Freeport-McMoRan (FCX) 8-K 9 Nov 16 2016 Q1 Other Events Financial data

Document and Entity Information

Document and Entity Information Document - USD ($) $ in Billions	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016	Jun. 30, 2015
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			$ 19.1
Entity Common Stock, Shares Outstanding		1,252,141,504
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Document Type	8-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2016

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions		Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents		$ 252	$ 195
Trade accounts receivable		818	660
Income and other tax receivables		1,099	1,341
Other accounts receivable		103	154
Inventories:
Mill and leach stockpiles		1,456	1,539
Materials and supplies, net	[1]	1,445	1,594
Product		1,074	1,071
Other current assets		223	164
Current assets held for sale		763	744
Total current assets		7,233	7,462
Property, plant, equipment and mining development costs, net		24,132	24,246
Oil and gas properties, net - full cost method
Subject to amortization, less accumulated amortization and impairment		1,700	2,262
Not subject to amortization		1,743	4,831
Long-term mill and leach stockpiles		1,703	1,663
Other assets		2,039	1,989
Long-term assets held for sale		4,114	4,124
Total assets		42,664	46,577
Current liabilities:
Accounts payable and accrued liabilities		2,888	3,255
Current portion of debt		1,139	649
Current portion of environmental and asset retirement obligations		269	272
Accrued income taxes		30	23
Current liabilities held for sale		100	108
Total current liabilities		4,426	4,307
Long-term debt, less current portion		19,638	19,779
Deferred income taxes		3,765	3,607
Environmental and asset retirement obligations, less current portion		3,740	3,717
Other liabilities		1,642	1,641
Long-term liabilities held for sale		716	718
Total liabilities		33,927	33,769
Redeemable noncontrolling interest		767	764
Stockholders’ equity:
Common stock		138	137
Capital in excess of par value		24,333	24,283
Accumulated deficit		(16,570)	(12,387)
Accumulated other comprehensive loss		(503)	(503)
Common stock held in treasury		(3,706)	(3,702)
Total stockholders’ equity		3,692	7,828
Noncontrolling interests		4,278	4,216
Total equity		7,970	12,044
Total liabilities and equity		$ 42,664	$ 46,577
[1]	Materials and supplies inventory was net of obsolescence reserves totaling $27 million at March 31, 2016, and $26 million at December 31, 2015.

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues	$ 3,242	$ 3,771
Cost of sales:
Production and delivery	2,499	2,679
Depreciation, depletion and amortization	662	866
Impairment of oil and gas properties	3,787	3,104
Total cost of sales	6,948	6,649
Selling, general and administrative expenses	138	151
Mining exploration and research expenses	18	27
Environmental obligations and shutdown costs	10	13
Net gain on sale of assets	0	(39)
Total costs and expenses	7,114	6,801
Operating loss	(3,872)	(3,030)
Interest expense, net	(191)	(139)
Other income, net	36	7
Loss from continuing operations before income taxes and equity in affiliated companies' net earnings	(4,027)	(3,162)
(Provision for) benefit from income taxes	(77)	714
Equity in affiliated companies’ net earnings	7	1
Net loss from continuing operations	(4,097)	(2,447)
Net (loss) income from discontinued operations	(4)	41
Net loss	(4,101)	(2,406)
Net Income (Loss) Attributable to Noncontrolling Interest [Abstract]
Continuing operations	(62)	(32)
Discontinued operations	(10)	(26)
Preferred dividends attributable to redeemable noncontrolling interest	(11)	(10)
Net loss attributable to common stockholders	$ (4,184)	$ (2,474)
Earnings Per Share, Basic and Diluted [Abstract]
Continuing operations	$ (3.34)	$ (2.40)
Discontinued operations	(0.01)	0.02
Basic and diluted net (loss) income per share attributable to common stockholders:	$ (3.35)	$ (2.38)
Basic and diluted weighted-average common shares outstanding	1,251	1,040
Dividends declared per share of common stock	$ 0	$ 0.05

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Inventory Write-down	$ 35	$ 4
Net loss	(4,101)	(2,406)
Defined benefit plans:
Amortization of unrecognized amounts included in net periodic benefit costs	8	8
Foreign exchange (losses) gains	(9)	4
Other comprehensive (loss) income	(1)	12
Total comprehensive loss	(4,102)	(2,394)
Total comprehensive income attributable to noncontrolling interests	(71)	(58)
Preferred dividends attributable to redeemable noncontrolling interest	(11)	(10)
Total comprehensive loss attributable to common stockholders	$ (4,184)	$ (2,462)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flow from operating activities:
Net loss	$ (4,101)	$ (2,406)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, Depletion and Amortization	722	939
Impairment of oil and gas properties	3,787	3,104
Oil and gas inventory write downs	35	4
Net gain on sale of assets	0	(39)
Net charges for environmental and asset retirement obligations, including accretion	57	53
Payments for environmental and asset retirement obligations	(90)	(42)
Deferred income taxes	152	(709)
Increase in long-term mill and leach stockpiles	(53)	(82)
Net gains on crude oil derivative contracts	0	(52)
Other, net	43	33
Changes in working capital and other tax payments, excluding amounts from disposition:
Accounts receivable	93	316
Inventories	114	165
Other current assets	(68)	(42)
Accounts payable and accrued liabilities	9	(402)
Accrued income taxes and changes in other tax payments	40	(123)
Net cash provided by operating activities	740	717
Capital expenditures:
North America copper mines	(34)	(107)
South America	(157)	(445)
Indonesia	(225)	(225)
Molybdenum mines	(1)	(3)
United States oil and gas operations	(480)	(1,018)
Other	(85)	(69)
Other, net	2	127
Net cash used in investing activities	(980)	(1,740)
Cash flow from financing activities:
Proceeds from debt	1,796	2,273
Repayments of debt	(1,442)	(802)
Net proceeds from sale of common Stock	32	0
Cash dividends and distributions paid:
Common stock	(4)	(327)
Noncontrolling interests	(18)	(23)
Stock-based awards net payments, including excess tax benefit	(4)	(6)
Debt financing costs and other, net	(13)	(7)
Net cash provided by financing activities	347	1,108
Net increase in cash and cash equivalents	107	85
Increase in cash and cash equivalents held for sale	(50)	(62)
Cash and cash equivalents at beginning of year	195	317
Cash and cash equivalents at end of period	$ 252	$ 340

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - 3 months ended Mar. 31, 2016 - 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, 2015	$ 12,044	$ 7,828	$ 137	$ 24,283	$ (12,387)	$ (503)	$ (3,702)	$ 4,216
Balance (in shares) at Dec. 31, 2015			1,374				128
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Sale of common stock	32	32	$ 1	31	0	0	$ 0	0
Sale of common stock (in shares)			5				0
Exercised and issued stock-based awards	0	0	$ 0	0	0	0	$ 0	0
Exercised and issued stock-based awards (in shares)			2				0
Stock-based compensation	23	23	$ 0	23	0	0	$ 0	0
Reserve on tax benefit for stock-based awards	(3)	(3)	0	(3)	0	0	0	0
Tender of shares for stock-based awards	(4)	(4)	$ 0	0	0	0	$ (4)	0
Tender of shares for stock-based awards (in shares)			0				1
Dividends on common stock	1	1	$ 0	0	1	0	$ 0	0
Dividends to noncontrolling interests	(10)	0	0	0	0	0	0	(10)
Noncontrolling interests' share of contributed capital in subsidiary	0	(1)	0	(1)	0	0	0	1
Net loss attributable to common stockholders	(4,184)	(4,184)	0	0	(4,184)	0	0	0
Net income attributable to noncontrolling interests, including discontinued operations	72	0	0	0	0	0	0	72
Other comprehensive loss	(1)	0	0	0	0	0	0	(1)
Balance at Mar. 31, 2016	$ 7,970	$ 3,692	$ 138	$ 24,333	$ (16,570)	$ (503)	$ (3,706)	$ 4,278
Balance (in shares) at Mar. 31, 2016			1,381				129

General Information (Unaudited)

General Information (Unaudited)	3 Months Ended
	Mar. 31, 2016
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, 2015. 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 accounting for discontinued operations, and the oil and gas properties impairment discussed below and the related tax charges to establish a deferred tax valuation allowance (refer to Note 4 ), all such adjustments are, in the opinion of management, of a normal recurring nature. On May 9, 2016 , FCX entered into a definitive agreement to sell its 70 percent interest in TF Holdings Limited (TFHL). In accordance with accounting guidance, FCX has reflected TFHL, which owns FCX’s Africa mining operations, as discontinued operations for all periods presented in these financial statements as discussed below. Operating results for the three -month period ended March 31, 2016 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . Asset Dispositions Morenci On February 15, 2016 , FCX announced it had entered into a definitive agreement to sell a 13 percent undivided interest in its Morenci unincorporated joint venture to Sumitomo Metal Mining Co., Ltd. (SMM) for $1.0 billion in cash. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in second-quarter 2016. FCX expects to record an approximate $550 million gain on the transaction and use losses to offset cash taxes on the transaction. Proceeds from the transaction will be used to repay borrowings under FCX's unsecured bank term loan (Term Loan) and revolving credit facility. The Morenci unincorporated joint venture is currently owned 85 percent by FCX and 15 percent by Sumitomo Metal Mining Arizona Inc. (Sumitomo). Following completion of the transaction, the unincorporated joint venture will be owned 72 percent by FCX, 15 percent by Sumitomo and 13 percent by an affiliate that is wholly owned by SMM. Oil and Gas Operations On April 21, 2016 , FM O&G entered into a definitive purchase and sale agreement to sell certain oil and gas royalty interests to Black Stone Minerals, L.P. for cash consideration of $102 million , subject to certain purchase price adjustments at closing. The transaction is expected to close in second-quarter 2016. Timok On May 2, 2016 , Freeport Minerals Corporation (FMC), a wholly owned subsidiary of FCX, completed the sale of an interest in the Timok exploration project in Serbia to Reservoir Minerals Inc. for consideration of $135 million in cash at closing and contingent consideration of up to $107 million upon the achievement of development milestones defined in the transaction agreements. TF Holdings Limited - Discontinued Operations On May 9, 2016 , FCX entered into a definitive agreement to sell its 70 percent interest in TFHL to China Molybdenum Co., Ltd. (CMOC) for $2.65 billion in cash and contingent consideration of up to $120 million in cash, consisting of $60 million if the average copper price exceeds $3.50 per pound and $60 million if the average cobalt price exceeds $20 per pound, both during calendar years 2018 and 2019. Through its interest in TFHL, FCX has an effective 56 percent interest in Tenke Fungurume Mining S.A. (TFM or Tenke) located in the Democratic Republic of Congo (DRC). The closing of the transaction is currently subject to customary closing conditions, including the resolution of the right of first offer (which expires on November 15, 2016 ) of Lundin Mining Corporation (which holds a 30 percent interest in TFHL), and the parties are working towards a satisfactory resolution in order to complete the transaction in fourth-quarter 2016. In addition, La Générale des Carrières et des Mines (Gécamines), which is wholly owned by the DRC government and holds a 20 percent non-dilutable interest in TFM, recently filed an arbitration proceeding with the International Chamber of Commerce (ICC) International Court of Arbitration challenging the transaction; however, FCX believes that Gécamines’ claims have no legal basis. In accordance with the mandatory prepayment provision of FCX's Term Loan, one-half of the proceeds from the transaction will be applied toward repaying FCX's Term Loan. In accordance with accounting guidance, FCX has reported the results of operations of TFHL as discontinued operations in the consolidated statements of operations and presented the assets and liabilities of TFHL as held for sale in the consolidated balance sheets for all periods presented. The consolidated statements of comprehensive loss were not impacted by discontinued operations as TFHL did not have any other comprehensive income, and the consolidated statements of cash flows are reported on a combined basis without separately presenting discontinued operations. The carrying amounts of TFHL's major classes of assets, liabilities and noncontrolling interests, which are held for sale in the consolidated balance sheets, follow (in millions): March 31, December 31, 2015 Assets Cash and cash equivalents $ 79 $ 29 Inventories 553 584 Receivables and other current assets 131 131 Total current assets held for sale $ 763 $ 744 Property, plant, equipment and mining development costs, net $ 3,241 $ 3,261 Inventories 621 608 Other assets 238 241 Total long-term assets held for sale $ 4,100 a $ 4,110 a Liabilities Accounts payable and accrued liabilities $ 100 $ 108 Total current liabilities held for sale $ 100 $ 108 Deferred income taxes $ 677 $ 681 Asset retirement obligations and other liabilities 39 37 Total long-term liabilities held for sale $ 716 $ 718 Noncontrolling interests $ 1,187 $ 1,178 a. Amount differs from the totals on FCX's consolidated balance sheets because of other assets held for sale. Net (loss) income from discontinued operations in the consolidated statements of operations consists of the following (in millions): Three Months Ended March 31, 2016 2015 Revenues a $ 285 $ 382 Costs and expenses: Production and delivery costs 226 233 Depreciation, depletion and amortization 60 73 Interest expense allocated from parent b 10 7 Other costs and expenses, net — 9 Net (loss) income before income taxes (11 ) 60 Benefit from (provision for) income taxes 7 (19 ) Net (loss) income from discontinued operations $ (4 ) $ 41 a. In accordance with accounting guidance, amounts are net of eliminations of intercompany sales totaling $32 million in first-quarter 2016 and $28 million in first-quarter 2015. b. In accordance with accounting guidance, interest associated with FCX's Term Loan that will be required to be repaid as a result of the sale of TFHL has been allocated to discontinued operations. Cash flows from discontinued operations included in the consolidated statements of cash flows follow (in millions): Three Months Ended March 31, 2016 2015 Net cash provided by operating activities $ 89 $ 138 Net cash used in investing activities (36 ) (48 ) Net cash used in financing activities (3 ) (28 ) Increase in cash and cash equivalents in assets held for sale $ 50 $ 62 In addition, FCX has agreed to negotiate exclusively with CMOC (until December 31, 2016) to enter into a definitive agreement to sell its interest in Freeport Cobalt for $100 million and the Kisanfu exploration project in the DRC for $50 million in separate transactions. Freeport Cobalt includes the large-scale cobalt refinery in Kokkola, Finland, and the related sales and marketing business, in which FCX owns an effective 56 percent interest. Kisanfu is a copper and exploration project, located near Tenke, in which FCX holds a 100 percent interest. 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 in the full cost pool for impairment 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 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 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.” In addition, following the first-quarter 2016 evaluation of alternatives for the oil and gas business and the current limitations and cost of capital available for future drilling, FCX Oil & Gas Inc. (FM O&G, a wholly owned subsidiary of FCX) determined that the carrying values of certain of its unevaluated properties were impaired as of March 31, 2016. As a result, FM O&G transferred $3.1 billion of costs associated with unevaluated properties to the full cost pool, mostly reflecting impairment of the carrying values of unevaluated properties. Combined with the impact of the reduction in twelve-month historical prices, net capitalized costs exceeded the related ceiling test limitation under full cost accounting rules, which resulted in the recognition of a first-quarter 2016 impairment charge of $3.8 billion . The twelve-month average price (using WTI as the reference oil price) was $46.26 per barrel at March 31, 2016 , compared with $50.28 per barrel at December 31, 2015.

Earnings Per Share (Unaudited)

Earnings Per Share (Unaudited)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Net loss from continuing operations $ (4,097 ) $ (2,447 ) Net income from continuing operations attributable to noncontrolling interests (62 ) (32 ) Preferred dividends attributable to redeemable noncontrolling interest (11 ) (10 ) Undistributed earnings allocated to participating securities (3 ) (3 ) Net loss from continuing operations attributable to common stockholders $ (4,173 ) $ (2,492 ) Net (loss) income from discontinued operations $ (4 ) $ 41 Net income from discontinued operations attributable to noncontrolling interests (10 ) (26 ) Net (loss) income from discontinued operations attributable to common stockholders $ (14 ) $ 15 Net loss attributable to common stockholders $ (4,187 ) $ (2,477 ) Basic weighted-average shares of common stock outstanding 1,251 1,040 Add shares issuable upon exercise or vesting of dilutive stock options and RSUs — a — a Diluted weighted-average shares of common stock outstanding 1,251 1,040 Basic and diluted net (loss) income per share attributable to common stockholders: Continuing operations $ (3.34 ) $ (2.40 ) Discontinued operations (0.01 ) 0.02 $ (3.35 ) $ (2.38 ) a. Excludes approximately 10 million shares of common stock for first-quarter 2016 and 14 million for first-quarter 2015 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. Stock options for 47 million shares of common stock were excluded for first-quarter 2016 and 40 million were excluded for first-quarter 2015 .

