets						(39)
Operating income (loss)		134		298		298		538
Interest expense, net		1		1		1		1
Provision for (benefit from) income taxes		0		0		0		0
Total Assets		5,582		5,822		5,582		5,822
Capital expenditures		28		35		51		94
Lower of cost or market inventory adjustments		(11)				(11)
South America Mines [Member]
Revenues:
Unaffiliated customers		416		945		895		1,647
Intersegment		37		86		44		282
Production and delivery		315		530		660		1,006
Depreciation, depletion and amortization		72		95		147		182
Impairment of oil and gas properties		0				0
Selling, general and administrative expenses		1		2		2		4
Mining exploration and research expenses		0		0		0		0
Environmental obligations and shutdown costs		0		0		0		0
Net gain on sale of assets						0
Operating income (loss)		65		404		130		737
Interest expense, net		0		0		1		0
Provision for (benefit from) income taxes		6		140		30		267
Total Assets		10,502		10,667		10,502		10,667
Capital expenditures		457		416		902		839
Cerro Verde [Member]
Revenues:
Unaffiliated customers		195		421		443		701
Intersegment		37		23		51		87
Production and delivery		165		195		363		360
Depreciation, depletion and amortization		40		43		77		79
Impairment of oil and gas properties		0				0
Selling, general and administrative expenses		0		1		1		2
Mining exploration and research expenses		0		0		0		0
Environmental obligations and shutdown costs		0		0		0		0
Net gain on sale of assets						0
Operating income (loss)		27		205		53		347
Interest expense, net		0		0		1		0
Provision for (benefit from) income taxes		(5)		73		0		130
Total Assets		8,567		6,876		8,567		6,876
Capital expenditures		444		391		875		791
Other South America Mines [Member]
Revenues:
Unaffiliated customers		221	[3]	524	[3]	452	[4]	946	[4]
Intersegment		0	[3]	63	[3]	(7)	[4],[5]	195	[4]
Production and delivery		150	[3]	335	[3]	297	[4]	646	[4]
Depreciation, depletion and amortization		32	[3]	52	[3]	70	[4]	103	[4]
Impairment of oil and gas properties		0	[3]			0	[4]
Selling, general and administrative expenses		1	[3]	1	[3]	1	[4]	2	[4]
Mining exploration and research expenses		0	[3]	0	[3]	0	[4]	0	[4]
Environmental obligations and shutdown costs		0	[3]	0	[3]	0	[4]	0	[4]
Net gain on sale of assets	[4]					0
Operating income (loss)		38	[3]	199	[3]	77	[4]	390	[4]
Interest expense, net		0	[3]	0	[3]	0	[4]	0	[4]
Provision for (benefit from) income taxes		11	[3]	67	[3]	30	[4]	137	[4]
Total Assets	[3]	1,935		3,791		1,935		3,791
Capital expenditures		13	[3]	25	[3]	27	[4]	48	[4]
Indonesia - Grasberg [Member]
Revenues:
Unaffiliated customers		792	[6]	523	[6]	1,413	[7]	985	[7]
Intersegment		(2)	[8]	0		(16)	[5]	8
Production and delivery		455		511		894		894
Depreciation, depletion and amortization		78		54		148		102
Impairment of oil and gas properties		0				0
Selling, general and administrative expenses		25		25		50		46
Mining exploration and research expenses		0		0		0		0
Environmental obligations and shutdown costs		0		0		0		0
Net gain on sale of assets						0
Operating income (loss)		232		(67)		305		(49)
Interest expense, net		0		0		0		0
Provision for (benefit from) income taxes		95		(33)		124		(15)
Total Assets		8,959		7,972		8,959		7,972
Capital expenditures		213		243		438		479
Africa - Tenke [Member]
Revenues:
Unaffiliated customers		310		386		692		692
Intersegment		41		32		69		53
Production and delivery		190		198		425		350
Depreciation, depletion and amortization		57		63		130		114
Impairment of oil and gas properties		0				0
Selling, general and administrative expenses		3		3		6		6
Mining exploration and research expenses		0		0		0		0
