Freeport-McMoRan (FCX) 10-Q 7 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-11307-01
Entity Registrant Name	Freeport-McMoRan Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	74-2480931
Entity Address, Address Line One	333 North Central Avenue
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85004-2189
City Area Code	(602)
Local Phone Number	366-8100
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	FCX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,436,856,316
Entity Central Index Key	0000831259
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 5,273	$ 4,758
Restricted cash and cash equivalents	1,030	1,208
Trade accounts receivable	1,128	1,209
Income and other tax receivables	428	455
Inventories:
Product	2,755	2,472
Materials and supplies, net	2,283	2,169
Mill and leach stockpiles	1,436	1,419
Other current assets	389	375
Total current assets	14,722	14,065
Property, plant, equipment and mine development costs, net	36,784	35,295
Long-term mill and leach stockpiles	1,286	1,336
Other assets	1,843	1,810
Total assets	54,635	52,506
Current liabilities:
Accounts payable and accrued liabilities	3,910	3,729
Long-term Debt, Current Maturities	768	766
Accrued income taxes	898	786
Environmental And Asset Retirement Obligations, Current	342	316
Dividends Payable, Current	218	218
Total current liabilities	6,136	5,815
Long-term debt, less current portion	8,658	8,656
Environmental and asset retirement obligations, less current portion	5,083	4,624
Deferred income taxes	4,491	4,453
Other liabilities	1,581	1,648
Total liabilities	25,949	25,196
Stockholders’ equity:
Common stock	162	162
Capital in excess of par value	24,321	24,637
Accumulated deficit	(970)	(2,059)
Accumulated other comprehensive loss	(274)	(274)
Common stock held in treasury	(5,835)	(5,773)
Total stockholders’ equity	17,404	16,693
Noncontrolling interests	11,282	10,617
Total equity	28,686	27,310
Total liabilities and equity	$ 54,635	$ 52,506

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 6,624	$ 5,737	$ 12,945	$ 11,126
Cost of sales:
Production and delivery	3,875	3,549	7,719	6,714
Depreciation, depletion and amortization	509	547	1,104	946
Total cost of sales	4,384	4,096	8,823	7,660
Selling, general and administrative expenses	123	115	267	241
Exploration and research expenses	40	42	77	73
Environmental obligations and shutdown costs	28	74	95	141
Total costs and expenses	4,575	4,327	9,262	8,115
Operating income	2,049	1,410	3,683	3,011
Interest expense, net	(88)	(171)	(177)	(322)
Net gain on early extinguishment of debt	0	5	0	5
Other income, net	69	24	198	112
Income before income taxes and equity in affiliated companies’ net earnings	2,030	1,268	3,704	2,806
Provision for income taxes	(754)	(539)	(1,266)	(1,038)
Equity in affiliated companies’ net earnings	4	2	4	12
Net income	1,280	731	2,442	1,780
Net income (loss) attributable to noncontrolling interests	664	388	1,353	774
Net income attributable to common stockholders	$ 616	$ 343	$ 1,089	$ 1,006
Net income per share attributable to common stockholders:
Earnings per share, basic (in dollars per share)	$ 0.42	$ 0.24	$ 0.75	$ 0.70
Earnings per share, diluted (in dollars per share)	$ 0.42	$ 0.23	$ 0.75	$ 0.69
Weighted-average shares of common stock outstanding:
Basic weighted-average shares of common stock outstanding	1,438	1,434	1,437	1,434
Diluted weighted-average shares of common shares outstanding	1,445	1,442	1,445	1,443
Dividends declared per share of common stock (in dollars per share)	$ 0.15	$ 0.15	$ 0.30	$ 0.30

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 1,280	$ 731	$ 2,442	$ 1,780
Defined benefit plans:
Amortization of unrecognized amounts included in net periodic benefit costs	0	1	1	2
Foreign exchange (losses) gains	0	0	(1)	1
Other comprehensive income	0	1	0	3
Total comprehensive income	1,280	732	2,442	1,783
Total comprehensive income attributable to noncontrolling interests	(664)	(388)	(1,353)	(775)
Total comprehensive income (loss)	$ 616	$ 344	$ 1,089	$ 1,008

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flow from operating activities:
Net income	$ 2,442	$ 1,780
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	1,104	946
Stock-based compensation	77	72
Net charges for environmental and asset retirement obligations, including accretion	300	237
Payments for environmental and asset retirement obligations	(97)	(114)
Net charges for defined pension and postretirement plans	16	31
Pension plan contributions	(38)	(6)
Net gain on early extinguishment of debt	0	(5)
Deferred income taxes	37	74
Change in deferred profit on PT Freeport Indonesia’s sales to PT Smelting	0	(112)
Charges for social investment programs at PT Freeport Indonesia	51	36
Payments for social investment programs at PT Freeport Indonesia	(37)	(28)
Other, net	21	14
Changes in working capital and other:
Accounts receivable	92	756
Inventories	(341)	(530)
Other current assets	21	(17)
Accounts payable and accrued liabilities	103	(203)
Accrued income taxes and timing of other tax payments	101	(208)
Net cash provided by operating activities	3,852	2,723
Cash flow from investing activities:
Capital expenditures	(2,370)	(2,284)
Loans to PT Smelting for expansion	(28)	(61)
Proceeds from sales of assets and other, net	13	(20)
Net cash used in investing activities	(2,385)	(2,365)
Cash flow from financing activities:
Proceeds from debt	1,281	681
Repayments of debt	(1,281)	(1,806)
Cash dividends and distributions paid:
Common stock	(433)	(432)
Noncontrolling interests	(685)	(291)
Contributions from noncontrolling interests	0	50
Proceeds from exercised stock options	26	34
Payments for withholding of employee taxes related to stock-based awards	(35)	(47)
Other, net	(1)	(1)
Net cash used in financing activities	(1,128)	(1,812)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	339	(1,454)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	6,063	8,390
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	6,402	6,936
North America Copper Mines Segment
Cash flow from investing activities:
Capital expenditures	(480)	(378)
South America Mines Segment
Cash flow from investing activities:
Capital expenditures	(172)	(183)
Grasberg Segment
Cash flow from investing activities:
Capital expenditures	(750)	(790)
Indonesia Smelter
Cash flow from investing activities:
Capital expenditures	(740)	(823)
Molybdenum
Cash flow from investing activities:
Capital expenditures	(63)	(22)
Other Segments
Cash flow from investing activities:
Capital expenditures	$ (165)	$ (88)

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	AOCI Attributable to Parent	Common Stock Held in Treasury	Total Stockholder's Equity	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2022		1,613				183
Balance at Dec. 31, 2022	$ 24,871	$ 161	$ 25,322	$ (3,907)	$ (320)	$ (5,701)	$ 15,555	$ 9,316
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		5
Exercised and issued stock-based awards	56	$ 1	55				56
Stock-based compensation, including the tender of shares (in shares)						1
Stock-based compensation, including the tender of shares	(9)		60			$ (68)	(8)	(1)
Dividends	(724)		(433)				(433)	(291)
Contributions from noncontrolling interests	50		24				24	26
Net loss attributable to common stockholders	1,006			1,006			1,006
Net income (loss) attributable to noncontrolling interests	774							774
Other comprehensive income	3				2		2	1
Balance (in shares) at Jun. 30, 2023		1,618				184
Balance at Jun. 30, 2023	26,027	$ 162	25,028	(2,901)	(318)	$ (5,769)	16,202	9,825
Balance (in shares) at Mar. 31, 2023		1,618				184
Balance at Mar. 31, 2023	25,648	$ 162	25,227	(3,244)	(319)	$ (5,769)	16,057	9,591
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards	3		3				3
Stock-based compensation, including the tender of shares	14		14				14
Dividends	(370)		(216)				(216)	(154)
Net loss attributable to common stockholders	343			343			343
Net income (loss) attributable to noncontrolling interests	388							388
Other comprehensive income	1				1		1
Balance (in shares) at Jun. 30, 2023		1,618				184
Balance at Jun. 30, 2023	26,027	$ 162	25,028	(2,901)	(318)	$ (5,769)	16,202	9,825
Balance (in shares) at Dec. 31, 2023		1,619				184
Balance at Dec. 31, 2023	27,310	$ 162	24,637	(2,059)	(274)	$ (5,773)	16,693	10,617
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		5				1
Exercised and issued stock-based awards	53		53				53
Stock-based compensation, including the tender of shares (in shares)						1
Stock-based compensation, including the tender of shares	(1)		64			$ (62)	2	(3)
Dividends	(1,118)		(433)				(433)	(685)
Net loss attributable to common stockholders	1,089			1,089			1,089
Net income (loss) attributable to noncontrolling interests	1,353							1,353
Other comprehensive income	0
Balance (in shares) at Jun. 30, 2024		1,624				186
Balance at Jun. 30, 2024	28,686	$ 162	24,321	(970)	(274)	$ (5,835)	17,404	11,282
Balance (in shares) at Mar. 31, 2024		1,622				186
Balance at Mar. 31, 2024	28,105	$ 162	24,488	(1,586)	(274)	$ (5,817)	16,973	11,132
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercised and issued stock-based awards (in shares)		2
Exercised and issued stock-based awards	31		31				31
Stock-based compensation, including the tender of shares	(2)		18			$ (18)		(2)
Dividends	(728)		(216)				(216)	(512)
Net loss attributable to common stockholders	616			616			616
Net income (loss) attributable to noncontrolling interests	664							664
Other comprehensive income	0
Balance (in shares) at Jun. 30, 2024		1,624				186
Balance at Jun. 30, 2024	$ 28,686	$ 162	$ 24,321	$ (970)	$ (274)	$ (5,835)	$ 17,404	$ 11,282