Inventories, Including Long-Ter

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited)	3 Months Ended
	Mar. 31, 2016
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): March 31, December 31, 2015 Current inventories: Mill stockpiles $ 139 $ 137 Leach stockpiles 1,317 1,402 Total current mill and leach stockpiles $ 1,456 $ 1,539 Total materials and supplies, net a $ 1,445 $ 1,594 Raw materials (primarily concentrate) $ 247 $ 220 Work-in-process 118 108 Finished goods 709 743 Total product inventories $ 1,074 $ 1,071 Long-term inventories: Mill stockpiles $ 521 $ 480 Leach stockpiles 1,182 1,183 Total long-term mill and leach stockpiles b $ 1,703 $ 1,663 a. Materials and supplies inventory was net of obsolescence reserves totaling $27 million at March 31, 2016 , and $26 million at December 31, 2015 . b. Estimated metals in stockpiles not expected to be recovered within the next 12 months.

Income Taxes (Unaudited)

Income Taxes (Unaudited)	3 Months Ended
	Mar. 31, 2016
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 (2) percent for first-quarter 2016 and 23 percent for first-quarter 2015 . Geographic sources of FCX's (provision for) benefit from income taxes follow (in millions): Three Months Ended March 31, 2016 2015 U.S. operations $ 11 $ 835 International operations (88 ) (121 ) Total $ (77 ) $ 714 As a result of the impairment to U.S. oil and gas properties, FCX recorded tax charges of $1.4 billion in first-quarter 2016 and $458 million in first-quarter 2015 to establish a valuation allowance primarily against U.S. federal and state deferred tax assets that will not generate a future benefit. Excluding these charges, FCX's consolidated effective income tax rate was 34 percent in first-quarter 2016 and 37 percent in first-quarter 2015 . Applicable accounting standards provide that FCX estimate an annual effective tax rate and apply that rate to each year-to-date interim period. However, because FCX’s estimated effective income tax rate for 2016 is highly variable ( i.e. , minor changes in FCX’s estimated annual (loss) income would have a significant effect on the consolidated annual effective income tax rate), the actual effective income tax rate for the year-to-date reporting period represents a better estimate of the consolidated annual effective income tax rate. Accordingly, for the three months ended March 31, 2016, the actual consolidated effective tax income rate was used to determine FCX’s income tax provision.

Debt and Equity Transactions (U

Debt and Equity Transactions (Unaudited)	3 Months Ended
	Mar. 31, 2016
Debt and Equity Transactions [Abstract]
Debt and Equity Transactions	DEBT AND EQUITY Debt. The components of debt follow: March 31, December 31, 2015 Term Loan $ 3,011 $ 3,032 Revolving credit facility 480 — Lines of credit 332 442 Cerro Verde credit facility 1,783 1,781 Cerro Verde shareholder loans 261 259 Senior notes and debentures: Issued by FCX 11,911 11,908 Issued by Freeport-McMoRan Oil & Gas LLC (FM O&G LLC) 2,532 2,539 Issued by FMC 359 359 Other (including equipment capital leases and other short-term borrowings) 108 108 Total debt a 20,777 20,428 Less current portion of debt (1,139 ) (649 ) Long-term debt $ 19,638 $ 19,779 a. Includes additions for unamortized fair value adjustments totaling $203 million at March 31, 2016, and $210 million at December 31, 2015, and net reductions for unamortized debt issuance costs and unamortized discounts of $130 million at March 31, 2016, and $129 million at December 31, 2015. On February 26, 2016 , FCX amended its revolving credit facility and Term Loan. The amendments include (i) modification of the maximum leverage ratio and the minimum interest expense coverage ratio, and (ii) the addition of a springing collateral and guarantee trigger. In addition, the commitment under the revolving credit facility was reduced from $4.0 billion to $3.5 billion , and the mandatory prepayment provision was modified under the Term Loan. Refer to Note 18 of FCX's annual report on Form 10-K for the year ended December 31, 2015, for further discussion of these amendments. At March 31, 2016 , there were $480 million of borrowings outstanding and $38 million of letters of credit 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. Consolidated interest expense (excluding capitalized interest) totaled $218 million in first-quarter 2016 and $203 million in first-quarter 2015 . Capitalized interest added to property, plant, equipment and mining development costs, net, totaled $20 million in first-quarter 2016 and $45 million in first-quarter 2015 . Capitalized interest added to oil and gas properties not subject to amortization totaled $7 million in first-quarter 2016 and $19 million in first-quarter 2015 . Equity. In 2015 and through January 5, 2016, FCX generated approximately $2 billion in gross proceeds (net proceeds of $1.97 billion after $20 million of commissions and expenses) through the sale of 210 million shares of common stock under its at-the-market equity programs. At April 29, 2016, FCX has approximately $12 million remaining under its at-the-market equity programs.

Financial Instruments (Unaudite

Financial Instruments (Unaudited)	3 Months Ended
	Mar. 31, 2016
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. Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions. As of March 31, 2016 , and December 31, 2015 , FCX had no price protection contracts relating to its mine production or future sales of oil and gas. 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 periods ended March 31, 2016 and 2015 , resulting from hedge ineffectiveness. At March 31, 2016 , FCX held copper futures and swap contracts that qualified for hedge accounting for 69 million pounds at an average contract price of $2.23 per pound, with maturities through March 2018 . 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 March 31, 2016 2015 Copper futures and swap contracts: Unrealized gains (losses): Derivative financial instruments $ 7 $ 6 Hedged item – firm sales commitments (7 ) (6 ) Realized losses: Matured derivative financial instruments (4 ) (10 ) 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, 2015, 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 concentrate or cathode 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. Mark-to-market price fluctuations associated with embedded derivatives for discontinued operations, which were minimal, are included in discontinued operations for all periods presented in these financial statements. A summary of FCX’s embedded commodity derivatives at March 31, 2016 , follows: Open Positions Average Price Per Unit Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 726 $ 2.14 $ 2.20 September 2016 Gold (thousands of ounces) 89 1,224 1,236 June 2016 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 156 2.17 2.20 July 2016 Crude Oil Contracts. As a result of the acquisition of the oil and gas business, FCX had derivative contracts for 2015 that consisted of crude oil options. These derivatives were not designated as hedging instruments and were recorded at fair value with the mark-to-market gains and losses recorded in revenues. The crude oil options were entered into to protect the realized price of a portion of expected future sales in order to limit the effects of crude oil price decreases. The remaining contacts matured in 2015. 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 March 31, 2016 , Atlantic Copper held net copper forward purchase contracts for 47 million pounds at an average contract price of $2.24 per pound, with maturities through May 2016 . Summary of Gains (Losses). A summary of the realized and unrealized gains (losses) recognized in the loss 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 March 31, 2016 2015 Embedded derivatives in provisional copper and gold sales contracts a $ 72 $ (71 ) Copper forward contracts b 7 (1 ) Crude oil options a — 52 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): March 31, December 31, 2015 Commodity Derivative Assets: Derivatives designated as hedging instruments: Copper futures and swap contracts a $ 4 $ 1 Derivatives not designated as hedging instruments: Embedded derivatives in provisional copper and gold sales/purchase contracts 66 19 Total derivative assets $ 70 $ 20 Commodity Derivative Liabilities: Derivatives designated as hedging instruments: Copper futures and swap contracts a $ 6 $ 11 Derivatives not designated as hedging instruments: Embedded derivatives in provisional copper and gold sales/purchase contracts 24 81 Copper forward contracts 2 — Total derivative liabilities $ 32 $ 92 a. FCX paid $5 million to brokers at March 31, 2016 , and $10 million at December 31, 2015 , 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 its 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 March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 Gross amounts recognized: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 66 $ 19 $ 24 $ 81 Copper derivatives 4 1 8 11 70 20 32 92 Less gross amounts of offset: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 4 5 4 5 Copper derivatives 4 1 4 1 8 6 8 6 Net amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 62 14 20 76 Copper derivatives — — 4 10 $ 62 $ 14 $ 24 $ 86 Balance sheet classification: Trade accounts receivable $ 59 $ 9 $ 8 $ 51 Accounts payable and accrued liabilities 3 5 16 35 $ 62 $ 14 $ 24 $ 86 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 March 31, 2016 , the maximum amount of credit exposure associated with derivative transactions was $56 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, and long-term debt. The carrying value for cash and cash equivalents (which included time deposits of $39 million at March 31, 2016 , and $34 million at December 31, 2015), accounts receivable, restricted cash, and accounts payable and accrued liabilities approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 7 for the fair values of investment securities, legally restricted funds and long-term debt).

Fair Value Measurement (Unaudit

Fair Value Measurement (Unaudited)	3 Months Ended
	Mar. 31, 2016
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) and the lowest priority to unobservable inputs (Level 3). 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 first -quarter 2016 . FCX retrospectively adopted the May 2015 Accounting Standards Update (ASU) associated with investments for which fair value is measured using the net asset value (NAV) per share as a practical expedient. As a result, investments valued using NAV per share are shown in the tables below in a column separate from the levels within the fair value hierarchy. A summary of the carrying amount and fair value of FCX’s financial instruments, other than cash and cash equivalents, accounts receivable, restricted cash, and accounts payable and accrued liabilities (refer to Note 6 ) follows (in millions): At March 31, 2016 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund at NAV $ 23 $ 23 $ 23 $ — $ — $ — Money market funds 22 22 — 22 — — Equity securities 4 4 — 4 — — Total 49 49 23 26 — — Legally restricted funds: a,b,c,d U.S. core fixed income fund at NAV 53 53 53 — — — Government bonds and notes 33 33 — — 33 — Government mortgage-backed securities 32 32 — — 32 — Corporate bonds 29 29 — — 29 — Asset-backed securities 14 14 — — 14 — Collateralized mortgage-backed securities 7 7 — — 7 — Money market funds 7 7 — 7 — — Municipal bonds 1 1 — — 1 — Total 176 176 53 7 116 — Derivatives: a,e Embedded derivatives in provisional sales/ purchase contracts in a gross asset position 66 66 — — 66 — Copper futures and swap contracts 4 4 — 3 1 — Total 70 70 — 3 67 — Total assets $ 295 $ 76 $ 36 $ 183 $ — Liabilities Derivatives: a,e Embedded derivatives in provisional sales/ purchase contracts in a gross liability position $ 24 $ 24 $ — $ — $ 24 $ — Copper futures and swap contracts 6 6 — 3 3 — Copper forward contracts 2 2 — 2 — — Total 32 32 — 5 27 — Long-term debt, including current portion f 20,777 16,679 — — 16,679 — Total liabilities $ 16,711 $ — $ 5 $ 16,706 $ — At December 31, 2015 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund at NAV $ 23 $ 23 $ 23 $ — $ — $ — Money market funds 21 21 — 21 — — Equity securities 3 3 — 3 — — Total 47 47 23 24 — — Legally restricted funds: a,b,c,d U.S. core fixed income fund at NAV 52 52 52 — — — Government bonds and notes 37 37 — — 37 — Government mortgage-backed securities 28 28 — — 28 — Corporate bonds 26 26 — — 26 — Asset-backed securities 13 13 — — 13 — Collateralized mortgage-backed securities 7 7 — — 7 — Money market funds 7 7 — 7 — — Municipal bonds 1 1 — — 1 — Total 171 171 52 7 112 — Derivatives: a,e Embedded derivatives in provisional sales/ purchase contracts in a gross asset position 19 19 — — 19 — Copper futures and swap contracts 1 1 — 1 — — Total 20 20 — 1 19 — Total assets $ 238 $ 75 $ 32 $ 131 $ — Liabilities Derivatives: a,e Embedded derivatives in provisional sales/ purchase contracts in a gross liability position $ 81 $ 81 $ — $ — $ 81 $ — Copper futures and swap contracts 11 11 — 7 4 — Total 92 92 — 7 85 — Long-term debt, including current portion f 20,428 13,987 — — 13,987 — Total liabilities $ 14,079 $ — $ 7 $ 14,072 $ — 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 $119 million at March 31, 2016 , and $118 million at December 31, 2015 , 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 $29 million at March 31, 2016 , and $28 million at December 31, 2015 . e. Refer to Note 6 for further discussion and balance sheet classifications. 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. 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. 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. FCX’s embedded derivatives on provisional copper concentrate, copper cathode and gold purchases and sales are valued using only 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 6 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 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 6 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 current portion, is valued using available market quotes and, as such, is classified within Level 2 of the fair value hierarchy. The U.S. core fixed income fund is valued at NAV. 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). 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 March 31, 2016 .

Contingencies and Commitments (

Contingencies and Commitments (Unaudited)	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	CONTINGENCIES AND COMMITMENTS Litigation. During first-quarter 2016, there were no significant 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, 2015. Tax and Other Matters. Cerro Verde Royalty Dispute. As reported in Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2015, SUNAT, the Peruvian national tax authority, has assessed mining royalties on ore processed by the Cerro Verde concentrator, which commenced operations in late 2006, for the period December 2006 to December 2007 and the years 2008 and 2009. In April 2016, SUNAT issued assessments for the year 2010 and the period January 2011 to September 2011. The aggregate amount of the assessments covering the period December 2006 to September 2011 totals $413 million (based on the exchange rate as of March 31, 2016), including estimated accumulated interest and penalties. Cerro Verde is contesting or will contest these assessments. Additionally, in April 2016, Peru’s Twentieth Contentious Administrative Court, which specializes in taxation matters, rendered its decision upholding the Peruvian Tax Tribunal’s July 2013 decision affirming SUNAT’s assessments for the period December 2006 through December 2007. On May 2, 2016, Cerro Verde appealed this decision to Peru’s Twentieth Contentious Administrative Court. SUNAT may make additional assessments for mining royalties and associated penalties and interest for the period from October 2011 through December 2013, which Cerro Verde will contest. FCX estimates the total exposure associated with these mining royalties for the period from December 2006 through December 2013 approximates $515 million (based on the exchange rate as of March 31, 2016), including estimated accumulated interest and penalties. No amounts have been accrued for these assessments as of March 31, 2016, because Cerro Verde believes its 1998 stability agreement exempts it from these royalties and believes any payments will be recoverable. Other Peruvian Tax Matters. There were no significant changes to other Peruvian tax matters during first-quarter 2016 (refer to Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2015 , 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, 2015. In December 2009, PT-FI was notified by Indonesian tax authorities that it was obligated to pay value-added taxes on certain goods imported after the year 2000. In December 2014, PT-FI paid $269 million for valued-added taxes for the period from November 2005 through the year 2009 and sought a refund. In March 2016, PT-FI collected a cash refund of $196 million and $38 million was offset against other tax liabilities. The remaining balance of the amount originally paid was reduced by currency exchange and other losses. PT-FI received assessments from the local regional tax authority in Papua, Indonesia, for additional taxes and penalties related to surface water taxes for the period from January 2011 through January 2016. PT-FI has filed or will file objections to these assessments. The local government of Papua rejected PT-FI’s objections to the assessments related to the period from January 2011 through December 2015, and PT-FI has filed or will file appeals with the Indonesian tax court. The aggregate amount of all assessments received through April 29, 2016, including penalties, was 2.7 trillion Indonesian rupiah ( $207 million based on the exchange rate as of March 31, 2016). 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 March 31, 2016, 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. Indonesia Mining Contract. There were no significant updates related to PT-FI's COW during first-quarter 2016 (refer to Note 13 of FCX’s annual report on Form 10-K for the year ended December 31, 2015 , for further discussion).