Environmental obligations and shutdown costs		0		0		0		0
Net gain on sale of assets						0
Operating income (loss)		101		154		200		275
Interest expense, net		0		0		0		0
Provision for (benefit from) income taxes		27		33		53		57
Total Assets		5,125		4,952		5,125		4,952
Capital expenditures		58		29		97		60
Molybdenum mines [Member]
Revenues:
Unaffiliated customers		0		0		0		0
Intersegment		102		170		215		296
Production and delivery		84	[1]	81		167	[2]	157
Depreciation, depletion and amortization		25		24		51		46
Impairment of oil and gas properties		0				0
Selling, general and administrative expenses		0		0		0		0
Mining exploration and research expenses		0		0		0		0
Environmental obligations and shutdown costs		0		0		0		0
Net gain on sale of assets						0
Operating income (loss)		(7)		65		(3)		93
Interest expense, net		0		0		0		0
Provision for (benefit from) income taxes		0		0		0		0
Total Assets		2,052		2,095		2,052		2,095
Capital expenditures		4		14		7		33
Lower of cost or market inventory adjustments		(3)				(3)
Rod & Refining [Member]
Revenues:
Unaffiliated customers		1,089		1,234		2,151		2,380
Intersegment		8		8		15		16
Production and delivery		1,088		1,233		2,151		2,381
Depreciation, depletion and amortization		3		3		5		5
Impairment of oil and gas properties		0				0
Selling, general and administrative expenses		0		0		0		0
Mining exploration and research expenses		0		0		0		0
Environmental obligations and shutdown costs		0		0		0		0
Net gain on sale of assets						0
Operating income (loss)		6		6		10		10
Interest expense, net		0		0		0		0
Provision for (benefit from) income taxes		0		0		0		0
Total Assets		286		299		286		299
Capital expenditures		0		1		1		2
Atlantic Copper Smelting & Refining [Member]
Revenues:
Unaffiliated customers		495		623		1,035		1,211
Intersegment		5		6		11		11
Production and delivery		468		618		987		1,206
Depreciation, depletion and amortization		9		10		19		20
Impairment of oil and gas properties		0				0
Selling, general and administrative expenses		4		5		9		9
Mining exploration and research expenses		0		0		0		0
Environmental obligations and shutdown costs		0		0		0		0
Net gain on sale of assets						0
Operating income (loss)		19		(4)		31		(13)
Interest expense, net		2		3		5		7
Provision for (benefit from) income taxes		0		0		0		0
Total Assets		786		882		786		882
Capital expenditures		4		5		8		6
Other Mining & Eliminations [Member]
Revenues:
Unaffiliated customers	[9]	305		468		653		904
Intersegment		(1,324)		(1,664)		(2,585)		(3,230)
Production and delivery		(997)	[1]	(1,287)		(1,998)	[2]	(2,470)
Depreciation, depletion and amortization		19		17		35		36
Impairment of oil and gas properties		0				0
Selling, general and administrative expenses		5		6		11		13
Mining exploration and research expenses		34		32		64		60
Environmental obligations and shutdown costs		11		76		24		82
Net gain on sale of assets						0
Operating income (loss)		(91)		(40)		(68)		(47)
Interest expense, net		39		18		79		36
Provision for (benefit from) income taxes		0		0		0		0
Total Assets		1,336		1,127		1,336		1,127
Capital expenditures		11		17		27		27
Lower of cost or market inventory adjustments		(45)				(49)
U.S. Oil & Gas Operations [Member]
Revenues:
Unaffiliated customers		569	[10],[11]	1,236	[10],[11]	1,069	[12],[13]	2,497	[12],[13]
Intersegment		0	[11]	0	[11]	0	[13]	0	[13]
Production and delivery		281	[11]	329	[11]	564	[13]	640	[13]
Depreciation, depletion and amortization		485	[11]	616	[11]	1,015	[13]	1,232	[13]
Impairment of oil and gas properties		2,686	[11]			5,790	[13]
Selling, general and administrative expenses		49	[11]	59	[11]	103	[13]	116	[13]