General Information

General Information	6 Months Ended
	Jun. 30, 2024
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 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, 2023 (2023 Form 10-K). 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. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the six-month period ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Dollar amounts in tables are stated in millions, except per share amounts. PT Smelting. In December 2023, PT Smelting completed an expansion of its facilities. The project was funded by PT Freeport Indonesia (PT-FI) with borrowings totaling $254 million that converted to equity effective June 30, 2024, increasing PT-FI’s ownership in PT Smelting to 66% from 39.5%. As discussed in Note 3 of FCX’s 2023 Form 10-K, FCX has determined that PT Smelting, which is owned by PT-FI and Mitsubishi Materials Corporation, is a variable interest entity. Since mutual consent of both PT Smelting shareholders is required to make the decisions that most significantly impact the economic performance of PT Smelting, PT-FI is not the primary beneficiary. Accordingly, PT-FI will continue to account for its investment in PT Smelting under the equity method. Attribution of PT Freeport Indonesia’s Net Income or Loss. As discussed in Note 3 of FCX’s 2023 Form 10-K, beginning January 1, 2023, the attribution of PT-FI’s net income or loss is based on equity ownership percentages (48.76% for FCX, 26.24% for PT Mineral Industri Indonesia (MIND ID) and 25.00% for PT Indonesia Papua Metal Dan Mineral) with certain exceptions, as contemplated by the economics replacement agreement in the PT-FI shareholders agreement. As further discussed in Note 3, in first-quarter 2024, PT-FI recorded net credits of $215 million associated with the closure of its 2021 corporate income tax audit and resolution of the framework for disputed tax matters. PT-FI’s net income and cash dividends associated with the settlement of this historical tax matter that originated before December 31, 2022, were attributed approximately 81% to FCX. As discussed in Note 3 of FCX’s 2023 Form 10-K, because PT-FI did not achieve the Gold Target during the Initial Period (as defined in the PT-FI shareholders agreement), PT-FI’s net income and cash dividends associated with the sale of approximately 190,000 ounces of gold during 2023 were attributed approximately 81% to FCX. Subsequent Events. FCX evaluated events after June 30, 2024, and through the date the consolidated financial statements were issued and determined any events and transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE FCX calculates its basic net income per share of common stock under the two-class method and calculates its diluted net income per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income per share of common stock was computed by dividing net income 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 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 antidilutive. Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net income $ 1,280 $ 731 $ 2,442 $ 1,780 Net income attributable to noncontrolling interests (664) (388) (1,353) (774) Undistributed dividends and earnings allocated to participating securities (6) (5) (6) (5) Net income attributable to common stockholders $ 610 $ 338 $ 1,083 $ 1,001 Basic weighted-average shares of common stock outstanding 1,438 1,434 1,437 1,434 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units 7 8 8 9 Diluted weighted-average shares of common stock outstanding 1,445 1,442 1,445 1,443 Net income per share attributable to common stockholders: Basic $ 0.42 $ 0.24 $ 0.75 $ 0.70 Diluted $ 0.42 $ 0.23 $ 0.75 $ 0.69

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Geographic sources of FCX’s (provision) benefit for income taxes follow: Six Months Ended June 30, 2024 2023 U.S. $ (4) $ 3 International (1,262) (1,041) Total $ (1,266) $ (1,038) FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 34% for the first six months of 2024, including a net benefit of $182 million related to closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters (see below for further discussion), and was 37% for the first six months of 2023. The 2023 effective income tax rate reflects the impact of pre-tax, nondeductible charges totaling $142 million for the first six months of 2023 associated with contested tax rulings issued by the Peruvian Supreme Court. At current copper prices, FCX expects its U.S. jurisdiction to generate net losses for the year 2024 that will not result in a realized tax benefit; accordingly, applicable accounting rules require FCX to adjust its estimated annual effective tax rate to exclude the impact of U.S. net losses. PT-FI Historical Tax Matters. During the first six months of 2024, in conjunction with closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for disputed tax matters, PT-FI recorded net credits of $215 million, including $199 million to provision for income taxes, $8 million to production and delivery and $8 million to interest expense, net. In addition, FCX recognized a charge of $17 million to provision for income taxes related to withholding taxes and a credit of $26 million in other income, net associated with the reduction in the related accrual to indemnify MIND ID from potential losses arising from historical tax disputes. Resolution of the framework for disputed tax matters also resulted in a decrease of unrecognized tax benefits of $276 million and a decrease of $43 million in related interest and penalties, as well as a decrease in contingencies related to Indonesia tax matters of $179 million, including a $35 million decrease associated with penalties and interest. Refer to Notes 11 and 12 of FCX’s 2023 Form 10-K for further discussion. Uncertain Tax Positions. As further discussed in Note 7, in May 2024, an arbitration tribunal rejected FCX and Cerro Verde’s claims relating to the assessment of mining royalties on ore processed by the Cerro Verde concentrator for the period from December 2006 to December 2013. Cerro Verde had previously paid the full amount of these disputed tax assessments, including the related interest and penalties, and a full reserve had been applied against these amounts; as such, the decision by the arbitration tribunal had no impact on FCX’s consolidated financial statements. FCX has reduced its unrecognized tax benefits by $269 million and related interest and penalties by $319 million (refer to Note 11 of FCX’s 2023 Form 10-K for a summary of unrecognized tax benefits and related interest and penalties). U.S. Inflation Reduction Act of 2022. The provisions of the U.S. Inflation Reduction Act of 2022 (the Act) became applicable to FCX on January 1, 2023. The Act includes, among other provisions, a new Corporate Alternative Minimum Tax (CAMT) of 15% on the adjusted financial statement income (AFSI) of corporations with average AFSI exceeding $1.0 billion over a three-year period. FCX has made interpretations of certain provisions of the Act, and based on these interpretations, determined that the provisions of the Act did not impact FCX’s financial results for the first six months of 2024 or for the year 2023. Although the Internal Revenue Service (IRS) and U.S. Department of the Treasury (Treasury) published guidance in 2023 that provided some additional clarity on these rules, regulations are yet to be published and uncertainty remains regarding the application of the CAMT to FCX. Future regulations and guidance released by the IRS and Treasury may differ from FCX’s interpretations of the Act, which could be material and may further limit FCX’s ability to realize future benefits from its U.S. net operating losses. Pillar Two of the Global Anti-Base Erosion Rules. In December 2021, the Organisation for Economic Co-operation and Development (OECD) published a framework for Pillar Two of the Global Anti-Base Erosion Rules, which was designed to coordinate participating jurisdictions in updating the international tax system to ensure that large multinational companies pay a minimum level of income tax. Recommendations from the OECD regarding a global minimum income tax and other changes are being considered and/or implemented in jurisdictions where FCX operates. At current metals market prices, FCX believes enactment of the recommended framework in jurisdictions where it operates will result in minimal impacts to its financial results in the near term.