Business Segments (Unaudited)

Business Segments (Unaudited)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTS FCX has organized its continuing mining operations into four primary divisions – North America copper mines, South America mining, Indonesia mining and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. For oil and gas operations, FCX determines its operating segments on a country-by-country basis. Separately disclosed in the following table are FCX's reportable segments, which include the Morenci, Cerro Verde and Grasberg copper mines, the Rod & Refining operations, the Atlantic Copper Smelting & Refining operation and the U.S. Oil & Gas operations. FCX's reportable segments previously included Africa mining, which consisted of the Tenke mine located in the DRC. As discussed in Note 1, FCX has entered into a definitive agreement to sell its interest in TFHL, and as a result, Tenke has been removed from continuing operations and reported as discontinued operations for all periods presented. 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. In addition, intersegment sales from Tenke to FCX's other consolidated subsidiaries have been eliminated in discontinued operations (refer to Note 1). 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 (PT-FI'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. 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 Atlantic Other Corporate, Molyb- Copper Mining U.S. Other Cerro denum Rod & Smelting & Elimi- Total Oil & Gas & Elimi- FCX Morenci Other Total Verde Other Total Grasberg Mines Refining & Refining nations Mining Operations nations Total Three Months Ended March 31, 2016 Revenues: Unaffiliated customers $ 162 $ 56 $ 218 $ 486 $ 144 $ 630 $ 498 a $ — $ 971 $ 422 $ 208 b $ 2,947 $ 295 $ — $ 3,242 Intersegment 357 561 918 41 — 41 58 45 8 1 (1,071 ) — — — — Production and delivery 340 448 788 291 119 410 394 52 970 393 (918 ) 2,089 407 c 3 2,499 Depreciation, depletion and amortization 62 82 144 101 31 132 81 19 2 8 18 404 255 3 662 Impairment of oil and gas properties — — — — — — — — — — — — 3,771 16 d 3,787 Selling, general and administrative expenses — 1 1 2 — 2 14 — — 4 4 25 49 64 138 Mining exploration and research expenses — 1 1 — — — — — — — 17 18 — — 18 Environmental obligations and shutdown costs — — — — — — — — — — 10 10 — — 10 Operating income (loss) 117 85 202 133 (6 ) 127 67 (26 ) 7 18 6 401 (4,187 ) (86 ) (3,872 ) Interest expense, net 1 — 1 22 — 22 — — — 4 20 47 71 73 191 Provision for (benefit from) income taxes — — — 45 (6 ) 39 36 — — — — 75 — 2 77 Total assets at March 31, 2016 3,490 4,751 8,241 9,495 1,623 11,118 9,354 1,983 236 653 6,380 e 37,965 4,360 339 42,664 Capital expenditures 28 6 34 156 1 157 225 1 1 2 39 e 459 480 f 43 982 Three Months Ended March 31, 2015 Revenues: Unaffiliated customers $ 106 $ 115 $ 221 $ 248 $ 231 $ 479 $ 621 a $ — $ 1,062 $ 540 $ 348 b $ 3,271 $ 500 g $ — $ 3,771 Intersegment 450 664 1,114 14 (7 ) h 7 (14 ) h 113 7 6 (1,233 ) — — — — Production and delivery 374 569 943 198 147 345 439 83 1,063 519 (999 ) 2,393 283 c 3 2,679 Depreciation, depletion and amortization 51 82 133 37 38 75 70 26 2 10 16 332 530 4 866 Impairment of oil and gas properties — — — — — — — — — — — — 3,104 — 3,104 Selling, general and administrative expenses 1 — 1 1 — 1 25 — — 5 6 38 54 59 151 Mining exploration and research expenses — 3 3 — — — — — — — 24 27 — — 27 Environmental obligations and shutdown costs — — — — — — — — — — 13 13 — — 13 Net gain on sale of assets — (39 ) (39 ) — — — — — — — — (39 ) — — (39 ) Operating income (loss) 130 164 294 26 39 65 73 4 4 12 55 507 (3,471 ) (66 ) (3,030 ) Interest expense, net 1 — 1 1 — 1 — — — 3 40 45 37 57 139 Provision for (benefit from) income taxes — — — 5 19 24 29 — — — — 53 — (767 ) (714 ) Total assets at March 31, 2015 3,802 5,646 9,448 7,991 1,970 9,961 8,882 2,075 314 809 6,487 e 37,976 17,887 202 56,065 Capital expenditures 84 23 107 431 14 445 225 3 1 4 49 e 834 1,018 f 15 1,867 a. Includes PT-FI’s sales to PT Smelting totaling $277 million in first-quarter 2016 and $350 million in first-quarter 2015 . b. 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. c. Includes charges at oil and gas operations totaling (i) $165 million in first-quarter 2016 and $13 million in first-quarter 2015 for idle rig costs and (ii) $35 million in first-quarter 2016 and $4 million in first-quarter 2015 primarily for inventory write downs. d. Reflects impairment charges for international oil and gas properties primarily in Morocco. e. Includes (i) assets held for sale totaling $4.9 billion at March 31, 2016 and 2015, and (ii) capital expenditures totaling $35 million in first-quarter 2016 and $39 million in first-quarter 2015 associated with discontinued operations. Refer to Note 1 for a summary of the results of discontinued operations. f. Excludes international oil and gas capital expenditures totaling $43 million in first-quarter 2016 and $15 million in first-quarter 2015 , primarily related to the Morocco oil and gas properties, which are included in Corporate, Other & Eliminations. g. Includes net mark-to-market gains of $52 million associated with crude oil derivative contracts. h. Reflects net reductions for provisional pricing adjustments to prior period open sales.

Guarantor Financial Statements

Guarantor Financial Statements (Unaudited) (Notes)	3 Months Ended
	Mar. 31, 2016
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 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 March 31, 2016 , and December 31, 2015 , and the related condensed consolidating statements of comprehensive (loss) income and cash flows for the three months ended March 31, 2016 and 2015 (in millions), which should be read in conjunction with FCX's notes to the consolidated financial statements. CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2016 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets, other than assets held for sale $ 272 $ 2,600 $ 7,329 $ (3,731 ) $ 6,470 Current assets held for sale — — 763 — 763 Property, plant, equipment and mining development costs, net 25 59 24,048 — 24,132 Oil and gas properties, net - full cost method: Subject to amortization, less accumulated amortization and impairments — 517 1,183 — 1,700 Not subject to amortization — 415 1,326 2 1,743 Investments in consolidated subsidiaries 20,674 — — (20,674 ) — Other assets 1,135 34 3,663 (1,090 ) 3,742 Assets held for sale — — 4,114 — 4,114 Total assets $ 22,106 $ 3,625 $ 42,426 $ (25,493 ) $ 42,664 LIABILITIES AND EQUITY Current liabilities, other than liabilities held for sale $ 2,714 $ 660 $ 4,682 $ (3,730 ) $ 4,326 Current liabilities held for sale — — 100 — 100 Long-term debt, less current portion 14,599 6,592 11,818 (13,371 ) 19,638 Deferred income taxes 1,060 a — 2,705 — 3,765 Environmental and asset retirement obligations, less current portion — 310 3,430 — 3,740 Investments in consolidated subsidiaries — 483 7,775 (8,258 ) — Other liabilities 41 3,355 1,734 (3,488 ) 1,642 Liabilities held for sale — — 716 — 716 Total liabilities 18,414 11,400 32,960 (28,847 ) 33,927 Redeemable noncontrolling interest — — 767 — 767 Equity: Stockholders' equity 3,692 (7,775 ) 4,966 2,809 3,692 Noncontrolling interests — — 3,733 545 4,278 Total equity 3,692 (7,775 ) 8,699 3,354 7,970 Total liabilities and equity $ 22,106 $ 3,625 $ 42,426 $ (25,493 ) $ 42,664 a. All U.S. related deferred income taxes are recorded at the parent company. CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets, other than assets held for sale $ 181 $ 3,831 $ 10,238 $ (7,532 ) $ 6,718 Current assets held for sale — — 744 — 744 Property, plant, equipment and mining development costs, net 26 57 24,163 — 24,246 Oil and gas properties, net - full cost method: Subject to amortization, less accumulated amortization and impairments — 710 1,552 — 2,262 Not subject to amortization — 1,393 3,432 6 4,831 Investments in consolidated subsidiaries 24,311 — — (24,311 ) — Other assets 5,038 1,826 3,586 (6,798 ) 3,652 Assets held for sale — — 4,124 — 4,124 Total assets $ 29,556 $ 7,817 $ 47,839 $ (38,635 ) $ 46,577 LIABILITIES AND EQUITY Current liabilities, other than liabilities held for sale $ 6,012 $ 666 $ 5,047 $ (7,526 ) $ 4,199 Current liabilities held for sale — — 108 — 108 Long-term debt, less current portion 14,735 5,883 11,594 (12,433 ) 19,779 Deferred income taxes 941 a — 2,666 — 3,607 Environmental and asset retirement obligations, less current portion — 305 3,412 — 3,717 Investment in consolidated subsidiary — — 2,397 (2,397 ) — Other liabilities 40 3,360 1,732 (3,491 ) 1,641 Liabilities held for sale — — 718 — 718 Total liabilities 21,728 10,214 27,674 (25,847 ) 33,769 Redeemable noncontrolling interest — — 764 — 764 Equity: Stockholders' equity 7,828 (2,397 ) 15,725 (13,328 ) 7,828 Noncontrolling interests — — 3,676 540 4,216 Total equity 7,828 (2,397 ) 19,401 (12,788 ) 12,044 Total liabilities and equity $ 29,556 $ 7,817 $ 47,839 $ (38,635 ) $ 46,577 a. All U.S. related deferred income taxes are recorded at the parent company. CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Three Months Ended March 31, 2016 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 78 $ 3,164 $ — $ 3,242 Total costs and expenses 27 1,629 a 5,452 a 6 7,114 Operating loss (27 ) (1,551 ) (2,288 ) (6 ) (3,872 ) Interest expense, net (137 ) (4 ) (114 ) 64 (191 ) Other income (expense), net 50 — 40 (54 ) 36 (Loss) income before income taxes and equity in affiliated companies' net (losses) earnings (114 ) (1,555 ) (2,362 ) 4 (4,027 ) (Provision for) benefit from income taxes (1,784 ) 616 1,088 3 (77 ) Equity in affiliated companies' net (losses) earnings (2,286 ) (2,704 ) (3,630 ) 8,627 7 Net (loss) income from continuing operations (4,184 ) (3,643 ) (4,904 ) 8,634 (4,097 ) Net income (loss) from discontinued operations — — 6 (10 ) (4 ) Net (loss) income (4,184 ) (3,643 ) (4,898 ) 8,624 (4,101 ) Net income and preferred dividends attributable to noncontrolling interests: Continuing operations — — (67 ) (6 ) (73 ) Discontinued operations — — (10 ) — (10 ) Net (loss) income attributable to common stockholders $ (4,184 ) $ (3,643 ) $ (4,975 ) $ 8,618 $ (4,184 ) Other comprehensive income (loss) — — — — — Total comprehensive (loss) income $ (4,184 ) $ (3,643 ) $ (4,975 ) $ 8,618 $ (4,184 ) a. Includes charges totaling $1.3 billion at the FM O&G LLC guarantor and $2.5 billion at the non-guarantor subsidiaries related to impairment of FCX's oil and gas properties pursuant to full cost accounting rules. Three Months Ended March 31, 2015 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 181 $ 3,590 $ — $ 3,771 Total costs and expenses 16 1,318 a 5,483 a (16 ) 6,801 Operating (loss) income (16 ) (1,137 ) (1,893 ) 16 (3,030 ) Interest expense, net (115 ) (4 ) (43 ) 23 (139 ) Other income (expense), net 29 — 8 (30 ) 7 (Loss) income before income taxes and equity in affiliated companies' net (losses) earnings (102 ) (1,141 ) (1,928 ) 9 (3,162 ) (Provision for) benefit from income taxes (421 ) 416 725 (6 ) 714 Equity in affiliated companies' net (losses) earnings (1,951 ) (2,359 ) (3,530 ) 7,841 1 Net (loss) income from continuing operations (2,474 ) (3,084 ) (4,733 ) 7,844 (2,447 ) Net income from discontinued operations — — 34 7 41 Net (loss) income (2,474 ) (3,084 ) (4,699 ) 7,851 (2,406 ) Net income and preferred dividends attributable to noncontrolling interests: Continuing operations — — (30 ) (12 ) (42 ) Discontinued operations — — (26 ) — (26 ) Net (loss) income attributable to common stockholders $ (2,474 ) $ (3,084 ) $ (4,755 ) $ 7,839 $ (2,474 ) Other comprehensive income (loss) 12 — 12 (12 ) 12 Total comprehensive (loss) income $ (2,462 ) $ (3,084 ) $ (4,743 ) $ 7,827 $ (2,462 ) a. Includes charges totaling $1.1 billion at the FM O&G LLC guarantor and $2.0 billion at the non-guarantor subsidiaries related to impairment of FCX's oil and gas properties pursuant to full cost accounting rules. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2016 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Cash flow from operating activities: Net (loss) income $ (4,184 ) $ (3,643 ) $ (4,898 ) $ 8,624 $ (4,101 ) Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation, depletion and amortization 1 51 677 (7 ) 722 Impairment of oil and gas properties — 1,291 2,483 13 3,787 Equity in losses (earnings) of consolidated subsidiaries 2,286 2,704 3,630 (8,627 ) (7 ) Other, net 128 7 16 — 151 Changes in working capital and other tax payments 1,652 (442 ) (1,024 ) 2 188 Net cash (used in) provided by operating activities (117 ) (32 ) 884 5 740 Cash flow from investing activities: Capital expenditures — (244 ) (736 ) (2 ) (982 ) Intercompany loans (561 ) (377 ) — 938 — Dividends from (investments in) consolidated subsidiaries 358 (41 ) 35 (352 ) — Other, net — 2 — — 2 Net cash (used in) provided by investing activities (203 ) (660 ) (701 ) 584 (980 ) Cash flow from financing activities: Proceeds from debt 1,060 — 736 — 1,796 Repayments of debt (750 ) — (692 ) — (1,442 ) Intercompany loans — 716 222 (938 ) — Net proceeds from sale of common stock 32 — 42 (42 ) 32 Cash dividends and distributions paid, and contributions received (4 ) — (373 ) 355 (22 ) Other, net (18 ) (24 ) (11 ) 36 (17 ) Net cash provided by (used in) financing activities 320 692 (76 ) (589 ) 347 Net increase in cash and cash equivalents — — 107 — 107 Increase in cash and cash equivalents in assets held for sale — — (50 ) — (50 ) Cash and cash equivalents at beginning of period — — 195 — 195 Cash and cash equivalents at end of period $ — $ — $ 252 $ — $ 252 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2015 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Cash flow from operating activities: Net (loss) income $ (2,474 ) $ (3,084 ) $ (4,699 ) $ 7,851 $ (2,406 ) Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation, depletion and amortization 1 119 835 (16 ) 939 Impairment of oil and gas properties — 1,062 2,042 — 3,104 Net gains on crude oil derivative contracts — (52 ) — — (52 ) Equity in losses (earnings) of consolidated subsidiaries 1,951 2,359 3,530 (7,841 ) (1 ) Other, net (701 ) 6 (86 ) — (781 ) Changes in working capital and other tax payments 1,171 (580 ) (683 ) 6 (86 ) Net cash (used in) provided by operating activities (52 ) (170 ) 939 — 717 Cash flow from investing activities: Capital expenditures — (302 ) (1,565 ) — (1,867 ) Intercompany loans (905 ) (400 ) — 1,305 — Dividends from (investments in) consolidated subsidiaries 310 (14 ) 32 (328 ) — Other, net — — 127 — 127 Net cash (used in) provided by investing activities (595 ) (716 ) (1,406 ) 977 (1,740 ) Cash flow from financing activities: Proceeds from debt 1,515 — 758 — 2,273 Repayments of debt (530 ) — (272 ) — (802 ) Intercompany loans — 903 402 (1,305 ) — Cash dividends and distributions paid, and contributions received (327 ) — (319 ) 296 (350 ) Other, net (11 ) (18 ) (16 ) 32 (13 ) Net cash provided by (used in) financing activities 647 885 553 (977 ) 1,108 Net (decrease) increase in cash and cash equivalents — (1 ) 86 — 85 Increase in cash and cash equivalents in assets held for sale — — (62 ) — (62 ) Cash and cash equivalents at beginning of period — 1 316 — 317 Cash and cash equivalents at end of period $ — $ — $ 340 $ — $ 340

New Accounting Standard (Unaudi

New Accounting Standard (Unaudited)	3 Months Ended
	Mar. 31, 2016
New Accounting Standards [Abstract]
New Accounting Standard	NEW ACCOUNTING STANDARDS In May 2015, the Financial Accounting Standards Board (FASB) issued an ASU that removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share (or its equivalent) as a practical expedient. FCX adopted this ASU effective January 1, 2016, and the prior period disclosures have been restated to remove these investments from the levels within the fair value hierarchy (refer to Note 7). In January 2016, FASB issued an ASU that amends the current guidance on the classification and measurement of financial instruments. This ASU makes limited changes to existing guidance and amends certain disclosure requirements. For public entities, this ASU is effective for interim and annual periods beginning after December 15, 2017. Early adoption is not permitted, except for the provision on recording fair value changes for financial liabilities under the fair value option. FCX is currently evaluating the impact this ASU will have on its financial reporting and disclosures, but at this time does not expect the adoption of this ASU will have a material impact on its financial statements. In February 2016, FASB issued an ASU that will require lessees to recognize most leases on the balance sheet. This ASU allows lessees to make an accounting policy election to not recognize a lease asset and liability for leases with a term of 12 months or less and do not have a purchase option that is expected to be exercised. For public entities, this ASU is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. This ASU must be applied using the modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. FCX is currently evaluating the impact this guidance will have on its financial statements. In March 2016, FASB issued an ASU that simplifies various aspects of the accounting for share-based payment transactions, including the income tax consequences, statutory tax withholding requirements, an accounting policy election for forfeitures and the classification on the statement of cash flows. For public entities, this ASU is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted. Each of the amendments in this ASU provides specific transition requirements. FCX is currently evaluating the impact this guidance will have on its financial statements.

