Freeport-McMoRan (FCX) 10-Q 4 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - USD ($) $ in Billions	6 Months Ended
	Jun. 30, 2017	Jul. 31, 2017	Jun. 30, 2016
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			$ 14.6
Entity Common Stock, Shares Outstanding		1,447,307,382
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 4,667	$ 4,245
Trade accounts receivable	802	1,126
Income and other tax receivables	632	879
Inventories:
Total materials and supplies, net	1,264	1,306
Mill and leach stockpiles	1,359	1,338
Product	1,019	998
Other current assets	211	199
Assets held for sale	463	344
Total current assets	10,417	10,435
Property, plant, equipment and mine development costs, net	23,067	23,219
Oil and gas properties, subject to amortization, less accumulated amortization and impairments	48	74
Long-term mill and leach stockpiles	1,554	1,633
Other assets	1,957	1,956
Total assets	37,043	37,317
Current liabilities:
Accounts payable and accrued liabilities	1,880	2,393
Current portion of debt	2,216	1,232
Current portion of environmental and asset retirement obligations	379	369
Accrued income taxes	196	66
Liabilities held for sale	273	205
Total current liabilities	4,944	4,265
Long-term debt, less current portion	13,138	14,795
Deferred income taxes	3,870	3,768
Environmental and asset retirement obligations, less current portion	3,512	3,487
Other liabilities	1,586	1,745
Total liabilities	27,050	28,060
Stockholders’ equity:
Common stock	158	157
Capital in excess of par value	26,734	26,690
Accumulated deficit	(16,043)	(16,540)
Accumulated other comprehensive loss	(456)	(548)
Common stock held in treasury	(3,720)	(3,708)
Total stockholders’ equity	6,673	6,051
Noncontrolling interests	3,320	3,206
Total equity	9,993	9,257
Total liabilities and equity	$ 37,043	$ 37,317

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Revenues	$ 3,711	$ 3,334	$ 7,052	$ 6,576
Cost of sales:
Production and delivery	2,495	2,956	4,695	5,455
Depreciation, depletion and amortization	450	632	839	1,294
Impairment of oil and gas properties	0	291	0	4,078
Total cost of sales	2,945	3,879	5,534	10,827
Selling, general and administrative expenses	107	160	260	298
Mining exploration and research expenses	19	15	34	33
Environmental obligations and shutdown costs	(19)	11	8	21
Net gain on sales of assets	(10)	(749)	(33)	(749)
Total costs and expenses	3,042	3,316	5,803	10,430
Operating income (loss)	669	18	1,249	(3,854)
Interest expense, net	(162)	(196)	(329)	(387)
Net loss (gain) on exchanges and early extinguishment of debt	(4)	39	(3)	36
Other income, net	10	25	34	64
Income (loss) from continuing operations before income taxes and equity in affiliated companies’ net (losses) earnings	513	(114)	951	(4,141)
Provision for income taxes	(186)	(116)	(360)	(193)
Equity in affiliated companies’ net (losses) earnings	(1)	1	3	8
Net income (loss) from continuing operations	326	(229)	594	(4,326)
Net income (loss) from discontinued operations	9	(181)	47	(185)
Net income (loss)	335	(410)	641	(4,511)
Net income attributable to noncontrolling interests:
Continuing operations	(66)	(47)	(141)	(109)
Discontinued operations	(1)	(12)	(4)	(22)
Preferred dividends attributable to redeemable noncontrolling interest	0	(10)	0	(21)
Net income (loss) attributable to common stockholders	$ 268	$ (479)	$ 496	$ (4,663)
Basic and diluted net income (loss) per share attributable to common stockholders:
Continuing operations	$ 0.18	$ (0.23)	$ 0.31	$ (3.54)
Discontinued operations	0	(0.15)	0.03	(0.16)
Basic and diluted net income (loss) per share attributable to common stockholders:	$ 0.18	$ (0.38)	$ 0.34	$ (3.70)
Basic	1,447	1,269	1,447	1,260
Diluted	1,453	1,269	1,453	1,260

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 335	$ (410)	$ 641	$ (4,511)
Other comprehensive (loss) income, net of taxes:
Unrealized gains on securities	1	1	2	1
Defined benefit plans:
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax	69	0	69	0
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Tax	48		48
Amortization or curtailment of unrecognized amounts included in net periodic benefit costs	19	15	30	23
Foreign exchange losses	0	(1)	(1)	(10)
Other comprehensive income	89	15	100	14
Total comprehensive income (loss)	424	(395)	741	(4,497)
Total comprehensive income attributable to noncontrolling interests	(75)	(59)	(153)	(130)
Preferred dividends attributable to redeemable noncontrolling interest	0	(10)	0	(21)
Total comprehensive income (loss) attributable to common stockholders	$ 349	$ (464)	$ 588	$ (4,648)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flow from operating activities:
Net income (loss)	$ 641	$ (4,511)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	839	1,374
Impairment of oil and gas properties	0	4,078
Gain (Loss) on Contract Termination	33	(694)
Net gain on sales of assets	(33)	(749)
Stock-based compensation	44	42
Net charges for environmental and asset retirement obligations, including accretion	87	107
Payments for environmental and asset retirement obligations	59	116
Net loss (gain) on exchanges and early extinguishment of debt	(3)	36
Deferred income taxes	55	169
Gain on disposal of discontinued operations	38	(177)
Decrease (increase) in long term mill and leach stockpiles	80	(99)
Oil and gas contract settlement payments	70	0
Other, net	(9)	18
Changes in working capital and other tax payments, excluding amounts from dispositions:
Accounts receivable	589	259
Inventories	(101)	190
Other current assets	(2)	(53)
Accounts payable and accrued liabilities	(267)	44
Accrued income taxes and changes in other tax payments	103	26
Net cash provided by operating activities	1,829	1,614
Cash flow from investing activities:
Capital expenditures	706	1,815
Proceeds from Divestiture of Businesses and Interests in Affiliates	0	996
Proceeds from Sale of Other Assets, Investing Activities	4	290
Other, net	(8)	(6)
Net cash used in investing activities	(710)	(535)
Cash flow from financing activities:
Proceeds from debt	606	2,811
Repayments of debt	(1,250)	(3,649)
Net proceeds from sale of common stock	0	32
Cash dividends paid:
Common stock	(2)	(5)
Noncontrolling interests	39	39
Stock-based awards net payments	(8)	(5)
Debt financing costs and other, net	(11)	(18)
Net cash used in financing activities	(704)	(873)
Net increase in cash and cash equivalents	415	206
Decrease (increase) in cash and cash equivalents in assets held for sale	7	(53)
Cash and cash equivalents at beginning of year	4,245	177
Cash and cash equivalents at end of period	4,667	330
North America Copper Mines Segment [Member]
Cash flow from investing activities:
Capital expenditures	67	76
South America Mines Segment [Member]
Cash flow from investing activities:
Capital expenditures	45	293
Grasberg Segment [Member]
Cash flow from investing activities:
Capital expenditures	457	453
Molybdenum [Member]
Cash flow from investing activities:
Capital expenditures	2	1
Other Segments [Member]
Cash flow from investing activities:
Capital expenditures	$ 135	$ 992

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - 6 months ended Jun. 30, 2017 - USD ($) shares in Millions, $ in Millions	Total	Total Stockholder's Equity	(Accumulated Deficit) Retained Earnings	Common Stock Held in Treasury	Common Stock	Capital in Excess of Par Value	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2016				129	1,574
Balance at Dec. 31, 2016	$ 9,257	$ 6,051	$ (16,540)	$ (3,708)	$ 157	$ 26,690	$ (548)	$ 3,206
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)					3
Exercised and issued stock-based awards	5	5	0		$ 1	4	0	0
Stock-based compensation	40	40	0	$ 0	$ 0	40	0	0
Tender of shares for stock based awards shares				(1)	0
Tender of shares for stock-based awards	(12)	(12)	0	$ (12)	$ 0	0	0	0
Dividends on common stock	1	1	1		0	0	0	0
Dividends to noncontrolling interests	(39)	0			0	0		(39)
Net income attributable to common stockholders	496	496	496	0	0			0
Net income attributable to noncontrolling interests, including discontinued operations	145	0		0	0			145
Other comprehensive income	100	92		$ 0	$ 0	0	92	8
Balance (in shares) at Jun. 30, 2017				130	1,577
Balance at Jun. 30, 2017	$ 9,993	$ 6,673	$ (16,043)	$ (3,720)	$ 158	$ 26,734	$ (456)	$ 3,320

General Information (Unaudited)

General Information (Unaudited)	6 Months Ended
	Jun. 30, 2017
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, 2016 . The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. With the exception of the accounting for discontinued operations, assets held for sale and the remeasurement of a pension plan, all such adjustments are, in the opinion of management, of a normal recurring nature. As a result of FCX’s sale of its interest in TF Holdings Limited (TFHL), FCX has reported TFHL as discontinued operations for all periods presented in the unaudited consolidated financial statements (refer to Note 2). Operating results for the six-month period ended June 30, 2017 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. Indonesia Mining. As a result of the first-quarter 2017 regulatory restrictions and uncertainties regarding long-term investment stability, PT Freeport Indonesia (PT-FI) took actions to adjust its cost structure, reduce its workforce and slow investments in its underground development projects and new smelter. These actions included workforce reductions through furlough and voluntary retirement programs. Following the furlough and voluntary retirement programs, a significant number of employees and contractors elected to participate in an illegal strike action beginning in May 2017, and were subsequently deemed to have voluntarily resigned under existing laws and regulations. As a result, PT-FI recorded charges to operating income for employee severance and related costs totaling $83 million for second-quarter 2017 and $104 million for the first six months of 2017. Additionally, because of the significant reduction in workforce, PT-FI was required to remeasure its pension assets and pension benefit obligation as of June 30, 2017. The discount rate and rate of compensation increase used for the June 30, 2017, remeasurement were 7.50 percent and 4.00 percent , respectively, compared to the December 31, 2016, discount rate of 8.25 percent and the rate of compensation increase of 8.00 percent . The expected long-term rate of return on the plan assets was unchanged ( 7.75 percent ). The remeasurement and curtailment resulted in the projected benefit obligation declining by $145 million and plan assets declining by $21 million . In addition, PT-FI recognized a curtailment loss of $4 million in second-quarter 2017. As of June 30, 2017, the funded status of PT-FI’s pension plan was a net asset of $34 million (included in other assets in the consolidated balance sheet). Oil and Gas Properties. In the first half of 2016 , FCX Oil & Gas LLC (FM O&G, a wholly owned subsidiary of FCX) determined the carrying values of certain of its unevaluated properties were impaired. For the first six months of 2016, FM O&G transferred $3.2 billion of costs (including $3.1 billion in first-quarter 2016) 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 and reserve revisions in 2016 , net capitalized costs exceeded the related ceiling test limitation under full cost accounting rules, which resulted in the recognition of impairment charges of $291 million in second-quarter 2016 and $4.1 billion for the first six months of 2016 . Refer to Note 1 of FCX’s annual report on Form 10-K for the year ended December 31, 2016 , for further discussion.

Dispositions (Notes)

Dispositions (Notes)	6 Months Ended
	Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	DISPOSITIONS TF Holdings Limited - Discontinued Operations. FCX had a 70 percent interest in TFHL, which owns 80 percent of Tenke Fungurume Mining S.A. (TFM or Tenke) located in the Democratic Republic of Congo (DRC). On November 16, 2016 , FCX completed the sale of its interest in TFHL to China Molybdenum Co., Ltd. (CMOC) for $2.65 billion in cash (before closing adjustments) 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 . The contingent consideration is considered a derivative, and at June 30, 2017 , the related fair value of $55 million was recorded in other assets on the consolidated balance sheets. During the first six months of 2017 , the fair value of the contingent consideration derivative increased by $42 million ( $6 million in second-quarter 2017 ), primarily resulting from higher cobalt prices, and was recorded in net income (loss) from discontinued operations. In accordance with accounting guidance, FCX has reported the results of operations of TFHL as discontinued operations in the consolidated statements of operations. The consolidated statements of cash flows are reported on a combined basis without separately presenting discontinued operations. Net income (loss) from discontinued operations in the consolidated statements of operations consists of the following (in millions): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Revenues a $ 4 $ 272 $ 13 $ 558 Costs and expenses: Production and delivery costs — 256 — 482 Depreciation, depletion and amortization — 20 — 80 Interest expense allocated from parent — 11 b — 21 b Other costs and expenses, net — 5 — 6 Income (loss) before income taxes and net gain (loss) on disposal 4 (20 ) 13 (31 ) Net gain (loss) on disposal 6 c (177 ) d 38 c (177 ) d Net income (loss) before income taxes 10 (197 ) 51 (208 ) (Provision for) benefit from income taxes (1 ) 16 (4 ) 23 Net income (loss) from discontinued operations $ 9 $ (181 ) $ 47 $ (185 ) a. In accordance with accounting guidance, amounts are net of recognition (eliminations) of intercompany sales totaling $4 million in second-quarter 2017 , $(41) million in second-quarter 2016 , $13 million for the first six months of 2017 and $(73) million for the first six months of 2016 . b. In accordance with accounting guidance, interest associated with FCX’s term loan that was required to be repaid as a result of the sale of TFHL has been allocated to discontinued operations. c. Includes a gain of $6 million in second-quarter 2017 and $42 million for the first six months of 2017 associated with the change in the fair value of contingent consideration. d. In accordance with accounting guidance, an estimated loss on disposal was recorded in second-quarter 2016 and was adjusted through closing of the transaction in November 2016. Cash flows from discontinued operations included in the consolidated statements of cash flows for the six months ended June 30, 2016 , follow (in millions): Net cash provided by operating activities $ 157 Net cash used in investing activities (57 ) Net cash used in financing activities (51 ) Increase in cash and cash equivalents in assets held for sale $ 49 Oil and Gas Operations. On March 17, 2017 , FM O&G sold property interests in the Madden area in central Wyoming for cash consideration of $17.5 million , before closing adjustments. Under the full cost accounting rules, the sale resulted in recognition of a $17 million gain for the first six months of 2017 because the reserves associated with the Madden properties were significant to the full cost pool. On June 17, 2016, FM O&G sold certain oil and gas royalty interests for cash consideration of $102 million , before closing adjustments. Under the full cost accounting rules, the proceeds from this transaction were recorded as a reduction to capitalized oil and gas properties, with no gain or loss recognition in second-quarter 2016 because the reserves were not significant to the full cost pool. Morenci. On May 31, 2016, FCX sold a 13 percent undivided interest in its Morenci unincorporated joint venture to SMM Morenci, Inc. for $1.0 billion in cash. FCX recorded a $577 million gain in second-quarter 2016 on the transaction and used losses to offset cash taxes on the transaction. A portion of the proceeds from the transaction was used to repay borrowings under FCX's unsecured bank term loan and revolving credit facility. As a result of the transaction, the unincorporated joint venture is owned 72 percent by FCX, 15 percent by Sumitomo Metal Mining Arizona, Inc. and 13 percent by SMM Morenci, Inc. Timok. On May 2, 2016, Freeport Minerals Corporation (FMC), a wholly owned subsidiary of FCX, sold an interest in the Timok exploration project in Serbia to Global Reservoir Minerals Inc. (now known as Nevsun Resources, Ltd.) for consideration of $135 million in cash and contingent consideration of up to $107 million payable to FCX in stages upon achievement of defined development milestones. As a result of this transaction, FCX recorded a gain of $133 million in second-quarter 2016 , and no amounts were recorded for contingent consideration under the loss recovery approach. A portion of the proceeds from the transaction was used to repay borrowings under FCX's unsecured bank term loan. Assets Held for Sale. 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 cobalt exploration project, located near Tenke, in which FCX holds a 100 percent interest. As a result of the sale of TFHL, FCX expects to sell its interest in Freeport Cobalt and Kisanfu, and the assets and liabilities of Freeport Cobalt and Kisanfu are classified as held for sale in the consolidated balance sheets. During second-quarter 2017 , a favorable adjustment of $13 million was recorded in net gain on sales of assets in the consolidated statements of operations associated with the estimated fair value less costs to sell of the Kisanfu exploration project. The adjustment was limited to the reduction in the carrying value when the Kisanfu exploration project was initially classified as held for sale in November 2016.

Earnings per Share (Unaudited)

Earnings per Share (Unaudited) Earnings per Share (Notes)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE FCX calculates its basic net income (loss) per share of common stock under the two-class method and calculates its diluted net income (loss) per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income (loss) per share of common stock was computed by dividing net income (loss) attributable to common stockholders (after deducting accumulated dividends and undistributed earnings to participating securities) by the weighted-average shares of common stock outstanding during the period. Diluted net income (loss) per share of common stock was calculated by including the basic weighted-average shares of common stock outstanding adjusted for the effects of all potential dilutive shares of common stock, unless their effect would be anti-dilutive. A reconciliation of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income (loss) per share follows (in millions, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Net income (loss) from continuing operations $ 326 $ (229 ) $ 594 $ (4,326 ) Net income from continuing operations attributable to noncontrolling interests (66 ) (47 ) (141 ) (109 ) Preferred dividends on redeemable noncontrolling interest — (10 ) — (21 ) Undistributed earnings allocated to participating securities (3 ) (3 ) (3 ) (3 ) Net income (loss) from continuing operations attributable to common stockholders $ 257 $ (289 ) $ 450 $ (4,459 ) Net income (loss) from discontinued operations $ 9 $ (181 ) $ 47 $ (185 ) Net income from discontinued operations attributable to noncontrolling interests (1 ) (12 ) (4 ) (22 ) Net income (loss) from discontinued operations attributable to common stockholders $ 8 $ (193 ) $ 43 $ (207 ) Net income (loss) attributable to common stockholders $ 265 $ (482 ) $ 493 $ (4,666 ) Basic weighted-average shares of common stock outstanding 1,447 1,269 1,447 1,260 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units 6 — a 6 — a Diluted weighted-average shares of common stock outstanding 1,453 1,269 1,453 1,260 Basic and diluted net income (loss) per share attributable to common stockholders: Continuing operations $ 0.18 $ (0.23 ) $ 0.31 $ (3.54 ) Discontinued operations — (0.15 ) 0.03 (0.16 ) $ 0.18 $ (0.38 ) $ 0.34 $ (3.70 ) a. Excludes 12 million shares of common stock for second-quarter 2016 and 11 million for the first six months of 2016 associated with outstanding stock options with exercise prices less than the average market price of FCX’s common stock and restricted stock units 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 (loss) per share of common stock. Stock options for 44 million shares of common stock were excluded for second-quarter 2017 , 46 million for second-quarter 2016 , 44 million for the first six months of 2017 and 47 million for the first six months of 2016 .