Debt and Equity

Debt and Equity	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt and Equity	DEBT AND EQUITY The components of debt follow: June 30, December 31, 2023 Senior notes and debentures: Issued by FCX $ 6,008 $ 6,005 Issued by PT-FI 2,981 2,980 Issued by Freeport Minerals Corporation 353 354 Other 84 83 Total debt 9,426 9,422 Less current portion of debt (768) (766) Long-term debt $ 8,658 $ 8,656 Revolving Credit Facilities. FCX and PT-FI have a $3.0 billion, unsecured revolving credit facility that matures in October 2027. Under the terms of the revolving credit facility, FCX may obtain loans and issue letters of credit in an aggregate amount of up to $3.0 billion, with letters of credit issuance limited to $1.5 billion and PT-FI’s capacity limited to $500 million. At June 30, 2024, FCX had $7 million in letters of credit issued under its revolving credit facility. PT-FI has a $1.75 billion, unsecured revolving credit facility that matures in November 2028 and Cerro Verde has a $350 million, unsecured revolving credit facility that matures in May 2027. At June 30, 2024, FCX, PT-FI and Cerro Verde had no borrowings outstanding under their respective revolving credit facilities and were in compliance with their respective covenants. On July 31, 2024, PT-FI borrowed $250 million under its revolving credit facility to fund capital expenditures for PT-FI’s new smelter and precious metals refinery (PMR) (collectively, the new downstream processing facilities). Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $181 million in second-quarter 2024, $234 million in second-quarter 2023, $356 million for the first six months of 2024 and $441 million for the first six months of 2023. Consolidated interest costs (before capitalization) in the 2023 periods includes $50 million in second-quarter 2023 and $74 million for the first six months of 2023 associated with Cerro Verde’s contested tax rulings issued by the Peru Supreme Court. Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $93 million in second-quarter 2024, $62 million in second-quarter 2023, $179 million for the first six months of 2024 and $119 million for the first six months of 2023. The increase in capitalized interest costs in the 2024 periods compared to the 2023 periods, primarily resulted from increased construction and development costs for projects in process, primarily at PT-FI’s new downstream processing facilities. Share Repurchase Program and Dividends. In July 2024, FCX acquired 1.2 million shares of its common stock for a total cost of $59 million ($50.48 average cost per share) bringing total purchases under its $5.0 billion share repurchase program to 49.0 million shares of common stock for a cost of $1.9 billion ($38.64 average cost per share). The timing and amount of share repurchases is at the discretion of management and will depend on a variety of factors. The share repurchase program may be modified, increased, suspended or terminated at any time at FCX’s Board of Directors’ (Board) discretion.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2024
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. 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 and cathode 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, 2024 and 2023. At June 30, 2024, FCX held copper futures and swap contracts that qualified for hedge accounting for 95 million pounds at an average contract price of $4.26 per pound, with maturities through March 2026. Summary of Gains (Losses). A summary of realized and unrealized gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Copper futures and swap contracts: Unrealized gains (losses): Derivative financial instruments $ 1 $ (25) $ 10 $ (11) Hedged item – firm sales commitments (1) 25 (10) 11 Realized gains (losses): Matured derivative financial instruments 28 (5) 29 3 Derivatives Not Designated as Hedging Instruments. Embedded Derivatives. Certain FCX 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. FCX receives market prices based on prices in the specified future month, which results in price fluctuations recorded in revenues until the date of settlement. FCX records revenues and invoices customers at the time of shipment based on then-current LME or COMEX copper prices and the London gold price as specified in the contracts, which results in an embedded derivative ( i.e. , a pricing mechanism that is finalized after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale of the metals contained in the concentrate, cathode or anode slimes at the then-current LME copper, COMEX copper or London gold prices. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host contract in its concentrate, cathode and anode slime sales agreements since these contracts do not allow for net settlement and always result in physical delivery. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through earnings each period, using the period-end LME or COMEX copper forward prices and the adjusted London gold price, until the date of final pricing. Similarly, FCX purchases copper under contracts that provide for provisional pricing. Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in inventory for purchase contracts. A summary of FCX’s embedded derivatives at June 30, 2024, follows: Open Positions Average Price Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 371 $ 4.26 $ 4.33 November 2024 Gold (thousands of ounces) 93 2,333 2,344 September 2024 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 115 4.39 4.33 September 2024 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 production and delivery costs. At June 30, 2024, Atlantic Copper held net copper forward sales contracts for 44 million pounds at an average contract price of $4.38 per pound, with maturities through August 2024. Summary of Gains (Losses). A summary of realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Embedded derivatives in provisional sales contracts: a Copper $ 181 $ (169) $ 247 $ 61 Gold and other metals 45 (21) 89 22 Copper forward contracts b (17) 1 (26) (1) 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: June 30, December 31, 2023 Commodity Derivative Assets: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 18 $ 4 Derivatives not designated as hedging instruments : Embedded derivatives in provisional sales/purchase contracts 77 76 Copper forward contracts 5 — Total derivative assets $ 100 $ 80 Commodity Derivative Liabilities: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 4 $ — Derivatives not designated as hedging instruments : Embedded derivatives in provisional sales/purchase contracts 43 23 Copper forward contracts — 1 Total derivative liabilities $ 47 $ 24 FCX’s commodity contracts have netting arrangements with counterparties with which the right of offset exists, and it is FCX’s policy to generally offset balances by contract 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 net unsettled commodity contracts in the balance sheet follows: Assets Liabilities June 30, December 31, 2023 June 30, December 31, 2023 Gross amounts recognized: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 77 $ 76 $ 43 $ 23 Copper derivatives 23 4 4 1 100 80 47 24 Less gross amounts of offset: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 7 — 7 — 7 — 7 — Net amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 70 76 36 23 Copper derivatives 23 4 4 1 $ 93 $ 80 $ 40 $ 24 Balance sheet classification: Trade accounts receivable $ 53 $ 76 $ 21 $ 2 Other current assets 22 4 — — Accounts payable and accrued liabilities 18 — 17 22 Other liabilities — — 2 — $ 93 $ 80 $ 40 $ 24 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. As of June 30, 2024, the maximum amount of credit exposure associated with derivative transactions was $100 million. Other Financial Instruments. Other financial instruments include cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, investment securities, legally restricted trust assets, accounts payable and accrued liabilities, accrued income taxes, dividends payable and debt. The carrying value for these financial instruments classified as current assets or liabilities approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 6 for the fair values of investment securities, legally restricted funds and debt). In addition, as of June 30, 2024, FCX had contingent consideration assets related to the sales of certain oil and gas properties (refer to Note 6 for the related fair values). Cash and Cash Equivalents and Restricted Cash and Cash Equivalents. The following table provides a reconciliation of total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows: June 30, December 31, 2023 Balance sheet components: Cash and cash equivalents a $ 5,273 $ 4,758 Restricted cash and cash equivalents, current b 1,030 1,208 Restricted cash and cash equivalents, long-term - included in other assets 99 97 Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows $ 6,402 $ 6,063 a. Includes (i) time deposits of $0.1 billion at June 30, 2024, and $0.3 billion at December 31, 2023, and (ii) cash designated for PT-FI’s new downstream processing facilities totaling $0.2 billion at December 31, 2023. b. Includes (i) $0.9 billion at June 30, 2024, and $1.1 billion at December 31, 2023, associated with 30% of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a regulation issued by the