Subsequent Events (Unaudited)

Subsequent Events (Unaudited)	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On May 10, 2016 , FCX negotiated a termination and settlement of FM O&G's two drilling rig contracts with Noble Drilling (U.S.) LLC, a subsidiary of Noble Corporation plc. Under the settlement, FCX will provide Noble with $540 million in value over a 30-day period payable at FCX's option in cash, FCX's common stock, or bonds issued by Noble or its affiliates with maturities through December 31, 2019, subject to a limit of $200 million of bonds. FCX also agreed to provide Noble with contingent payments of up to $75 million depending on the price of crude oil over the next 12 -month period. As a result of the settlement, Noble has released FM O&G from $0.8 billion in payment obligations under the two drilling rig contracts. FCX evaluated events after March 31, 2016 , 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.

General Information (Unaudite19

General Information (Unaudited) Disposition (Tables)	3 Months Ended
	Mar. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash Flows from Discontinued Operations [Table Text Block]	Cash flows from discontinued operations included in the consolidated statements of cash flows follow (in millions): Three Months Ended March 31, 2016 2015 Net cash provided by operating activities $ 89 $ 138 Net cash used in investing activities (36 ) (48 ) Net cash used in financing activities (3 ) (28 ) Increase in cash and cash equivalents in assets held for sale $ 50 $ 62
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Net (loss) income from discontinued operations in the consolidated statements of operations consists of the following (in millions): Three Months Ended March 31, 2016 2015 Revenues a $ 285 $ 382 Costs and expenses: Production and delivery costs 226 233 Depreciation, depletion and amortization 60 73 Interest expense allocated from parent b 10 7 Other costs and expenses, net — 9 Net (loss) income before income taxes (11 ) 60 Benefit from (provision for) income taxes 7 (19 ) Net (loss) income from discontinued operations $ (4 ) $ 41 a. In accordance with accounting guidance, amounts are net of eliminations of intercompany sales totaling $32 million in first-quarter 2016 and $28 million in first-quarter 2015. b. In accordance with accounting guidance, interest associated with FCX's Term Loan that will be required to be repaid as a result of the sale of TFHL has been allocated to discontinued operations.
Schedule of Assets and Liabilities Disposed of by Sale in Period of Disposition [Table Text Block]	The carrying amounts of TFHL's major classes of assets, liabilities and noncontrolling interests, which are held for sale in the consolidated balance sheets, follow (in millions): March 31, December 31, 2015 Assets Cash and cash equivalents $ 79 $ 29 Inventories 553 584 Receivables and other current assets 131 131 Total current assets held for sale $ 763 $ 744 Property, plant, equipment and mining development costs, net $ 3,241 $ 3,261 Inventories 621 608 Other assets 238 241 Total long-term assets held for sale $ 4,100 a $ 4,110 a Liabilities Accounts payable and accrued liabilities $ 100 $ 108 Total current liabilities held for sale $ 100 $ 108 Deferred income taxes $ 677 $ 681 Asset retirement obligations and other liabilities 39 37 Total long-term liabilities held for sale $ 716 $ 718 Noncontrolling interests $ 1,187 $ 1,178

Earnings Per Share (Unaudited)

Earnings Per Share (Unaudited) (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Net loss from continuing operations $ (4,097 ) $ (2,447 ) Net income from continuing operations attributable to noncontrolling interests (62 ) (32 ) Preferred dividends attributable to redeemable noncontrolling interest (11 ) (10 ) Undistributed earnings allocated to participating securities (3 ) (3 ) Net loss from continuing operations attributable to common stockholders $ (4,173 ) $ (2,492 ) Net (loss) income from discontinued operations $ (4 ) $ 41 Net income from discontinued operations attributable to noncontrolling interests (10 ) (26 ) Net (loss) income from discontinued operations attributable to common stockholders $ (14 ) $ 15 Net loss attributable to common stockholders $ (4,187 ) $ (2,477 ) Basic weighted-average shares of common stock outstanding 1,251 1,040 Add shares issuable upon exercise or vesting of dilutive stock options and RSUs — a — a Diluted weighted-average shares of common stock outstanding 1,251 1,040 Basic and diluted net (loss) income per share attributable to common stockholders: Continuing operations $ (3.34 ) $ (2.40 ) Discontinued operations (0.01 ) 0.02 $ (3.35 ) $ (2.38 ) a. Excludes approximately 10 million shares of common stock for first-quarter 2016 and 14 million for first-quarter 2015 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)	3 Months Ended
	Mar. 31, 2016
Inventories, Including Long Term Mill and Leach Stockpiles [Abstract]
Schedule of Inventory [Table Text Block]	The components of inventories follow (in millions): March 31, December 31, 2015 Current inventories: Mill stockpiles $ 139 $ 137 Leach stockpiles 1,317 1,402 Total current mill and leach stockpiles $ 1,456 $ 1,539 Total materials and supplies, net a $ 1,445 $ 1,594 Raw materials (primarily concentrate) $ 247 $ 220 Work-in-process 118 108 Finished goods 709 743 Total product inventories $ 1,074 $ 1,071 Long-term inventories: Mill stockpiles $ 521 $ 480 Leach stockpiles 1,182 1,183 Total long-term mill and leach stockpiles b $ 1,703 $ 1,663 a. Materials and supplies inventory was net of obsolescence reserves totaling $27 million at March 31, 2016 , and $26 million at December 31, 2015 . b. Estimated metals in stockpiles not expected to be recovered within the next 12 months.

Income Taxes (Unaudited) (Table

Income Taxes (Unaudited) (Tables)	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Geographic Sources of Provision for Income Taxes	Geographic sources of FCX's (provision for) benefit from income taxes follow (in millions): Three Months Ended March 31, 2016 2015 U.S. operations $ 11 $ 835 International operations (88 ) (121 ) Total $ (77 ) $ 714

Debt and Equity Transactions 23

Debt and Equity Transactions (Unaudited) Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Instrument [Line Items]
Schedule of Debt [Table Text Block]	The components of debt follow: March 31, December 31, 2015 Term Loan $ 3,011 $ 3,032 Revolving credit facility 480 — Lines of credit 332 442 Cerro Verde credit facility 1,783 1,781 Cerro Verde shareholder loans 261 259 Senior notes and debentures: Issued by FCX 11,911 11,908 Issued by Freeport-McMoRan Oil & Gas LLC (FM O&G LLC) 2,532 2,539 Issued by FMC 359 359 Other (including equipment capital leases and other short-term borrowings) 108 108 Total debt a 20,777 20,428 Less current portion of debt (1,139 ) (649 ) Long-term debt $ 19,638 $ 19,779 a. Includes additions for unamortized fair value adjustments totaling $203 million at March 31, 2016, and $210 million at December 31, 2015, and net reductions for unamortized debt issuance costs and unamortized discounts of $130 million at March 31, 2016, and $129 million at December 31, 2015.

Financial Instruments (Unaudi24

Financial Instruments (Unaudited) (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Copper futures and swap contracts: Unrealized gains (losses): Derivative financial instruments $ 7 $ 6 Hedged item – firm sales commitments (7 ) (6 ) Realized losses: Matured derivative financial instruments (4 ) (10 )
Schedule of Derivative Instruments	A summary of FCX’s embedded commodity derivatives at March 31, 2016 , follows: Open Positions Average Price Per Unit Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 726 $ 2.14 $ 2.20 September 2016 Gold (thousands of ounces) 89 1,224 1,236 June 2016 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 156 2.17 2.20 July 2016
Realized and unrealized gains (losses) for derivative financial instruments that do not qualify as hedge transactions	A summary of the realized and unrealized gains (losses) recognized in the loss 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 March 31, 2016 2015 Embedded derivatives in provisional copper and gold sales contracts a $ 72 $ (71 ) Copper forward contracts b 7 (1 ) Crude oil options a — 52 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): March 31, December 31, 2015 Commodity Derivative Assets: Derivatives designated as hedging instruments: Copper futures and swap contracts a $ 4 $ 1 Derivatives not designated as hedging instruments: Embedded derivatives in provisional copper and gold sales/purchase contracts 66 19 Total derivative assets $ 70 $ 20 Commodity Derivative Liabilities: Derivatives designated as hedging instruments: Copper futures and swap contracts a $ 6 $ 11 Derivatives not designated as hedging instruments: Embedded derivatives in provisional copper and gold sales/purchase contracts 24 81 Copper forward contracts 2 — Total derivative liabilities $ 32 $ 92 a. FCX paid $5 million to brokers at March 31, 2016 , and $10 million at December 31, 2015 , 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 March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 Gross amounts recognized: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 66 $ 19 $ 24 $ 81 Copper derivatives 4 1 8 11 70 20 32 92 Less gross amounts of offset: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 4 5 4 5 Copper derivatives 4 1 4 1 8 6 8 6 Net amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 62 14 20 76 Copper derivatives — — 4 10 $ 62 $ 14 $ 24 $ 86 Balance sheet classification: Trade accounts receivable $ 59 $ 9 $ 8 $ 51 Accounts payable and accrued liabilities 3 5 16 35 $ 62 $ 14 $ 24 $ 86

Fair Value Measurement (Unaud25

Fair Value Measurement (Unaudited) (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
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, and accounts payable and accrued liabilities (refer to Note 6 ) follows (in millions): At March 31, 2016 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund at NAV $ 23 $ 23 $ 23 $ — $ — $ — Money market funds 22 22 — 22 — — Equity securities 4 4 — 4 — — Total 49 49 23 26 — — Legally restricted funds: a,b,c,d U.S. core fixed income fund at NAV 53 53 53 — — — Government bonds and notes 33 33 — — 33 — Government mortgage-backed securities 32 32 — — 32 — Corporate bonds 29 29 — — 29 — Asset-backed securities 14 14 — — 14 — Collateralized mortgage-backed securities 7 7 — — 7 — Money market funds 7 7 — 7 — — Municipal bonds 1 1 — — 1 — Total 176 176 53 7 116 — Derivatives: a,e Embedded derivatives in provisional sales/ purchase contracts in a gross asset position 66 66 — — 66 — Copper futures and swap contracts 4 4 — 3 1 — Total 70 70 — 3 67 — Total assets $ 295 $ 76 $ 36 $ 183 $ — Liabilities Derivatives: a,e Embedded derivatives in provisional sales/ purchase contracts in a gross liability position $ 24 $ 24 $ — $ — $ 24 $ — Copper futures and swap contracts 6 6 — 3 3 — Copper forward contracts 2 2 — 2 — — Total 32 32 — 5 27 — Long-term debt, including current portion f 20,777 16,679 — — 16,679 — Total liabilities $ 16,711 $ — $ 5 $ 16,706 $ — At December 31, 2015 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund at NAV $ 23 $ 23 $ 23 $ — $ — $ — Money market funds 21 21 — 21 — — Equity securities 3 3 — 3 — — Total 47 47 23 24 — — Legally restricted funds: a,b,c,d U.S. core fixed income fund at NAV 52 52 52 — — — Government bonds and notes 37 37 — — 37 — Government mortgage-backed securities 28 28 — — 28 — Corporate bonds 26 26 — — 26 — Asset-backed securities 13 13 — — 13 — Collateralized mortgage-backed securities 7 7 — — 7 — Money market funds 7 7 — 7 — — Municipal bonds 1 1 — — 1 — Total 171 171 52 7 112 — Derivatives: a,e Embedded derivatives in provisional sales/ purchase contracts in a gross asset position 19 19 — — 19 — Copper futures and swap contracts 1 1 — 1 — — Total 20 20 — 1 19 — Total assets $ 238 $ 75 $ 32 $ 131 $ — Liabilities Derivatives: a,e Embedded derivatives in provisional sales/ purchase contracts in a gross liability position $ 81 $ 81 $ — $ — $ 81 $ — Copper futures and swap contracts 11 11 — 7 4 — Total 92 92 — 7 85 — Long-term debt, including current portion f 20,428 13,987 — — 13,987 — Total liabilities $ 14,079 $ — $ 7 $ 14,072 $ — 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 $119 million at March 31, 2016 , and $118 million at December 31, 2015 , 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 $29 million at March 31, 2016 , and $28 million at December 31, 2015 . e. Refer to Note 6 for further discussion and balance sheet classifications. 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)	3 Months Ended
	Mar. 31, 2016
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 Atlantic Other Corporate, Molyb- Copper Mining U.S. Other Cerro denum Rod & Smelting & Elimi- Total Oil & Gas & Elimi- FCX Morenci Other Total Verde Other Total Grasberg Mines Refining & Refining nations Mining Operations nations Total Three Months Ended March 31, 2016 Revenues: Unaffiliated customers $ 162 $ 56 $ 218 $ 486 $ 144 $ 630 $ 498 a $ — $ 971 $ 422 $ 208 b $ 2,947 $ 295 $ — $ 3,242 Intersegment 357 561 918 41 — 41 58 45 8 1 (1,071 ) — — — — Production and delivery 340 448 788 291 119 410 394 52 970 393 (918 ) 2,089 407 c 3 2,499 Depreciation, depletion and amortization 62 82 144 101 31 132 81 19 2 8 18 404 255 3 662 Impairment of oil and gas properties — — — — — — — — — — — — 3,771 16 d 3,787 Selling, general and administrative expenses — 1 1 2 — 2 14 — — 4 4 25 49 64 138 Mining exploration and research expenses — 1 1 — — — — — — — 17 18 — — 18 Environmental obligations and shutdown costs — — — — — — — — — — 10 10 — — 10 Operating income (loss) 117 85 202 133 (6 ) 127 67 (26 ) 7 18 6 401 (4,187 ) (86 ) (3,872 ) Interest expense, net 1 — 1 22 — 22 — — — 4 20 47 71 73 191 Provision for (benefit from) income taxes — — — 45 (6 ) 39 36 — — — — 75 — 2 77 Total assets at March 31, 2016 3,490 4,751 8,241 9,495 1,623 11,118 9,354 1,983 236 653 6,380 e 37,965 4,360 339 42,664 Capital expenditures 28 6 34 156 1 157 225 1 1 2 39 e 459 480 f 43 982 Three Months Ended March 31, 2015 Revenues: Unaffiliated customers $ 106 $ 115 $ 221 $ 248 $ 231 $ 479 $ 621 a $ — $ 1,062 $ 540 $ 348 b $ 3,271 $ 500 g $ — $ 3,771 Intersegment 450 664 1,114 14 (7 ) h 7 (14 ) h 113 7 6 (1,233 ) — — — — Production and delivery 374 569 943 198 147 345 439 83 1,063 519 (999 ) 2,393 283 c 3 2,679 Depreciation, depletion and amortization 51 82 133 37 38 75 70 26 2 10 16 332 530 4 866 Impairment of oil and gas properties — — — — — — — — — — — — 3,104 — 3,104 Selling, general and administrative expenses 1 — 1 1 — 1 25 — — 5 6 38 54 59 151 Mining exploration and research expenses — 3 3 — — — — — — — 24 27 — — 27 Environmental obligations and shutdown costs — — — — — — — — — — 13 13 — — 13 Net gain on sale of assets — (39 ) (39 ) — — — — — — — — (39 ) — — (39 ) Operating income (loss) 130 164 294 26 39 65 73 4 4 12 55 507 (3,471 ) (66 ) (3,030 ) Interest expense, net 1 — 1 1 — 1 — — — 3 40 45 37 57 139 Provision for (benefit from) income taxes — — — 5 19 24 29 — — — — 53 — (767 ) (714 ) Total assets at March 31, 2015 3,802 5,646 9,448 7,991 1,970 9,961 8,882 2,075 314 809 6,487 e 37,976 17,887 202 56,065 Capital expenditures 84 23 107 431 14 445 225 3 1 4 49 e 834 1,018 f 15 1,867 a. Includes PT-FI’s sales to PT Smelting totaling $277 million in first-quarter 2016 and $350 million in first-quarter 2015 . b. 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. c. Includes charges at oil and gas operations totaling (i) $165 million in first-quarter 2016 and $13 million in first-quarter 2015 for idle rig costs and (ii) $35 million in first-quarter 2016 and $4 million in first-quarter 2015 primarily for inventory write downs. d. Reflects impairment charges for international oil and gas properties primarily in Morocco. e. Includes (i) assets held for sale totaling $4.9 billion at March 31, 2016 and 2015, and (ii) capital expenditures totaling $35 million in first-quarter 2016 and $39 million in first-quarter 2015 associated with discontinued operations. Refer to Note 1 for a summary of the results of discontinued operations. f. Excludes international oil and gas capital expenditures totaling $43 million in first-quarter 2016 and $15 million in first-quarter 2015 , primarily related to the Morocco oil and gas properties, which are included in Corporate, Other & Eliminations. g. Includes net mark-to-market gains of $52 million associated with crude oil derivative contracts. h. Reflects net reductions for provisional pricing adjustments to prior period open sales.