Inventories, Including Long-Ter

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited)	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Inventories, Including Long-Term Mill and Leach Stockpiles	INVENTORIES, INCLUDING LONG-TERM MILL AND LEACH STOCKPILES The components of inventories follow (in millions): June 30, December 31, 2016 Current inventories: Total materials and supplies, net a $ 1,264 $ 1,306 Mill stockpiles $ 313 $ 259 Leach stockpiles 1,046 1,079 Total current mill and leach stockpiles $ 1,359 $ 1,338 Raw materials (primarily concentrate) $ 295 $ 255 Work-in-process 121 114 Finished goods 603 629 Total product inventories $ 1,019 $ 998 Long-term inventories: Mill stockpiles $ 425 $ 487 Leach stockpiles 1,129 1,146 Total long-term mill and leach stockpiles b $ 1,554 $ 1,633 a. Materials and supplies inventory was net of obsolescence reserves totaling $30 million at June 30, 2017 , and $29 million at December 31, 2016 . b. Estimated metals in stockpiles not expected to be recovered within the next 12 months.

Income Taxes (Unaudited)

Income Taxes (Unaudited)	6 Months Ended
	Jun. 30, 2017
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 38 percent for the first six months of 2017 and (5) percent for first six months of 2016 . Geographic sources of FCX’s provision for income taxes follow (in millions): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 U.S. operations a $ 29 $ (49 ) $ 22 $ (38 ) International operations (215 ) (67 ) (382 ) (155 ) Total $ (186 ) $ (116 ) $ (360 ) $ (193 ) a. Includes net tax credits of $32 million for second-quarter 2017 and $31 million for the first six months of 2017 associated with anticipated recovery of alternative minimum tax credit carryforwards. The second quarter and first six months of 2016 include net tax charges of $36 million associated with net operating loss carryback claims, partly offset by alternative minimum tax credits. Applicable accounting standards require that FCX estimate an annual effective tax rate and apply that rate to each year-to-date interim period. However, an exception is provided to exclude tax jurisdictions from the annual effective tax rate where losses are expected to be generated for which no tax benefit will be realized. Accordingly, U.S. operations have been excluded from the calculation of the estimated annual effective tax rate used to determine FCX’s income tax provision at June 30, 2017 . As a result of the impairment to U.S. oil and gas properties, FCX recorded tax charges of $1.5 billion for the first six months of 2016 to establish a valuation allowance primarily against U.S. federal and state deferred tax assets that will not generate a future benefit. FCX’s consolidated effective income tax rate was 33 percent for the first six months of 2016 excluding these tax charges.

Debt

Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt	NOTE 6. DEBT The components of debt follow (in millions): June 30, December 31, 2016 Senior notes and debentures: Issued by FCX $ 13,238 $ 13,745 Issued by FMC 358 359 Issued by Freeport-McMoRan Oil & Gas LLC (FM O&G LLC) 266 267 Cerro Verde credit facility 1,485 1,390 Cerro Verde shareholder loans — 261 Other 7 5 Total debt a 15,354 16,027 Less current portion of debt (2,216 ) (1,232 ) Long-term debt $ 13,138 $ 14,795 a. Includes additions for unamortized fair value adjustments totaling $163 million at June 30, 2017 ( $179 million at December 31, 2016 ), and is net of reductions for unamortized net discounts and unamortized debt issuance costs totaling $98 million at June 30, 2017 ( $100 million at December 31, 2016 ). Revolving Credit Facility. At June 30, 2017 , there were no borrowings outstanding and $37 million in letters of credit issued under FCX’s revolving credit facility, resulting in availability of approximately $3.5 billion , of which approximately $1.5 billion could be used for additional letters of credit. Senior Notes Issued by FCX. In March 2017 , FCX’s 2.15% Senior Notes matured, and the $500 million outstanding principal balance was repaid. Cerro Verde Credit Facility and Shareholder Loans. In June 2017, Cerro Verde’s credit facility was amended to increase the commitment by $225 million to $1.5 billion , modify the amortization schedule and to extend the maturity date to June 19, 2022. The amended credit facility amortizes in four installments, with $225 million due on December 31, 2020, $225 million due on June 30, 2021, $525 million due on December 31, 2021, and the remaining balance due on the maturity date of June 19, 2022. All other terms, including the interest rates, remain the same. The interest rate on Cerro Verde's credit facility was 3.12 percent at June 30, 2017 . Cerro Verde used proceeds from its amended credit facility plus available cash to repay the balance of its shareholder loans in June 2017. Refer to Note 8 of FCX’s annual report on Form 10-K for the year ended December 31, 2016, for further discussion. Exchanges and Early Extinguishment of Debt. During second-quarter 2017 , a $4 million loss was recognized associated with the modification of Cerro Verde’s credit facility. During second-quarter 2016, FCX redeemed certain senior notes in exchange for its common stock, which resulted in a gain of $39 million . Partially offsetting the gain was $3 million in losses primarily associated with the modification of FCX’s revolving credit facility in first-quarter 2016. Refer to Notes 8 and 10 of FCX’s annual report on Form 10-K for the year ended December 31, 2016, for further discussion. Interest Expense, Net. Consolidated interest expense from continuing operations (excluding capitalized interest) totaled $192 million in second-quarter 2017 , $218 million in second-quarter 2016 , $387 million for the first six months of 2017 and $436 million for the first six months of 2016 . Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $30 million in second-quarter 2017 , $22 million in second-quarter 2016 , $58 million for the first six months of 2017 and $42 million for the first six months of 2016 . Capitalized interest added to oil and gas properties not subject to amortization totaled $7 million for the first six months of 2016 ( none in second-quarter 2016 or 2017 ).

Financial Instruments (Notes)

Financial Instruments (Notes)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [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 June 30, 2017 , and December 31, 2016 , FCX had no price protection contracts relating to its mine production. A discussion of FCX’s derivative contracts and programs follows. Derivatives Designated as Hedging Instruments – Fair Value Hedges Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX) 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 resulting from hedge ineffectiveness during the six-month periods ended June 30, 2017 and 2016 . At June 30, 2017 , FCX held copper futures and swap contracts that qualified for hedge accounting for 49 million pounds at an average contract price of $2.59 per pound, with maturities through December 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 Six Months Ended June 30, June 30, 2017 2016 2017 2016 Copper futures and swap contracts: Unrealized gains (losses): Derivative financial instruments $ 1 $ 3 $ (1 ) $ 10 Hedged item – firm sales commitments (1 ) (3 ) 1 (10 ) Realized gains (losses): Matured derivative financial instruments 1 (4 ) 9 (8 ) 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, 2016 , 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 related to continuing operations 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 derivatives at June 30, 2017 , follows: Open Positions Average Price Per Unit Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 560 $ 2.58 $ 2.69 November 2017 Gold (thousands of ounces) 165 1,259 1,245 August 2017 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 109 2.60 2.69 October 2017 Copper Forward Contracts. Atlantic Copper, FCX’s wholly owned smelting and refining unit in Spain, enters into copper forward contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in cost of sales. At June 30, 2017 , Atlantic Copper held net copper forward sales contracts for 33 million pounds at an average contract price of $2.57 per pound, with maturities through September 2017. Summary of Gains (Losses). A summary of the realized and unrealized gains (losses) recognized in operating income (loss) for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Embedded derivatives in provisional copper and gold sales contracts a $ 34 $ 4 $ 160 $ 76 Copper forward contracts b (4 ) (2 ) (5 ) 5 a. Amounts recorded in revenues. b. Amounts recorded in cost of sales as production and delivery costs. Unsettled Derivative Financial Instruments A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions): June 30, December 31, 2016 Commodity Derivative Assets: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 6 $ 9 Derivatives not designated as hedging instruments : Embedded derivatives in provisional copper and gold sales/purchase contracts 62 137 Total derivative assets $ 68 $ 146 Commodity Derivative Liabilities: Derivatives designated as hedging instruments : Copper futures and swap contracts $ — $ 2 Derivatives not designated as hedging instruments : Embedded derivatives in provisional copper and gold sales/purchase contracts 14 56 Copper forward contracts 4 — Total derivative liabilities $ 18 $ 58 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/purchase contracts are netted with the corresponding outstanding receivable/payable balances. A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions): Assets Liabilities June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Gross amounts recognized: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 62 $ 137 $ 14 $ 56 Copper derivatives 6 9 4 2 68 146 18 58 Less gross amounts of offset: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 4 12 4 12 Copper derivatives — 2 — 2 4 14 4 14 Net amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 58 125 10 44 Copper derivatives 6 7 4 — $ 64 $ 132 $ 14 $ 44 Balance sheet classification: Trade accounts receivable $ 56 $ 119 $ — $ 13 Other current assets 6 7 — — Accounts payable and accrued liabilities 2 6 14 31 $ 64 $ 132 $ 14 $ 44 Credit Risk. FCX is exposed to credit loss when financial institutions with which it has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. FCX does not anticipate that any of the counterparties it deals with will default on their obligations. As of June 30, 2017 , the maximum amount of credit exposure associated with derivative transactions was $64 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 $1.6 billion at June 30, 2017 , and $64 million at December 31, 2016 ), 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 8 for the fair values of investment securities, legally restricted funds and long-term debt). In addition, as of June 30, 2017 , FCX has contingent consideration assets related to the 2016 asset sales (refer to Note 8 for the related fair value and to Note 2 of FCX’s annual report on Form 10-K for the year ended December 31, 2016 , for further discussion of these instruments).

Contingencies and Commitments (

Contingencies and Commitments (Unaudited)	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	CONTINGENCIES AND COMMITMENTS Environmental Uranium Mining Sites As reported in Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2016, the Department of Justice, the U.S. Environmental Protection Agency, the Navajo Nation and two FCX-related subsidiaries reached an agreement regarding the scope of environmental investigation and remediation work for the cleanup of 94 former uranium mining sites on tribal lands, and the related financial contributions of the U.S. government and the FCX subsidiaries. The related Consent Decree was approved by the U.S. District Court for the District of Arizona in second-quarter 2017. Based on updated cash flow and timing estimates, FCX reduced its associated obligation for that contingency by recording a $41 million credit to operating income in second-quarter 2017 after receiving court approval. Litigation During second-quarter 2017 , 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, 2016 . 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, 2016 , SUNAT, the Peru 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, the years 2008, 2009 and 2010, and the period January 2011 to September 2011. 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. As of June 30, 2017 , FCX estimates the total exposure associated with these mining royalties for the period from December 2006 through December 2013 approximates $582 million (based on the exchange rate as of June 30, 2017 ), including estimated accumulated interest and penalties. No charges have been recorded for these assessments as of June 30, 2017 , because Cerro Verde believes its 1998 stability agreement exempts it from these royalties and believes any installment payments already made will be recoverable. On July 19, 2017, oral arguments related to the assessments for the year 2008 were presented to the Peruvian Supreme Court, and a decision is expected in the near future. Other Peru Tax Matters There were no significant changes to other Peru tax matters during second-quarter 2017 (refer to Note 12 of FCX’s annual report on Form 10-K for the year ended December 31, 2016 ). 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, 2016 . 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 June 2017. PT-FI has filed or will file objections to these assessments. In January 2017, the Indonesia Tax Court issued a ruling against PT-FI with respect to assessments for additional taxes and penalties for the period from January 2011 through July 2015 in the amount of $380 million (based on the exchange rate as of June 30, 2017 , and including $229 million in penalties). The aggregate amount of assessments received from August 2015 through June 2017 was an additional $126 million , including penalties (based on the exchange rate as of June 30, 2017 ). No charges have been recorded for these assessments as of June 30, 2017 , 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 which FCX estimates the total exposure based on the exchange rate as of June 30, 2017 , totals $506 million , including penalties) in the Indonesia Tax Court and ultimately the Indonesia Supreme Court. As of August 4, 2017 , PT-FI has not paid and does not intend to pay these assessments unless there is a mechanism established to secure a refund for any such payments upon the final court decision. Indonesia Mining Contract. The following information includes updates to the discussion of PT-FI’s COW included in Note 13 of FCX’s annual report on Form 10-K for the year ended December 31, 2016 . In January and February 2017, the Indonesian government issued new regulations to address the export of unrefined metals, including copper concentrate and anode slimes, and other matters related to the mining sector. The new regulations permit the continuation of copper concentrate exports for a five-year period through January 2022, subject to various conditions, including conversion from a contract of work to a special operating license (known as an IUPK, which does not provide the same level of fiscal and legal protections as PT-FI’s COW, which remains in effect), a commitment to the completion of smelter construction in five years and payment of export duties to be determined by the Ministry of Finance. In addition, the new regulations enable application for an extension of operating rights five years before expiration of the IUPK and require foreign IUPK holders to divest a 51 percent interest in the licensed entity to Indonesian interests no later than the tenth year of production. Export licenses would be valid for one-year periods, subject to review every six months, depending on smelter construction progress. Following the issuance of the January and February 2017 regulations and discussions with the Indonesian government, PT-FI advised the government that it was prepared to convert its COW to an IUPK, subject to obtaining an investment stability agreement providing contractual rights with the same level of legal and fiscal certainty enumerated under its COW, and provided that the COW would remain in effect until it is replaced by a mutually satisfactory alternative. PT-FI also committed to commence construction of a new smelter during a five-year time frame, subject to approval of the extension of its long-term operating rights. In mid-February 2017, pursuant to the COW’s dispute resolution process, PT-FI provided formal notice to the Indonesian government of an impending dispute listing the government's breaches and violations of the COW. PT-FI continues to reserve its rights under these provisions. As a result of the 2017 regulatory restrictions and uncertainties regarding long-term investment stability, PT-FI has taken actions to adjust its cost structure, slow investments in its underground development projects and new smelter, and place certain of its workforce on furlough programs. In late March 2017, the Indonesian government amended the regulations to enable PT-FI to retain its COW until replaced with an IUPK accompanied by an investment stability agreement, and to grant PT-FI a temporary IUPK through October 10, 2017, that would allow concentrate exports to resume during this period. In April 2017, PT-FI entered into a Memorandum of Understanding with the Indonesian government confirming that the COW would continue to be valid and honored until replaced by a mutually agreed IUPK and investment stability agreement. PT-FI agreed to continue to pay a five percent export duty during this period. On April 21, 2017, the Indonesian government issued a permit to PT-FI that allows exports to resume for a six-month period, and PT-FI commenced export shipments. PT-FI and the Indonesian government are now engaged in active negotiations on the conversion of PT-FI's COW to an IUPK accompanied by an investment stability agreement with the objective of providing a mutually acceptable long-term investment framework. The parties are also discussing requirements for the construction of a new smelter and the government’s request for divestment. PT-FI and the Indonesian government are working cooperatively with the objective of reaching a mutually acceptable long-term resolution during 2017 to secure PT-FI's long-term investments for the benefit of all stakeholders.

FAIR VALUE MEASUREMENT (Notes)