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement	FAIR VALUE MEASUREMENT Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). FCX did not have any significant transfers in or out of Level 3 during second-quarter 2024. 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 (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 5), follows: At June 30, 2024 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 27 $ 27 $ 27 $ — $ — $ — Equity securities 7 7 — 7 — — Total 34 34 27 7 — — Legally restricted funds: a U.S. core fixed income fund 65 65 65 — — — Government mortgage-backed securities 49 49 — — 49 — Corporate bonds 35 35 — — 35 — Government bonds and notes 31 31 — — 31 — Money market funds 19 19 — 19 — — Asset-backed securities 13 13 — — 13 — Collateralized mortgage-backed securities 1 1 — — 1 — Total 213 213 65 19 129 — Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross asset position 77 77 — — 77 — Copper futures and swap contracts 18 18 — 11 7 — Copper forward contracts 5 5 — 2 3 — Total 100 100 — 13 87 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 47 39 — — — 39 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 43 43 — — 43 — Copper futures and swap contracts 4 4 — 2 2 — Total 47 47 — 2 45 — Long-term debt, including current portion d 9,426 9,221 — — 9,221 — At December 31, 2023 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 27 $ 27 $ 27 $ — $ — $ — Equity securities 6 6 — 6 — — Total 33 33 27 6 — — Legally restricted funds: a U.S. core fixed income fund 65 65 65 — — — Government mortgage-backed securities 51 51 — — 51 — Government bonds and notes 37 37 — — 37 — Corporate bonds 29 29 — — 29 — Money market funds 17 17 — 17 — — Asset-backed securities 12 12 — — 12 — Collateralized mortgage-backed securities 1 1 — — 1 — Total 212 212 65 17 130 — Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross asset position 76 76 — — 76 — Copper futures and swap contracts 4 4 — 3 1 — Total 80 80 — 3 77 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 50 42 — — — 42 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 23 23 — — 23 — Copper forward contracts 1 1 — 1 — — Total 24 24 — 1 23 — Long-term debt, including current portion d 9,422 9,364 — — 9,364 — a. Current portion included in other current assets and long-term portion included in other assets. b. Excludes amounts included in restricted cash and cash equivalents and other assets (which approximated fair value), primarily amounts associated with (i) PT-FI’s export proceeds ($0.9 billion at June 30, 2024, and $1.1 billion at December 31, 2023), (ii) assurance bonds to support PT-FI’s commitment for new downstream processing facilities ($0.1 billion at each of June 30, 2024, and December 31, 2023) and (iii) PT-FI’s mine closure and reclamation guarantees ($0.1 billion at each of June 30, 2024, and December 31, 2023). c. Refer to Note 5 for further discussion and balance sheet classifications. d. Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates. Valuation Techniques. The U.S. core fixed income fund is valued at NAV. The fund strategy seeks total return consisting of income and capital appreciation primarily by investing in a broad range of investment-grade debt securities, including U.S. government obligations, corporate bonds, mortgage-backed securities, asset-backed securities and money market instruments. There are no restrictions on redemptions (which are usually within one business day of notice). 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 and collateralized mortgage-backed securities) are valued using a bid-evaluation price or a mid-evaluation price. 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. Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. FCX’s embedded derivatives on provisional copper concentrate, copper cathode and gold purchases and sales are valued using quoted monthly LME or COMEX copper forward prices and the adjusted London gold price at each reporting date based on the month of maturity (refer to Note 5 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 5 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. In December 2016, FCX’s sale of its Deepwater GOM oil and gas properties included up to $150 million in contingent consideration (to be received over time) that was recorded at the total amount under the loss recovery approach. The fair value of this contingent consideration was calculated based on a discounted cash flow model using inputs that include third-party estimates for reserves, production rates and 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. Long-term debt, including current portion, is primarily 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 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, 2024, as compared with those techniques used at December 31, 2023.