Guarantor Financial Statement27

Guarantor Financial Statements (Unaudited) (Tables)	3 Months Ended
	Mar. 31, 2016
Guarantor Financial Statements [Abstract]
Condensed Consolidating Balance Sheets [Table Text Block]	CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2016 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets, other than assets held for sale $ 272 $ 2,600 $ 7,329 $ (3,731 ) $ 6,470 Current assets held for sale — — 763 — 763 Property, plant, equipment and mining development costs, net 25 59 24,048 — 24,132 Oil and gas properties, net - full cost method: Subject to amortization, less accumulated amortization and impairments — 517 1,183 — 1,700 Not subject to amortization — 415 1,326 2 1,743 Investments in consolidated subsidiaries 20,674 — — (20,674 ) — Other assets 1,135 34 3,663 (1,090 ) 3,742 Assets held for sale — — 4,114 — 4,114 Total assets $ 22,106 $ 3,625 $ 42,426 $ (25,493 ) $ 42,664 LIABILITIES AND EQUITY Current liabilities, other than liabilities held for sale $ 2,714 $ 660 $ 4,682 $ (3,730 ) $ 4,326 Current liabilities held for sale — — 100 — 100 Long-term debt, less current portion 14,599 6,592 11,818 (13,371 ) 19,638 Deferred income taxes 1,060 a — 2,705 — 3,765 Environmental and asset retirement obligations, less current portion — 310 3,430 — 3,740 Investments in consolidated subsidiaries — 483 7,775 (8,258 ) — Other liabilities 41 3,355 1,734 (3,488 ) 1,642 Liabilities held for sale — — 716 — 716 Total liabilities 18,414 11,400 32,960 (28,847 ) 33,927 Redeemable noncontrolling interest — — 767 — 767 Equity: Stockholders' equity 3,692 (7,775 ) 4,966 2,809 3,692 Noncontrolling interests — — 3,733 545 4,278 Total equity 3,692 (7,775 ) 8,699 3,354 7,970 Total liabilities and equity $ 22,106 $ 3,625 $ 42,426 $ (25,493 ) $ 42,664 a. All U.S. related deferred income taxes are recorded at the parent company. CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets, other than assets held for sale $ 181 $ 3,831 $ 10,238 $ (7,532 ) $ 6,718 Current assets held for sale — — 744 — 744 Property, plant, equipment and mining development costs, net 26 57 24,163 — 24,246 Oil and gas properties, net - full cost method: Subject to amortization, less accumulated amortization and impairments — 710 1,552 — 2,262 Not subject to amortization — 1,393 3,432 6 4,831 Investments in consolidated subsidiaries 24,311 — — (24,311 ) — Other assets 5,038 1,826 3,586 (6,798 ) 3,652 Assets held for sale — — 4,124 — 4,124 Total assets $ 29,556 $ 7,817 $ 47,839 $ (38,635 ) $ 46,577 LIABILITIES AND EQUITY Current liabilities, other than liabilities held for sale $ 6,012 $ 666 $ 5,047 $ (7,526 ) $ 4,199 Current liabilities held for sale — — 108 — 108 Long-term debt, less current portion 14,735 5,883 11,594 (12,433 ) 19,779 Deferred income taxes 941 a — 2,666 — 3,607 Environmental and asset retirement obligations, less current portion — 305 3,412 — 3,717 Investment in consolidated subsidiary — — 2,397 (2,397 ) — Other liabilities 40 3,360 1,732 (3,491 ) 1,641 Liabilities held for sale — — 718 — 718 Total liabilities 21,728 10,214 27,674 (25,847 ) 33,769 Redeemable noncontrolling interest — — 764 — 764 Equity: Stockholders' equity 7,828 (2,397 ) 15,725 (13,328 ) 7,828 Noncontrolling interests — — 3,676 540 4,216 Total equity 7,828 (2,397 ) 19,401 (12,788 ) 12,044 Total liabilities and equity $ 29,556 $ 7,817 $ 47,839 $ (38,635 ) $ 46,577 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 March 31, 2016 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 78 $ 3,164 $ — $ 3,242 Total costs and expenses 27 1,629 a 5,452 a 6 7,114 Operating loss (27 ) (1,551 ) (2,288 ) (6 ) (3,872 ) Interest expense, net (137 ) (4 ) (114 ) 64 (191 ) Other income (expense), net 50 — 40 (54 ) 36 (Loss) income before income taxes and equity in affiliated companies' net (losses) earnings (114 ) (1,555 ) (2,362 ) 4 (4,027 ) (Provision for) benefit from income taxes (1,784 ) 616 1,088 3 (77 ) Equity in affiliated companies' net (losses) earnings (2,286 ) (2,704 ) (3,630 ) 8,627 7 Net (loss) income from continuing operations (4,184 ) (3,643 ) (4,904 ) 8,634 (4,097 ) Net income (loss) from discontinued operations — — 6 (10 ) (4 ) Net (loss) income (4,184 ) (3,643 ) (4,898 ) 8,624 (4,101 ) Net income and preferred dividends attributable to noncontrolling interests: Continuing operations — — (67 ) (6 ) (73 ) Discontinued operations — — (10 ) — (10 ) Net (loss) income attributable to common stockholders $ (4,184 ) $ (3,643 ) $ (4,975 ) $ 8,618 $ (4,184 ) Other comprehensive income (loss) — — — — — Total comprehensive (loss) income $ (4,184 ) $ (3,643 ) $ (4,975 ) $ 8,618 $ (4,184 ) a. Includes charges totaling $1.3 billion at the FM O&G LLC guarantor and $2.5 billion at the non-guarantor subsidiaries related to impairment of FCX's oil and gas properties pursuant to full cost accounting rules. Three Months Ended March 31, 2015 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 181 $ 3,590 $ — $ 3,771 Total costs and expenses 16 1,318 a 5,483 a (16 ) 6,801 Operating (loss) income (16 ) (1,137 ) (1,893 ) 16 (3,030 ) Interest expense, net (115 ) (4 ) (43 ) 23 (139 ) Other income (expense), net 29 — 8 (30 ) 7 (Loss) income before income taxes and equity in affiliated companies' net (losses) earnings (102 ) (1,141 ) (1,928 ) 9 (3,162 ) (Provision for) benefit from income taxes (421 ) 416 725 (6 ) 714 Equity in affiliated companies' net (losses) earnings (1,951 ) (2,359 ) (3,530 ) 7,841 1 Net (loss) income from continuing operations (2,474 ) (3,084 ) (4,733 ) 7,844 (2,447 ) Net income from discontinued operations — — 34 7 41 Net (loss) income (2,474 ) (3,084 ) (4,699 ) 7,851 (2,406 ) Net income and preferred dividends attributable to noncontrolling interests: Continuing operations — — (30 ) (12 ) (42 ) Discontinued operations — — (26 ) — (26 ) Net (loss) income attributable to common stockholders $ (2,474 ) $ (3,084 ) $ (4,755 ) $ 7,839 $ (2,474 ) Other comprehensive income (loss) 12 — 12 (12 ) 12 Total comprehensive (loss) income $ (2,462 ) $ (3,084 ) $ (4,743 ) $ 7,827 $ (2,462 ) a. Includes charges totaling $1.1 billion at the FM O&G LLC guarantor and $2.0 billion at the non-guarantor subsidiaries related to impairment of FCX's oil and gas properties pursuant to full cost accounting rules.
Condensed Consolidating Statements of Cash Flows [Table Text Block]	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2016 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Cash flow from operating activities: Net (loss) income $ (4,184 ) $ (3,643 ) $ (4,898 ) $ 8,624 $ (4,101 ) Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation, depletion and amortization 1 51 677 (7 ) 722 Impairment of oil and gas properties — 1,291 2,483 13 3,787 Equity in losses (earnings) of consolidated subsidiaries 2,286 2,704 3,630 (8,627 ) (7 ) Other, net 128 7 16 — 151 Changes in working capital and other tax payments 1,652 (442 ) (1,024 ) 2 188 Net cash (used in) provided by operating activities (117 ) (32 ) 884 5 740 Cash flow from investing activities: Capital expenditures — (244 ) (736 ) (2 ) (982 ) Intercompany loans (561 ) (377 ) — 938 — Dividends from (investments in) consolidated subsidiaries 358 (41 ) 35 (352 ) — Other, net — 2 — — 2 Net cash (used in) provided by investing activities (203 ) (660 ) (701 ) 584 (980 ) Cash flow from financing activities: Proceeds from debt 1,060 — 736 — 1,796 Repayments of debt (750 ) — (692 ) — (1,442 ) Intercompany loans — 716 222 (938 ) — Net proceeds from sale of common stock 32 — 42 (42 ) 32 Cash dividends and distributions paid, and contributions received (4 ) — (373 ) 355 (22 ) Other, net (18 ) (24 ) (11 ) 36 (17 ) Net cash provided by (used in) financing activities 320 692 (76 ) (589 ) 347 Net increase in cash and cash equivalents — — 107 — 107 Increase in cash and cash equivalents in assets held for sale — — (50 ) — (50 ) Cash and cash equivalents at beginning of period — — 195 — 195 Cash and cash equivalents at end of period $ — $ — $ 252 $ — $ 252 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Three Months Ended March 31, 2015 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Cash flow from operating activities: Net (loss) income $ (2,474 ) $ (3,084 ) $ (4,699 ) $ 7,851 $ (2,406 ) Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation, depletion and amortization 1 119 835 (16 ) 939 Impairment of oil and gas properties — 1,062 2,042 — 3,104 Net gains on crude oil derivative contracts — (52 ) — — (52 ) Equity in losses (earnings) of consolidated subsidiaries 1,951 2,359 3,530 (7,841 ) (1 ) Other, net (701 ) 6 (86 ) — (781 ) Changes in working capital and other tax payments 1,171 (580 ) (683 ) 6 (86 ) Net cash (used in) provided by operating activities (52 ) (170 ) 939 — 717 Cash flow from investing activities: Capital expenditures — (302 ) (1,565 ) — (1,867 ) Intercompany loans (905 ) (400 ) — 1,305 — Dividends from (investments in) consolidated subsidiaries 310 (14 ) 32 (328 ) — Other, net — — 127 — 127 Net cash (used in) provided by investing activities (595 ) (716 ) (1,406 ) 977 (1,740 ) Cash flow from financing activities: Proceeds from debt 1,515 — 758 — 2,273 Repayments of debt (530 ) — (272 ) — (802 ) Intercompany loans — 903 402 (1,305 ) — Cash dividends and distributions paid, and contributions received (327 ) — (319 ) 296 (350 ) Other, net (11 ) (18 ) (16 ) 32 (13 ) Net cash provided by (used in) financing activities 647 885 553 (977 ) 1,108 Net (decrease) increase in cash and cash equivalents — (1 ) 86 — 85 Increase in cash and cash equivalents in assets held for sale — — (62 ) — (62 ) Cash and cash equivalents at beginning of period — 1 316 — 317 Cash and cash equivalents at end of period $ — $ — $ 340 $ — $ 340

General Information (Unaudite28

General Information (Unaudited) Asset Dispositions (Details) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended	12 Months Ended
		Apr. 30, 2016	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Disposal Group, Including Discontinued Operation, Assets, Current			$ 763,000,000				$ 744,000,000
Disposal Group, Including Discontinued Operation, Assets, Noncurrent			4,114,000,000				4,124,000,000
Disposal Group, Including Discontinued Operation, Assets			4,900,000,000
Disposal Group, Including Discontinued Operation, Liabilities, Current			100,000,000				108,000,000
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent			716,000,000				718,000,000
Stockholders' Equity Attributable to Noncontrolling Interest			4,278,000,000				4,216,000,000
Net (loss) income from discontinued operations			(4,000,000)	$ 41,000,000
Revenue from Related Parties			0	0
Net Cash Provided by (Used in) Discontinued Operations			$ 50,000,000	62,000,000
Morenci [Member]
Percentage Of Undivided Interest Owned By Company			85.00%
Morenci [Member] | Sumitomo Metal Mining Arizona Inc. [Member]
Percent Of Undivided Interest Owned By Third Party			15.00%
Morenci [Member] | Subsequent Event [Member]
Disposal Date					Feb. 15, 2016
Proceeds from Sale of Productive Assets					$ 1,000,000,000
Change in Ownership, Percentage					13.00%
Gain (Loss) on Sale of Previously Unissued Stock by Subsidiary					$ 550,000,000
Percentage Of Undivided Interest Owned By Company					72.00%
Morenci [Member] | Subsequent Event [Member] | Sumitomo Metal Mining Arizona Inc. [Member]
Percent Of Undivided Interest Owned By Third Party					15.00%
Morenci [Member] | Subsequent Event [Member] | Sumitomo Metal Mining Co., Ltd. [Member]
Percent Of Undivided Interest Owned By Third Party					13.00%
Oil and Gas Royalty Interests [Member] | Subsequent Event [Member]
Disposal Date		Apr. 21, 2016
Proceeds from Sale of Productive Assets		$ 102,000,000
Serbia [Member] | Subsequent Event [Member]
Disposal Date					May 2, 2016
Proceeds from Sale of Productive Assets					$ 135,000,000
Contingent Consideration Arrangements, Range of Outcomes, Value, High					$ 107,000,000
Tenke Fungurume [Member] | Tenke Segments [Member]
Percentage Of Undivided Interest Owned By Company			56.00%
Tenke Fungurume [Member] | Subsequent Event [Member]
Disposal Date						May 9, 2016
Proceeds from Divestiture of Businesses, Net of Cash Divested						$ 2,650,000,000
Percentage Of Undivided Interest Owned By Company						70.00%
Contingent Consideration Arrangements, Range of Outcomes, Value, High						$ 120,000,000
Tenke Fungurume [Member] | Copper [Member] | Subsequent Event [Member]
Contingent Consideration Arrangements, Range of Outcomes, Value, High						60,000,000
Contingent Consideration, Reference Price						3.50
Tenke Fungurume [Member] | Cobalt [Member] | Subsequent Event [Member]
Contingent Consideration Arrangements, Range of Outcomes, Value, High						60,000,000
Contingent Consideration, Reference Price						20
Freeport Cobalt [Member]
Percentage Of Undivided Interest Owned By Company			56.00%
Freeport Cobalt [Member] | Subsequent Event [Member]
Proceeds from Divestiture of Businesses, Net of Cash Divested						100,000,000
Kisanfu Exploration Project [Member]
Percentage Of Undivided Interest Owned By Company			100.00%
Kisanfu Exploration Project [Member] | Subsequent Event [Member]
Proceeds from Divestiture of Businesses, Net of Cash Divested						$ 50,000,000
Discontinued Operations, Held-for-sale [Member] | Tenke Fungurume [Member]
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents			$ 79,000,000				29,000,000
Disposal Group, Including Discontinued Operation, Inventory, Current			553,000,000				584,000,000
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net			131,000,000				131,000,000
Disposal Group, Including Discontinued Operation, Assets, Current			763,000,000				744,000,000
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent			3,241,000,000				3,261,000,000
Disposal Group, Including Discontinued Operation, Inventory, Noncurrent			621,000,000				608,000,000
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent			238,000,000				241,000,000
Disposal Group, Including Discontinued Operation, Assets, Noncurrent			4,100,000,000				4,110,000,000
Disposal Group, Including Discontinued Operation, Accounts Payable and Accrued Liabilities, Current			100,000,000				108,000,000
Disposal Group, Including Discontinued Operation, Liabilities, Current			100,000,000				108,000,000
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities, Noncurrent			677,000,000				681,000,000
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent			39,000,000				37,000,000
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent			716,000,000				718,000,000
Stockholders' Equity Attributable to Noncontrolling Interest			1,187,000,000				$ 1,178,000,000
Disposal Group, Including Discontinued Operation, Revenue	[1]		285,000,000	382,000,000
Disposal Group, Including Discontinued Operations, Production and delivery			226,000,000	233,000,000
Disposal Group, Including Discontinued Operation, Depreciation and Amortization			60,000,000	73,000,000
Disposal Group, Including Discontinued Operation, Interest Expense	[2]		10,000,000	7,000,000
Disposal Group, Including Discontinued Operation, Other Expense			0	9,000,000
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax			(11,000,000)	60,000,000
Discontinued Operation, Tax Effect of Discontinued Operation			7,000,000	(19,000,000)
Net (loss) income from discontinued operations			(4,000,000)	41,000,000
Revenue from Related Parties			32,000,000	28,000,000
Cash Provided by (Used in) Operating Activities, Discontinued Operations			89,000,000	138,000,000
Cash Provided by (Used in) Investing Activities, Discontinued Operations			(36,000,000)	(48,000,000)
Cash Provided by (Used in) Financing Activities, Discontinued Operations			(3,000,000)	(28,000,000)
Net Cash Provided by (Used in) Discontinued Operations			$ 50,000,000	$ 62,000,000
[1]	In accordance with accounting guidance, amounts are net of eliminations of intercompany sales totaling $32 million in first-quarter 2016 and $28 million in first-quarter 2015.
[2]	In accordance with accounting guidance, interest associated with FCX's Term Loan that will be required to be repaid as a result of the sale of TFHL has been allocated to discontinued operations.