FAIR VALUE MEASUREMENT (Notes)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 second-quarter 2017 . FCX’s financial instruments are recorded on the consolidated balance sheets at fair value except for contingent consideration associated with the sale of the Deepwater Gulf of Mexico (GOM) oil and gas properties (which was recorded under the loss recovery approach) and debt. 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 7) follows (in millions): At June 30, 2017 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 25 $ 25 $ 25 $ — $ — $ — Money market funds 22 22 — 22 — — Equity securities 5 5 — 5 — — Total 52 52 25 27 — — Legally restricted funds: a U.S. core fixed income fund 55 55 55 — — — Government bonds and notes 36 36 — — 36 — Corporate bonds 32 32 — — 32 — Government mortgage-backed securities 28 28 — — 28 — Asset-backed securities 17 17 — — 17 — Money market funds 11 11 — 11 — — Collateralized mortgage-backed securities 8 8 — — 8 — Municipal bonds 1 1 — — 1 — Total 188 188 55 11 122 — Derivatives: Embedded derivatives in provisional sales/ purchase contracts in a gross asset position c 62 62 — — 62 — Copper futures and swap contracts c 6 6 — 5 1 — Contingent consideration for the sales of TFHL and onshore California oil and gas properties a 76 76 — — 76 — Total 144 144 — 5 139 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 150 137 — — — 137 Total assets $ 521 $ 80 $ 43 $ 261 $ 137 Liabilities Derivatives: c Embedded derivatives in provisional sales/ purchase contracts in a gross liability position 14 $ 14 $ — $ — $ 14 $ — Copper forward contracts 4 4 — 3 1 — Total 18 18 — 3 15 — Long-term debt, including current portion d 15,354 14,744 — — 14,744 — Total liabilities $ 14,762 $ — $ 3 $ 14,759 $ — At December 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 $ 23 $ 23 $ 23 $ — $ — $ — Money market funds 22 22 — 22 — — Equity securities 5 5 — 5 — — Total 50 50 23 27 — — Legally restricted funds: a U.S. core fixed income fund 53 53 53 — — — Government bonds and notes 36 36 — — 36 — Corporate bonds 32 32 — — 32 — Government mortgage-backed securities 25 25 — — 25 — Asset-backed securities 16 16 — — 16 — Money market funds 12 12 — 12 — — Collateralized mortgage-backed securities 8 8 — — 8 — Municipal bonds 1 1 — — 1 — Total 183 183 53 12 118 — Derivatives: Embedded derivatives in provisional sales/ purchase contracts in a gross asset position c 137 137 — — 137 — Copper futures and swap contracts c 9 9 — 8 1 — Contingent consideration for the sales of TFHL and onshore California oil and gas properties a 46 46 — — 46 — Total 192 192 — 8 184 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 150 135 — — — 135 Total assets $ 560 $ 76 $ 47 $ 302 $ 135 Liabilities Derivatives: c Embedded derivatives in provisional sales/ purchase contracts in a gross liability position 56 $ 56 $ — $ — $ 56 $ — Copper futures and swap contracts 2 2 — 2 — — Total 58 58 — 2 56 — Contingent payments for the settlements of drilling rig contracts e 23 23 — — 23 — Long-term debt, including current portion d 16,027 15,196 — — 15,196 — Total liabilities $ 15,277 $ — $ 2 $ 15,275 $ — a. Current portion included in other current assets and long-term portion included in other assets. b. Excludes time deposits (which approximated fair value) included in (i) other current assets of $34 million at June 30, 2017 , and $28 million at December 31, 2016 , and (ii) other assets of $122 million at both June 30, 2017 , and December 31, 2016 , primarily associated with an assurance bond to support PT-FI’s commitment for smelter development in Indonesia. c. Refer to Note 7 for further discussion and balance sheet classifications. d. Recorded at cost except for debt assumed in acquisitions, which were recorded at fair value at the respective acquisition dates. e. Included in accounts payable and accrued liabilities. Valuation Techniques. The U.S. core fixed income fund is valued at net asset value (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 (which are usually within one business day of notice). 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 7 for further discussion); however, FCX’s contracts themselves are not traded on an exchange. As a result, these derivatives are classified within Level 2 of the fair value hierarchy. FCX’s derivative financial instruments for copper futures and swap contracts and copper forward contracts that are traded on the respective exchanges are classified within Level 1 of the fair value hierarchy because they are valued using quoted monthly COMEX or LME prices at each reporting date based on the month of maturity (refer to Note 7 for further discussion). Certain of these contracts are traded on the over-the-counter market and are classified within Level 2 of the fair value hierarchy based on COMEX and LME forward prices. The fair value of contingent consideration for the sales of TFHL and onshore California oil and gas properties is calculated based on average commodity price forecasts through applicable maturity dates using a Monte Carlo simulation model. The models use various observable inputs, including Brent crude oil forward prices, historical copper and cobalt prices, volatilities, discount rates and settlement terms. As a result, these contingent consideration assets are classified within Level 2 of the fair value hierarchy. The fair value of contingent consideration for the sale of Deepwater GOM oil and gas properties is calculated based on a discounted cash flow model using inputs that include third-party reserve estimates, production rates, production timing and discount rates. Because significant inputs are not observable in the market, the contingent consideration is classified within Level 3 of the fair value hierarchy. The December 31, 2016, fair value of contingent payments for the settlements of drilling rig contracts was calculated based on the average price forecasts of West Texas Intermediate (WTI) crude oil over the 12-month period ending June 30, 2017, using a mean-reverting model. The model used various observable inputs, including WTI crude oil forward prices, volatilities, discount rate and settlement terms. As a result, these contingent payments were classified within Level 2 of the fair value hierarchy. As of June 30, 2017 , the contingency period for FM O&G’s drilling rig contract settlements ended, and no additional amounts were paid. 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 techniques described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the techniques used at June 30, 2017 , as compared to those techniques used at December 31, 2016. A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first six months of 2017 follows (in millions): Fair value at January 1, 2017 $ 135 Net unrealized gain related to assets still held at the end of the period 2 Fair value at June 30, 2017 $ 137

BUSINESS SEGMENTS

BUSINESS SEGMENTS	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Business Segment	BUSINESS SEGMENTS FCX has organized its 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. Separately disclosed in the following tables are FCX’s reportable segments, which include the Morenci, Cerro Verde and Grasberg (Indonesia Mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting & Refining. FCX’s reportable segments previously included U.S. Oil & Gas operations. During 2016, FCX completed the sales of its Deepwater Gulf of Mexico, onshore California and Haynesville oil and gas properties, and in first-quarter 2017, completed the sale of its Madden property interests. The results of FCX’s U.S. oil and gas operations no longer qualify as a reportable segment, and oil and gas results for all periods presented have been included in Corporate, Other & Eliminations in the following tables. Refer to Note 2 of FCX’s annual report on Form 10-K for the year ended December 31, 2016, for additional information. Intersegment sales between FCX’s business segments are based on terms similar to arms-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, timing of sales to unaffiliated customers and transportation premiums. FCX defers recognizing profits on sales from its mines to other divisions, including Atlantic Copper (FCX’s wholly owned smelter and refinery in Spain) and on 25 percent of PT-FI’s sales to PT Smelting (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) Atlantic Corporate, North America Copper Mines South America Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations a Total Three Months Ended June 30, 2017 Revenues: Unaffiliated customers $ 45 $ 32 $ 77 $ 567 $ 111 $ 678 $ 1,065 b $ — $ 1,046 $ 400 $ 445 c $ 3,711 Intersegment 478 593 1,071 57 — 57 — 71 6 — (1,205 ) — Production and delivery 268 457 725 376 87 463 554 d 59 1,048 400 (754 ) e 2,495 Depreciation, depletion and amortization 49 69 118 104 21 125 153 19 3 7 25 450 Selling, general and administrative expenses 1 — 1 3 — 3 30 d — — 4 69 107 Mining exploration and research expenses — 1 1 — — — — — — — 18 19 Environmental obligations and shutdown costs — — — — — — — — — — (19 ) (19 ) Net gain on sales of assets — — — — — — — — — — (10 ) (10 ) Operating income (loss) 205 98 303 141 3 144 328 (7 ) 1 (11 ) (89 ) 669 Interest expense, net — 1 1 15 — 15 — — — 4 142 162 Provision for (benefit from) income taxes — — — 56 2 58 135 — — 3 (10 ) 186 Total assets at June 30, 2017 2,830 4,314 7,144 8,828 1,479 10,307 11,154 1,900 253 739 5,546 f 37,043 Capital expenditures 29 10 39 29 1 30 213 1 1 17 61 g 362 Three Months Ended June 30, 2016 Revenues: Unaffiliated customers $ 79 $ 43 $ 122 $ 494 $ 123 $ 617 $ 532 b $ — $ 919 $ 493 $ 651 c $ 3,334 Intersegment 404 534 938 60 — 60 (1 ) h 45 7 2 (1,051 ) — Production and delivery 298 428 726 303 103 406 356 50 919 466 33 e 2,956 Depreciation, depletion and amortization 57 77 134 109 27 136 93 17 3 7 242 632 Impairment of oil and gas properties — — — — — — — — — — 291 291 Selling, general and administrative expenses 1 1 2 2 — 2 22 — — 4 130 i 160 Mining exploration and research expenses — — — — — — — — — — 15 15 Environmental obligations and shutdown costs — — — — — — — — — — 11 11 Net gain on sales of assets (577 ) — (577 ) — — — — — — — (172 ) (749 ) Operating income (loss) 704 71 775 140 (7 ) 133 60 (22 ) 4 18 (950 ) 18 Interest expense, net — 1 1 20 — 20 — — — 4 171 196 Provision for (benefit from) income taxes — — — 45 (2 ) 43 18 — — 1 54 116 Total assets at June 30, 2016 2,960 4,676 7,636 9,330 1,609 10,939 9,499 1,969 217 607 10,429 f 41,296 Capital expenditures 37 5 42 135 1 136 231 — — 5 419 g 833 a. Includes U.S. oil and gas operations, which were previously a reportable segment. b. Includes PT-FI's sales to PT Smelting totaling $536 million in second-quarter 2017 and $287 million in second-quarter 2016 . c. Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines. d. Includes net charges at PT-FI associated with workforce reductions totaling $82 million in production and delivery costs and $5 million in selling, general and administrative expenses. e. Includes net credits (charges) for oil and gas operations totaling $6 million in second-quarter 2017 , primarily associated with adjustments to the fair value of contingent payments for the 2016 drillship settlements and $(692) million in second-quarter 2016 for drillship settlements, inventory adjustments and asset impairment. f. Includes assets held for sale totaling $463 million at June 30, 2017 , primarily associated with Freeport Cobalt and the Kisanfu exploration project, and $5.1 billion at June 30, 2016 , which also included discontinued operations. Also includes assets associated with oil and gas operations of $316 million at June 30, 2017 , and $3.9 billion at June 30, 2016 . g. Includes $14 million in second-quarter 2017 and $392 million in second-quarter 2016 associated with oil and gas operations. Second-quarter 2016 also includes $20 million associated with discontinued operations. h. Reflects net reductions for provisional pricing adjustments to prior period open sales. There were no intersegment sales from Grasberg in second-quarter 2016. i. Includes other oil and gas net charges of $37 million in second-quarter 2016 for net restructuring. (In millions) Atlantic Corporate, North America Copper Mines South America Mining Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations a Total Six Months Ended June 30, 2017 Revenues: Unaffiliated customers $ 111 $ 82 $ 193 $ 1,207 $ 223 $ 1,430 $ 1,599 b $ — $ 2,153 $ 858 $ 819 c $ 7,052 Intersegment 894 1,156 2,050 173 — 173 — 134 14 — (2,371 ) — Production and delivery 528 d 870 1,398 767 169 936 827 e 111 2,158 836 (1,571 ) f 4,695 Depreciation, depletion and amortization 96 138 234 216 42 258 236 38 5 14 54 839 Selling, general and administrative expenses 1 1 2 5 — 5 60 e — — 9 184 g 260 Mining exploration and research expenses — 2 2 — — — — — — — 32 34 Environmental obligations and shutdown costs — — — — — — — — — — 8 8 Net gain on sales of assets — — — — — — — — — — (33 ) (33 ) Operating income (loss) 380 227 607 392 12 404 476 (15 ) 4 (1 ) (226 ) 1,249 Interest expense, net 1 1 2 31 — 31 — — — 8 288 329 Provision for (benefit from) income taxes — — — 154 5 159 202 — — 3 (4 ) 360 Capital expenditures 52 15 67 43 2 45 457 2 2 25 108 h 706 Six Months Ended June 30, 2016 Revenues: Unaffiliated customers $ 241 $ 99 $ 340 $ 980 $ 267 $ 1,247 $ 1,030 b $ — $ 1,890 $ 915 $ 1,154 c $ 6,576 Intersegment 761 1,095 1,856 101 — 101 57 90 15 3 (2,122 ) — Production and delivery 638 876 1,514 594 222 816 750 102 1,889 859 (475 ) f 5,455 Depreciation, depletion and amortization 119 159 278 210 58 268 174 36 5 15 518 1,294 Impairment of oil and gas properties — — — — — — — — — — 4,078 4,078 Selling, general and administrative expenses 1 2 3 4 — 4 36 — — 8 247 g 298 Mining exploration and research expenses — 1 1 — — — — — — — 32 33 Environmental obligations and shutdown costs — — — — — — — — — — 21 21 Net gain on sales of assets (577 ) — (577 ) — — — — — — — (172 ) (749 ) Operating income (loss) 821 156 977 273 (13 ) 260 127 (48 ) 11 36 (5,217 ) (3,854 ) Interest expense, net 1 1 2 42 — 42 — — — 8 335 387 Provision for (benefit from) income taxes — — — 90 (8 ) 82 54 — — 1 56 193 Capital expenditures 65 11 76 291 2 293 453 1 1 7 984 h 1,815 a. Includes U.S. oil and gas operations, which were previously a reportable segment. b. Includes PT-FI’s sales to PT Smelting totaling $794 million for the first six months of 2017 and $564 million for the first six months of 2016 . c. Includes revenues from FCX’s molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines. d. Includes asset impairment charges totaling $21 million . e. Includes net charges at PT-FI associated with workforce reductions totaling $103 million in production and delivery costs and $5 million in selling, general and administrative expenses. f. Includes net credits (charges) for oil and gas operations totaling $26 million for the first six months of 2017 , primarily associated with adjustments to the fair value of the contingent payments for the 2016 drillship settlements and $(892) million for the first six months of 2016 for drillship settlement/idle rig costs, inventory adjustments and asset impairment. g. Includes other oil and gas charges of $17 million for the first six months of 2017 for other contract termination charges and $39 million for the first six months of 2016 for net restructuring charges. h. Includes $33 million for the first six months of 2017 and $915 million for the first six months of 2016 associated with oil and gas operations. The first six months of 2016 also includes $55 million associated with discontinued operations.

Guarantor Financial Statements

Guarantor Financial Statements (Unaudited) Guarantor Financial Statements (Notes)	6 Months Ended
	Jun. 30, 2017
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 FCX’s 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 revolving credit facility or any other senior debt or, in each case, any refinancing thereof. The following condensed consolidating financial information includes information regarding FCX, as issuer, FM O&G LLC, as guarantor, and all other non-guarantor subsidiaries of FCX. Included are the condensed consolidating balance sheets at June 30, 2017 , and December 31, 2016 , and the related condensed consolidating statements of comprehensive income (loss) for the three and six months ended June 30, 2017 and 2016 , and the condensed consolidating statements of cash flows for the six months ended June 30, 2017 and 2016 (in millions), which should be read in conjunction with FCX’s notes to the consolidated financial statements. CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2017 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets $ 212 $ 738 $ 10,246 $ (779 ) $ 10,417 Property, plant, equipment and mine development costs, net 16 15 23,047 (11 ) 23,067 Oil and gas properties, subject to amortization, less accumulated amortization and impairments — — 48 — 48 Investments in consolidated subsidiaries 20,379 — — (20,379 ) — Other assets 508 37 3,458 (492 ) 3,511 Total assets $ 21,115 $ 790 $ 36,799 $ (21,661 ) $ 37,043 LIABILITIES AND EQUITY Current liabilities $ 2,497 $ 129 $ 3,183 $ (865 ) $ 4,944 Long-term debt, less current portion 11,028 6,397 5,613 (9,900 ) 13,138 Deferred income taxes 859 a — 3,011 — 3,870 Environmental and asset retirement obligations, less current portion — 204 3,308 — 3,512 Investments in consolidated subsidiaries — 870 10,152 (11,022 ) — Other liabilities 59 3,342 1,671 (3,486 ) 1,586 Total liabilities 14,443 10,942 26,938 (25,273 ) 27,050 Equity: Stockholders’ equity 6,672 (10,152 ) 7,186 2,967 6,673 Noncontrolling interests — — 2,675 645 3,320 Total equity 6,672 (10,152 ) 9,861 3,612 9,993 Total liabilities and equity $ 21,115 $ 790 $ 36,799 $ (21,661 ) $ 37,043 a. All U.S.-related deferred income taxes are recorded at the parent company. CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets $ 230 $ 1,790 $ 11,675 $ (3,260 ) $ 10,435 Property, plant, equipment and mine development costs, net 19 24 23,176 — 23,219 Oil and gas properties, subject to amortization, less accumulated amortization and impairments — — 74 — 74 Investments in consolidated subsidiaries 21,110 — — (21,110 ) — Other assets 1,985 47 3,522 (1,965 ) 3,589 Total assets $ 23,344 $ 1,861 $ 38,447 $ (26,335 ) $ 37,317 LIABILITIES AND EQUITY Current liabilities $ 3,895 $ 308 $ 3,306 $ (3,244 ) $ 4,265 Long-term debt, less current portion 12,517 6,062 11,297 (15,081 ) 14,795 Deferred income taxes 826 a — 2,942 — 3,768 Environmental and asset retirement obligations, less current portion — 200 3,287 — 3,487 Investment in consolidated subsidiary — 893 8,995 (9,888 ) — Other liabilities 55 3,393 1,784 (3,487 ) 1,745 Total liabilities 17,293 10,856 31,611 (31,700 ) 28,060 Equity: Stockholders’ equity 6,051 (8,995 ) 4,237 4,758 6,051 Noncontrolling interests — — 2,599 607 3,206 Total equity 6,051 (8,995 ) 6,836 5,365 9,257 Total liabilities and equity $ 23,344 $ 1,861 $ 38,447 $ (26,335 ) $ 37,317 a. All U.S.-related deferred income taxes are recorded at the parent company. CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2017 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 12 $ 3,699 $ — $ 3,711 Total costs and expenses 14 11 3,007 10 3,042 Operating (loss) income (14 ) 1 692 (10 ) 669 Interest expense, net (117 ) (55 ) (74 ) 84 (162 ) Other income (expense), net 80 — 10 (84 ) 6 (Loss) income before income taxes and equity in affiliated companies’ net earnings (losses) (51 ) (54 ) 628 (10 ) 513 (Provision for) benefit from income taxes (72 ) 19 (136 ) 3 (186 ) Equity in affiliated companies’ net earnings (losses) 391 (26 ) (62 ) (304 ) (1 ) Net income (loss) from continuing operations 268 (61 ) 430 (311 ) 326 Net income from discontinued operations — — 9 — 9 Net income (loss) 268 (61 ) 439 (311 ) 335 Net income attributable to noncontrolling interests: Continuing operations — — (46 ) (20 ) (66 ) Discontinued operations — — (1 ) — (1 ) Net income (loss) attributable to common stockholders $ 268 $ (61 ) $ 392 $ (331 ) $ 268 Other comprehensive income (loss) 81 — 81 (81 ) 81 Total comprehensive income (loss) $ 349 $ (61 ) $ 473 $ (412 ) $ 349 Three Months Ended June 30, 2016 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 106 $ 3,228 $ — $ 3,334 Total costs and expenses 17 964 a 2,335 a — 3,316 Operating (loss) income (17 ) (858 ) 893 — 18 Interest expense, net (141 ) (15 ) (124 ) 84 (196 ) Other income (expense), net 107 — 28 (71 ) 64 (Loss) income before income taxes and equity in affiliated companies’ net (losses) earnings (51 ) (873 ) 797 13 (114 ) (Provision for) benefit from income taxes (345 ) 306 (69 ) (8 ) (116 ) Equity in affiliated companies’ net (losses) earnings (90 ) (280 ) (853 ) 1,224 1 Net (loss) income from continuing operations (486 ) (847 ) (125 ) 1,229 (229 ) Net income (loss) from discontinued operations 5 — (175 ) (11 ) (181 ) Net (loss) income (481 ) (847 ) (300 ) 1,218 (410 ) Net income and preferred dividends attributable to noncontrolling interests: Continuing operations — — (50 ) (7 ) (57 ) Discontinued operations — — (12 ) — (12 ) Net (loss) income attributable to common stockholders $ (481 ) $ (847 ) $ (362 ) $ 1,211 $ (479 ) Other comprehensive income (loss) 15 — 15 (15 ) 15 Total comprehensive (loss) income $ (466 ) $ (847 ) $ (347 ) $ 1,196 $ (464 ) a. Includes charges totaling $0.2 billion at the FM O&G LLC guarantor and $0.1 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 COMPREHENSIVE INCOME (LOSS) Six Months Ended June 30, 2017 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 25 $ 7,027 $ — $ 7,052 Total costs and expenses 23 61 5,707 12 5,803 Operating (loss) income (23 ) (36 ) 1,320 (12 ) 1,249 Interest expense, net (239 ) (108 ) (145 ) 163 (329 ) Other income (expense), net 159 — 35 (163 ) 31 (Loss) income before income taxes and equity in affiliated companies’ net earnings (losses) (103 ) (144 ) 1,210 (12 ) 951 (Provision for) benefit from income taxes (132 ) 50 (282 ) 4 (360 ) Equity in affiliated companies’ net earnings (losses) 731 (6 ) (98 ) (624 ) 3 Net income (loss) from continuing operations 496 (100 ) 830 (632 ) 594 Net income from discontinued operations — — 47 — 47 Net income (loss) 496 (100 ) 877 (632 ) 641 Net income attributable to noncontrolling interests: Continuing operations — — (111 ) (30 ) (141 ) Discontinued operations — — (4 ) — (4 ) Net income (loss) attributable to common stockholders $ 496 $ (100 ) $ 762 $ (662 ) $ 496 Other comprehensive income (loss) 92 — 92 (92 ) 92 Total comprehensive income (loss) $ 588 $ (100 ) $ 854 $ (754 ) $ 588 Six Months Ended June 30, 2016 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 184 $ 6,392 $ — $ 6,576 Total costs and expenses 44 2,593 a 7,787 a 6 10,430 Operating loss (44 ) (2,409 ) (1,395 ) (6 ) (3,854 ) Interest expense, net (278 ) (19 ) (238 ) 148 (387 ) Other income (expense), net 157 — 68 (125 ) 100 (Loss) income before income taxes and equity in affiliated companies’ net (losses) earnings (165 ) (2,428 ) (1,565 ) 17 (4,141 ) (Provision for) benefit from income taxes (2,128 ) 922 1,019 (6 ) (193 ) Equity in affiliated companies’ net (losses) earnings (2,376 ) (2,984 ) (4,483 ) 9,851 8 Net (loss) income from continuing operations (4,669 ) (4,490 ) (5,029 ) 9,862 (4,326 ) Net income (loss) from discontinued operations 5 — (169 ) (21 ) (185 ) Net (loss) income (4,664 ) (4,490 ) (5,198 ) 9,841 (4,511 ) Net income and preferred dividends attributable to noncontrolling interests: Continuing operations — — (117 ) (13 ) (130 ) Discontinued operations — — (22 ) — (22 ) Net (loss) income attributable to common stockholders $ (4,664 ) $ (4,490 ) $ (5,337 ) $ 9,828 $ (4,663 ) Other comprehensive income (loss) 15 — 15 (15 ) 15 Total comprehensive (loss) income $ (4,649 ) $ (4,490 ) $ (5,322 ) $ 9,813 $ (4,648 ) a. Includes charges totaling $1.5 billion at the FM O&G LLC guarantor and $2.6 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 Six Months Ended June 30, 2017 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Net cash (used in) provided by operating activities $ (96 ) $ (284 ) $ 2,209 $ — $ 1,829 Cash flow from investing activities: Capital expenditures — (23 ) (683 ) — (706 ) Intercompany loans (427 ) — — 427 — Dividends from (investments in) consolidated subsidiaries 1,032 (16 ) 62 (1,078 ) — Asset sales and other, net — (5 ) 1 — (4 ) Net cash provided by (used in) investing activities 605 (44 ) (620 ) (651 ) (710 ) Cash flow from financing activities: Proceeds from debt — — 606 — 606 Repayments of debt (499 ) — (751 ) — (1,250 ) Intercompany loans — 337 90 (427 ) — Cash dividends paid and contributions received, net (2 ) — (1,064 ) 1,025 (41 ) Other, net (8 ) (9 ) (55 ) 53 (19 ) Net cash (used in) provided by financing activities (509 ) 328 (1,174 ) 651 (704 ) Net increase in cash and cash equivalents — — 415 — 415 Decrease in cash and cash equivalents in assets held for sale — — 7 — 7 Cash and cash equivalents at beginning of period — 3 4,242 — 4,245 Cash and cash equivalents at end of period $ — $ 3 $ 4,664 $ — $ 4,667 Six Months Ended June 30, 2016 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Net cash (used in) provided by operating activities $ (173 ) $ (90 ) $ 1,875 $ 2 $ 1,614 Cash flow from investing activities: Capital expenditures — (433 ) (1,380 ) (2 ) (1,815 ) Intercompany loans (994 ) (493 ) — 1,487 — Dividends from (investments in) consolidated subsidiaries 1,935 (41 ) 78 (1,972 ) — Asset sales and other, net — 91 1,189 — 1,280 Net cash provided by (used in) investing activities 941 (876 ) (113 ) (487 ) (535 ) Cash flow from financing activities: Proceeds from debt 1,505 — 1,306 — 2,811 Repayments of debt (2,282 ) — (1,367 ) — (3,649 ) Intercompany loans — 1,018 469 (1,487 ) — Net proceeds from sale of common stock 32 — 42 (42 ) 32 Cash dividends paid and contributions received, net (5 ) — (1,989 ) 1,950 (44 ) Other, net (18 ) (52 ) (17 ) 64 (23 ) Net cash (used in) provided by financing activities (768 ) 966 (1,556 ) 485 (873 ) Net increase in cash and cash equivalents — — 206 — 206 Increase in cash and cash equivalents in assets held for sale — — (53 ) — (53 ) Cash and cash equivalents at beginning of period — — 177 — 177 Cash and cash equivalents at end of period $ — $ — $ 330 $ — $ 330