Contingencies and Commitments

Contingencies and Commitments	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	CONTINGENCIES AND COMMITMENTS Environmental Refer to Note 12 of FCX’s 2023 Form 10-K for further discussion of FCX’s environmental obligations. FCX recorded net charges for adjustments to environmental obligations totaling $79 million for the first six months of 2024, primarily associated with changes in cost estimates for former processing facilities and historical smelter sites. Asset Retirement Obligations Refer to Note 12 of FCX’s 2023 Form 10-K for further discussion of FCX’s asset retirement obligations (AROs). Mining Operations. FCX recorded net ARO additions at mining operations totaling $261 million for the first six months of 2024, primarily associated with revised closure plans and cost estimates to reflect FCX’s commitment to the Global Industry Standard on Tailings Management (Tailings Standard). FCX may record additional ARO adjustments as it continues to update estimates to conform with the Tailings Standard. Oil and Gas Properties. Freeport-McMoRan Oil & Gas (FM O&G) recorded net ARO additions totaling $105 million for the first six months of 2024 primarily for assumed oil and gas abandonment obligations resulting from bankruptcies of other companies, including $98 million that was charged to production and delivery costs. FM O&G, as a predecessor-in-interest in oil and natural gas leases, is in the chain of title with unrelated third parties either directly or by virtue of divestiture of certain oil and natural gas assets previously owned and assigned by its subsidiaries. Certain counterparties in these divestiture transactions or third parties in existing leases have filed for bankruptcy protection or undergone associated reorganizations and have not performed the required abandonment obligations. Accordingly, regulations or federal laws require that other working interest owners, including FM O&G, assume such obligations. Litigation There were no significant updates to previously reported legal proceedings included in Note 12 of FCX’s 2023 Form 10-K, other than the matter discussed below. Louisiana Parishes Coastal Erosion Cases. Certain FCX affiliates were named as defendants, along with numerous co-defendants, in 13 cases out of a total of 42 cases filed in Louisiana state courts by 6 south Louisiana parishes (Cameron, Jefferson, Plaquemines, St. Bernard, St. John the Baptist and Vermilion), alleging that certain oil and gas exploration and production operations and sulfur mining and production operations in coastal Louisiana contaminated and damaged coastal wetlands and caused significant land loss along the Louisiana coast. The settlement agreement to resolve these cases was fully executed in fourth-quarter 2022 but there was a delay in finalizing it as a result of a lawsuit challenging the settlement brought in first-quarter 2023 by a non-plaintiff coastal parish included in the settlement (Terrebonne Parish) titled Terrebonne Parish Consolidated Government v. Louisiana Department of Natural Resources et al. , Docket No. 185576, 32nd Judicial District Court, Terrebonne Parish, State of Louisiana. During first-quarter 2024, Terrebonne Parish agreed to dismiss its lawsuit and FCX made the $15 million settlement payment in trust (which was accrued for in 2019) in accordance with the terms of the settlement agreement. Indonesia Regulatory Matters Refer to Notes 12, 13 and 14 of FCX’s 2023 Form 10-K for further discussion of Indonesia regulatory matters. Export Licenses. On May 31, 2024, export licenses expired for several exporters, including PT-FI. In second-quarter 2024, the Indonesia government issued various regulations to allow, under certain conditions, continued exports of copper concentrates and anode slimes through December 2024. On July 2, 2024, PT-FI was granted copper concentrate and anode slimes export licenses, which are valid through December 2024 when the full ramp-up of PT-FI’s new smelter is expected. PT-FI will continue to pay export duties on copper concentrates during the smelter ramp-up period pursuant to the Indonesia regulations. The applicable rate prescribed by regulations is 7.5% of the export value. Special Mining License (IUPK). As further discussed in FCX’s 2023 Form 10-K, PT-FI’s IUPK enables it to conduct operations in the Grasberg minerals district through 2041. On May 30, 2024, the Indonesia government issued a regulation applicable to the country’s mineral and coal industries which outlines requirements for the granting of IUPK extensions. The regulation provides that IUPK holders may be granted a life-of-mine extension provided certain conditions are met, including ownership of integrated downstream processing facilities that have entered the operational stage; domestic ownership of at least 51% and agreement with a state-owned enterprise for an additional 10% ownership; and commitments for additional exploration and increases in refining capacity, each as approved by the Ministry of Energy and Minerals. Application for extension may be submitted at any time up to one year prior to the current IUPK expiration. PT-FI expects to apply for an extension under this new regulation during 2024. Tax Matters Cerro Verde Royalty Dispute. As disclosed in Note 12 of FCX’s 2023 Form 10-K, in 2020, FCX filed on its own behalf and on behalf of Cerro Verde, international arbitration proceedings against the Peruvian government under the United States-Peru Trade Promotion Agreement relating to the assessment of mining royalties on ore processed by the Cerro Verde concentrator for the period from December 2006 to December 2013. In May 2024, the arbitration tribunal rejected FCX and Cerro Verde's claims on the merits. The decision by the arbitration tribunal had no impact on FCX’s consolidated financial statements. Refer to Note 3 for discussion of the reduction in unrecognized tax benefits related to Cerro Verde tax matters.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTS FCX has organized its mining operations into four primary divisions – North America copper mines, South America operations, Indonesia operations 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 and Cerro Verde copper mines, the Indonesia operations (including the Grasberg minerals district and PT-FI’s new downstream processing facilities), the Rod & Refining operations and Atlantic Copper Smelting & Refining. For comparative purposes, the 2023 tables have been adjusted to conform with the current year presentation, primarily for the combination of the Grasberg minerals district and PT-FI’s new downstream processing facilities. PT-FI substantially completed construction of the new smelter in June 2024 and has commenced commissioning operations. PT-FI’s new downstream processing facilities will exclusively receive concentrate from the Grasberg minerals district, which reflects PT-FI’s integrated and dependent operations within Indonesia ( i.e. , Indonesia operations). The PMR will receive anode slimes from the smelter and from PT Smelting. FCX's Chief Executive Officer, identified as its chief operating decision maker under business segment accounting guidance, makes executive management decisions, including resource allocation and mine planning, for the Indonesia operations as a single business segment. 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, the timing of sales to unaffiliated customers and transportation premiums. FCX defers recognizing profits on intercompany sales to Atlantic Copper 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, 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. Product Revenues. FCX’s revenues attributable to the products it sold for the second quarter and first six months of 2024 and 2023 follow: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Copper: Cathode $ 2,237 $ 1,670 $ 4,178 $ 3,181 Concentrate 1,595 1,873 3,413 3,276 Rod and other refined copper products 974 884 1,927 1,805 Purchased copper a 300 72 466 276 Gold 935 999 2,103 1,530 Molybdenum 476 491 897 1,083 Silver and other 139 171 288 303 Adjustments to revenues: Royalty expense b (93) (94) (213) (154) Treatment charges (90) (142) (219) (243) PT-FI export duties c (75) 3 d (231) (14) d Revenues from contracts with customers 6,398 5,927 12,609 11,043 Embedded derivatives e 226 (190) 336 83 Total consolidated revenues $ 6,624 $ 5,737 $ 12,945 $ 11,126 a. FCX purchases copper cathode primarily for processing by its Rod & Refining operations. b. Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices. c. Export duties of 2.5% were eliminated effective March 29, 2023, upon verification that construction progress of the new smelter exceeded 50% and reinstated at a rate of 7.5% in July 2023 under a revised regulation. As discussed in Note 7, PT-FI will continue to pay export duties of 7.5% on copper concentrates during the smelter ramp-up period pursuant to Indonesia regulations. d. Includes credits associated with adjustments to prior-period export duties. e. Refer to Note 5 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts. Financial Information by Business Segment Atlantic Corporate, North America Copper Mines South America Operations Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Operations Mines Refining & Refining nations Total Three Months Ended June 30, 2024 Revenues: Unaffiliated customers $ 13 $ 10 $ 23 $ 1,075 $ 254 $ 1,329 $ 2,185 $ — $ 1,693 $ 898 $ 496 a $ 6,624 Intersegment 587 926 1,513 182 — 182 83 138 11 2 (1,929) — Production and delivery 438 713 1,151 679 b 181 860 672 134 1,692 859 (1,493) 3,875 DD&A 45 61 106 97 17 114 248 16 1 7 17 509 Selling, general and administrative expenses 1 — 1 2 — 2 30 — — 6 84 123 Exploration and research expenses 5 9 14 3 2 5 4 — — — 17 40 Environmental obligations and shutdown costs — — — — — — — — — — 28 28 Operating income (loss) 111 153 264 476 54 530 1,314 (12) 11 28 (86) 2,049 Interest expense, net — 1 1 5 — 5 6 — — 8 68 88 Other income, net — 1 1 5 — 5 30 — — 2 31 69 Provision for income taxes — — — 191 23 214 490 — — 1 49 754 Equity in affiliated companies’ net earnings — — — — — — 3 — — — 1 4 Net income attributable to noncontrolling interests — — — 142 22 164 463 c — — — 37 664 Total assets at June 30, 2024 3,182 6,508 9,690 8,368 1,988 10,356 26,501 1,915 273 1,410 4,490 54,635 Capital expenditures 47 196 243 67 23 90 648 36 11 37 51 1,116 Three Months Ended June 30, 2023 Revenues: Unaffiliated customers $ 26 $ 14 $ 40 $ 783 $ 190 $ 973 $ 2,039 $ — $ 1,463 $ 744 $ 478 a $ 5,737 Intersegment 570 980 1,550 175 — 175 198 150 10 4 (2,087) — Production and delivery 423 744 1,167 609 174 783 861 d 105 1,465 725 (1,557) 3,549 DD&A 42 57 99 117 15 132 275 14 1 7 19 547 Selling, general and administrative expenses 1 — 1 2 — 2 30 — — 7 75 115 Exploration and research expenses 3 15 18 3 1 4 — — — — 20 42 Environmental obligations and shutdown costs — 1 1 — — — — — — — 73 74 Operating income (loss) 127 177 304 227 — 227 1,071 31 7 9 (239) 1,410 Interest expense, net — — — 55 e — 55 12 — — 8 96 171 Net gain on early extinguishment of debt — — — — — — — — — — 5 5 Other (expense) income, net (1) (2) (3) (45) 4 (41) 28 (1) — — 41 24 Provision for income taxes — — — 113 — 113 410 — — — 16 539 Equity in affiliated companies’ net earnings — — — — — — — — — — 2 2 Net income attributable to noncontrolling interests — — — 18 2 20 368 c — — — — 388 Total assets at June 30, 2023 3,167 5,754 8,921 8,444 1,890 10,334 23,446 1,717 280 1,127 5,082 50,907 Capital expenditures 67 115 182 57 26 83 841 13 2 11 31 1,163 Financial Information by Business Segment (continued) (In Millions) Atlantic Corporate, North America Copper Mines South America Operations Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Operations Mines Refining & Refining nations Total Six Months Ended June 30, 2024 Revenues: Unaffiliated customers $ 50 $ 50 $ 100 $ 1,901 $ 462 $ 2,363 $ 4,833 $ — $ 3,182 $ 1,571 $ 896 a $ 12,945 Intersegment 1,127 1,811 2,938 284 — 284 260 283 21 2 (3,788) — Production and delivery 897 1,478 2,375 1,282 b 351 1,633 1,533 253 3,179 1,509 (2,763) 7,719 DD&A 93 125 218 189 33 222 583 32 2 14 33 1,104 Selling, general and administrative expenses 1 1 2 4 — 4 61 — — 15 185 267 Exploration and research expenses 9 17 26 6 3 9 6 — — — 36 77 Environmental obligations and shutdown costs — — — — — — — — — — 95 95 Operating income (loss) 177 240 417 704 75 779 2,910 (2) 22 35 (478) 3,683 Interest expense, net — 1 1 10 — 10 7 — — 18 141 177 Other (expense) income, net — (1) (1) 16 13 29 68 — — 8 94 198 Provision for (benefit from) income taxes — — — 282 35 317 899 f — — (12) 62 1,266 Equity in affiliated companies’ net earnings — — — — — — 1 — — — 3 4 Net income attributable to noncontrolling interests — — — 218 36 254 1,063 c — — — 36 1,353 Capital expenditures 91 389 480 127 45 172 1,490 63 16 60 89 2,370 Six Months Ended June 30, 2023 Revenues: Unaffiliated customers $ 58 $ 111 $ 169 $ 1,741 $ 424 $ 2,165 $ 3,238 $ — $ 2,986 $ 1,493 $ 1,075 a $ 11,126 Intersegment 1,163 1,928 3,091 419 — 419 367 373 16 11 (4,277) — Production and delivery 804 1,525 2,329 1,229 361 1,590 1,199 d 201 2,992 1,459 (3,056) 6,714 DD&A 85 117 202 208 31 239 423 34 2 14 32 946 Selling, general and administrative expenses 1 1 2 4 — 4 58 — — 15 162 241 Exploration and research expenses 6 31 37 4 2 6 — — — — 30 73 Environmental obligations and shutdown costs — 22 22 — — — — — — — 119 141 Operating income (loss) 325 343 668 715 30 745 1,925 138 8 16 (489) 3,011 Interest expense, net — — — 84 e — 84 19 — — 14 205 322 Net gain on early extinguishment of debt — — — — — — — — — — 5 5 Other (expense) income, net (2) 1 (1) (27) (2) (29) 60 (1) (1) (5) 89 112 Provision for (benefit from) income taxes — — — 300 7 307 740 — — — (9) 1,038 Equity in affiliated companies’ net earnings — — — — — — 11 — — — 1 12 Net income (loss) attributable to noncontrolling interests — — — 158 20 178 639 c — — — (43) 774 Capital expenditures 123 255 378 118 65 183 1,613 22 7 23 58 2,284 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 copper mines and South America operations. b. Includes non-recurring costs totaling $65 million associated with labor-related charges at Cerro Verde. c. Refer to Note 1 for further discussion of the attribution of PT-FI’s net income or loss. d. Includes a $55 million charge for a potential administrative fine. Refer to Note 12 of FCX’s 2023 Form 10-K for further discussion. e. Includes interest expense associated with contested tax rulings issued by the Peruvian Supreme Court totaling $50 million in the second quarter and $74 million for the first six months of 2023. f. Includes a net benefit to income taxes totaling $182 million associated with the closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for disputed tax matters.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net income $ 1,280 $ 731 $ 2,442 $ 1,780 Net income attributable to noncontrolling interests (664) (388) (1,353) (774) Undistributed dividends and earnings allocated to participating securities (6) (5) (6) (5) Net income attributable to common stockholders $ 610 $ 338 $ 1,083 $ 1,001 Basic weighted-average shares of common stock outstanding 1,438 1,434 1,437 1,434 Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units 7 8 8 9 Diluted weighted-average shares of common stock outstanding 1,445 1,442 1,445 1,443 Net income per share attributable to common stockholders: Basic $ 0.42 $ 0.24 $ 0.75 $ 0.70 Diluted $ 0.42 $ 0.23 $ 0.75 $ 0.69