Mining exploration and research expenses		0	[11]	0	[11]	0	[13]	0	[13]
Environmental obligations and shutdown costs		0	[11]	0	[11]	0	[13]	0	[13]
Net gain on sale of assets	[13]					0
Operating income (loss)		(2,932)	[11]	232	[11]	(6,403)	[13]	509	[13]
Interest expense, net		41	[11]	74	[11]	78	[13]	150	[13]
Provision for (benefit from) income taxes		0	[11]	0	[11]	0	[13]	0	[13]
Total Assets	[11]	15,393		25,293		15,393		25,293
Capital expenditures		777	[11]	903	[11]	1,795	[13]	1,484	[13]
Corporate, Other & Eliminations [Member]
Revenues:
Unaffiliated customers		0		0		0		0
Intersegment		0		0		0		0
Production and delivery		2		(1)		5		(1)
Depreciation, depletion and amortization		3		3		7		7
Impairment of oil and gas properties		0				0
Selling, general and administrative expenses		62		63		121		103
Mining exploration and research expenses		0		0		0		0
Environmental obligations and shutdown costs		0		0		0		0
Net gain on sale of assets						0
Operating income (loss)		(67)		(65)		(133)		(109)
Interest expense, net		66		68		130		130
Provision for (benefit from) income taxes		(815)		188		(1,589)		376
Total Assets		181		1,119		181		1,119
Capital expenditures		30		(2)		39		5
Crude oil and natural gas swaps [Member]
Revenues:
Net mark-to-market gains (losses) on derivative contracts		6		(70)		$ 58		(120)
Pt Smelting [Member]
Segment Reporting Information [Line Items]
Deferred Intercompany Profit, Percentage						25.00%
Revenues:
Revenues		$ 293		$ 540		$ 643		$ 913
Equity Method Investment, Ownership Percentage		25.00%				25.00%
[1]	Includes LCM inventory adjustments totaling $11 million at other North America copper mines, $3 million at Molybdenum mines and $45 million at other mining & eliminations (see Note 4).
[2]	Includes LCM inventory adjustments totaling $11 million at other North America copper mines, $3 million at Molybdenum mines and $49 million at other mining & eliminations (see Note 4).
[3]	Second-quarter 2014 includes the results of the Candelaria and Ojos del Salado mining operations, which were sold in November 2014.
[4]	The first six months of 2014 include the results of the Candelaria and Ojos del Salado mining operations, which were sold in November 2014.
[5]	Amounts include net reductions for provisional pricing adjustments to prior period open sales. There were no intersegment sales from El Abra or Grasberg for the first six months of 2015.
[6]	Includes PT-FI’s sales to PT Smelting totaling $293 million in second-quarter 2015 and $540 million in second-quarter 2014.
[7]	Includes PT-FI’s sales to PT Smelting totaling $643 million for the first six months of 2015 and $913 million for the first six months of 2014.
[8]	Amounts include net reductions for provisional pricing adjustments to prior period open sales. There were no intersegment sales from Grasberg in second-quarter 2015.
[9]	Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North and South America copper mines.
[10]	Includes net mark-to-market gains (losses) associated with crude oil and natural gas derivative contracts totaling $6 million in second-quarter 2015 and $(70) million in second-quarter 2014.
[11]	Second-quarter 2014 includes the results from Eagle Ford, which was sold in June 2014.
[12]	Includes net mark-to-market gains (losses) associated with crude oil and natural gas derivative contracts totaling $58 million for the first six months 2015 and $(120) million for the first six months of 2014.
[13]	The first six months of 2014 include the results from Eagle Ford, which was sold in June 2014.