New Accounting Standard (Unaudi

New Accounting Standard (Unaudited)	6 Months Ended
	Jun. 30, 2017
New Accounting Standards [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NEW ACCOUNTING STANDARDS In March 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (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. FCX adopted this ASU effective January 1, 2017, and adoption did not have a material impact on its financial statements. In March 2017, FASB issued an ASU that changes how entities with a defined benefit pension or other postretirement benefit plans present net periodic benefit cost in the income statement. This ASU requires the service cost component of net periodic benefit cost to be presented in the same income statement line item or items as other compensation costs for those employees who are receiving the retirement benefit. In addition, only the service cost component is eligible for capitalization when applicable ( i.e. , as a cost of inventory or an internally constructed asset). The other components of net periodic benefit cost are required to be presented separately from the service cost component and outside of operating income. These other components of net periodic benefit cost are not eligible for capitalization, and the income statement line item or items must be disclosed. For public entities, this ASU is effective for annual periods beginning after December 15, 2017, and interim reporting periods within that reporting period. Early adoption is permitted. FCX expects to adopt this ASU on January 1, 2018, and does not expect it to have a material impact on its presentation of the statements of operations.

Subsequent Events (Unaudited)

Subsequent Events (Unaudited)	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On July 31, 2017, FM O&G sold certain property interests in the Gulf of Mexico Shelf for cash consideration of $62 million , before closing adjustments. The transaction has an effective date of April 1, 2017, and is expected to result in a gain in third-quarter 2017 under the full cost accounting rules. FCX evaluated events after June 30, 2017 , 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.

Dispositions (Tables)

Dispositions (Tables)	6 Months Ended
	Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal	Net income (loss) from discontinued operations in the consolidated statements of operations consists of the following (in millions): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Revenues a $ 4 $ 272 $ 13 $ 558 Costs and expenses: Production and delivery costs — 256 — 482 Depreciation, depletion and amortization — 20 — 80 Interest expense allocated from parent — 11 b — 21 b Other costs and expenses, net — 5 — 6 Income (loss) before income taxes and net gain (loss) on disposal 4 (20 ) 13 (31 ) Net gain (loss) on disposal 6 c (177 ) d 38 c (177 ) d Net income (loss) before income taxes 10 (197 ) 51 (208 ) (Provision for) benefit from income taxes (1 ) 16 (4 ) 23 Net income (loss) from discontinued operations $ 9 $ (181 ) $ 47 $ (185 ) a. In accordance with accounting guidance, amounts are net of recognition (eliminations) of intercompany sales totaling $4 million in second-quarter 2017 , $(41) million in second-quarter 2016 , $13 million for the first six months of 2017 and $(73) million for the first six months of 2016 . b. In accordance with accounting guidance, interest associated with FCX’s term loan that was required to be repaid as a result of the sale of TFHL has been allocated to discontinued operations. c. Includes a gain of $6 million in second-quarter 2017 and $42 million for the first six months of 2017 associated with the change in the fair value of contingent consideration. d. In accordance with accounting guidance, an estimated loss on disposal was recorded in second-quarter 2016 and was adjusted through closing of the transaction in November 2016. Cash flows from discontinued operations included in the consolidated statements of cash flows for the six months ended June 30, 2016 , follow (in millions): Net cash provided by operating activities $ 157 Net cash used in investing activities (57 ) Net cash used in financing activities (51 ) Increase in cash and cash equivalents in assets held for sale $ 49

Earnings per Share (Unaudited21

Earnings per Share (Unaudited) Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Reconciliation of net income (loss) and weighted-average shares of common stock outstanding	A reconciliation of net income (loss) and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income (loss) per share follows (in millions, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Net income (loss) from continuing operations $ 326 $ (229 ) $ 594 $ (4,326 ) Net income from continuing operations attributable to noncontrolling interests (66 ) (47 ) (141 ) (109 ) Preferred dividends on redeemable noncontrolling interest — (10 ) — (21 ) Undistributed earnings allocated to participating securities (3 ) (3 ) (3 ) (3 ) Net income (loss) from continuing operations attributable to common stockholders $ 257 $ (289 ) $ 450 $ (4,459 ) Net income (loss) from discontinued operations $ 9 $ (181 ) $ 47 $ (185 ) Net income from discontinued operations attributable to noncontrolling interests (1 ) (12 ) (4 ) (22 ) Net income (loss) from discontinued operations attributable to common stockholders $ 8 $ (193 ) $ 43 $ (207 ) Net income (loss) attributable to common stockholders $ 265 $ (482 ) $ 493 $ (4,666 ) Basic weighted-average shares of common stock outstanding 1,447 1,269 1,447 1,260 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units 6 — a 6 — a Diluted weighted-average shares of common stock outstanding 1,453 1,269 1,453 1,260 Basic and diluted net income (loss) per share attributable to common stockholders: Continuing operations $ 0.18 $ (0.23 ) $ 0.31 $ (3.54 ) Discontinued operations — (0.15 ) 0.03 (0.16 ) $ 0.18 $ (0.38 ) $ 0.34 $ (3.70 ) a. Excludes 12 million shares of common stock for second-quarter 2016 and 11 million for the first six months of 2016 associated with outstanding stock options with exercise prices less than the average market price of FCX’s common stock and restricted stock units that were anti-dilutive.

Inventories, Including Long-T22

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Schedule of Inventory [Table Text Block]	The components of inventories follow (in millions): June 30, December 31, 2016 Current inventories: Total materials and supplies, net a $ 1,264 $ 1,306 Mill stockpiles $ 313 $ 259 Leach stockpiles 1,046 1,079 Total current mill and leach stockpiles $ 1,359 $ 1,338 Raw materials (primarily concentrate) $ 295 $ 255 Work-in-process 121 114 Finished goods 603 629 Total product inventories $ 1,019 $ 998 Long-term inventories: Mill stockpiles $ 425 $ 487 Leach stockpiles 1,129 1,146 Total long-term mill and leach stockpiles b $ 1,554 $ 1,633 a. Materials and supplies inventory was net of obsolescence reserves totaling $30 million at June 30, 2017 , and $29 million at December 31, 2016 . b. Estimated metals in stockpiles not expected to be recovered within the next 12 months.

Income Taxes (Unaudited) (Table

Income Taxes (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income before income taxes and equity in an affiliated companies' net earnings	Geographic sources of FCX’s provision for income taxes follow (in millions): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 U.S. operations a $ 29 $ (49 ) $ 22 $ (38 ) International operations (215 ) (67 ) (382 ) (155 ) Total $ (186 ) $ (116 ) $ (360 ) $ (193 ) a. Includes net tax credits of $32 million for second-quarter 2017 and $31 million for the first six months of 2017 associated with anticipated recovery of alternative minimum tax credit carryforwards. The second quarter and first six months of 2016 include net tax charges of $36 million associated with net operating loss carryback claims, partly offset by alternative minimum tax credits.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Instrument, Redemption [Line Items]
Schedule of Debt [Table Text Block]	DEBT The components of debt follow (in millions): June 30, December 31, 2016 Senior notes and debentures: Issued by FCX $ 13,238 $ 13,745 Issued by FMC 358 359 Issued by Freeport-McMoRan Oil & Gas LLC (FM O&G LLC) 266 267 Cerro Verde credit facility 1,485 1,390 Cerro Verde shareholder loans — 261 Other 7 5 Total debt a 15,354 16,027 Less current portion of debt (2,216 ) (1,232 ) Long-term debt $ 13,138 $ 14,795 a. Includes additions for unamortized fair value adjustments totaling $163 million at June 30, 2017 ( $179 million at December 31, 2016 ), and is net of reductions for unamortized net discounts and unamortized debt issuance costs totaling $98 million at June 30, 2017 ( $100 million at December 31, 2016 ).

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unrealized gains (losses) for derivative financial instruments that are designated and qualify as fair value hedge transactions and for the related hedged item	A summary of gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, along with the unrealized gains (losses) on the related hedged item follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Copper futures and swap contracts: Unrealized gains (losses): Derivative financial instruments $ 1 $ 3 $ (1 ) $ 10 Hedged item – firm sales commitments (1 ) (3 ) 1 (10 ) Realized gains (losses): Matured derivative financial instruments 1 (4 ) 9 (8 )
Schedule of Derivative Instruments	A summary of FCX’s embedded derivatives at June 30, 2017 , follows: Open Positions Average Price Per Unit Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 560 $ 2.58 $ 2.69 November 2017 Gold (thousands of ounces) 165 1,259 1,245 August 2017 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 109 2.60 2.69 October 2017
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 operating income (loss) for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Embedded derivatives in provisional copper and gold sales contracts a $ 34 $ 4 $ 160 $ 76 Copper forward contracts b (4 ) (2 ) (5 ) 5 a. Amounts recorded in revenues. b. Amounts recorded in cost of sales as production and delivery costs.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	A summary of the fair values of unsettled commodity derivative financial instruments follows (in millions): June 30, December 31, 2016 Commodity Derivative Assets: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 6 $ 9 Derivatives not designated as hedging instruments : Embedded derivatives in provisional copper and gold sales/purchase contracts 62 137 Total derivative assets $ 68 $ 146 Commodity Derivative Liabilities: Derivatives designated as hedging instruments : Copper futures and swap contracts $ — $ 2 Derivatives not designated as hedging instruments : Embedded derivatives in provisional copper and gold sales/purchase contracts 14 56 Copper forward contracts 4 — Total derivative liabilities $ 18 $ 58
Offsetting Assets [Table Text Block]	A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions): Assets Liabilities June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Gross amounts recognized: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 62 $ 137 $ 14 $ 56 Copper derivatives 6 9 4 2 68 146 18 58 Less gross amounts of offset: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 4 12 4 12 Copper derivatives — 2 — 2 4 14 4 14 Net amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 58 125 10 44 Copper derivatives 6 7 4 — $ 64 $ 132 $ 14 $ 44 Balance sheet classification: Trade accounts receivable $ 56 $ 119 $ — $ 13 Other current assets 6 7 — — Accounts payable and accrued liabilities 2 6 14 31 $ 64 $ 132 $ 14 $ 44
Offsetting Liabilities [Table Text Block]	A summary of these unsettled commodity contracts that are offset in the balance sheets follows (in millions): Assets Liabilities June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Gross amounts recognized: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 62 $ 137 $ 14 $ 56 Copper derivatives 6 9 4 2 68 146 18 58 Less gross amounts of offset: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 4 12 4 12 Copper derivatives — 2 — 2 4 14 4 14 Net amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 58 125 10 44 Copper derivatives 6 7 4 — $ 64 $ 132 $ 14 $ 44 Balance sheet classification: Trade accounts receivable $ 56 $ 119 $ — $ 13 Other current assets 6 7 — — Accounts payable and accrued liabilities 2 6 14 31 $ 64 $ 132 $ 14 $ 44