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Geographic sources of FCX’s (provision) benefit for income taxes follow: Six Months Ended June 30, 2024 2023 U.S. $ (4) $ 3 International (1,262) (1,041) Total $ (1,266) $ (1,038)

Debt and Equity (Tables)

Debt and Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The components of debt follow: June 30, December 31, 2023 Senior notes and debentures: Issued by FCX $ 6,008 $ 6,005 Issued by PT-FI 2,981 2,980 Issued by Freeport Minerals Corporation 353 354 Other 84 83 Total debt 9,426 9,422 Less current portion of debt (768) (766) Long-term debt $ 8,658 $ 8,656

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Gain (Loss)	A summary of realized and unrealized gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Copper futures and swap contracts: Unrealized gains (losses): Derivative financial instruments $ 1 $ (25) $ 10 $ (11) Hedged item – firm sales commitments (1) 25 (10) 11 Realized gains (losses): Matured derivative financial instruments 28 (5) 29 3
Schedule of Derivative Instruments	A summary of FCX’s embedded derivatives at June 30, 2024, follows: Open Positions Average Price Maturities Through Contract Market Embedded derivatives in provisional sales contracts: Copper (millions of pounds) 371 $ 4.26 $ 4.33 November 2024 Gold (thousands of ounces) 93 2,333 2,344 September 2024 Embedded derivatives in provisional purchase contracts: Copper (millions of pounds) 115 4.39 4.33 September 2024
Schedule of Derivative Instruments Included in Trading Activities	A summary of realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Embedded derivatives in provisional sales contracts: a Copper $ 181 $ (169) $ 247 $ 61 Gold and other metals 45 (21) 89 22 Copper forward contracts b (17) 1 (26) (1) 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	A summary of the fair values of unsettled commodity derivative financial instruments follows: June 30, December 31, 2023 Commodity Derivative Assets: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 18 $ 4 Derivatives not designated as hedging instruments : Embedded derivatives in provisional sales/purchase contracts 77 76 Copper forward contracts 5 — Total derivative assets $ 100 $ 80 Commodity Derivative Liabilities: Derivatives designated as hedging instruments : Copper futures and swap contracts $ 4 $ — Derivatives not designated as hedging instruments : Embedded derivatives in provisional sales/purchase contracts 43 23 Copper forward contracts — 1 Total derivative liabilities $ 47 $ 24
Offsetting Assets	A summary of these net unsettled commodity contracts in the balance sheet follows: Assets Liabilities June 30, December 31, 2023 June 30, December 31, 2023 Gross amounts recognized: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 77 $ 76 $ 43 $ 23 Copper derivatives 23 4 4 1 100 80 47 24 Less gross amounts of offset: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 7 — 7 — 7 — 7 — Net amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 70 76 36 23 Copper derivatives 23 4 4 1 $ 93 $ 80 $ 40 $ 24 Balance sheet classification: Trade accounts receivable $ 53 $ 76 $ 21 $ 2 Other current assets 22 4 — — Accounts payable and accrued liabilities 18 — 17 22 Other liabilities — — 2 — $ 93 $ 80 $ 40 $ 24
Offsetting Liabilities	A summary of these net unsettled commodity contracts in the balance sheet follows: Assets Liabilities June 30, December 31, 2023 June 30, December 31, 2023 Gross amounts recognized: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts $ 77 $ 76 $ 43 $ 23 Copper derivatives 23 4 4 1 100 80 47 24 Less gross amounts of offset: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 7 — 7 — 7 — 7 — Net amounts presented in balance sheet: Commodity contracts: Embedded derivatives in provisional sales/purchase contracts 70 76 36 23 Copper derivatives 23 4 4 1 $ 93 $ 80 $ 40 $ 24 Balance sheet classification: Trade accounts receivable $ 53 $ 76 $ 21 $ 2 Other current assets 22 4 — — Accounts payable and accrued liabilities 18 — 17 22 Other liabilities — — 2 — $ 93 $ 80 $ 40 $ 24
Schedule of Cash Flow, Supplemental Disclosures	The following table provides a reconciliation of total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows: June 30, December 31, 2023 Balance sheet components: Cash and cash equivalents a $ 5,273 $ 4,758 Restricted cash and cash equivalents, current b 1,030 1,208 Restricted cash and cash equivalents, long-term - included in other assets 99 97 Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows $ 6,402 $ 6,063 a. Includes (i) time deposits of $0.1 billion at June 30, 2024, and $0.3 billion at December 31, 2023, and (ii) cash designated for PT-FI’s new downstream processing facilities totaling $0.2 billion at December 31, 2023. b. Includes (i) $0.9 billion at June 30, 2024, and $1.1 billion at December 31, 2023, associated with 30% of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a regulation issued by the