General Information (Unaudite29

General Information (Unaudited) (Details) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended	12 Months Ended
	Apr. 30, 2016	Mar. 31, 2016USD ($)$ / bbl	Mar. 31, 2015USD ($)	Jun. 30, 2016	Dec. 31, 2015$ / bbl
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Fair Value Inputs, Discount Rate		10.00%
Accumulated Costs Related to Unproved Properties Transferred to Full Cost Pool		$ 3,100
Impairment of oil and gas properties		$ (3,787)	$ (3,104)
Crude Oil [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Average Sales Prices | $ / bbl		46.26			50.28
Subsequent Event [Member] | Morenci [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Disposal Date				Feb. 15, 2016
Subsequent Event [Member] | Oil and Gas Royalty Interests [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Disposal Date	Apr. 21, 2016
Subsequent Event [Member] | Serbia [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Disposal Date				May 2, 2016

Earnings Per Share (Unaudited30

Earnings Per Share (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Net loss from continuing operations		$ (4,097)	$ (2,447)
Continuing operations		(62)	(32)
Preferred dividends attributable to redeemable noncontrolling interest		(11)	(10)
Undistributed earnings allocated to participating securities		(3)	(3)
Net loss from continuing operations attributable to common stockholders		(4,173)	(2,492)
Net (loss) income from discontinued operations		(4)	41
Discontinued operations		(10)	(26)
Net (loss) income from discontinued operations attributable to common stockholders		(14)	15
Net loss attributable to common stockholders		$ (4,187)	$ (2,477)
Basic weighted-average shares of common stock outstanding		1,251	1,040
Add shares issuable upon exercise or vesting of dilutive stock options and RSUs	[1]	0	0
Diluted weighted-average shares of common stock outstanding		1,251	1,040
Earnings Per Share, Basic and Diluted [Abstract]
Continuing operations		$ (3.34)	$ (2.40)
Discontinued operations		(0.01)	0.02
Basic and diluted net (loss) income per share attributable to common stockholders:		$ (3.35)	$ (2.38)
Potential anti-dilutive additional shares of common stock (in shares)		10	14
Outstanding stock options with exercise prices greater than average market price of common stock (in shares)		47	40
[1]	Excludes approximately 10 million shares of common stock for first-quarter 2016 and 14 million for first-quarter 2015 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-T31

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Details) - USD ($) $ in Millions		Mar. 31, 2016	Dec. 31, 2015
Components of Inventories [Line Items]
Total current mill and leach stockpiles		$ 1,456	$ 1,539
Total materials and supplies, net	[1]	1,445	1,594
Raw materials (primarily concentrate)		247	220
Work-in-process		118	108
Finished goods		709	743
Total product inventories		1,074	1,071
Total long-term mill and leach stockpiles		1,703	1,663
Inventory obsolescence reserves		27	26
Current [Member]
Components of Inventories [Line Items]
Mill stockpiles		139	137
Leach stockpiles		1,317	1,402
Total current mill and leach stockpiles		1,456	1,539
Long-Term [Member]
Components of Inventories [Line Items]
Mill stockpiles		521	480
Leach stockpiles		1,182	1,183
Total long-term mill and leach stockpiles	[2]	$ 1,703	$ 1,663
[1]	Materials and supplies inventory was net of obsolescence reserves totaling $27 million at March 31, 2016, and $26 million at December 31, 2015.
[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
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Consolidated effective income tax rate (percent)	(2.00%)	23.00%
U.S. operations	$ 11	$ 835
International operations	(88)	(121)
Total	(77)	714
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 1,400	$ 458
Effective Income Tax Rate, Adjusted, Percent	34.00%	37.00%

Debt and Equity Transactions 33

Debt and Equity Transactions (Unaudited) (Details) - USD ($) $ in Thousands, shares in Millions		Apr. 29, 2016	Jan. 05, 2016	Feb. 26, 2016	Mar. 31, 2016	Dec. 31, 2015
Extinguishment of Debt [Line Items]
Long-term Debt, Gross	[1]				$ 20,777,000	$ 20,428,000
Debt, Current					(1,139,000)	(649,000)
Long-term debt, less current portion					19,638,000	19,779,000
Liabilities, Fair Value Adjustment					203,000	210,000
Unamortized Debt Issuance Expense					130,000	129,000
Stock Issued During Period, Shares, New Issues			210
Proceeds from Issuance of Common Stock, Gross			$ 1,970,000
Fees and Commissions			$ 20,000
Bank Term Loan [Member]
Extinguishment of Debt [Line Items]
Long-term Debt, Gross					3,011,000	3,032,000
Credit Facility [Domain] | Revolving Credit Facility [Member]
Extinguishment of Debt [Line Items]
Long-term Debt, Gross					480,000	0
Debt Instrument, Amendment Date				Feb. 26, 2016
Line of Credit Facility, Maximum Borrowing Capacity				$ 3,500,000		4,000,000
Letters of Credit Issued, Amount					38,000
Line of Credit Facility, Remaining Borrowing Capacity					3,000,000
Line Of Credit Facility Remaining Borrowing Capacity Available For Letters Of Credit					1,500,000
Line of Credit [Member]
Extinguishment of Debt [Line Items]
Long-term Debt, Gross					332,000	442,000
Senior Notes [Member]
Extinguishment of Debt [Line Items]
Long-term Debt, Gross					11,911,000	11,908,000
Notes Payable, Other Payables [Member]
Extinguishment of Debt [Line Items]
Long-term Debt, Gross					108,000	108,000
Cerro Verde [Member] | Credit Facility [Domain]
Extinguishment of Debt [Line Items]
Long-term Debt, Gross					1,783,000	1,781,000
Cerro Verde [Member] | Shareholder Loan [Member]
Extinguishment of Debt [Line Items]
Long-term Debt, Gross					261,000	259,000
Freeport-McMoRan Oil & Gas [Member]
Extinguishment of Debt [Line Items]
Long-term debt, less current portion					6,592,000	5,883,000
Freeport-McMoRan Oil & Gas [Member] | Senior Notes [Member]
Extinguishment of Debt [Line Items]
Long-term Debt, Gross					2,532,000	2,539,000
Freeport McMoRan Corporation [Member] | Subordinated Debt [Member]
Extinguishment of Debt [Line Items]
Long-term Debt, Gross					$ 359,000	359,000
Subsequent Event [Member]
Extinguishment of Debt [Line Items]
Common Stock, Value of Shares Authorized for Issue in Transaction		$ 12,000
Common Stock [Member]
Extinguishment of Debt [Line Items]
Stock Issued During Period, Shares, New Issues					5
Proceeds from Issuance of Common Stock, Gross						$ 2,000,000
[1]	a.Includes additions for unamortized fair value adjustments totaling $203 million at March 31, 2016, and $210 million at December 31, 2015, and net reductions for unamortized debt issuance costs and unamortized discounts of $130 million at March 31, 2016, and $129 million at December 31, 2015.

Debt and Equity Transactions 34

Debt and Equity Transactions (Unaudited) Interest, Dividends and Maturities (Details) - USD ($) $ in Thousands, shares in Millions	Apr. 29, 2016	Jan. 05, 2016	Mar. 31, 2016	Mar. 31, 2015
Capitalized Interest [Line Items]
Interest costs incurred			$ 218,000	$ 203,000
Stock Issued During Period, Shares, New Issues		210
Proceeds from Issuance of Common Stock, Gross		$ 1,970,000
Fees and Commissions		$ 20,000
Property, Plant, Equipment and Mining Development Costs, Net [Member]
Capitalized Interest [Line Items]
Interest costs capitalized			20,000	45,000
Oil and Gas Properties Not Subject to Amortization [Member]
Capitalized Interest [Line Items]
Interest costs capitalized			$ 7,000	$ 19,000
Subsequent Event [Member]
Capitalized Interest [Line Items]
Common Stock, Value of Shares Authorized for Issue in Transaction	$ 12,000

Financial Instruments (Unaudi35

Financial Instruments (Unaudited) (Details) - Commodity Contract [Member] - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Fair Value Hedging [Member] | Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative financial instruments		$ 7	$ 6
Hedged item – firm sales commitments		(7)	(6)
Matured derivative financial instruments		(4)	(10)
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]	72	(71)
Derivatives not designated as hedging instruments [Member] | Copper forward contracts [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized and unrealized gains (losses)	[2]	7	(1)
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]	$ 0	$ 52
[1]	Amounts recorded in revenues.
[2]	Amounts recorded in cost of sales as production and delivery costs.

Financial Instruments (Unaudi36

Financial Instruments (Unaudited) Open Positions (Details) oz in Thousands, lb in Millions	3 Months Ended
	Mar. 31, 2016lboz$ / 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	726
Average contract price	2.14
Average market price	2.20
Maturities through	Sep. 30, 2016
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	89
Average contract price | $ / oz	1,224
Average market price | $ / oz	1,236
Maturities through	Jun. 30, 2016
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	156
Average contract price	2.17
Average market price	2.20
Maturities through	Jul. 31, 2016
Fair Value Hedging [Member] | FMC's Copper Futures and Swap Contracts [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Open positions (in lbs except gold in oz) | lb	69
Average contract price	2.23
Maturities through	Mar. 31, 2018
Atlantic Copper [Member] | Forward Contracts [Member] | Derivatives not designated as hedging instruments [Member]
Derivative [Line Items]
Open positions (in lbs except gold in oz) | lb	47
Average contract price	2.24
Maturities through	May 31, 2016

Financial Instruments (Unaudi37

Financial Instruments (Unaudited) Unsettled Derivatives (Details) - USD ($) $ in Millions		Mar. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative Asset		$ 62	$ 14
Derivative Liability		24	86
Paid to brokers associated with margin requirements		5	10
Trade Accounts Receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		59	9
Derivative Liability		8	51
Accounts Payable and Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		3	5
Derivative Liability		16	35
Commodity Contract [Member] | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Asset position		70	20
Liability position		32	92
Derivative Asset, Fair Value, Gross Liability		8	6
Derivative Liability, Fair Value, Gross Asset		8	6
Derivative Asset		62	14
Derivative Liability		24	86
Commodity Contract [Member] | Copper Derivatives [Member] | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Asset position		4	1
Liability position		8	11
Derivative Asset, Fair Value, Gross Liability		4	1
Derivative Liability, Fair Value, Gross Asset		4	1
Derivative Asset		0	0
Derivative Liability		4	10
Commodity Contract [Member] | Copper futures and swap contracts [Member] | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Asset position	[1]	4	1
Liability position	[1]	6	11
Commodity Contract [Member] | Copper forward contracts [Member] | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Liability position		2	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		66	19
Liability position		24	81
Derivative Asset, Fair Value, Gross Liability		4	5
Derivative Liability, Fair Value, Gross Asset		4	5
Derivative Asset		62	14
Derivative Liability		$ 20	$ 76
[1]	FCX paid $5 million to brokers at March 31, 2016, and $10 million at December 31, 2015, for margin requirements (recorded in other current assets).