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurement Inputs Disclosure	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 7) follows (in millions): At June 30, 2017 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 25 $ 25 $ 25 $ — $ — $ — Money market funds 22 22 — 22 — — Equity securities 5 5 — 5 — — Total 52 52 25 27 — — Legally restricted funds: a U.S. core fixed income fund 55 55 55 — — — Government bonds and notes 36 36 — — 36 — Corporate bonds 32 32 — — 32 — Government mortgage-backed securities 28 28 — — 28 — Asset-backed securities 17 17 — — 17 — Money market funds 11 11 — 11 — — Collateralized mortgage-backed securities 8 8 — — 8 — Municipal bonds 1 1 — — 1 — Total 188 188 55 11 122 — Derivatives: Embedded derivatives in provisional sales/ purchase contracts in a gross asset position c 62 62 — — 62 — Copper futures and swap contracts c 6 6 — 5 1 — Contingent consideration for the sales of TFHL and onshore California oil and gas properties a 76 76 — — 76 — Total 144 144 — 5 139 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 150 137 — — — 137 Total assets $ 521 $ 80 $ 43 $ 261 $ 137 Liabilities Derivatives: c Embedded derivatives in provisional sales/ purchase contracts in a gross liability position 14 $ 14 $ — $ — $ 14 $ — Copper forward contracts 4 4 — 3 1 — Total 18 18 — 3 15 — Long-term debt, including current portion d 15,354 14,744 — — 14,744 — Total liabilities $ 14,762 $ — $ 3 $ 14,759 $ — At December 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 $ 23 $ 23 $ 23 $ — $ — $ — Money market funds 22 22 — 22 — — Equity securities 5 5 — 5 — — Total 50 50 23 27 — — Legally restricted funds: a U.S. core fixed income fund 53 53 53 — — — Government bonds and notes 36 36 — — 36 — Corporate bonds 32 32 — — 32 — Government mortgage-backed securities 25 25 — — 25 — Asset-backed securities 16 16 — — 16 — Money market funds 12 12 — 12 — — Collateralized mortgage-backed securities 8 8 — — 8 — Municipal bonds 1 1 — — 1 — Total 183 183 53 12 118 — Derivatives: Embedded derivatives in provisional sales/ purchase contracts in a gross asset position c 137 137 — — 137 — Copper futures and swap contracts c 9 9 — 8 1 — Contingent consideration for the sales of TFHL and onshore California oil and gas properties a 46 46 — — 46 — Total 192 192 — 8 184 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 150 135 — — — 135 Total assets $ 560 $ 76 $ 47 $ 302 $ 135 Liabilities Derivatives: c Embedded derivatives in provisional sales/ purchase contracts in a gross liability position 56 $ 56 $ — $ — $ 56 $ — Copper futures and swap contracts 2 2 — 2 — — Total 58 58 — 2 56 — Contingent payments for the settlements of drilling rig contracts e 23 23 — — 23 — Long-term debt, including current portion d 16,027 15,196 — — 15,196 — Total liabilities $ 15,277 $ — $ 2 $ 15,275 $ — a. Current portion included in other current assets and long-term portion included in other assets. b. Excludes time deposits (which approximated fair value) included in (i) other current assets of $34 million at June 30, 2017 , and $28 million at December 31, 2016 , and (ii) other assets of $122 million at both June 30, 2017 , and December 31, 2016 , primarily associated with an assurance bond to support PT-FI’s commitment for smelter development in Indonesia. c. Refer to Note 7 for further discussion and balance sheet classifications. d. Recorded at cost except for debt assumed in acquisitions, which were recorded at fair value at the respective acquisition dates. e. Included in accounts payable and accrued liabilities.
Summary of Unobservable Input Reconciliation	A summary of the changes in the fair value of FCX’s Level 3 instrument, contingent consideration for the sale of the Deepwater GOM oil and gas properties, during the first six months of 2017 follows (in millions): Fair value at January 1, 2017 $ 135 Net unrealized gain related to assets still held at the end of the period 2 Fair value at June 30, 2017 $ 137

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Schedule of financial information by business segment	Financial Information by Business Segments (In millions) Atlantic Corporate, North America Copper Mines South America Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations a Total Three Months Ended June 30, 2017 Revenues: Unaffiliated customers $ 45 $ 32 $ 77 $ 567 $ 111 $ 678 $ 1,065 b $ — $ 1,046 $ 400 $ 445 c $ 3,711 Intersegment 478 593 1,071 57 — 57 — 71 6 — (1,205 ) — Production and delivery 268 457 725 376 87 463 554 d 59 1,048 400 (754 ) e 2,495 Depreciation, depletion and amortization 49 69 118 104 21 125 153 19 3 7 25 450 Selling, general and administrative expenses 1 — 1 3 — 3 30 d — — 4 69 107 Mining exploration and research expenses — 1 1 — — — — — — — 18 19 Environmental obligations and shutdown costs — — — — — — — — — — (19 ) (19 ) Net gain on sales of assets — — — — — — — — — — (10 ) (10 ) Operating income (loss) 205 98 303 141 3 144 328 (7 ) 1 (11 ) (89 ) 669 Interest expense, net — 1 1 15 — 15 — — — 4 142 162 Provision for (benefit from) income taxes — — — 56 2 58 135 — — 3 (10 ) 186 Total assets at June 30, 2017 2,830 4,314 7,144 8,828 1,479 10,307 11,154 1,900 253 739 5,546 f 37,043 Capital expenditures 29 10 39 29 1 30 213 1 1 17 61 g 362 Three Months Ended June 30, 2016 Revenues: Unaffiliated customers $ 79 $ 43 $ 122 $ 494 $ 123 $ 617 $ 532 b $ — $ 919 $ 493 $ 651 c $ 3,334 Intersegment 404 534 938 60 — 60 (1 ) h 45 7 2 (1,051 ) — Production and delivery 298 428 726 303 103 406 356 50 919 466 33 e 2,956 Depreciation, depletion and amortization 57 77 134 109 27 136 93 17 3 7 242 632 Impairment of oil and gas properties — — — — — — — — — — 291 291 Selling, general and administrative expenses 1 1 2 2 — 2 22 — — 4 130 i 160 Mining exploration and research expenses — — — — — — — — — — 15 15 Environmental obligations and shutdown costs — — — — — — — — — — 11 11 Net gain on sales of assets (577 ) — (577 ) — — — — — — — (172 ) (749 ) Operating income (loss) 704 71 775 140 (7 ) 133 60 (22 ) 4 18 (950 ) 18 Interest expense, net — 1 1 20 — 20 — — — 4 171 196 Provision for (benefit from) income taxes — — — 45 (2 ) 43 18 — — 1 54 116 Total assets at June 30, 2016 2,960 4,676 7,636 9,330 1,609 10,939 9,499 1,969 217 607 10,429 f 41,296 Capital expenditures 37 5 42 135 1 136 231 — — 5 419 g 833 a. Includes U.S. oil and gas operations, which were previously a reportable segment. b. Includes PT-FI's sales to PT Smelting totaling $536 million in second-quarter 2017 and $287 million in second-quarter 2016 . c. Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines. d. Includes net charges at PT-FI associated with workforce reductions totaling $82 million in production and delivery costs and $5 million in selling, general and administrative expenses. e. Includes net credits (charges) for oil and gas operations totaling $6 million in second-quarter 2017 , primarily associated with adjustments to the fair value of contingent payments for the 2016 drillship settlements and $(692) million in second-quarter 2016 for drillship settlements, inventory adjustments and asset impairment. f. Includes assets held for sale totaling $463 million at June 30, 2017 , primarily associated with Freeport Cobalt and the Kisanfu exploration project, and $5.1 billion at June 30, 2016 , which also included discontinued operations. Also includes assets associated with oil and gas operations of $316 million at June 30, 2017 , and $3.9 billion at June 30, 2016 . g. Includes $14 million in second-quarter 2017 and $392 million in second-quarter 2016 associated with oil and gas operations. Second-quarter 2016 also includes $20 million associated with discontinued operations. h. Reflects net reductions for provisional pricing adjustments to prior period open sales. There were no intersegment sales from Grasberg in second-quarter 2016. i. Includes other oil and gas net charges of $37 million in second-quarter 2016 for net restructuring. (In millions) Atlantic Corporate, North America Copper Mines South America Mining Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Mining Mines Refining & Refining nations a Total Six Months Ended June 30, 2017 Revenues: Unaffiliated customers $ 111 $ 82 $ 193 $ 1,207 $ 223 $ 1,430 $ 1,599 b $ — $ 2,153 $ 858 $ 819 c $ 7,052 Intersegment 894 1,156 2,050 173 — 173 — 134 14 — (2,371 ) — Production and delivery 528 d 870 1,398 767 169 936 827 e 111 2,158 836 (1,571 ) f 4,695 Depreciation, depletion and amortization 96 138 234 216 42 258 236 38 5 14 54 839 Selling, general and administrative expenses 1 1 2 5 — 5 60 e — — 9 184 g 260 Mining exploration and research expenses — 2 2 — — — — — — — 32 34 Environmental obligations and shutdown costs — — — — — — — — — — 8 8 Net gain on sales of assets — — — — — — — — — — (33 ) (33 ) Operating income (loss) 380 227 607 392 12 404 476 (15 ) 4 (1 ) (226 ) 1,249 Interest expense, net 1 1 2 31 — 31 — — — 8 288 329 Provision for (benefit from) income taxes — — — 154 5 159 202 — — 3 (4 ) 360 Capital expenditures 52 15 67 43 2 45 457 2 2 25 108 h 706 Six Months Ended June 30, 2016 Revenues: Unaffiliated customers $ 241 $ 99 $ 340 $ 980 $ 267 $ 1,247 $ 1,030 b $ — $ 1,890 $ 915 $ 1,154 c $ 6,576 Intersegment 761 1,095 1,856 101 — 101 57 90 15 3 (2,122 ) — Production and delivery 638 876 1,514 594 222 816 750 102 1,889 859 (475 ) f 5,455 Depreciation, depletion and amortization 119 159 278 210 58 268 174 36 5 15 518 1,294 Impairment of oil and gas properties — — — — — — — — — — 4,078 4,078 Selling, general and administrative expenses 1 2 3 4 — 4 36 — — 8 247 g 298 Mining exploration and research expenses — 1 1 — — — — — — — 32 33 Environmental obligations and shutdown costs — — — — — — — — — — 21 21 Net gain on sales of assets (577 ) — (577 ) — — — — — — — (172 ) (749 ) Operating income (loss) 821 156 977 273 (13 ) 260 127 (48 ) 11 36 (5,217 ) (3,854 ) Interest expense, net 1 1 2 42 — 42 — — — 8 335 387 Provision for (benefit from) income taxes — — — 90 (8 ) 82 54 — — 1 56 193 Capital expenditures 65 11 76 291 2 293 453 1 1 7 984 h 1,815 a. Includes U.S. oil and gas operations, which were previously a reportable segment. b. Includes PT-FI’s sales to PT Smelting totaling $794 million for the first six months of 2017 and $564 million for the first six months of 2016 . c. Includes revenues from FCX’s molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines. d. Includes asset impairment charges totaling $21 million . e. Includes net charges at PT-FI associated with workforce reductions totaling $103 million in production and delivery costs and $5 million in selling, general and administrative expenses. f. Includes net credits (charges) for oil and gas operations totaling $26 million for the first six months of 2017 , primarily associated with adjustments to the fair value of the contingent payments for the 2016 drillship settlements and $(892) million for the first six months of 2016 for drillship settlement/idle rig costs, inventory adjustments and asset impairment. g. Includes other oil and gas charges of $17 million for the first six months of 2017 for other contract termination charges and $39 million for the first six months of 2016 for net restructuring charges. h. Includes $33 million for the first six months of 2017 and $915 million for the first six months of 2016 associated with oil and gas operations. The first six months of 2016 also includes $55 million associated with discontinued operations.

Guarantor Financial Statement28

Guarantor Financial Statements (Unaudited) Guarantor Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2017
Guarantor Financial Statements [Abstract]
Condensed Consolidating Balance Sheets [Table Text Block]	CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2017 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets $ 212 $ 738 $ 10,246 $ (779 ) $ 10,417 Property, plant, equipment and mine development costs, net 16 15 23,047 (11 ) 23,067 Oil and gas properties, subject to amortization, less accumulated amortization and impairments — — 48 — 48 Investments in consolidated subsidiaries 20,379 — — (20,379 ) — Other assets 508 37 3,458 (492 ) 3,511 Total assets $ 21,115 $ 790 $ 36,799 $ (21,661 ) $ 37,043 LIABILITIES AND EQUITY Current liabilities $ 2,497 $ 129 $ 3,183 $ (865 ) $ 4,944 Long-term debt, less current portion 11,028 6,397 5,613 (9,900 ) 13,138 Deferred income taxes 859 a — 3,011 — 3,870 Environmental and asset retirement obligations, less current portion — 204 3,308 — 3,512 Investments in consolidated subsidiaries — 870 10,152 (11,022 ) — Other liabilities 59 3,342 1,671 (3,486 ) 1,586 Total liabilities 14,443 10,942 26,938 (25,273 ) 27,050 Equity: Stockholders’ equity 6,672 (10,152 ) 7,186 2,967 6,673 Noncontrolling interests — — 2,675 645 3,320 Total equity 6,672 (10,152 ) 9,861 3,612 9,993 Total liabilities and equity $ 21,115 $ 790 $ 36,799 $ (21,661 ) $ 37,043 a. All U.S.-related deferred income taxes are recorded at the parent company. CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX ASSETS Current assets $ 230 $ 1,790 $ 11,675 $ (3,260 ) $ 10,435 Property, plant, equipment and mine development costs, net 19 24 23,176 — 23,219 Oil and gas properties, subject to amortization, less accumulated amortization and impairments — — 74 — 74 Investments in consolidated subsidiaries 21,110 — — (21,110 ) — Other assets 1,985 47 3,522 (1,965 ) 3,589 Total assets $ 23,344 $ 1,861 $ 38,447 $ (26,335 ) $ 37,317 LIABILITIES AND EQUITY Current liabilities $ 3,895 $ 308 $ 3,306 $ (3,244 ) $ 4,265 Long-term debt, less current portion 12,517 6,062 11,297 (15,081 ) 14,795 Deferred income taxes 826 a — 2,942 — 3,768 Environmental and asset retirement obligations, less current portion — 200 3,287 — 3,487 Investment in consolidated subsidiary — 893 8,995 (9,888 ) — Other liabilities 55 3,393 1,784 (3,487 ) 1,745 Total liabilities 17,293 10,856 31,611 (31,700 ) 28,060 Equity: Stockholders’ equity 6,051 (8,995 ) 4,237 4,758 6,051 Noncontrolling interests — — 2,599 607 3,206 Total equity 6,051 (8,995 ) 6,836 5,365 9,257 Total liabilities and equity $ 23,344 $ 1,861 $ 38,447 $ (26,335 ) $ 37,317 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 INCOME (LOSS) Three Months Ended June 30, 2017 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 12 $ 3,699 $ — $ 3,711 Total costs and expenses 14 11 3,007 10 3,042 Operating (loss) income (14 ) 1 692 (10 ) 669 Interest expense, net (117 ) (55 ) (74 ) 84 (162 ) Other income (expense), net 80 — 10 (84 ) 6 (Loss) income before income taxes and equity in affiliated companies’ net earnings (losses) (51 ) (54 ) 628 (10 ) 513 (Provision for) benefit from income taxes (72 ) 19 (136 ) 3 (186 ) Equity in affiliated companies’ net earnings (losses) 391 (26 ) (62 ) (304 ) (1 ) Net income (loss) from continuing operations 268 (61 ) 430 (311 ) 326 Net income from discontinued operations — — 9 — 9 Net income (loss) 268 (61 ) 439 (311 ) 335 Net income attributable to noncontrolling interests: Continuing operations — — (46 ) (20 ) (66 ) Discontinued operations — — (1 ) — (1 ) Net income (loss) attributable to common stockholders $ 268 $ (61 ) $ 392 $ (331 ) $ 268 Other comprehensive income (loss) 81 — 81 (81 ) 81 Total comprehensive income (loss) $ 349 $ (61 ) $ 473 $ (412 ) $ 349 Three Months Ended June 30, 2016 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 106 $ 3,228 $ — $ 3,334 Total costs and expenses 17 964 a 2,335 a — 3,316 Operating (loss) income (17 ) (858 ) 893 — 18 Interest expense, net (141 ) (15 ) (124 ) 84 (196 ) Other income (expense), net 107 — 28 (71 ) 64 (Loss) income before income taxes and equity in affiliated companies’ net (losses) earnings (51 ) (873 ) 797 13 (114 ) (Provision for) benefit from income taxes (345 ) 306 (69 ) (8 ) (116 ) Equity in affiliated companies’ net (losses) earnings (90 ) (280 ) (853 ) 1,224 1 Net (loss) income from continuing operations (486 ) (847 ) (125 ) 1,229 (229 ) Net income (loss) from discontinued operations 5 — (175 ) (11 ) (181 ) Net (loss) income (481 ) (847 ) (300 ) 1,218 (410 ) Net income and preferred dividends attributable to noncontrolling interests: Continuing operations — — (50 ) (7 ) (57 ) Discontinued operations — — (12 ) — (12 ) Net (loss) income attributable to common stockholders $ (481 ) $ (847 ) $ (362 ) $ 1,211 $ (479 ) Other comprehensive income (loss) 15 — 15 (15 ) 15 Total comprehensive (loss) income $ (466 ) $ (847 ) $ (347 ) $ 1,196 $ (464 ) a. Includes charges totaling $0.2 billion at the FM O&G LLC guarantor and $0.1 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 COMPREHENSIVE INCOME (LOSS) Six Months Ended June 30, 2017 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 25 $ 7,027 $ — $ 7,052 Total costs and expenses 23 61 5,707 12 5,803 Operating (loss) income (23 ) (36 ) 1,320 (12 ) 1,249 Interest expense, net (239 ) (108 ) (145 ) 163 (329 ) Other income (expense), net 159 — 35 (163 ) 31 (Loss) income before income taxes and equity in affiliated companies’ net earnings (losses) (103 ) (144 ) 1,210 (12 ) 951 (Provision for) benefit from income taxes (132 ) 50 (282 ) 4 (360 ) Equity in affiliated companies’ net earnings (losses) 731 (6 ) (98 ) (624 ) 3 Net income (loss) from continuing operations 496 (100 ) 830 (632 ) 594 Net income from discontinued operations — — 47 — 47 Net income (loss) 496 (100 ) 877 (632 ) 641 Net income attributable to noncontrolling interests: Continuing operations — — (111 ) (30 ) (141 ) Discontinued operations — — (4 ) — (4 ) Net income (loss) attributable to common stockholders $ 496 $ (100 ) $ 762 $ (662 ) $ 496 Other comprehensive income (loss) 92 — 92 (92 ) 92 Total comprehensive income (loss) $ 588 $ (100 ) $ 854 $ (754 ) $ 588 Six Months Ended June 30, 2016 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Revenues $ — $ 184 $ 6,392 $ — $ 6,576 Total costs and expenses 44 2,593 a 7,787 a 6 10,430 Operating loss (44 ) (2,409 ) (1,395 ) (6 ) (3,854 ) Interest expense, net (278 ) (19 ) (238 ) 148 (387 ) Other income (expense), net 157 — 68 (125 ) 100 (Loss) income before income taxes and equity in affiliated companies’ net (losses) earnings (165 ) (2,428 ) (1,565 ) 17 (4,141 ) (Provision for) benefit from income taxes (2,128 ) 922 1,019 (6 ) (193 ) Equity in affiliated companies’ net (losses) earnings (2,376 ) (2,984 ) (4,483 ) 9,851 8 Net (loss) income from continuing operations (4,669 ) (4,490 ) (5,029 ) 9,862 (4,326 ) Net income (loss) from discontinued operations 5 — (169 ) (21 ) (185 ) Net (loss) income (4,664 ) (4,490 ) (5,198 ) 9,841 (4,511 ) Net income and preferred dividends attributable to noncontrolling interests: Continuing operations — — (117 ) (13 ) (130 ) Discontinued operations — — (22 ) — (22 ) Net (loss) income attributable to common stockholders $ (4,664 ) $ (4,490 ) $ (5,337 ) $ 9,828 $ (4,663 ) Other comprehensive income (loss) 15 — 15 (15 ) 15 Total comprehensive (loss) income $ (4,649 ) $ (4,490 ) $ (5,322 ) $ 9,813 $ (4,648 ) a. Includes charges totaling $1.5 billion at the FM O&G LLC guarantor and $2.6 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 STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2017 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Net cash (used in) provided by operating activities $ (96 ) $ (284 ) $ 2,209 $ — $ 1,829 Cash flow from investing activities: Capital expenditures — (23 ) (683 ) — (706 ) Intercompany loans (427 ) — — 427 — Dividends from (investments in) consolidated subsidiaries 1,032 (16 ) 62 (1,078 ) — Asset sales and other, net — (5 ) 1 — (4 ) Net cash provided by (used in) investing activities 605 (44 ) (620 ) (651 ) (710 ) Cash flow from financing activities: Proceeds from debt — — 606 — 606 Repayments of debt (499 ) — (751 ) — (1,250 ) Intercompany loans — 337 90 (427 ) — Cash dividends paid and contributions received, net (2 ) — (1,064 ) 1,025 (41 ) Other, net (8 ) (9 ) (55 ) 53 (19 ) Net cash (used in) provided by financing activities (509 ) 328 (1,174 ) 651 (704 ) Net increase in cash and cash equivalents — — 415 — 415 Decrease in cash and cash equivalents in assets held for sale — — 7 — 7 Cash and cash equivalents at beginning of period — 3 4,242 — 4,245 Cash and cash equivalents at end of period $ — $ 3 $ 4,664 $ — $ 4,667 Six Months Ended June 30, 2016 FCX FM O&G LLC Non-guarantor Consolidated Issuer Guarantor Subsidiaries Eliminations FCX Net cash (used in) provided by operating activities $ (173 ) $ (90 ) $ 1,875 $ 2 $ 1,614 Cash flow from investing activities: Capital expenditures — (433 ) (1,380 ) (2 ) (1,815 ) Intercompany loans (994 ) (493 ) — 1,487 — Dividends from (investments in) consolidated subsidiaries 1,935 (41 ) 78 (1,972 ) — Asset sales and other, net — 91 1,189 — 1,280 Net cash provided by (used in) investing activities 941 (876 ) (113 ) (487 ) (535 ) Cash flow from financing activities: Proceeds from debt 1,505 — 1,306 — 2,811 Repayments of debt (2,282 ) — (1,367 ) — (3,649 ) Intercompany loans — 1,018 469 (1,487 ) — Net proceeds from sale of common stock 32 — 42 (42 ) 32 Cash dividends paid and contributions received, net (5 ) — (1,989 ) 1,950 (44 ) Other, net (18 ) (52 ) (17 ) 64 (23 ) Net cash (used in) provided by financing activities (768 ) 966 (1,556 ) 485 (873 ) Net increase in cash and cash equivalents — — 206 — 206 Increase in cash and cash equivalents in assets held for sale — — (53 ) — (53 ) Cash and cash equivalents at beginning of period — — 177 — 177 Cash and cash equivalents at end of period $ — $ — $ 330 $ — $ 330