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement Inputs Disclosure	A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 5), follows: At June 30, 2024 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 27 $ 27 $ 27 $ — $ — $ — Equity securities 7 7 — 7 — — Total 34 34 27 7 — — Legally restricted funds: a U.S. core fixed income fund 65 65 65 — — — Government mortgage-backed securities 49 49 — — 49 — Corporate bonds 35 35 — — 35 — Government bonds and notes 31 31 — — 31 — Money market funds 19 19 — 19 — — Asset-backed securities 13 13 — — 13 — Collateralized mortgage-backed securities 1 1 — — 1 — Total 213 213 65 19 129 — Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross asset position 77 77 — — 77 — Copper futures and swap contracts 18 18 — 11 7 — Copper forward contracts 5 5 — 2 3 — Total 100 100 — 13 87 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 47 39 — — — 39 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 43 43 — — 43 — Copper futures and swap contracts 4 4 — 2 2 — Total 47 47 — 2 45 — Long-term debt, including current portion d 9,426 9,221 — — 9,221 — At December 31, 2023 Carrying Fair Value Amount Total NAV Level 1 Level 2 Level 3 Assets Investment securities: a,b U.S. core fixed income fund $ 27 $ 27 $ 27 $ — $ — $ — Equity securities 6 6 — 6 — — Total 33 33 27 6 — — Legally restricted funds: a U.S. core fixed income fund 65 65 65 — — — Government mortgage-backed securities 51 51 — — 51 — Government bonds and notes 37 37 — — 37 — Corporate bonds 29 29 — — 29 — Money market funds 17 17 — 17 — — Asset-backed securities 12 12 — — 12 — Collateralized mortgage-backed securities 1 1 — — 1 — Total 212 212 65 17 130 — Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross asset position 76 76 — — 76 — Copper futures and swap contracts 4 4 — 3 1 — Total 80 80 — 3 77 — Contingent consideration for the sale of the Deepwater GOM oil and gas properties a 50 42 — — — 42 Liabilities Derivatives: c Embedded derivatives in provisional sales/purchase contracts in a gross liability position 23 23 — — 23 — Copper forward contracts 1 1 — 1 — — Total 24 24 — 1 23 — Long-term debt, including current portion d 9,422 9,364 — — 9,364 — a. Current portion included in other current assets and long-term portion included in other assets. b. Excludes amounts included in restricted cash and cash equivalents and other assets (which approximated fair value), primarily amounts associated with (i) PT-FI’s export proceeds ($0.9 billion at June 30, 2024, and $1.1 billion at December 31, 2023), (ii) assurance bonds to support PT-FI’s commitment for new downstream processing facilities ($0.1 billion at each of June 30, 2024, and December 31, 2023) and (iii) PT-FI’s mine closure and reclamation guarantees ($0.1 billion at each of June 30, 2024, and December 31, 2023). c. Refer to Note 5 for further discussion and balance sheet classifications. d. Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Revenue from External Customers by Products and Services	Product Revenues. FCX’s revenues attributable to the products it sold for the second quarter and first six months of 2024 and 2023 follow: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Copper: Cathode $ 2,237 $ 1,670 $ 4,178 $ 3,181 Concentrate 1,595 1,873 3,413 3,276 Rod and other refined copper products 974 884 1,927 1,805 Purchased copper a 300 72 466 276 Gold 935 999 2,103 1,530 Molybdenum 476 491 897 1,083 Silver and other 139 171 288 303 Adjustments to revenues: Royalty expense b (93) (94) (213) (154) Treatment charges (90) (142) (219) (243) PT-FI export duties c (75) 3 d (231) (14) d Revenues from contracts with customers 6,398 5,927 12,609 11,043 Embedded derivatives e 226 (190) 336 83 Total consolidated revenues $ 6,624 $ 5,737 $ 12,945 $ 11,126 a. FCX purchases copper cathode primarily for processing by its Rod & Refining operations. b. Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices. c. Export duties of 2.5% were eliminated effective March 29, 2023, upon verification that construction progress of the new smelter exceeded 50% and reinstated at a rate of 7.5% in July 2023 under a revised regulation. As discussed in Note 7, PT-FI will continue to pay export duties of 7.5% on copper concentrates during the smelter ramp-up period pursuant to Indonesia regulations. d. Includes credits associated with adjustments to prior-period export duties. e. Refer to Note 5 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.
Schedule of Segment Reporting Information, by Segment	Financial Information by Business Segment Atlantic Corporate, North America Copper Mines South America Operations Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Operations Mines Refining & Refining nations Total Three Months Ended June 30, 2024 Revenues: Unaffiliated customers $ 13 $ 10 $ 23 $ 1,075 $ 254 $ 1,329 $ 2,185 $ — $ 1,693 $ 898 $ 496 a $ 6,624 Intersegment 587 926 1,513 182 — 182 83 138 11 2 (1,929) — Production and delivery 438 713 1,151 679 b 181 860 672 134 1,692 859 (1,493) 3,875 DD&A 45 61 106 97 17 114 248 16 1 7 17 509 Selling, general and administrative expenses 1 — 1 2 — 2 30 — — 6 84 123 Exploration and research expenses 5 9 14 3 2 5 4 — — — 17 40 Environmental obligations and shutdown costs — — — — — — — — — — 28 28 Operating income (loss) 111 153 264 476 54 530 1,314 (12) 11 28 (86) 2,049 Interest expense, net — 1 1 5 — 5 6 — — 8 68 88 Other income, net — 1 1 5 — 5 30 — — 2 31 69 Provision for income taxes — — — 191 23 214 490 — — 1 49 754 Equity in affiliated companies’ net earnings — — — — — — 3 — — — 1 4 Net income attributable to noncontrolling interests — — — 142 22 164 463 c — — — 37 664 Total assets at June 30, 2024 3,182 6,508 9,690 8,368 1,988 10,356 26,501 1,915 273 1,410 4,490 54,635 Capital expenditures 47 196 243 67 23 90 648 36 11 37 51 1,116 Three Months Ended June 30, 2023 Revenues: Unaffiliated customers $ 26 $ 14 $ 40 $ 783 $ 190 $ 973 $ 2,039 $ — $ 1,463 $ 744 $ 478 a $ 5,737 Intersegment 570 980 1,550 175 — 175 198 150 10 4 (2,087) — Production and delivery 423 744 1,167 609 174 783 861 d 105 1,465 725 (1,557) 3,549 DD&A 42 57 99 117 15 132 275 14 1 7 19 547 Selling, general and administrative expenses 1 — 1 2 — 2 30 — — 7 75 115 Exploration and research expenses 3 15 18 3 1 4 — — — — 20 42 Environmental obligations and shutdown costs — 1 1 — — — — — — — 73 74 Operating income (loss) 127 177 304 227 — 227 1,071 31 7 9 (239) 1,410 Interest expense, net — — — 55 e — 55 12 — — 8 96 171 Net gain on early extinguishment of debt — — — — — — — — — — 5 5 Other (expense) income, net (1) (2) (3) (45) 4 (41) 28 (1) — — 41 24 Provision for income taxes — — — 113 — 113 410 — — — 16 539 Equity in affiliated companies’ net earnings — — — — — — — — — — 2 2 Net income attributable to noncontrolling interests — — — 18 2 20 368 c — — — — 388 Total assets at June 30, 2023 3,167 5,754 8,921 8,444 1,890 10,334 23,446 1,717 280 1,127 5,082 50,907 Capital expenditures 67 115 182 57 26 83 841 13 2 11 31 1,163 Financial Information by Business Segment (continued) (In Millions) Atlantic Corporate, North America Copper Mines South America Operations Copper Other Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX Morenci Other Total Verde Other Total Operations Mines Refining & Refining nations Total Six Months Ended June 30, 2024 Revenues: Unaffiliated customers $ 50 $ 50 $ 100 $ 1,901 $ 462 $ 2,363 $ 4,833 $ — $ 3,182 $ 1,571 $ 896 a $ 12,945 Intersegment 1,127 1,811 2,938 284 — 284 260 283 21 2 (3,788) — Production and delivery 897 1,478 2,375 1,282 b 351 1,633 1,533 253 3,179 1,509 (2,763) 7,719 DD&A 93 125 218 189 33 222 583 32 2 14 33 1,104 Selling, general and administrative expenses 1 1 2 4 — 4 61 — — 15 185 267 Exploration and research expenses 9 17 26 6 3 9 6 — — — 36 77 Environmental obligations and shutdown costs — — — — — — — — — — 95 95 Operating income (loss) 177 240 417 704 75 779 2,910 (2) 22 35 (478) 3,683 Interest expense, net — 1 1 10 — 10 7 — — 18 141 177 Other (expense) income, net — (1) (1) 16 13 29 68 — — 8 94 198 Provision for (benefit from) income taxes — — — 282 35 317 899 f — — (12) 62 1,266 Equity in affiliated companies’ net earnings — — — — — — 1 — — — 3 4 Net income attributable to noncontrolling interests — — — 218 36 254 1,063 c — — — 36 1,353 Capital expenditures 91 389 480 127 45 172 1,490 63 16 60 89 2,370 Six Months Ended June 30, 2023 Revenues: Unaffiliated customers $ 58 $ 111 $ 169 $ 1,741 $ 424 $ 2,165 $ 3,238 $ — $ 2,986 $ 1,493 $ 1,075 a $ 11,126 Intersegment 1,163 1,928 3,091 419 — 419 367 373 16 11 (4,277) — Production and delivery 804 1,525 2,329 1,229 361 1,590 1,199 d 201 2,992 1,459 (3,056) 6,714 DD&A 85 117 202 208 31 239 423 34 2 14 32 946 Selling, general and administrative expenses 1 1 2 4 — 4 58 — — 15 162 241 Exploration and research expenses 6 31 37 4 2 6 — — — — 30 73 Environmental obligations and shutdown costs — 22 22 — — — — — — — 119 141 Operating income (loss) 325 343 668 715 30 745 1,925 138 8 16 (489) 3,011 Interest expense, net — — — 84 e — 84 19 — — 14 205 322 Net gain on early extinguishment of debt — — — — — — — — — — 5 5 Other (expense) income, net (2) 1 (1) (27) (2) (29) 60 (1) (1) (5) 89 112 Provision for (benefit from) income taxes — — — 300 7 307 740 — — — (9) 1,038 Equity in affiliated companies’ net earnings — — — — — — 11 — — — 1 12 Net income (loss) attributable to noncontrolling interests — — — 158 20 178 639 c — — — (43) 774 Capital expenditures 123 255 378 118 65 183 1,613 22 7 23 58 2,284