Guarantor Financial Statement43

Guarantor Financial Statements (Unaudited) (Details)	Jun. 30, 2015
FM O&G LLC Guarantor [Member]
Debt Instrument [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	100.00%

Guarantor Financial Statement44

Guarantor Financial Statements (Unaudited) Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions		Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
ASSETS
Current assets		$ 8,697	$ 9,045
Property, plant, equipment and mining development costs, net		27,095	26,220
Oil and gas properties, net - full cost method
Subject to amortization, less accumulated amortization		4,649	9,187
Not subject to amortization		9,312	10,087
Investments in consolidated subsidiaries		0	0
Other assets		4,255	4,135
Total assets		54,008	58,674	$ 63,903
LIABILITIES AND EQUITY
Current liabilities		4,739	5,172
Long-term debt, less current portion		20,111	18,371
Deferred income taxes		4,870	6,398
Environmental and asset retirement obligations, less current portion		3,716	3,647
Other liabilities		1,760	1,861
Total liabilities		35,196	35,449
Redeemable noncontrolling interest		757	751
Equity:
Stockholders' equity		13,805	18,287
Noncontrolling interests		4,250	4,187
Total equity		18,055	22,474
Total liabilities and equity		54,008	58,674
FCX Issuer [Member]
ASSETS
Current assets		257	323
Property, plant, equipment and mining development costs, net		20	22
Oil and gas properties, net - full cost method
Subject to amortization, less accumulated amortization		0	0
Not subject to amortization		0	0
Investments in consolidated subsidiaries		24,153	28,765
Other assets		9,991	8,914
Total assets		34,421	38,024
LIABILITIES AND EQUITY
Current liabilities		3,106	1,592
Long-term debt, less current portion		15,841	14,930
Deferred income taxes	[1]	1,613	3,161
Environmental and asset retirement obligations, less current portion		0	0
Other liabilities		56	54
Total liabilities		20,616	19,737
Redeemable noncontrolling interest		0	0
Equity:
Stockholders' equity		13,805	18,287
Noncontrolling interests		0	0
Total equity		13,805	18,287
Total liabilities and equity		34,421	38,024
FM O&G LLC Guarantor [Member]
ASSETS
Current assets		2,900	2,635
Property, plant, equipment and mining development costs, net		51	46
Oil and gas properties, net - full cost method
Subject to amortization, less accumulated amortization		1,507	3,296
Not subject to amortization		2,649	2,447
Investments in consolidated subsidiaries		2,216	6,460
Other assets		4,703	3,947
Total assets		14,026	18,831
LIABILITIES AND EQUITY
Current liabilities		433	560
Long-term debt, less current portion		5,181	3,874
Deferred income taxes		0	0
Environmental and asset retirement obligations, less current portion		307	302
Other liabilities		3,361	3,372
Total liabilities		9,282	8,108
Redeemable noncontrolling interest		0	0
Equity:
Stockholders' equity		4,744	10,723
Noncontrolling interests		0	0
Total equity		4,744	10,723
Total liabilities and equity		14,026	18,831
Non-Guarantor Subsidiaries [Member]
ASSETS
Current assets		9,665	8,659
Property, plant, equipment and mining development costs, net		27,024	26,152
Oil and gas properties, net - full cost method
Subject to amortization, less accumulated amortization		3,142	5,907
Not subject to amortization		6,659	7,640
Investments in consolidated subsidiaries		4,019	10,246
Other assets		4,179	4,061
Total assets		54,688	62,665
LIABILITIES AND EQUITY
Current liabilities		5,325	5,592
Long-term debt, less current portion		10,221	8,879
Deferred income taxes		3,257	3,237
Environmental and asset retirement obligations, less current portion		3,409	3,345
Other liabilities		1,829	1,910
Total liabilities		24,041	22,963
Redeemable noncontrolling interest		757	751
Equity:
Stockholders' equity		26,173	35,268
Noncontrolling interests		3,717	3,683
Total equity		29,890	38,951
Total liabilities and equity		54,688	62,665
Eliminations [Member]
ASSETS
Current assets		(4,125)	(2,572)
Property, plant, equipment and mining development costs, net		0	0
Oil and gas properties, net - full cost method
Subject to amortization, less accumulated amortization		0	(16)
Not subject to amortization		4	0
Investments in consolidated subsidiaries		(30,388)	(45,471)
Other assets		(14,618)	(12,787)
Total assets		(49,127)	(60,846)
LIABILITIES AND EQUITY
Current liabilities		(4,125)	(2,572)
Long-term debt, less current portion		(11,132)	(9,312)
Deferred income taxes		0	0
Environmental and asset retirement obligations, less current portion		0	0
Other liabilities		(3,486)	(3,475)
Total liabilities		(18,743)	(15,359)
Redeemable noncontrolling interest		0	0
Equity:
Stockholders' equity		(30,917)	(45,991)
Noncontrolling interests		533	504
Total equity		(30,384)	(45,487)
Total liabilities and equity		$ (49,127)	$ (60,846)
[1]	All U.S. related deferred income taxes are recorded at the parent company.