General Information (Unaudite29

General Information (Unaudited) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Oil And Gas Property Unevaluated Property Costs Transferred To Full Cost Method			$ 3,100		$ 3,200
Impairment of oil and gas properties	$ 0	$ 291		$ 0	$ 4,078
Foreign Pension Plan [Member]
Defined Benefit Plan, Discount Rate				7.50%		8.25%
Defined Benefit Plan, Rate of Compensation Increase	4.00%			4.00%		8.00%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets				7.75%
Increase (Decrease) in Projected Benefit Obligation				$ (145)
Defined Benefit Plan, Fair Value of Plan Assets, Period Increase (Decrease)				(21)
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments	$ (4)
Defined Benefit Plan, Funded Status of Plan	34			34
Grasberg Segment [Member]
Postemployment Benefits, Period Expense	$ 83			$ 104

Dispositions (TF Holdings Limit

Dispositions (TF Holdings Limited) (Details) $ in Millions	Nov. 16, 2016USD ($)$ / lb	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Nov. 15, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other assets		$ 1,957	$ 1,957		$ 1,956
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal			$ 33	$ 749
Kisanfu Exploration Project
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage		100.00%	100.00%
Freeport Cobalt [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage		56.00%	56.00%
Discontinued Operations, Disposed of by Sale | TF Holdings Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture, net	$ 2,650
Contingent receivable	120
Other assets		$ 55	$ 55
Discontinued Operation, Change in Contingent Receivable		$ 6	$ 42
Copper | Discontinued Operations, Disposed of by Sale | TF Holdings Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent receivable	$ 60
Contingent consideration, reference threshold, price per barrel (in us dollars per pound) | $ / lb	3.50
Cobalt | Discontinued Operations, Disposed of by Sale | TF Holdings Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent receivable	$ 60
Contingent consideration, reference threshold, price per barrel (in us dollars per pound) | $ / lb	20
TF Holdings Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage						70.00%
Tenke Fungurume [Member] | TF Holdings Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage						80.00%

Dispositions Dispositions (Net

Dispositions Dispositions (Net Income (Loss) from Discontinued Operations) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Nov. 16, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax			$ 38	$ (177)
Net (loss) income from discontinued operations	$ 9	$ (181)	47	(185)
Other assets	1,957		1,957		$ 1,956
TF Holdings Limited | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Costs of Goods Sold			0
Disposal Group, Including Discontinued Operation, Depreciation and Amortization			0
Disposal Group, Including Discontinued Operation, Interest Expense			0
Contingent consideration asset						$ 120
Other assets	55		55
Discontinued Operation, Change in Contingent Receivable	6		42
Tenke Fungurume [Member] | Discontinued Operations, Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Revenue	4	272	13	558
Disposal Group, Including Discontinued Operation, Costs of Goods Sold	0	256		482
Disposal Group, Including Discontinued Operation, Depreciation and Amortization	0	20		80
Disposal Group, Including Discontinued Operation, Interest Expense	0	11		21
Disposal Group, Including Discontinued Operation, Other Expense	0	5	0	6
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, before Income Tax	4	(20)	13	(31)
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax	6	(177)	38	(177)
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax	10	(197)	51	(208)
Discontinued Operation, Tax Effect of Discontinued Operation	(1)	16	(4)	23
Net (loss) income from discontinued operations	9	(181)	47	(185)
Consolidation, Eliminations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net (loss) income from discontinued operations	0	(11)	0	(21)
Consolidation, Eliminations [Member] | TF Holdings Limited | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Revenue	$ (4)	$ 41	$ (13)	$ 73

Dispositions (Cash Flows from D

Dispositions (Cash Flows from Discontinued Operations) (Details) - Discontinued Operations, Held-for-sale [Member] - Tenke Fungurume [Member] $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by operating activities	$ 157
Net cash used in investing activities	(57)
Net cash used in financing activities	(51)
Increase (decrease) in cash and cash equivalents in assets held for sale	$ 49

Dispositions (Oil and Gas Opera

Dispositions (Oil and Gas Operations) (Details) - USD ($) $ in Millions	Mar. 17, 2017	Jun. 17, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sales of assets			$ (33)	$ (749)
Proceeds from sales			0	$ 996
Freeport-McMoRan Oil & Gas | Elk Petroleum [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sales of assets			$ (17)
Proceeds from sales	$ 17.5
Freeport-McMoRan Oil & Gas | Black Stone Minerals, L.P. [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales		$ 102

Dispositions Dispositions (More

Dispositions Dispositions (Morenci) (Details) - USD ($) $ in Millions	May 31, 2016	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal			$ 33	$ 749
Morenci [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture, net	$ 1,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal		$ 577
Morenci [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage			72.00%
SMM Morenci Inc. [Member] | Morenci [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	13.00%
Sumitomo Metal Mining Co., Ltd. [Member] | Morenci [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage			15.00%
Wholly Owned Affiliate Of SMM [Member] | Morenci [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage			13.00%

Dispositions Dispositions (Timo

Dispositions Dispositions (Timok) (Details) - USD ($) $ in Millions	May 02, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal		$ 33	$ 749
Timok [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture, net	$ 135
Discontinued Operation, Amounts of Material Contingent Liabilities Remaining	107
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	$ 133

Dispositions Disposals (Freepor

Dispositions Disposals (Freeport Cobalt and Kisanfu) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal			$ 33	$ 749
Gain (Loss) on Disposition of Assets	$ 10	$ 749	$ 33	$ 749
Freeport Cobalt [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	56.00%		56.00%
Kisanfu Exploration Project
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage	100.00%		100.00%
Freeport Cobalt And Kisanfu Exploration Project [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Disposition of Assets	$ 13

Earnings per Share (Unaudited37

Earnings per Share (Unaudited) Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 326	$ (229)	$ 594	$ (4,326)
Net income from continuing operations attributable to noncontrolling interests	66	47	141	109
Preferred dividends on redeemable noncontrolling interest	0	10	0	21
Undistributed earnings allocated to participating securities	3	3	3	3
Net income (loss) from continuing operations attributable to common stockholders	257	(289)	450	(4,459)
Net income (loss) from discontinued operations	9	(181)	47	(185)
Net income from discontinued operations attributable to noncontrolling interests	1	12	4	22
Net income (loss) from discontinued operations attributable to common stockholders	8	(193)	43	(207)
Net income (loss) attributable to common stockholders	$ 265	$ (482)	$ 493	$ (4,666)
Basic	1,447	1,269	1,447	1,260
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units	6	0	6	0
Diluted weighted-average shares of common stock outstanding	1,453	1,269	1,453	1,260
Basic and diluted net income (loss) per share attributable to common stockholders
Continuing operations	$ 0.18	$ (0.23)	$ 0.31	$ (3.54)
Discontinued operations	0	(0.15)	0.03	(0.16)
Basic and diluted net income (loss) per share attributable to common stockholders:	$ 0.18	$ (0.38)	$ 0.34	$ (3.70)
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		12		11
Dilutive Securities Excluded from Computation of EPS Amount	44	46	44	47

Inventories, Including Long-T38

Inventories, Including Long-Term Mill and Leach Stockpiles (Unaudited) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Components of Inventories [Line Items]
Total materials and supplies, net	$ 1,264	$ 1,306
Mill stockpiles	313	259
Leach stockpiles	1,046	1,079
Total current mill and leach stockpiles	1,359	1,338
Raw materials (primarily concentrate)	295	255
Work-in-process	121	114
Finished goods	603	629
Total product inventories	1,019	998
Mill stockpiles	425	487
Leach stockpiles	1,129	1,146
Total long-term mill and leach stockpiles	1,554	1,633
Inventory obsolescence reserves	$ 30	$ 29

Income Taxes (Unaudited) (Detai

Income Taxes (Unaudited) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Schedule Of Income Taxes [Line Items]
International operations	$ (215)	$ (67)	$ (382)	$ (155)
U.S. operationsa	(29)	49	(22)	38
Total	(186)	$ (116)	$ (360)	(193)
Income Tax Credits and Adjustments				36
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount				$ 1,500
Effective Income Tax Rate, Adjusted, Percent				33.00%
Consolidated effective income tax rate (percent)			38.00%	(5.00%)
Minimum Tax Credit Carryforwards [Member]
Schedule Of Income Taxes [Line Items]
Income Tax Credits and Adjustments	$ (32)		$ (31)

Debt (Details)

Debt (Details)	Dec. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)years	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Debt Instruments [Line Items]
Long-term Debt and Capital Lease Obligations, Including Current Maturities				$ 15,354,000,000	$ 15,354,000,000			$ 15,354,000,000		$ 16,027,000,000
Less current portion of long-term debt and short-term borrownings				(2,216,000,000)	(2,216,000,000)			(2,216,000,000)		(1,232,000,000)
Long-term debt				13,138,000,000	13,138,000,000			13,138,000,000		14,795,000,000
Liabilities, Fair Value Adjustment								163,000,000		179,000,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net				98,000,000	98,000,000			98,000,000		100,000,000
Exchanges and Early Extinguishment of Debt [Abstract]
Net loss (gain) on exchanges and early extinguishment of debt					(4,000,000)		$ 39,000,000	(3,000,000)	$ 36,000,000
Interest Costs Incurred					192,000,000		218,000,000	387,000,000	436,000,000
Other Debt, Including Capital Leases and Short Term Borrowings [Member]
Debt Instruments [Line Items]
Long-term Debt and Capital Lease Obligations, Including Current Maturities				7,000,000	7,000,000			7,000,000		5,000,000
Senior Notes Due 2017 2 Point 15 Percent [Member] | Senior Notes [Member]
Senior Notes Issued by FCX [Abstract]
Debt Instrument, Interest Rate, Stated Percentage						2.15%
Repayments of Debt						$ 500,000,000
Revolving Credit Facility [Member] | Senior Notes [Member]
Exchanges and Early Extinguishment of Debt [Abstract]
Losses primarily associated with modification of credit facility									3,000,000
FCX [Member] | Senior Notes [Member]
Debt Instruments [Line Items]
Long-term Debt, Gross				13,238,000,000	13,238,000,000			13,238,000,000		13,745,000,000
Cerro Verde [Member] | Shareholder Loan [Member]
Debt Instruments [Line Items]
Long-term Debt				0	0			0		261,000,000
Freeport-McMoRan Oil & Gas | Senior Notes [Member]
Debt Instruments [Line Items]
Long-term Debt, Gross				266,000,000	266,000,000			266,000,000		267,000,000
Freeport McMoRan Corporation [Member] | Debentures [Member]
Debt Instruments [Line Items]
Long-term Debt, Gross				358,000,000	358,000,000			358,000,000		359,000,000
Line of Credit [Member] | Cerro Verde [Member] | Line of Credit [Member]
Debt Instruments [Line Items]
Long-term Debt				1,485,000,000	1,485,000,000			1,485,000,000		$ 1,390,000,000
Cerro Verde [Abstract]
Line of Credit Facility, Increase (Decrease), Net				225,000,000
Line of Credit Facility, Maximum Borrowing Capacity				$ 1,500,000,000	$ 1,500,000,000			$ 1,500,000,000
Debt Instrument, Number of Installment Payments | years								4
Debt Instrument, Interest Rate, Effective Percentage				3.12%	3.12%			3.12%
Letter of Credit [Member] | Line of Credit [Member]
Revolving Credit Facility [Abstract]
Long-term Line of Credit				$ 37,000,000	$ 37,000,000			$ 37,000,000
Revolving Credit Facility, Remaining Borrowing Capacity				1,500,000,000	1,500,000,000			1,500,000,000
Revolving Credit Facility [Member] | Line of Credit [Member]
Debt Instruments [Line Items]
Long-term Debt				0	0			0
Revolving Credit Facility [Abstract]
Revolving Credit Facility, Remaining Borrowing Capacity				$ 3,500,000,000	3,500,000,000			3,500,000,000
Property, Plant and Equipment [Member]
Exchanges and Early Extinguishment of Debt [Abstract]
Interest Costs Capitalized					$ 30,000,000		22,000,000	58,000,000	42,000,000
Oil and Gas Operations Segment [Member] | Oil and Gas Properties [Member]
Exchanges and Early Extinguishment of Debt [Abstract]
Interest Costs Capitalized							$ 0	$ 0	$ 7,000,000
Debt Instrument, Redemption, Period Three [Member] | Scenario, Forecast [Member] | Line of Credit [Member] | Cerro Verde [Member] | Cerro Verde Credit Facility [Member] | Line of Credit [Member]
Cerro Verde [Abstract]
Line of Credit Facility, Periodic Payment	$ 525,000,000	$ 225,000,000	$ 225,000,000

Financial Instruments (Unrealiz

Financial Instruments (Unrealized gains losses) (Details) oz in Thousands, lb in Millions, $ in Millions	Jun. 30, 2017lboz$ / lb$ / lb$ / oz	Jun. 30, 2017USD ($)$ / lb$ / lb$ / oz	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)$ / lb$ / lb$ / oz	Jun. 30, 2016USD ($)
Commodity Contract [Member]
Unrealized gains (losses):
Derivative financial instruments | $		$ 1	$ 3	$ (1)	$ 10
Hedged item – firm sales commitments | $		(1)	(3)	1	(10)
Realized gains (losses):
Matured derivative financial instruments | $		$ 1	(4)	$ 9	(8)
Commodity Contract [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	49
Derivative, Average Forward Price	2.59	2.59		2.59
Embedded Derivative Financial Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Amounts recorded in Sales [Member]
Realized gains (losses):
Matured derivative financial instruments | $		$ 34	4	$ 160	76
Copper Forward Contracts [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	33
Derivative, Average Forward Price	2.57	2.57		2.57
Copper Forward Contracts [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Amounts recorded in Cost of Sales
Realized gains (losses):
Matured derivative financial instruments | $		$ (4)	$ (2)	$ (5)	$ 5
Copper | Short [Member] | Embedded Derivative Financial Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	560
Derivative, Average Forward Price	2.58	2.58		2.58
Realized gains (losses):
Derivative Average Market Price	2.69	2.69		2.69
Copper | Long [Member] | Embedded Derivative Financial Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	109
Derivative, Average Forward Price	2.60	2.60		2.60
Realized gains (losses):
Derivative Average Market Price	2.69	2.69		2.69
Gold | Short [Member] | Embedded Derivative Financial Instruments [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | oz	165
Derivative, Average Forward Price | $ / oz	1,259	1,259		1,259
Realized gains (losses):
Derivative Average Market Price | $ / oz	1,245	1,245		1,245