Financial Instruments (Unaudi38

Financial Instruments (Unaudited) Other Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Cash and Cash Equivalents [Line Items]
Credit Derivative, Maximum Exposure, Undiscounted	$ 56
Cash and cash equivalents	252	$ 195	$ 340	$ 317
Time Deposits [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 39	$ 34

Fair Value Measurement (Unaud39

Fair Value Measurement (Unaudited) (Details) - USD ($) $ in Millions		Mar. 31, 2016	Dec. 31, 2015
Derivatives:
Derivative assets		$ 62	$ 14
Derivatives:
Derivative Liability		24	86
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	26	24
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	7	7
Derivatives:
Derivative assets	[2],[5]	3	1
Total assets		36	32
Derivatives:
Derivative Liability	[2],[5]	5	7
Long-term debt, including current portion	[6]	0	0
Total liabilities		5	7
Fair Value, Measurements, Recurring [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]	116	112
Derivatives:
Derivative assets	[2],[5]	67	19
Total assets		183	131
Derivatives:
Derivative Liability	[2],[5]	27	85
Long-term debt, including current portion	[6]	16,679	13,987
Total liabilities		16,706	14,072
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]	0	0
Total assets		0	0
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] | 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]	24	81
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]	3	7
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives:
Derivative Liability	[2],[5]	3	4
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] | Copper forward contracts [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives:
Derivative Liability	[2],[5]	2
Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives:
Derivative Liability	[2],[5]	0
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] | Money market funds [Member] | Fair Value, Inputs, Level 1 [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	22	21
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	7	7
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] | Equity securities [Member] | Fair Value, Inputs, Level 1 [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	4	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]	33	37
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]	32	28
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]	29	26
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	13
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] | 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]	7	7
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] | 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]	66	19
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] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives:
Derivative assets	[2],[5]	3	1
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives:
Derivative assets	[2],[5]	1	0
Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives:
Derivative assets	[2],[5]	0	0
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	49	47
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	176	171
Derivatives:
Derivative assets	[2],[5]	70	20
Derivatives:
Derivative Liability	[2],[5]	32	92
Long-term debt, including current portion	[6]	20,777	20,428
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member]
Derivatives:
Derivative Liability	[2],[5]	24	81
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member]
Derivatives:
Derivative Liability	[2],[5]	6	11
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member]
Derivatives:
Derivative Liability	[2],[5]	2
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]	53	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	21
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	7	7
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Equity securities [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	4	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]	33	37
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]	32	28
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	29	26
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	13
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]	7	7
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]	66	19
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member]
Derivatives:
Derivative assets	[2],[5]	4	1
Reported Value Measurement [Member] | Other Current Assets [Member] | Fair Value, Measurements, Recurring [Member] | Time Deposits [Member]
Investment securities (current and long-term):
Investment securities		29	28
Reported Value Measurement [Member] | Other Assets [Member] | Fair Value, Measurements, Recurring [Member] | Time Deposits [Member]
Derivatives:
Escrow Deposit Disbursements Related to Property Acquisition		119	118
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	49	47
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	176	171
Derivatives:
Derivative assets	[2],[5]	70	20
Total assets		295	238
Derivatives:
Derivative Liability	[2],[5]	32	92
Long-term debt, including current portion	[6]	16,679	13,987
Total liabilities		16,711	14,079
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member]
Derivatives:
Derivative Liability	[2],[5]	24	81
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member]
Derivatives:
Derivative Liability	[2],[5]	6	11
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member]
Derivatives:
Derivative Liability	[2],[5]	2
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]	53	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	21
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	7	7
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Equity securities [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	4	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]	33	37
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]	32	28
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]	29	26
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	13
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]	7	7
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]	66	19
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member]
Derivatives:
Derivative assets	[2],[5]	4	1
Net Asset Value [Member] | Fair Value, Measurements, Recurring [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]	53	52
Derivatives:
Derivative assets	[2],[5]	0	0
Total assets		76	75
Derivatives:
Derivative Liability	[2],[5]	0	0
Long-term debt, including current portion	[6]	0	0
Total liabilities		0	0
Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member]
Derivatives:
Derivative Liability	[2],[5]	0	0
Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member]
Derivatives:
Derivative Liability	[2],[5]	0	0
Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | Copper forward contracts [Member]
Derivatives:
Derivative Liability	[2],[5]	0
Net Asset Value [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]	53	52
Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | Money market funds [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
Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | Equity securities [Member]
Investment securities (current and long-term):
Investment securities	[1],[2]	0	0
Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | Government bonds and notes [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | Government mortgage-backed securities [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | Collateralized mortgage-backed securities [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member]
Legally restricted funds (long-term):
Legally restricted funds	[1],[2],[3],[4]	0	0
Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | Embedded derivatives in provisional sales/purchases contracts [Member]
Derivatives:
Derivative assets	[2],[5]	0	0
Net Asset Value [Member] | Fair Value, Measurements, Recurring [Member] | Copper futures and swap contracts [Member]
Derivatives:
Derivative assets	[2],[5]	$ 0	$ 0
[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 $119 million at March 31, 2016, and $118 million at December 31, 2015, 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 $29 million at March 31, 2016, and$28 million at December 31, 2015
[5]	Refer to Note 6 for further discussion and balance sheet classifications.
[6]	Recorded at cost except for debt assumed in acquisitions, which were recorded at fair value at the respective acquisition dates.

Contingencies and Commitments40

Contingencies and Commitments (Unaudited) (Details) IDR in Trillions	Apr. 29, 2016USD ($)	Apr. 29, 2016IDR	Mar. 31, 2016USD ($)	Dec. 31, 2014USD ($)
PT Freeport Indonesia [Member]
Loss Contingencies [Line Items]
Value Added Tax Receivable				$ 269,000,000
Income Tax Examination, Penalties Accrued			$ 0
Subsequent Event [Member] | PT Freeport Indonesia [Member]
Loss Contingencies [Line Items]
Assessment By Foreign Government Of Alleged Obligations	$ 207,000,000
Assessment By Foreign Government of Alleged Obligations, Expressed in Foreign Currency | IDR		IDR 2.7
Royalty Tax [Member] | Cerro Verde [Member]
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss			515,000,000
RelatingtotheperiodDecember2006throughSeptember2011 [Member] | Royalty Tax [Member] | Cerro Verde [Member]
Loss Contingencies [Line Items]
Assessment By Foreign Government Of Alleged Obligations			413,000,000
Cash and Cash Equivalents [Member] | PT Freeport Indonesia [Member]
Loss Contingencies [Line Items]
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority			196,000,000
Other Liabilities [Member] | PT Freeport Indonesia [Member]
Loss Contingencies [Line Items]
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority			$ 38,000,000

Business Segments (Unaudited)41

Business Segments (Unaudited) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016		Mar. 31, 2015		Dec. 31, 2015
Revenues:
Unaffiliated customers		$ 3,242		$ 3,771
Intersegment		0		0
Production and delivery		2,499		2,679
Depreciation, depletion and amortization		662		866
Impairment of oil and gas properties		3,787		3,104
Selling, general and administrative expenses		138		151
Mining exploration and research expenses		18		27
Environmental obligations and shutdown costs		10		13
Net gain on sale of assets		0		(39)
Operating income (loss)		(3,872)		(3,030)
Interest expense, net		191		139
Provision for (benefit from) income taxes		77		(714)
Total Assets		42,664		56,065		$ 46,577
Capital expenditures		982		1,867
Oil and gas inventory write downs		(35)		(4)
Disposal Group, Including Discontinued Operation, Assets		4,900
Mining Operations [Member]
Revenues:
Unaffiliated customers		2,947		3,271
Intersegment		0		0
Production and delivery		2,089		2,393
Depreciation, depletion and amortization		404		332
Impairment of oil and gas properties		0		0
Selling, general and administrative expenses		25		38
Mining exploration and research expenses		18		27
Environmental obligations and shutdown costs		10		13
Net gain on sale of assets				(39)
Operating income (loss)		401		507
Interest expense, net		47		45
Provision for (benefit from) income taxes		75		53
Total Assets		37,965		37,976
Capital expenditures		459		834
North America Copper Mines [Member]
Revenues:
Unaffiliated customers		218		221
Intersegment		918		1,114
Production and delivery		788		943
Depreciation, depletion and amortization		144		133
Impairment of oil and gas properties		0		0
Selling, general and administrative expenses		1		1
Mining exploration and research expenses		1		3
Environmental obligations and shutdown costs		0		0
Net gain on sale of assets				(39)
Operating income (loss)		202		294
Interest expense, net		1		1
Provision for (benefit from) income taxes		0		0
Total Assets		8,241		9,448
Capital expenditures		34		107
Morenci [Member]
Revenues:
Unaffiliated customers		162		106
Intersegment		357		450
Production and delivery		340		374
Depreciation, depletion and amortization		62		51
Impairment of oil and gas properties		0		0
Selling, general and administrative expenses		0		1
Mining exploration and research expenses		0		0
Environmental obligations and shutdown costs		0		0
Net gain on sale of assets				0
Operating income (loss)		117		130
Interest expense, net		1		1
Provision for (benefit from) income taxes		0		0
Total Assets		3,490		3,802
Capital expenditures		28		84
Other North America Copper Mines [Member]
Revenues:
Unaffiliated customers		56		115
Intersegment		561		664
Production and delivery		448		569
Depreciation, depletion and amortization		82		82
Impairment of oil and gas properties		0		0
Selling, general and administrative expenses		1		0
Mining exploration and research expenses		1		3
Environmental obligations and shutdown costs		0		0
Net gain on sale of assets				(39)
Operating income (loss)		85		164
Interest expense, net		0		0
Provision for (benefit from) income taxes		0		0
Total Assets		4,751		5,646
Capital expenditures		6		23
South America Mines [Member]
Revenues:
Unaffiliated customers		630		479
Intersegment		41		7
Production and delivery		410		345
Depreciation, depletion and amortization		132		75
Impairment of oil and gas properties		0		0
Selling, general and administrative expenses		2		1
Mining exploration and research expenses		0		0
Environmental obligations and shutdown costs		0		0
Net gain on sale of assets				0
Operating income (loss)		127		65
Interest expense, net		22		1
Provision for (benefit from) income taxes		39		24
Total Assets		11,118		9,961
Capital expenditures		157		445
Cerro Verde [Member]
Revenues:
Unaffiliated customers		486		248
Intersegment		41		14
Production and delivery		291		198
Depreciation, depletion and amortization		101		37
Impairment of oil and gas properties		0		0
Selling, general and administrative expenses		2		1
Mining exploration and research expenses		0		0
Environmental obligations and shutdown costs		0		0
Net gain on sale of assets				0
Operating income (loss)		133		26
Interest expense, net		22		1
Provision for (benefit from) income taxes		45		5
Total Assets		9,495		7,991
Capital expenditures		156		431
Other South America Mines [Member]
Revenues:
Unaffiliated customers		144		231
Intersegment		0		(7)	[1]
Production and delivery		119		147
Depreciation, depletion and amortization		31		38
Impairment of oil and gas properties		0		0
Selling, general and administrative expenses		0		0
Mining exploration and research expenses		0		0
Environmental obligations and shutdown costs		0		0
Net gain on sale of assets				0
Operating income (loss)		(6)		39
Interest expense, net		0		0
Provision for (benefit from) income taxes		(6)		19
Total Assets		1,623		1,970
Capital expenditures		1		14
Indonesia - Grasberg [Member]
Revenues:
Unaffiliated customers	[2]	498		621
Intersegment		58		(14)	[1]
Production and delivery		394		439
Depreciation, depletion and amortization		81		70
Impairment of oil and gas properties		0		0
Selling, general and administrative expenses		14		25
Mining exploration and research expenses		0		0
Environmental obligations and shutdown costs		0		0
Net gain on sale of assets				0
Operating income (loss)		67		73
Interest expense, net		0		0
Provision for (benefit from) income taxes		36		29
Total Assets		9,354		8,882
Capital expenditures		225		225
Molybdenum mines [Member]
Revenues:
Unaffiliated customers		0		0
Intersegment		45		113
Production and delivery		52		83
Depreciation, depletion and amortization		19		26
Impairment of oil and gas properties		0		0
Selling, general and administrative expenses		0		0
Mining exploration and research expenses		0		0
Environmental obligations and shutdown costs		0		0
Net gain on sale of assets				0
Operating income (loss)		(26)		4
Interest expense, net		0		0
Provision for (benefit from) income taxes		0		0
Total Assets		1,983		2,075
Capital expenditures		1		3
Rod & Refining [Member]
Revenues:
Unaffiliated customers		971		1,062
Intersegment		8		7
Production and delivery		970		1,063
Depreciation, depletion and amortization		2		2
Impairment of oil and gas properties		0		0
Selling, general and administrative expenses		0		0
Mining exploration and research expenses		0		0
Environmental obligations and shutdown costs		0		0
Net gain on sale of assets				0
Operating income (loss)		7		4
Interest expense, net		0		0
Provision for (benefit from) income taxes		0		0
Total Assets		236		314
Capital expenditures		1		1
Atlantic Copper Smelting & Refining [Member]
Revenues:
Unaffiliated customers		422		540
Intersegment		1		6
Production and delivery		393		519
Depreciation, depletion and amortization		8		10
Impairment of oil and gas properties		0		0
Selling, general and administrative expenses		4		5
Mining exploration and research expenses		0		0
Environmental obligations and shutdown costs		0		0
Net gain on sale of assets				0
Operating income (loss)		18		12
Interest expense, net		4		3
Provision for (benefit from) income taxes		0		0
Total Assets		653		809
Capital expenditures		2		4
Other Mining & Eliminations [Member]
Revenues:
Unaffiliated customers	[3]	208		348
Intersegment		(1,071)		(1,233)
Production and delivery		(918)		(999)
Depreciation, depletion and amortization		18		16
Impairment of oil and gas properties		0		0
Selling, general and administrative expenses		4		6
Mining exploration and research expenses		17		24
Environmental obligations and shutdown costs		10		13
Net gain on sale of assets				0
Operating income (loss)		6		55
Interest expense, net		20		40
Provision for (benefit from) income taxes		0		0
Total Assets	[4]	6,380		6,487
Capital expenditures	[4]	39		49
U.S. Oil & Gas Operations [Member]
Revenues:
Unaffiliated customers		295		500	[5]
Intersegment		0		0
Production and delivery	[6]	407		283
Depreciation, depletion and amortization		255		530
Impairment of oil and gas properties		3,771		3,104
Selling, general and administrative expenses		49		54
Mining exploration and research expenses		0		0
Environmental obligations and shutdown costs		0		0
Net gain on sale of assets				0
Operating income (loss)		(4,187)		(3,471)
Interest expense, net		71		37
Provision for (benefit from) income taxes		0		0
Total Assets		4,360		17,887
Capital expenditures	[7]	480		1,018
Idle Rig Costs		(165)		(13)
Oil and gas inventory write downs		(35)		(4)
Corporate, Other & Eliminations [Member]
Revenues:
Unaffiliated customers		0		0
Intersegment		0		0
Production and delivery		3		3
Depreciation, depletion and amortization		3		4
Impairment of oil and gas properties		16	[8]	0
Selling, general and administrative expenses		64		59
Mining exploration and research expenses		0		0
Environmental obligations and shutdown costs		0		0
Net gain on sale of assets				0
Operating income (loss)		(86)		(66)
Interest expense, net		73		57
Provision for (benefit from) income taxes		2		(767)
Total Assets		339		202
Capital expenditures		$ 43		15
Crude oil and natural gas swaps [Member]
Revenues:
Net mark-to-market gains on derivative contracts				52
Pt Smelting [Member]
Segment Reporting Information [Line Items]
Deferred Intercompany Profit, Percentage		25.00%
Equity Method Investment, Ownership Percentage		25.00%
Revenues:
Revenues		$ 277		350
Discontinued Operations, Held-for-sale [Member] | Other Mining & Eliminations [Member]
Revenues:
Capital expenditures		35		39
Morocco | Corporate, Other & Eliminations [Member]
Revenues:
Capital expenditures	[7]	$ 43		$ 15
[1]	Reflects net reductions for provisional pricing adjustments to prior period open sales.
[2]	Includes PT-FI’s sales to PT Smelting totaling $277 million in first-quarter 2016 and $350 million in first-quarter 2015.
[3]	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.
[4]	Includes (i) assets held for sale totaling $4.9 billion at March 31, 2016 and 2015, and (ii) capital expenditures totaling $35 million in first-quarter 2016 and $39 million in first-quarter 2015 associated with discontinued operations. Refer to Note 1 for a summary of the results of discontinued operations.
[5]	Includes net mark-to-market gains of $52 million associated with crude oil derivative contracts.
[6]	Includes charges at oil and gas operations totaling (i) $165 million in first-quarter 2016 and $13 million in first-quarter 2015 for idle rig costs and (ii) $35 million in first-quarter 2016 and $4 million in first-quarter 2015 primarily for inventory write downs.
[7]	Excludes international oil and gas capital expenditures totaling $43 million in first-quarter 2016 and $15 million in first-quarter 2015, primarily related to the Morocco oil and gas properties, which are included in Corporate, Other & Eliminations.
[8]	Reflects impairment charges for international oil and gas properties primarily in Morocco

Guarantor Financial Statement42

Guarantor Financial Statements (Unaudited) (Details)	Mar. 31, 2016
FM O&G LLC Guarantor [Member]
Debt Instrument [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	100.00%