Guarantor Financial Statement45

Guarantor Financial Statements (Unaudited) Condensed Consolidating Statements of Income (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2015		Jun. 30, 2014	Jun. 30, 2015		Jun. 30, 2014
Revenues	$ 4,248		$ 5,522	$ 8,401		$ 10,507
Total costs and expenses	6,622		4,369	13,738		8,243
Operating (loss) income	(2,374)		1,153	(5,337)		2,264
Interest expense, net	(149)		(164)	(295)		(325)
Net gain on early extinguishment of debt	0		5	0		5
Other income (expense), net	37		(8)	44		25
(Loss) income before income taxes and equity in affiliated companies' net earnings	(2,486)		986	(5,588)		1,969
Benefit from (provision for) income taxes	687		(328)	1,382		(685)
Equity in affiliated companies' net (losses) earnings	0		2	1		2
Net (loss) income	(1,799)		660	(4,205)		1,286
Net income and preferred dividends attributable to noncontrolling interests	(52)		(178)	(120)		(294)
Net (loss) income attributable to common stockholders	(1,851)		482	(4,325)		992
Other comprehensive income (loss)	9		1	21		4
Total comprehensive (loss) income	(1,842)		483	(4,304)		996
Impairment of oil and gas properties	2,686		0	5,790		0
FCX Issuer [Member]
Revenues	0		0	0		0
Total costs and expenses	19		21	35		32
Operating (loss) income	(19)		(21)	(35)		(32)
Interest expense, net	(121)		(87)	(236)		(169)
Net gain on early extinguishment of debt			(1)			(1)
Other income (expense), net	127		17	156		37
(Loss) income before income taxes and equity in affiliated companies' net earnings	(13)		(92)	(115)		(165)
Benefit from (provision for) income taxes	(265)		26	(686)		5
Equity in affiliated companies' net (losses) earnings	(1,573)		548	(3,524)		1,152
Net (loss) income	(1,851)		482	(4,325)		992
Net income and preferred dividends attributable to noncontrolling interests	0		0	0		0
Net (loss) income attributable to common stockholders	(1,851)		482	(4,325)		992
Other comprehensive income (loss)	9		1	21		4
Total comprehensive (loss) income	(1,842)		483	(4,304)		996
Impairment of oil and gas properties				0
FM O&G LLC Guarantor [Member]
Revenues	169		570	350		1,214
Total costs and expenses	1,217	[1]	489	2,535	[2]	1,015
Operating (loss) income	(1,048)		81	(2,185)		199
Interest expense, net	(2)		(44)	(6)		(85)
Net gain on early extinguishment of debt			6			6
Other income (expense), net	0		1	0		1
(Loss) income before income taxes and equity in affiliated companies' net earnings	(1,050)		44	(2,191)		121
Benefit from (provision for) income taxes	374		26	790		(17)
Equity in affiliated companies' net (losses) earnings	(1,920)		126	(4,279)		256
Net (loss) income	(2,596)		196	(5,680)		360