Financial Instruments (Unsettle

Financial Instruments (Unsettled Derivatives) (Details) lb in Millions, $ in Millions	Jun. 30, 2017USD ($)lb	Dec. 31, 2016USD ($)	Dec. 31, 2014USD ($)
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 68	$ 146
Derivative Liability, Fair Value, Gross Liability	18	58
Derivative Asset, Fair Value, Gross Liability	4	14
Derivative Liability, Fair Value, Gross Asset	4	14
Derivative Asset	64	132
Derivative Liability	14	44
Trade accounts receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	56	119
Derivative Liability	0	13
Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative Asset	6	7
Derivative Liability	0	0
Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset	2	6
Derivative Liability	14	31
Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	6	9
Derivative Liability, Fair Value, Gross Liability	4	2
Derivative Asset, Fair Value, Gross Liability	0	2
Derivative Liability, Fair Value, Gross Asset	0	2
Derivative Asset	6	7
Derivative Liability	4	0
Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	62	137
Derivative Liability, Fair Value, Gross Liability	14	56
Derivative Asset, Fair Value, Gross Liability	4	12
Derivative Liability, Fair Value, Gross Asset	4	12
Derivative Asset	58	125
Derivative Liability	10	44
Designated as Hedging Instrument [Member] | Commodity Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 6	9
Derivative, Nonmonetary Notional Amount, Mass | lb	49
Derivatives Not Designated as Hedging Instruments [Member] | Embedded Derivative Financial Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 62	137
Derivative Liability, Fair Value, Gross Liability	$ 14	56
Derivatives Not Designated as Hedging Instruments [Member] | Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	33
Commodity Contract [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 18	58
Commodity Contract [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	4		$ 0
Commodity Contract [Member] | Derivatives Not Designated as Hedging Instruments [Member] | FMC's Copper Futures and Swap Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 0	$ 2

Financial Instruments (Derivati

Financial Instruments (Derivative) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Cash and Cash Equivalents [Line Items]
Cash and Cash Equivalents, at Carrying Value	$ 4,667	$ 4,245	$ 330	$ 177
Credit Derivative, Maximum Exposure, Undiscounted	64
Bank Time Deposits [Member]
Cash and Cash Equivalents [Line Items]
Cash and Cash Equivalents, at Carrying Value	$ 1,600	$ 64

Contingencies and Commitments44

Contingencies and Commitments (Unaudited) (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)
Loss Contingencies [Line Items]
Progressive Export Duty on Copper Concentrates, Lower Threshold, Percent		5.00%
PT Freeport Indonesia [Member]
Loss Contingencies [Line Items]
Income Tax Examination, Penalties and Interest Accrued	$ 0	$ 0
National Superintendency of Tax Administration (SUNAT) [Member] | Relating to Tax Periods 2006 Through 2013 [Member] | Cerro Verde [Member]
Loss Contingencies [Line Items]
Income Tax Examination, Penalties and Interest Accrued	582,000,000	582,000,000
Tax Authority, In Papau, Indonesia [Member] | Relating to 2011 through 2015 [Member] | PT Freeport Indonesia [Member]
Loss Contingencies [Line Items]
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	380,000,000	380,000,000
Income tax examination, interest accrued	229,000,000	229,000,000
Tax Authority, In Papau, Indonesia [Member] | Relating to August 2015 through March 2017 [Member] [Member] | PT Freeport Indonesia [Member]
Loss Contingencies [Line Items]
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	126,000,000	126,000,000
Tax Authority, In Papau, Indonesia [Member] | Relating to 2011 through 2017 [Member] | PT Freeport Indonesia [Member]
Loss Contingencies [Line Items]
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	506,000,000	$ 506,000,000
Uranium Mining Sites on Tribal Land [Member]
Loss Contingencies [Line Items]
Environmental accrual, revision in estimate	$ (41,000,000)

Fair Value Measurement (Fair Va

Fair Value Measurement (Fair Value Measurement Inputs) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other current assets	$ 211	$ 199
Other assets	1,957	1,956
Investment securities (current and long-term):
Alternative Investments, Fair Value Disclosure	80	76
Derivatives:
Derivative Asset	64	132
Derivatives: [Abstract]
Derivative Liability	14	44
Level 1
Investment securities (current and long-term):
Available-for-sale Securities	27	27
Trust Assets Fair Value Disclosure	11	12
Derivatives:
Derivative Asset	5	8
Contingent receivable	0	0
Total assets	43	47
Derivatives: [Abstract]
Derivative Liability	3	2
Discontinued Operation, Contingent Payable		0
Long-term debt, including current portion	0	0
Total liabilities	3	2
Level 2
Investment securities (current and long-term):
Available-for-sale Securities	0	0
Trust Assets Fair Value Disclosure	122	118
Derivatives:
Derivative Asset	139	184
Contingent receivable	0	0
Total assets	261	302
Derivatives: [Abstract]
Derivative Liability	15	56
Discontinued Operation, Contingent Payable		23
Long-term debt, including current portion	14,744	15,196
Total liabilities	14,759	15,275
Level 3
Investment securities (current and long-term):
Available-for-sale Securities	0	0
Trust Assets Fair Value Disclosure	0	0
Derivatives:
Derivative Asset	0	0
Contingent receivable	137	135
Total assets	137	135
Derivatives: [Abstract]
Derivative Liability	0	0
Discontinued Operation, Contingent Payable		0
Long-term debt, including current portion	0	0
Total liabilities	0	0
Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Available-for-sale Securities	52	50
Trust Assets Fair Value Disclosure	188	183
Derivatives:
Derivative Asset	144	192
Contingent receivable	150	150
Derivatives: [Abstract]
Derivative Liability	18	58
Discontinued Operation, Contingent Payable		23
Long-term debt, including current portion	15,354	16,027
Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Available-for-sale Securities	52	50
Trust Assets Fair Value Disclosure	188	183
Derivatives:
Derivative Asset	144	192
Contingent receivable	137	135
Total assets	521	560
Derivatives: [Abstract]
Derivative Liability	18	58
Discontinued Operation, Contingent Payable		23
Long-term debt, including current portion	14,744	15,196
Total liabilities	14,762	15,277
Embedded Derivative Financial Instruments [Member]
Derivatives:
Derivative Asset	58	125
Derivatives: [Abstract]
Derivative Liability	10	44
Embedded Derivative Financial Instruments [Member] | Level 1
Derivatives:
Derivative Asset	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Embedded Derivative Financial Instruments [Member] | Level 2
Derivatives:
Derivative Asset	62	137
Derivatives: [Abstract]
Derivative Liability	14	56
Embedded Derivative Financial Instruments [Member] | Level 3
Derivatives:
Derivative Asset	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Embedded Derivative Financial Instruments [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	62	137
Derivatives: [Abstract]
Derivative Liability	14	56
Embedded Derivative Financial Instruments [Member] | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	62	137
Derivatives: [Abstract]
Derivative Liability	14	56
Commodity Contract [Member]
Derivatives:
Derivative Asset	6	7
Derivatives: [Abstract]
Derivative Liability	4	0
Commodity Contract [Member] | Level 1
Derivatives:
Derivative Asset	5	8
Derivatives: [Abstract]
Derivative Liability	3	2
Commodity Contract [Member] | Level 2
Derivatives:
Derivative Asset	1	1
Derivatives: [Abstract]
Derivative Liability	1	0
Commodity Contract [Member] | Level 3
Derivatives:
Derivative Asset	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Commodity Contract [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	6	9
Derivatives: [Abstract]
Derivative Liability	4	2
Commodity Contract [Member] | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	6	9
Derivatives: [Abstract]
Derivative Liability	4	2
Africa and onshore California [Member] | Commodity Contract [Member] | Level 1
Derivatives:
Derivative Asset	0	0
Africa and onshore California [Member] | Commodity Contract [Member] | Level 2
Derivatives:
Derivative Asset	76	46
Africa and onshore California [Member] | Commodity Contract [Member] | Level 3
Derivatives:
Derivative Asset	0	0
Africa and onshore California [Member] | Commodity Contract [Member] | Carrying Amount, Fair Value Disclosure [Member]
Derivatives:
Derivative Asset	76	46
Africa and onshore California [Member] | Commodity Contract [Member] | Estimate of Fair Value Measurement [Member]
Derivatives:
Derivative Asset	76	46
U.S. core fixed income fund [Member] | Level 1
Investment securities (current and long-term):
Available-for-sale Securities	0	0
Trust Assets Fair Value Disclosure	0	0
U.S. core fixed income fund [Member] | Level 2
Investment securities (current and long-term):
Available-for-sale Securities	0	0
Trust Assets Fair Value Disclosure	0	0
U.S. core fixed income fund [Member] | Level 3
Investment securities (current and long-term):
Available-for-sale Securities	0	0
Trust Assets Fair Value Disclosure	0	0
U.S. core fixed income fund [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Available-for-sale Securities	25	23
Trust Assets Fair Value Disclosure	55	53
U.S. core fixed income fund [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Available-for-sale Securities	25	23
Trust Assets Fair Value Disclosure	55	53
Money market funds [Member] | Level 1
Investment securities (current and long-term):
Available-for-sale Securities	22	22
Trust Assets Fair Value Disclosure	11	12
Money market funds [Member] | Level 2
Investment securities (current and long-term):
Available-for-sale Securities	0	0
Trust Assets Fair Value Disclosure	0	0
Money market funds [Member] | Level 3
Investment securities (current and long-term):
Available-for-sale Securities	0	0
Trust Assets Fair Value Disclosure	0	0
Money market funds [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Available-for-sale Securities	22	22
Trust Assets Fair Value Disclosure	11	12
Money market funds [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Available-for-sale Securities	22	22
Trust Assets Fair Value Disclosure	11	12
Equity securities | Level 1
Investment securities (current and long-term):
Available-for-sale Securities	5	5
Equity securities | Level 2
Investment securities (current and long-term):
Available-for-sale Securities	0	0
Equity securities | Level 3
Investment securities (current and long-term):
Available-for-sale Securities	0	0
Equity securities | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Available-for-sale Securities	5	5
Equity securities | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Available-for-sale Securities	5	5
Government bonds | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government bonds | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	36	36
Government bonds | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government bonds | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	36	36
Government bonds | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	36	36
Corporate bonds [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Corporate bonds [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	32	32
Corporate bonds [Member] | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Corporate bonds [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	32	32
Corporate bonds [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	32	32
Government mortgage-backed securities [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government mortgage-backed securities [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	28	25
Government mortgage-backed securities [Member] | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government mortgage-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	28	25
Government mortgage-backed securities [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	28	25
Asset-backed securities [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Asset-backed securities [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	17	16
Asset-backed securities [Member] | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Asset-backed securities [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	17	16
Asset-backed securities [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	17	16
Collateralized Mortgage Backed Securities [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Collateralized Mortgage Backed Securities [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	8	8
Collateralized Mortgage Backed Securities [Member] | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Collateralized Mortgage Backed Securities [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	8	8
Collateralized Mortgage Backed Securities [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	8	8
Municipal bonds [Member] | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Municipal bonds [Member] | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	1	1
Municipal bonds [Member] | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Municipal bonds [Member] | Carrying Amount, Fair Value Disclosure [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	1	1
Municipal bonds [Member] | Estimate of Fair Value Measurement [Member]
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	1	1
Bank Time Deposits [Member] | Carrying Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Other current assets	34	28
Other assets	122	122
Investment Securities [Member]
Investment securities (current and long-term):
Alternative Investments, Fair Value Disclosure	25	23
Investment Securities [Member] | U.S. core fixed income fund [Member]
Investment securities (current and long-term):
Alternative Investments, Fair Value Disclosure	25	23
Restricted Funds [Member]
Investment securities (current and long-term):
Alternative Investments, Fair Value Disclosure	55	53
Restricted Funds [Member] | U.S. core fixed income fund [Member]
Investment securities (current and long-term):
Alternative Investments, Fair Value Disclosure	$ 55	$ 53

Fair Value Measurement (Unobser

Fair Value Measurement (Unobservable inputs) (Details) - Gulf of Mexico Contingent Consideration [Member] $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at January 1, 2017	$ 135
Net unrealized gain related to assets still held at the end of the period	2
Fair value at June 30, 2017	$ 137

Business Segments (Segment Repo

Business Segments (Segment Reporting) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Revenues	$ 3,711	$ 3,334	$ 7,052	$ 6,576
Production and delivery	2,495	2,956	4,695	5,455
Depreciation, depletion and amortization	450	632	839	1,294
Impairment of oil and gas properties	0	291	0	4,078
Selling, general and administrative expenses	(107)	(160)	(260)	(298)
Mining exploration and research expenses	19	15	34	33
Environmental obligations and shutdown costs	(19)	11	8	21
Net gain on sales of assets	(10)	(749)	(33)	(749)
Operating income (loss)	669	18	1,249	(3,854)
Interest expense, net	162	196	329	387
Provision for (benefit from) income taxes	186	116	360	193
Total assets	37,043	41,296	37,043	41,296	$ 37,317
Capital expenditures	362	833	706	1,815
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset	6		26
Oil and gas drillship settlements, inventory adjustments and asset impairment		692		892
Oil and gas contract settlement payments			70	0
Restructuring Charges				39
Assets, discontinued operations	463	5,100	463	5,100
Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	77	122	193	340
Production and delivery	725	726	1,398	1,514
Depreciation, depletion and amortization	118	134	234	278
Impairment of oil and gas properties		0		0
Selling, general and administrative expenses	(1)	(2)	(2)	(3)
Mining exploration and research expenses	1	0	2	1
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	(577)	0	(577)
Operating income (loss)	303	775	607	977
Interest expense, net	1	1	2	2
Provision for (benefit from) income taxes	0	0	0	0
Total assets	7,144	7,636	7,144	7,636
Capital expenditures	39	42	67	76
Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues	678	617	1,430	1,247
Production and delivery	463	406	936	816
Depreciation, depletion and amortization	125	136	258	268
Impairment of oil and gas properties		0		0
Selling, general and administrative expenses	(3)	(2)	(5)	(4)
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income (loss)	144	133	404	260
Interest expense, net	15	20	31	42
Provision for (benefit from) income taxes	58	43	159	82
Total assets	10,307	10,939	10,307	10,939
Capital expenditures	30	136	45	293
Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	445	651	819	1,154
Production and delivery	(754)	33	(1,571)	(475)
Depreciation, depletion and amortization	25	242	54	518
Impairment of oil and gas properties		291		4,078
Selling, general and administrative expenses	(69)	(130)	(184)	(247)
Mining exploration and research expenses	18	15	32	32
Environmental obligations and shutdown costs	(19)	11	8	21
Net gain on sales of assets	(10)	(172)	(33)	(172)
Operating income (loss)	(89)	(950)	(226)	(5,217)
Interest expense, net	142	171	288	335
Provision for (benefit from) income taxes	(10)	54	(4)	56
Total assets	5,546	10,429	5,546	10,429
Capital expenditures	61	419	108	984
Restructuring Charges		37
Intersegment
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	1,071	938	2,050	1,856
Intersegment | South America
Segment Reporting Information [Line Items]
Revenues	57	60	173	101
Pt Smelting [Member] | Affiliated Entity [Member]
Segment Reporting Information [Line Items]
Revenues	536	287	$ 794	564
Discontinued Operations, Disposed of by Sale | Tenke Fungurume [Member] | Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Capital expenditures		20		55
Pt Smelting [Member]
Segment Reporting Information [Line Items]
Deferred Intercompany Profit, Percentage			25.00%
Morenci [Member] | Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	45	79	$ 111	241
Asset Impairment Charges			21
Production and delivery	268	298	528	638
Depreciation, depletion and amortization	49	57	96	119
Impairment of oil and gas properties		0		0
Selling, general and administrative expenses	(1)	(1)	(1)	(1)
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	(577)	0	(577)
Operating income (loss)	205	704	380	821
Interest expense, net	0	0	1	1
Provision for (benefit from) income taxes	0	0	0	0
Total assets	2,830	2,960	2,830	2,960
Capital expenditures	29	37	52	65
Morenci [Member] | Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	478	404	894	761
Other Individually Immaterial Operating Segments [Member] | Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	32	43	82	99
Production and delivery	457	428	870	876
Depreciation, depletion and amortization	69	77	138	159
Impairment of oil and gas properties		0		0
Selling, general and administrative expenses	0	(1)	(1)	(2)
Mining exploration and research expenses	1	0	2	1
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income (loss)	98	71	227	156
Interest expense, net	1	1	1	1
Provision for (benefit from) income taxes	0	0	0	0
Total assets	4,314	4,676	4,314	4,676
Capital expenditures	10	5	15	11
Other Individually Immaterial Operating Segments [Member] | Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues	111	123	223	267
Production and delivery	87	103	169	222
Depreciation, depletion and amortization	21	27	42	58
Impairment of oil and gas properties		0		0
Selling, general and administrative expenses	0	0	0	0
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income (loss)	3	(7)	12	(13)
Interest expense, net	0	0	0	0
Provision for (benefit from) income taxes	2	(2)	5	(8)
Total assets	1,479	1,609	1,479	1,609
Capital expenditures	1	1	2	2
Other Individually Immaterial Operating Segments [Member] | Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	593	534	1,156	1,095
Other Individually Immaterial Operating Segments [Member] | Intersegment | South America
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Cerro Verde [Member] | Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues	567	494	1,207	980
Production and delivery	376	303	767	594
Depreciation, depletion and amortization	104	109	216	210
Impairment of oil and gas properties		0		0
Selling, general and administrative expenses	(3)	(2)	(5)	(4)
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income (loss)	141	140	392	273
Interest expense, net	15	20	31	42
Provision for (benefit from) income taxes	56	45	154	90
Total assets	8,828	9,330	8,828	9,330
Capital expenditures	29	135	43	291
Cerro Verde [Member] | Intersegment | South America
Segment Reporting Information [Line Items]
Revenues	57	60	173	101
Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Capital expenditures			457	453
Grasberg Segment [Member] | Operating Segments | Indonesia
Segment Reporting Information [Line Items]
Revenues	1,065	532	1,599	1,030
Production and delivery	554	356	827	750
Depreciation, depletion and amortization	153	93	236	174
Impairment of oil and gas properties		0		0
Selling, general and administrative expenses	(30)	(22)	(60)	(36)
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income (loss)	328	60	476	127
Interest expense, net	0	0	0	0
Provision for (benefit from) income taxes	135	18	202	54
Total assets	11,154	9,499	11,154	9,499
Capital expenditures	213	231	457	453
Grasberg Segment [Member] | Intersegment | Indonesia
Segment Reporting Information [Line Items]
Revenues	0	(1)	0	57
Molybdenum [Member]
Segment Reporting Information [Line Items]
Capital expenditures			2	1
Molybdenum [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Production and delivery	59	50	111	102
Depreciation, depletion and amortization	19	17	38	36
Impairment of oil and gas properties		0		0
Selling, general and administrative expenses	0	0	0	0
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income (loss)	(7)	(22)	(15)	(48)
Interest expense, net	0	0	0	0
Provision for (benefit from) income taxes	0	0	0	0
Total assets	1,900	1,969	1,900	1,969
Capital expenditures	1	0	2	1
Molybdenum [Member] | Intersegment
Segment Reporting Information [Line Items]
Revenues	71	45	134	90
Rod and Refining Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,046	919	2,153	1,890
Production and delivery	1,048	919	2,158	1,889
Depreciation, depletion and amortization	3	3	5	5
Impairment of oil and gas properties		0		0
Selling, general and administrative expenses	0	0	0	0
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income (loss)	1	4	4	11
Interest expense, net	0	0	0	0
Provision for (benefit from) income taxes	0	0	0	0
Total assets	253	217	253	217
Capital expenditures	1	0	2	1
Rod and Refining Segment [Member] | Intersegment
Segment Reporting Information [Line Items]
Revenues	6	7	14	15
Atlantic Copper Smelting and Refining Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Revenues	400	493	858	915
Production and delivery	400	466	836	859
Depreciation, depletion and amortization	7	7	14	15
Impairment of oil and gas properties		0		0
Selling, general and administrative expenses	(4)	(4)	(9)	(8)
Mining exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Net gain on sales of assets	0	0	0	0
Operating income (loss)	(11)	18	(1)	36
Interest expense, net	4	4	8	8
Provision for (benefit from) income taxes	3	1	3	1
Total assets	739	607	739	607
Capital expenditures	17	5	25	7
Atlantic Copper Smelting and Refining Segment [Member] | Intersegment
Segment Reporting Information [Line Items]
Revenues	0	2	0	3
Corporate And Eliminations [Member] | Intersegment
Segment Reporting Information [Line Items]
Revenues	(1,205)	(1,051)	(2,371)	(2,122)
Oil and Gas Operations Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Total assets	316	3,900	316	3,900
Oil and Gas Operations Segment [Member] | Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Capital expenditures	14	$ 392	33	$ 915
Oil and gas contract settlement payments			17
One-time Termination Benefits [Member] | Grasberg Segment [Member]
Segment Reporting Information [Line Items]
Production and delivery	82		103
Selling, general and administrative expenses	$ (5)		$ (5)