Guarantor Financial Statement43

Guarantor Financial Statements (Unaudited) Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions		Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
ASSETS
Current assets, other than assets held for sale		$ 6,470	$ 6,718
Current assets held for sale		763	744
Property, plant, equipment and mining development costs, net		24,132	24,246
Oil and gas properties, net - full cost method
Subject to amortization, less accumulated amortization and impairment		1,700	2,262
Not subject to amortization		1,743	4,831
Investments in consolidated subsidiaries		0	0
Other assets		3,742	3,652
Long-term assets held for sale		4,114	4,124
Total assets		42,664	46,577	$ 56,065
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale		4,326	4,199
Current liabilities held for sale		100	108
Long-term debt, less current portion		19,638	19,779
Deferred income taxes		3,765	3,607
Environmental and asset retirement obligations, less current portion		3,740	3,717
Investments in consolidated subsidiaries		0	0
Other liabilities		1,642	1,641
Long-term liabilities held for sale		716	718
Total liabilities		33,927	33,769
Redeemable noncontrolling interest		767	764
Equity:
Stockholders' equity		3,692	7,828
Noncontrolling interests		4,278	4,216
Total equity		7,970	12,044
Total liabilities and equity		42,664	46,577
FCX Issuer [Member]
ASSETS
Current assets, other than assets held for sale		272	181
Current assets held for sale		0	0
Property, plant, equipment and mining development costs, net		25	26
Oil and gas properties, net - full cost method
Subject to amortization, less accumulated amortization and impairment		0	0
Not subject to amortization		0	0
Investments in consolidated subsidiaries		20,674	24,311
Other assets		1,135	5,038
Long-term assets held for sale		0	0
Total assets		22,106	29,556
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale		2,714	6,012
Current liabilities held for sale		0	0
Long-term debt, less current portion		14,599	14,735
Deferred income taxes	[1]	1,060	941
Environmental and asset retirement obligations, less current portion		0	0
Investments in consolidated subsidiaries		0	0
Other liabilities		41	40
Long-term liabilities held for sale		0	0
Total liabilities		18,414	21,728
Redeemable noncontrolling interest		0	0
Equity:
Stockholders' equity		3,692	7,828
Noncontrolling interests		0	0
Total equity		3,692	7,828
Total liabilities and equity		22,106	29,556
FM O&G LLC Guarantor [Member]
ASSETS
Current assets, other than assets held for sale		2,600	3,831
Current assets held for sale		0	0
Property, plant, equipment and mining development costs, net		59	57
Oil and gas properties, net - full cost method
Subject to amortization, less accumulated amortization and impairment		517	710
Not subject to amortization		415	1,393
Investments in consolidated subsidiaries		0	0
Other assets		34	1,826
Long-term assets held for sale		0	0
Total assets		3,625	7,817
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale		660	666
Current liabilities held for sale		0	0
Long-term debt, less current portion		6,592	5,883
Deferred income taxes		0	0
Environmental and asset retirement obligations, less current portion		310	305
Investments in consolidated subsidiaries		483	0
Other liabilities		3,355	3,360
Long-term liabilities held for sale		0	0
Total liabilities		11,400	10,214
Redeemable noncontrolling interest		0	0
Equity:
Stockholders' equity		(7,775)	(2,397)
Noncontrolling interests		0	0
Total equity		(7,775)	(2,397)
Total liabilities and equity		3,625	7,817
Non-Guarantor Subsidiaries [Member]
ASSETS
Current assets, other than assets held for sale		7,329	10,238
Current assets held for sale		763	744
Property, plant, equipment and mining development costs, net		24,048	24,163
Oil and gas properties, net - full cost method
Subject to amortization, less accumulated amortization and impairment		1,183	1,552
Not subject to amortization		1,326	3,432
Investments in consolidated subsidiaries		0	0
Other assets		3,663	3,586
Long-term assets held for sale		4,114	4,124
Total assets		42,426	47,839
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale		4,682	5,047
Current liabilities held for sale		100	108
Long-term debt, less current portion		11,818	11,594
Deferred income taxes		2,705	2,666
Environmental and asset retirement obligations, less current portion		3,430	3,412
Investments in consolidated subsidiaries		7,775	2,397
Other liabilities		1,734	1,732
Long-term liabilities held for sale		716	718
Total liabilities		32,960	27,674
Redeemable noncontrolling interest		767	764
Equity:
Stockholders' equity		4,966	15,725
Noncontrolling interests		3,733	3,676
Total equity		8,699	19,401
Total liabilities and equity		42,426	47,839
Eliminations [Member]
ASSETS
Current assets, other than assets held for sale		(3,731)	(7,532)
Current assets held for sale		0	0
Property, plant, equipment and mining development costs, net		0	0
Oil and gas properties, net - full cost method
Subject to amortization, less accumulated amortization and impairment		0	0
Not subject to amortization		2	6
Investments in consolidated subsidiaries		(20,674)	(24,311)
Other assets		(1,090)	(6,798)
Long-term assets held for sale		0	0
Total assets		(25,493)	(38,635)
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale		(3,730)	(7,526)
Current liabilities held for sale		0	0
Long-term debt, less current portion		(13,371)	(12,433)
Deferred income taxes		0	0
Environmental and asset retirement obligations, less current portion		0	0
Investments in consolidated subsidiaries		(8,258)	(2,397)
Other liabilities		(3,488)	(3,491)
Long-term liabilities held for sale		0	0
Total liabilities		(28,847)	(25,847)
Redeemable noncontrolling interest		0	0
Equity:
Stockholders' equity		2,809	(13,328)
Noncontrolling interests		545	540
Total equity		3,354	(12,788)
Total liabilities and equity		$ (25,493)	$ (38,635)
[1]	All U.S. related deferred income taxes are recorded at the parent company.

Guarantor Financial Statement44

Guarantor Financial Statements (Unaudited) Condensed Consolidating Statements of Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016		Mar. 31, 2015
Revenues	$ 3,242		$ 3,771
Total costs and expenses	7,114		6,801
Operating (loss) income	(3,872)		(3,030)
Interest expense, net	(191)		(139)
Other income (expense), net	36		7
Loss from continuing operations before income taxes and equity in affiliated companies' net earnings	(4,027)		(3,162)
(Provision for) benefit from income taxes	(77)		714
Equity in affiliated companies' net (losses) earnings	7		1
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	(4,097)		(2,447)
Net (loss) income from discontinued operations	(4)		41
Net loss	(4,101)		(2,406)
Income (Loss) From Continuing Operations Attributable to Noncontrolling Entity and Preferred Dividends	(73)		(42)
Discontinued operations	(10)		(26)
Net loss attributable to common stockholders	(4,184)		(2,474)
Other comprehensive income (loss)	0		12
Total comprehensive loss attributable to common stockholders	(4,184)		(2,462)
Impairment of oil and gas properties	3,787		3,104
FCX Issuer [Member]
Revenues	0		0
Total costs and expenses	27		16
Operating (loss) income	(27)		(16)
Interest expense, net	(137)		(115)
Other income (expense), net	50		29
Loss from continuing operations before income taxes and equity in affiliated companies' net earnings	(114)		(102)
(Provision for) benefit from income taxes	(1,784)		(421)
Equity in affiliated companies' net (losses) earnings	(2,286)		(1,951)
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	(4,184)		(2,474)
Net (loss) income from discontinued operations	0		0
Net loss	(4,184)		(2,474)
Income (Loss) From Continuing Operations Attributable to Noncontrolling Entity and Preferred Dividends	0		0
Discontinued operations	0		0
Net loss attributable to common stockholders	(4,184)		(2,474)
Other comprehensive income (loss)	0		12
Total comprehensive loss attributable to common stockholders	(4,184)		(2,462)
Impairment of oil and gas properties	0		0
FM O&G LLC Guarantor [Member]
Revenues	78		181
Total costs and expenses	1,629	[1]	1,318	[2]
Operating (loss) income	(1,551)		(1,137)
Interest expense, net	(4)		(4)
Other income (expense), net	0		0
Loss from continuing operations before income taxes and equity in affiliated companies' net earnings	(1,555)		(1,141)
(Provision for) benefit from income taxes	616		416
Equity in affiliated companies' net (losses) earnings	(2,704)		(2,359)
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	(3,643)		(3,084)
Net (loss) income from discontinued operations	0		0
Net loss	(3,643)		(3,084)
Income (Loss) From Continuing Operations Attributable to Noncontrolling Entity and Preferred Dividends	0		0
Discontinued operations	0		0
Net loss attributable to common stockholders	(3,643)		(3,084)
Other comprehensive income (loss)	0		0
Total comprehensive loss attributable to common stockholders	(3,643)		(3,084)
Impairment of oil and gas properties	1,291		1,062
Non-Guarantor Subsidiaries [Member]
Revenues	3,164		3,590
Total costs and expenses	5,452	[1]	5,483	[2]
Operating (loss) income	(2,288)		(1,893)
Interest expense, net	(114)		(43)
Other income (expense), net	40		8
Loss from continuing operations before income taxes and equity in affiliated companies' net earnings	(2,362)		(1,928)
(Provision for) benefit from income taxes	1,088		725
Equity in affiliated companies' net (losses) earnings	(3,630)		(3,530)
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	(4,904)		(4,733)
Net (loss) income from discontinued operations	6		34
Net loss	(4,898)		(4,699)
Income (Loss) From Continuing Operations Attributable to Noncontrolling Entity and Preferred Dividends	(67)		(30)
Discontinued operations	(10)		(26)
Net loss attributable to common stockholders	(4,975)		(4,755)
Other comprehensive income (loss)	0		12
Total comprehensive loss attributable to common stockholders	(4,975)		(4,743)
Impairment of oil and gas properties	2,483		2,042
Eliminations [Member]
Revenues	0		0
Total costs and expenses	6		(16)
Operating (loss) income	(6)		16
Interest expense, net	64		23
Other income (expense), net	(54)		(30)
Loss from continuing operations before income taxes and equity in affiliated companies' net earnings	4		9
(Provision for) benefit from income taxes	3		(6)
Equity in affiliated companies' net (losses) earnings	8,627		7,841
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	8,634		7,844
Net (loss) income from discontinued operations	(10)		7
Net loss	8,624		7,851
Income (Loss) From Continuing Operations Attributable to Noncontrolling Entity and Preferred Dividends	(6)		(12)
Discontinued operations	0		0
Net loss attributable to common stockholders	8,618		7,839
Other comprehensive income (loss)	0		(12)
Total comprehensive loss attributable to common stockholders	8,618		7,827
Impairment of oil and gas properties	$ 13		$ 0
[1]	Includes charges totaling $1.3 billion at the FM O&G LLC guarantor and $2.5 billion at the non-guarantor subsidiaries related to impairment of FCX's oil and gas properties pursuant to full cost accounting rules.
[2]	Includes charges totaling $1.1 billion at the FM O&G LLC guarantor and $2.0 billion at the non-guarantor subsidiaries related to impairment of FCX's oil and gas properties pursuant to full cost accounting rules.

Guarantor Financial Statement45

Guarantor Financial Statements (Unaudited) Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flow from operating activities:
Net loss	$ (4,101)	$ (2,406)
Depreciation, Depletion and Amortization	722	939
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Impairment of oil and gas properties	3,787	3,104
Net gains on crude oil derivative contracts	0	(52)
Equity in losses (earnings) of consolidated subsidiaries	(7)	(1)
Other, net	151	(781)
Changes in working capital and other tax payments	188	(86)
Net cash provided by operating activities	740	717
Cash flow from investing activities:
Capital expenditures	(982)	(1,867)
Intercompany loans	0	0
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries	0	0
Other, net	2	127
Net cash used in investing activities	(980)	(1,740)
Cash flow from financing activities:
Proceeds from debt	1,796	2,273
Repayments of debt	(1,442)	(802)
Intercompany loans	0	0
Net proceeds from sale of common Stock	32	0
Cash dividends and distributions paid, and contributions received	(22)	(350)
Other, net	(17)	(13)
Net cash provided by financing activities	347	1,108
Net increase in cash and cash equivalents	107	85
Increase in cash and cash equivalents held for sale	(50)	(62)
Cash and cash equivalents at beginning of year	195	317
Cash and cash equivalents at end of period	252	340
FCX Issuer [Member]
Cash flow from operating activities:
Net loss	(4,184)	(2,474)
Depreciation, Depletion and Amortization	1	1
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Impairment of oil and gas properties	0	0
Net gains on crude oil derivative contracts		0
Equity in losses (earnings) of consolidated subsidiaries	2,286	1,951
Other, net	128	(701)
Changes in working capital and other tax payments	1,652	1,171
Net cash provided by operating activities	(117)	(52)
Cash flow from investing activities:
Capital expenditures	0	0
Intercompany loans	(561)	(905)
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries	358	310
Other, net	0	0
Net cash used in investing activities	(203)	(595)
Cash flow from financing activities:
Proceeds from debt	1,060	1,515
Repayments of debt	(750)	(530)
Intercompany loans	0	0
Net proceeds from sale of common Stock	32
Cash dividends and distributions paid, and contributions received	(4)	(327)
Other, net	(18)	(11)
Net cash provided by financing activities	320	647
Net increase in cash and cash equivalents	0	0
Increase in cash and cash equivalents held for sale	0	0
Cash and cash equivalents at beginning of year	0	0
Cash and cash equivalents at end of period	0	0
FM O&G LLC Guarantor [Member]
Cash flow from operating activities:
Net loss	(3,643)	(3,084)
Depreciation, Depletion and Amortization	51	119
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Impairment of oil and gas properties	1,291	1,062
Net gains on crude oil derivative contracts		(52)
Equity in losses (earnings) of consolidated subsidiaries	2,704	2,359
Other, net	7	6
Changes in working capital and other tax payments	(442)	(580)
Net cash provided by operating activities	(32)	(170)
Cash flow from investing activities:
Capital expenditures	(244)	(302)
Intercompany loans	(377)	(400)
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries	(41)	(14)
Other, net	2	0
Net cash used in investing activities	(660)	(716)
Cash flow from financing activities:
Proceeds from debt	0	0
Repayments of debt	0	0
Intercompany loans	716	903
Net proceeds from sale of common Stock	0
Cash dividends and distributions paid, and contributions received	0	0
Other, net	(24)	(18)
Net cash provided by financing activities	692	885
Net increase in cash and cash equivalents	0	(1)
Increase in cash and cash equivalents held for sale	0	0
Cash and cash equivalents at beginning of year	0	1
Cash and cash equivalents at end of period	0	0
Non-Guarantor Subsidiaries [Member]
Cash flow from operating activities:
Net loss	(4,898)	(4,699)
Depreciation, Depletion and Amortization	677	835
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Impairment of oil and gas properties	2,483	2,042
Net gains on crude oil derivative contracts		0
Equity in losses (earnings) of consolidated subsidiaries	3,630	3,530
Other, net	16	(86)
Changes in working capital and other tax payments	(1,024)	(683)
Net cash provided by operating activities	884	939
Cash flow from investing activities:
Capital expenditures	(736)	(1,565)
Intercompany loans	0	0
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries	35	32
Other, net	0	127
Net cash used in investing activities	(701)	(1,406)
Cash flow from financing activities:
Proceeds from debt	736	758
Repayments of debt	(692)	(272)
Intercompany loans	222	402
Net proceeds from sale of common Stock	42
Cash dividends and distributions paid, and contributions received	(373)	(319)
Other, net	(11)	(16)
Net cash provided by financing activities	(76)	553
Net increase in cash and cash equivalents	107	86
Increase in cash and cash equivalents held for sale	(50)	(62)
Cash and cash equivalents at beginning of year	195	316
Cash and cash equivalents at end of period	252	340
Eliminations [Member]
Cash flow from operating activities:
Net loss	8,624	7,851
Depreciation, Depletion and Amortization	(7)	(16)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Impairment of oil and gas properties	13	0
Net gains on crude oil derivative contracts		0
Equity in losses (earnings) of consolidated subsidiaries	(8,627)	(7,841)
Other, net	0	0
Changes in working capital and other tax payments	2	6
Net cash provided by operating activities	5	0
Cash flow from investing activities:
Capital expenditures	(2)	0
Intercompany loans	938	1,305
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries	(352)	(328)
Other, net	0	0
Net cash used in investing activities	584	977
Cash flow from financing activities:
Proceeds from debt	0	0
Repayments of debt	0	0
Intercompany loans	(938)	(1,305)
Net proceeds from sale of common Stock	(42)
Cash dividends and distributions paid, and contributions received	355	296
Other, net	36	32
Net cash provided by financing activities	(589)	(977)
Net increase in cash and cash equivalents	0	0
Increase in cash and cash equivalents held for sale	0	0
Cash and cash equivalents at beginning of year	0	0
Cash and cash equivalents at end of period	$ 0	$ 0

Subsequent Events (Unaudited) (

Subsequent Events (Unaudited) (Details) - Ultra-deepwater Drillship Contracts [Member] - Subsequent Event [Member] - USD ($) $ in Millions	1 Months Ended
	May 31, 2016	May 10, 2016
Subsequent Event [Line Items]
Subsequent Event, Date	May 10, 2016
Gain (Loss) on Contract Termination	$ (540)
Period, Contingent Consideration	12 years
Unrecorded Unconditional Purchase Obligation, Change of Amount as Result of Variable Components		$ 800
Maximum [Member]
Subsequent Event [Line Items]
Bonds Issued, Contract Termination	$ 200
Contingent Payments, Contract Termination		$ 75