Net income and preferred dividends attributable to noncontrolling interests	0		0	0		0
Net (loss) income attributable to common stockholders	(2,596)		196	(5,680)		360
Other comprehensive income (loss)	0		0	0		0
Total comprehensive (loss) income	(2,596)		196	(5,680)		360
Impairment of oil and gas properties	990			2,052
Non-Guarantor Subsidiaries [Member]
Revenues	4,079		4,952	8,051		9,293
Total costs and expenses	5,383	[1]	3,865	11,181	[2]	7,204
Operating (loss) income	(1,304)		1,087	(3,130)		2,089
Interest expense, net	(67)		(51)	(124)		(109)
Net gain on early extinguishment of debt			0			0
Other income (expense), net	(56)		(8)	(48)		25
(Loss) income before income taxes and equity in affiliated companies' net earnings	(1,427)		1,028	(3,302)		2,005
Benefit from (provision for) income taxes	580		(378)	1,286		(670)
Equity in affiliated companies' net (losses) earnings	(2,972)		154	(6,502)		339
Net (loss) income	(3,819)		804	(8,518)		1,674
Net income and preferred dividends attributable to noncontrolling interests	(38)		(180)	(94)		(291)
Net (loss) income attributable to common stockholders	(3,857)		624	(8,612)		1,383
Other comprehensive income (loss)	9		1	21		4
Total comprehensive (loss) income	(3,848)		625	(8,591)		1,387
Impairment of oil and gas properties	1,674			3,717
Eliminations [Member]
Revenues	0		0	0		0
Total costs and expenses	3		(6)	(13)		(8)
Operating (loss) income	(3)		6	13		8
Interest expense, net	41		18	71		38
Net gain on early extinguishment of debt			0			0
Other income (expense), net	(34)		(18)	(64)		(38)
(Loss) income before income taxes and equity in affiliated companies' net earnings	4		6	20		8
Benefit from (provision for) income taxes	(2)		(2)	(8)		(3)
Equity in affiliated companies' net (losses) earnings	6,465		(826)	14,306		(1,745)
Net (loss) income	6,467		(822)	14,318		(1,740)
Net income and preferred dividends attributable to noncontrolling interests	(14)		2	(26)		(3)
Net (loss) income attributable to common stockholders	6,453		(820)	14,292		(1,743)
Other comprehensive income (loss)	(9)		(1)	(21)		(4)
Total comprehensive (loss) income	$ 6,444		$ (821)	14,271		$ (1,747)
Impairment of oil and gas properties				$ 21
[1]	Includes charges totaling $1.0 billion at the FM O&G LLC guarantor and $1.7 billion at the non-guarantor subsidiaries related to ceiling test impairment of FCX's oil and gas properties pursuant to full cost accounting rules.
[2]	Includes charges totaling $2.1 billion at the FM O&G LLC guarantor and $3.7 billion at the non-guarantor subsidiaries related to ceiling test impairment of FCX's oil and gas properties pursuant to full cost accounting rules.