Guarantor Financial Statement48

Guarantor Financial Statements (Unaudited) Guarantor Financial Statements (Details)	Jun. 30, 2017
FM O&G LLC Guarantor [Member]
Condensed Financial Statements, Captions [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	100.00%

Guarantor Financial Statement49

Guarantor Financial Statements (Unaudited) Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
ASSETS
Current assets, other than assets held-for-sale	$ 10,417	$ 10,435
Property, plant, equipment and mine development costs, net	23,067	23,219
Oil and gas properties, subject to amortization, less accumulated amortization	48	74
Investments in consolidated subsidiaries	0	0
Other assets	3,511	3,589
Total assets	37,043	37,317	$ 41,296
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	4,944	4,265
Long-term debt, less current portion	13,138	14,795
Deferred income taxes	3,870	3,768
Environmental and asset retirement obligations, less current portion	3,512	3,487
Investments in consolidated subsidiaries	0	0
Other liabilities	1,586	1,745
Total liabilities	27,050	28,060
Equity:
Stockholders' equity	6,673	6,051
Noncontrolling interests	3,320	3,206
Total equity	9,993	9,257
Total liabilities and equity	37,043	37,317
Eliminations [Member]
ASSETS
Current assets, other than assets held-for-sale	(779)	(3,260)
Property, plant, equipment and mine development costs, net	(11)	0
Oil and gas properties, subject to amortization, less accumulated amortization	0	0
Investments in consolidated subsidiaries	(20,379)	(21,110)
Other assets	(492)	(1,965)
Total assets	(21,661)	(26,335)
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	(865)	(3,244)
Long-term debt, less current portion	(9,900)	(15,081)
Deferred income taxes	0	0
Environmental and asset retirement obligations, less current portion	0	0
Investments in consolidated subsidiaries	(11,022)	(9,888)
Other liabilities	(3,486)	(3,487)
Total liabilities	(25,273)	(31,700)
Equity:
Stockholders' equity	2,967	4,758
Noncontrolling interests	645	607
Total equity	3,612	5,365
Total liabilities and equity	(21,661)	(26,335)
FCX Issuer [Member] | Reportable Legal Entities [Member]
ASSETS
Current assets, other than assets held-for-sale	212	230
Property, plant, equipment and mine development costs, net	16	19
Oil and gas properties, subject to amortization, less accumulated amortization	0	0
Investments in consolidated subsidiaries	20,379	21,110
Other assets	508	1,985
Total assets	21,115	23,344
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	2,497	3,895
Long-term debt, less current portion	11,028	12,517
Deferred income taxes	859	826
Environmental and asset retirement obligations, less current portion	0	0
Investments in consolidated subsidiaries	0	0
Other liabilities	59	55
Total liabilities	14,443	17,293
Equity:
Stockholders' equity	6,672	6,051
Noncontrolling interests	0	0
Total equity	6,672	6,051
Total liabilities and equity	21,115	23,344
FM O&G LLC Guarantor [Member] | Reportable Legal Entities [Member]
ASSETS
Current assets, other than assets held-for-sale	738	1,790
Property, plant, equipment and mine development costs, net	15	24
Oil and gas properties, subject to amortization, less accumulated amortization	0	0
Investments in consolidated subsidiaries	0	0
Other assets	37	47
Total assets	790	1,861
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	129	308
Long-term debt, less current portion	6,397	6,062
Deferred income taxes	0	0
Environmental and asset retirement obligations, less current portion	204	200
Investments in consolidated subsidiaries	870	893
Other liabilities	3,342	3,393
Total liabilities	10,942	10,856
Equity:
Stockholders' equity	(10,152)	(8,995)
Noncontrolling interests	0	0
Total equity	(10,152)	(8,995)
Total liabilities and equity	790	1,861
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
ASSETS
Current assets, other than assets held-for-sale	10,246	11,675
Property, plant, equipment and mine development costs, net	23,047	23,176
Oil and gas properties, subject to amortization, less accumulated amortization	48	74
Investments in consolidated subsidiaries	0	0
Other assets	3,458	3,522
Total assets	36,799	38,447
LIABILITIES AND EQUITY
Current liabilities, other than liabilities held for sale	3,183	3,306
Long-term debt, less current portion	5,613	11,297
Deferred income taxes	3,011	2,942
Environmental and asset retirement obligations, less current portion	3,308	3,287
Investments in consolidated subsidiaries	10,152	8,995
Other liabilities	1,671	1,784
Total liabilities	26,938	31,611
Equity:
Stockholders' equity	7,186	4,237
Noncontrolling interests	2,675	2,599
Total equity	9,861	6,836
Total liabilities and equity	$ 36,799	$ 38,447

Guarantor Financial Statement50

Guarantor Financial Statements (Unaudited) Condensed Consolidating Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues	$ 3,711	$ 3,334	$ 7,052	$ 6,576
Total costs and expenses	3,042	3,316	5,803	10,430
Operating (loss) income	669	18	1,249	(3,854)
Interest expense, net	(162)	(196)	(329)	(387)
Other income (expense), net	6	64	31	100
Income (loss) from continuing operations before income taxes and equity in affiliated companies’ net (losses) earnings	513	(114)	951	(4,141)
Provision for income taxes	(186)	(116)	(360)	(193)
Equity in affiliated companies’ net earnings (losses)	(1)	1	3	8
Net income (loss) from continuing operations	326	(229)	594	(4,326)
Net income (loss) from discontinued operations	9	(181)	47	(185)
Net income (loss)	335	(410)	641	(4,511)
Continuing operations	(66)	(57)	(141)	(130)
Discontinued operations	(1)	(12)	(4)	(22)
Net income (loss) attributable to common stockholders	268	(479)	496	(4,663)
Other comprehensive income (loss)	81	15	92	15
Total comprehensive income (loss)	349	(464)	588	(4,648)
Eliminations [Member]
Revenues	0	0	0	0
Total costs and expenses	10	0	12	6
Operating (loss) income	(10)	0	(12)	(6)
Interest expense, net	84	84	163	148
Other income (expense), net	(84)	(71)	(163)	(125)
Income (loss) from continuing operations before income taxes and equity in affiliated companies’ net (losses) earnings	(10)	13	(12)	17
Provision for income taxes	3	(8)	4	(6)
Equity in affiliated companies’ net earnings (losses)	(304)	1,224	(624)	9,851
Net income (loss) from continuing operations	(311)	1,229	(632)	9,862
Net income (loss) from discontinued operations	0	(11)	0	(21)
Net income (loss)	(311)	1,218	(632)	9,841
Continuing operations	(20)	(7)	(30)	(13)
Discontinued operations	0	0	0	0
Net income (loss) attributable to common stockholders	(331)	1,211	(662)	9,828
Other comprehensive income (loss)	(81)	(15)	(92)	(15)
Total comprehensive income (loss)	(412)	1,196	(754)	9,813
FCX Issuer [Member] | Reportable Legal Entities [Member]
Revenues	0	0	0	0
Total costs and expenses	14	17	23	44
Operating (loss) income	(14)	(17)	(23)	(44)
Interest expense, net	(117)	(141)	(239)	(278)
Other income (expense), net	80	107	159	157
Income (loss) from continuing operations before income taxes and equity in affiliated companies’ net (losses) earnings	(51)	(51)	(103)	(165)
Provision for income taxes	(72)	(345)	(132)	(2,128)
Equity in affiliated companies’ net earnings (losses)	391	(90)	731	(2,376)
Net income (loss) from continuing operations	268	(486)	496	(4,669)
Net income (loss) from discontinued operations	0	5	0	5
Net income (loss)	268	(481)	496	(4,664)
Continuing operations	0	0	0	0
Discontinued operations	0	0	0	0
Net income (loss) attributable to common stockholders	268	(481)	496	(4,664)
Other comprehensive income (loss)	81	15	92	15
Total comprehensive income (loss)	349	(466)	588	(4,649)
FM O&G LLC Guarantor [Member]
Production Related Impairments or Charges		200		1,500
FM O&G LLC Guarantor [Member] | Reportable Legal Entities [Member]
Revenues	12	106	25	184
Total costs and expenses	11	964	61	2,593
Operating (loss) income	1	(858)	(36)	(2,409)
Interest expense, net	(55)	(15)	(108)	(19)
Other income (expense), net	0	0	0	0
Income (loss) from continuing operations before income taxes and equity in affiliated companies’ net (losses) earnings	(54)	(873)	(144)	(2,428)
Provision for income taxes	19	306	50	922
Equity in affiliated companies’ net earnings (losses)	(26)	(280)	(6)	(2,984)
Net income (loss) from continuing operations	(61)	(847)	(100)	(4,490)
Net income (loss) from discontinued operations	0	0	0	0
Net income (loss)	(61)	(847)	(100)	(4,490)
Continuing operations	0	0	0	0
Discontinued operations	0	0	0	0
Net income (loss) attributable to common stockholders	(61)	(847)	(100)	(4,490)
Other comprehensive income (loss)	0	0	0	0
Total comprehensive income (loss)	(61)	(847)	(100)	(4,490)
Non-Guarantor Subsidiaries [Member]
Production Related Impairments or Charges		100		2,600
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Revenues	3,699	3,228	7,027	6,392
Total costs and expenses	3,007	2,335	5,707	7,787
Operating (loss) income	692	893	1,320	(1,395)
Interest expense, net	(74)	(124)	(145)	(238)
Other income (expense), net	10	28	35	68
Income (loss) from continuing operations before income taxes and equity in affiliated companies’ net (losses) earnings	628	797	1,210	(1,565)
Provision for income taxes	(136)	(69)	(282)	1,019
Equity in affiliated companies’ net earnings (losses)	(62)	(853)	(98)	(4,483)
Net income (loss) from continuing operations	430	(125)	830	(5,029)
Net income (loss) from discontinued operations	9	(175)	47	(169)
Net income (loss)	439	(300)	877	(5,198)
Continuing operations	(46)	(50)	(111)	(117)
Discontinued operations	(1)	(12)	(4)	(22)
Net income (loss) attributable to common stockholders	392	(362)	762	(5,337)
Other comprehensive income (loss)	81	15	92	15
Total comprehensive income (loss)	$ 473	$ (347)	$ 854	$ (5,322)

Guarantor Financial Statement51

Guarantor Financial Statements (Unaudited) Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Cash flow from operating activities:
Net cash provided by operating activities			$ 1,829	$ 1,614
Cash flow from investing activities:
Capital expenditures	$ (362)	$ (833)	(706)	(1,815)
Intercompany loans			0	0
Dividends from (investments in) consolidated subsidiaries			0	0
Asset sales and other, net			(4)	1,280
Net cash used in investing activities			(710)	(535)
Cash flow from financing activities:
Proceeds from debt			606	2,811
Repayments of debt			(1,250)	(3,649)
Intercompany loans			0	0
Proceeds from Issuance of Common Stock			0	32
Cash dividends paid and contributions received, net			(41)	(44)
Other, net			(19)	(23)
Net cash used in financing activities			(704)	(873)
Net (decrease) increase in cash and cash equivalents			415	206
Increase (Decrease) In Cash And Cash Equivalents In Assets Held For Sale			7	(53)
Cash and cash equivalents at beginning of year			4,245	177
Cash and cash equivalents at end of period	4,667	330	4,667	330
Eliminations [Member]
Cash flow from operating activities:
Net cash provided by operating activities			0	2
Cash flow from investing activities:
Capital expenditures			0	(2)
Intercompany loans			427	1,487
Dividends from (investments in) consolidated subsidiaries			(1,078)	(1,972)
Asset sales and other, net			0	0
Net cash used in investing activities			(651)	(487)
Cash flow from financing activities:
Proceeds from debt			0	0
Repayments of debt			0	0
Intercompany loans			(427)	(1,487)
Proceeds from Issuance of Common Stock				(42)
Cash dividends paid and contributions received, net			1,025	1,950
Other, net			53	64
Net cash used in financing activities			651	485
Net (decrease) increase in cash and cash equivalents			0	0
Increase (Decrease) In Cash And Cash Equivalents In Assets 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	0	0
Reportable Legal Entities [Member] | FCX Issuer [Member]
Cash flow from operating activities:
Net cash provided by operating activities			(96)	(173)
Cash flow from investing activities:
Capital expenditures			0	0
Intercompany loans			(427)	(994)
Dividends from (investments in) consolidated subsidiaries			1,032	1,935
Asset sales and other, net			0	0
Net cash used in investing activities			605	941
Cash flow from financing activities:
Proceeds from debt			0	1,505
Repayments of debt			(499)	(2,282)
Intercompany loans			0	0
Proceeds from Issuance of Common Stock				32
Cash dividends paid and contributions received, net			(2)	(5)
Other, net			(8)	(18)
Net cash used in financing activities			(509)	(768)
Net (decrease) increase in cash and cash equivalents			0	0
Increase (Decrease) In Cash And Cash Equivalents In Assets 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	0	0
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Cash flow from operating activities:
Net cash provided by operating activities			(284)	(90)
Cash flow from investing activities:
Capital expenditures			(23)	(433)
Intercompany loans			0	(493)
Dividends from (investments in) consolidated subsidiaries			(16)	(41)
Asset sales and other, net			(5)	91
Net cash used in investing activities			(44)	(876)
Cash flow from financing activities:
Proceeds from debt			0	0
Repayments of debt			0	0
Intercompany loans			337	1,018
Proceeds from Issuance of Common Stock				0
Cash dividends paid and contributions received, net			0	0
Other, net			(9)	(52)
Net cash used in financing activities			328	966
Net (decrease) increase in cash and cash equivalents			0	0
Increase (Decrease) In Cash And Cash Equivalents In Assets Held For Sale			0	0
Cash and cash equivalents at beginning of year			3	0
Cash and cash equivalents at end of period	3	0	3	0
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]
Cash flow from operating activities:
Net cash provided by operating activities			2,209	1,875
Cash flow from investing activities:
Capital expenditures			(683)	(1,380)
Intercompany loans			0	0
Dividends from (investments in) consolidated subsidiaries			62	78
Asset sales and other, net			1	1,189
Net cash used in investing activities			(620)	(113)
Cash flow from financing activities:
Proceeds from debt			606	1,306
Repayments of debt			(751)	(1,367)
Intercompany loans			90	469
Proceeds from Issuance of Common Stock				42
Cash dividends paid and contributions received, net			(1,064)	(1,989)
Other, net			(55)	(17)
Net cash used in financing activities			(1,174)	(1,556)
Net (decrease) increase in cash and cash equivalents			415	206
Increase (Decrease) In Cash And Cash Equivalents In Assets Held For Sale			7	(53)
Cash and cash equivalents at beginning of year			4,242	177
Cash and cash equivalents at end of period	$ 4,664	$ 330	$ 4,664	$ 330

Subsequent Events (Unaudited) (

Subsequent Events (Unaudited) (Details) - USD ($) $ in Millions	Jul. 31, 2017	Jun. 30, 2017	Jun. 30, 2016
Subsequent Event [Line Items]
Proceeds from Divestiture of Businesses and Interests in Affiliates		$ 0	$ 996
Subsequent Event [Member] | Gulf of Mexico [Member] | Freeport-McMoRan Oil & Gas
Subsequent Event [Line Items]
Proceeds from Divestiture of Businesses and Interests in Affiliates	$ 62