Guarantor Financial Statement46

Guarantor Financial Statements (Unaudited) Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Cash flow from operating activities:
Net (loss) income	$ (1,799)	$ 660	$ (4,205)	$ 1,286
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation, depletion and amortization	890	1,013	1,829	1,979
Impairment of oil and gas properties	2,686	0	5,790	0
Net (gains) losses on crude oil and natural gas derivative contracts			(58)	120
Net gain on early extinguishment of debt	0	(5)	0	(5)
Equity in losses (earnings) of consolidated subsidiaries			(1)	(2)
Other, net			(1,379)	(14)
Changes in working capital and other tax payments			(190)	(777)
Net cash provided by operating activities			1,786	2,587
Cash flow from investing activities:
Capital expenditures	(1,661)	(1,950)	(3,528)	(3,562)
Acquisition of Deepwater Gulf of Mexico interests			0	(925)
Intercompany loans			0	0
Dividends from (investments in) consolidated subsidiaries			0	0
Net proceeds from sale of Eagle Ford shale assets			0	3,009
Other, net			136	(363)
Net cash used in investing activities			(3,392)	(1,841)
Cash flow from financing activities:
Proceeds from debt			4,422	1,248
Repayments of debt			(2,360)	(1,611)
Intercompany loans			0	0
Cash dividends and distributions paid, and contributions received			(440)	(903)
Other, net			(14)	(7)
Net cash provided by (used in) financing activities			1,608	(1,273)
Net increase (decrease) in cash and cash equivalents			2	(527)
Cash and cash equivalents at beginning of year			464	1,985
Cash and cash equivalents at end of period	466	1,458	466	1,458
FCX Issuer [Member]
Cash flow from operating activities:
Net (loss) income	(1,851)	482	(4,325)	992
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation, depletion and amortization			2	2
Impairment of oil and gas properties			0
Net (gains) losses on crude oil and natural gas derivative contracts			0	0
Net gain on early extinguishment of debt		1		1
Equity in losses (earnings) of consolidated subsidiaries			3,524	(1,152)
Other, net			(1,431)	121
Changes in working capital and other tax payments			2,222	(164)
Net cash provided by operating activities			(8)	(200)
Cash flow from investing activities:
Capital expenditures			0	0
Acquisition of Deepwater Gulf of Mexico interests				0
Intercompany loans			(1,073)	1,318
Dividends from (investments in) consolidated subsidiaries			438	(364)
Net proceeds from sale of Eagle Ford shale assets				0
Other, net			(10)	0
Net cash used in investing activities			(645)	954
Cash flow from financing activities:
Proceeds from debt			2,735	890
Repayments of debt			(1,690)	(990)
Intercompany loans			0	0
Cash dividends and distributions paid, and contributions received			(380)	(653)
Other, net			(12)	(1)
Net cash provided by (used in) financing activities			653	(754)
Net increase (decrease) in cash and cash equivalents			0	0
Cash and cash equivalents at beginning of year			0	0
Cash and cash equivalents at end of period	0	0	0	0
FM O&G LLC Guarantor [Member]
Cash flow from operating activities:
Net (loss) income	(2,596)	196	(5,680)	360
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation, depletion and amortization			223	545
Impairment of oil and gas properties	990		2,052
Net (gains) losses on crude oil and natural gas derivative contracts			(58)	120
Net gain on early extinguishment of debt		(6)		(6)
Equity in losses (earnings) of consolidated subsidiaries			4,279	(256)
Other, net			9	(12)
Changes in working capital and other tax payments			(550)	(2,165)
Net cash provided by operating activities			275	(1,414)
Cash flow from investing activities:
Capital expenditures			(734)	(897)
Acquisition of Deepwater Gulf of Mexico interests				0
Intercompany loans			(794)	1,629
Dividends from (investments in) consolidated subsidiaries			(31)	(96)
Net proceeds from sale of Eagle Ford shale assets				3,009
Other, net			(1)	(381)
Net cash used in investing activities			(1,560)	3,264
Cash flow from financing activities:
Proceeds from debt			0	0
Repayments of debt			0	(224)
Intercompany loans			1,321	(170)
Cash dividends and distributions paid, and contributions received			0	(1,453)
Other, net			(37)	(2)
Net cash provided by (used in) financing activities			1,284	(1,849)
Net increase (decrease) in cash and cash equivalents			(1)	1
Cash and cash equivalents at beginning of year			1	0
Cash and cash equivalents at end of period	0	1	0	1
Non-Guarantor Subsidiaries [Member]
Cash flow from operating activities:
Net (loss) income	(3,819)	804	(8,518)	1,674
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation, depletion and amortization			1,638	1,440
Impairment of oil and gas properties	1,674		3,717
Net (gains) losses on crude oil and natural gas derivative contracts			0	0
Net gain on early extinguishment of debt		0		0
Equity in losses (earnings) of consolidated subsidiaries			6,502	39
Other, net			43	(123)
Changes in working capital and other tax payments			(1,870)	1,552
Net cash provided by operating activities			1,512	4,582
Cash flow from investing activities:
Capital expenditures			(2,787)	(2,665)
Acquisition of Deepwater Gulf of Mexico interests				(925)
Intercompany loans			0	0
Dividends from (investments in) consolidated subsidiaries			74	1,079
Net proceeds from sale of Eagle Ford shale assets				0
Other, net			137	18
Net cash used in investing activities			(2,576)	(2,493)
Cash flow from financing activities:
Proceeds from debt			1,687	358
Repayments of debt			(670)	(397)
Intercompany loans			546	(2,777)
Cash dividends and distributions paid, and contributions received			(481)	203
Other, net			(15)	(4)
Net cash provided by (used in) financing activities			1,067	(2,617)
Net increase (decrease) in cash and cash equivalents			3	(528)
Cash and cash equivalents at beginning of year			463	1,985
Cash and cash equivalents at end of period	466	1,457	466	1,457
Eliminations [Member]
Cash flow from operating activities:
Net (loss) income	6,467	(822)	14,318	(1,740)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation, depletion and amortization			(34)	(8)
Impairment of oil and gas properties			21
Net (gains) losses on crude oil and natural gas derivative contracts			0	0
Net gain on early extinguishment of debt		0		0
Equity in losses (earnings) of consolidated subsidiaries			(14,306)	1,367
Other, net			0	0
Changes in working capital and other tax payments			8	0
Net cash provided by operating activities			7	(381)
Cash flow from investing activities:
Capital expenditures			(7)	0
Acquisition of Deepwater Gulf of Mexico interests				0
Intercompany loans			1,867	(2,947)
Dividends from (investments in) consolidated subsidiaries			(481)	(619)
Net proceeds from sale of Eagle Ford shale assets				0
Other, net			10	0
Net cash used in investing activities			1,389	(3,566)
Cash flow from financing activities:
Proceeds from debt			0	0
Repayments of debt			0	0
Intercompany loans			(1,867)	2,947
Cash dividends and distributions paid, and contributions received			421	1,000
Other, net			50	0
Net cash provided by (used in) financing activities			(1,396)	3,947
Net increase (decrease) in cash and cash equivalents			0	0
Cash and cash equivalents at beginning of year			0	0
Cash and cash equivalents at end of period	$ 0	$ 0	$ 0	$ 0

New Accounting Standard (Unau47

New Accounting Standard (Unaudited) (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
New Accounting Standards [Abstract]
Unamortized Debt Issuance Expense	$ 116	$ 121

Subsequent Events (Unaudited) (

Subsequent Events (Unaudited) (Details) - PT Freeport Indonesia [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2015
Subsequent Event [Line Items]
Assurance Bond, Smelter Development			$ 115
Subsequent Event [Member]
Subsequent Event [Line Items]
Progressive Export Duty on Copper Concentrates, Percent		5.00%
Expiration Date, Memorandum of Understanding with Foreign Government		Jul. 25, 2015
Export Permit Renewal Term		6 months
Expiration Date, Export Permit	Jan. 28, 2016
Effective Date, Export Permit		Jul. 29, 2015
Stage 1 [Member]
Subsequent Event [Line Items]
Progressive Export Duty on Copper Concentrates, Percent			7.50%
Stage 2 [Member]
Subsequent Event [Line Items]
Progressive Export Duty on Copper Concentrates, Percent			5.00%
Smelter Development Progress, Percent			7.50%
Stage 3 [Member]
Subsequent Event [Line Items]
Progressive Export Duty on Copper Concentrates, Percent			0.00%
Smelter Development Progress, Percent			30.00%