General Information - Additiona

General Information - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Jun. 29, 2024	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Portion of Gold Sales Attributable to Parent		$ 190
PT Freeport Indonesia
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Deferred Income Tax Credits	$ 215,000		$ 215,000
PT Freeport Indonesia | PT Smelting
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equity method investment, percentage ownership	66%		66%	39.50%
PT Freeport Indonesia
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Increase In Equity Method Investment	$ 254,000		$ 254,000
Noncontrolling interest, ownership percentage by parent					81%		81%
FCX
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling interest, ownership percentage by parent						48.76%
PT Mineral Industri Indonesia
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling interest, ownership percentage by parent						26.24%
PT Indonesia Papua Metal Dan Mineral
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling interest, ownership percentage by parent						25%

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 1,280	$ 731	$ 2,442	$ 1,780
Net income attributable to noncontrolling interests	(664)	(388)	(1,353)	(774)
Undistributed dividends and earnings allocated to participating securities	(6)	(5)	(6)	(5)
Net income attributable to common stockholders	$ 610	$ 338	$ 1,083	$ 1,001
Basic weighted-average shares of common stock outstanding	1,438	1,434	1,437	1,434
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units	7	8	8	9
Diluted weighted-average shares of common stock outstanding	1,445	1,442	1,445	1,443
Earnings per share, basic (in dollars per share)	$ 0.42	$ 0.24	$ 0.75	$ 0.70
Earnings per share, diluted (in dollars per share)	$ 0.42	$ 0.23	$ 0.75	$ 0.69
Dilutive Securities Excluded from Computation of EPS Amount	0		0

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Before Income Taxes and Equity in an Affiliated Companies' Net Earnings (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
U.S.			$ (4)	$ 3
International			(1,262)	(1,041)
Total	$ (754)	$ (539)	$ (1,266)	$ (1,038)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended	6 Months Ended
	Jan. 01, 2023	May 31, 2024	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Income Tax Contingency [Line Items]
Consolidated effective income tax rate (percent)				34%	37%
Tax benefit related to closure of tax audit				$ 182
Nondeductible charges					$ 142
Unrecognized Tax Benefits, Period Increase (Decrease)		$ 269
Unrecognized Tax Benefits, Decrease In Interest And Penalties		$ 319
Three Years Average AFSI Limit, Corporate Alternative Minimum Tax	$ 1,000
Corporate Alternative Minimum Tax For Corporations With Average AFSI Over $1 Billion, Rate	15%
PT Freeport Indonesia
Income Tax Contingency [Line Items]
Deferred Income Tax Credits			$ 215	215
Unrecognized Tax Benefits, Period Increase (Decrease)				276
Unrecognized Tax Benefits, Decrease In Interest And Penalties				43
Unrecognized Tax Benefits, Decrease In Contingencies				179
Unrecognized Tax Benefits, Decrease In Contingencies, Penalties And Interest				35
PT Freeport Indonesia | Income Expense (Benefit)
Income Tax Contingency [Line Items]
Deferred Income Tax Credits				199
Deferred Income Taxes				17
PT Freeport Indonesia | Direct Operating Costs
Income Tax Contingency [Line Items]
Deferred Income Tax Credits				8
PT Freeport Indonesia | Interest Income (Expense), Net
Income Tax Contingency [Line Items]
Deferred Income Tax Credits				8
PT Freeport Indonesia | Other Nonoperating Income (Expense)
Income Tax Contingency [Line Items]
Deferred Income Taxes				$ 26

Debt and Equity - Components of

Debt and Equity - Components of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 9,426	$ 9,422
Less current portion of debt	(768)	(766)
Long-term debt, less current portion	8,658	8,656
Senior Notes | FCX
Debt Instrument [Line Items]
Long-term debt	6,008	6,005
Senior Notes | PT-FI
Debt Instrument [Line Items]
Long-term debt	2,981	2,980
Debentures | Freeport McMoRan Corporation
Debt Instrument [Line Items]
Long-term debt	353	354
Other
Debt Instrument [Line Items]
Long-term debt	$ 84	$ 83

Debt and Equity - Additional In

Debt and Equity - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended		32 Months Ended
	Jun. 26, 2024	Jul. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jul. 31, 2024	Aug. 01, 2024
Debt Instrument [Line Items]
Interest costs			$ 181	$ 234	$ 356	$ 441
Tax Matters In Peru, Contingent Liability				$ 50		$ 74
Stock repurchase program, authorized amount			$ 5,000		$ 5,000
Dividends declared per share of common stock (in dollars per share)	$ 0.15		$ 0.15	$ 0.15	$ 0.30	$ 0.30
Base cash dividend (in dollars per share)	0.075
Variable cash dividend (in dollars per share)	$ 0.075
Subsequent event
Debt Instrument [Line Items]
Treasury stock purchases (in shares)		1.2					49
Shares repurchased		$ 59					$ 1,900
Cost per share repurchased (in dollars per share)		$ 50.48					$ 38.64
Unsecured Credit Facility | PT-FI
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 1,750		$ 1,750
Unsecured Credit Facility | Cerro Verde
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			350		350
Line of credit			0		0
Revolving Credit Facility | PT-FI
Debt Instrument [Line Items]
Line of credit			0		0
Revolving Credit Facility | PT-FI | Subsequent event
Debt Instrument [Line Items]
Line of credit								$ 250
Property, Plant and Equipment
Debt Instrument [Line Items]
Interest costs capitalized			93	$ 62	179	$ 119
Line of Credit | Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, availability			1,500		1,500
Line of credit			7		7
Line of Credit | Revolving Credit Facility | October 2022 Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			3,000		3,000
Line of Credit | Revolving Credit Facility | PT-FI | October 2022 Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 500		$ 500

Financial Instruments - Unreali

Financial Instruments - Unrealized gains losses (Details) oz in Thousands, lb in Millions, $ in Millions		3 Months Ended		6 Months Ended
	Jun. 30, 2023 oz lb	Jun. 30, 2024 USD ($) $ / lb $ / oz $ / lb	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) lb $ / lb $ / oz $ / lb	Jun. 30, 2023 USD ($)
Commodity Contract
Unrealized gains (losses):
Derivative financial instruments		$ 1	$ (25)	$ 10	$ (11)
Hedged item – firm sales commitments		(1)	25	(10)	11
Realized gains (losses):
Matured derivative financial instruments		28	(5)	29	3
Matured derivative financial instruments		$ 28	(5)	$ 29	3
Commodity Contract | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb				95
Derivative, Average Forward Price | $ / lb		4.26		4.26
Forward Contracts | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb				44
Derivative, Average Forward Price | $ / lb		4.38		4.38
Realized gains (losses):
Matured derivative financial instruments		$ (17)	1	$ (26)	(1)
Matured derivative financial instruments		(17)	1	(26)	(1)
Copper | Not Designated as Hedging Instrument
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ 181	(169)	$ 247	61
Copper | Short [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	371
Derivative, Average Forward Price | $ / lb		4.26		4.26
Realized gains (losses):
Derivative Average Market Price | $ / lb		4.33		4.33
Copper | Long [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | lb	115
Derivative, Average Forward Price | $ / lb		4.39		4.39
Realized gains (losses):
Derivative Average Market Price | $ / lb		4.33		4.33
Gold | Short [Member] | Embedded Derivative Financial Instruments | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Nonmonetary Notional Amount, Mass | oz	93
Derivative, Average Forward Price | $ / oz		2,333		2,333
Realized gains (losses):
Derivative Average Market Price | $ / oz		2,344		2,344
gold and other | Not Designated as Hedging Instrument
Realized gains (losses):
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net		$ 45	$ (21)	$ 89	$ 22

Financial Instruments - Unsettl

Financial Instruments - Unsettled Derivatives (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 100	$ 80
Derivative Liability, Fair Value, Gross Liability	47	24
Derivative Asset, Fair Value, Gross Liability	7	0
Derivative Liability, Fair Value, Gross Asset	7	0
Derivative Asset	93	80
Derivative Liability	40	24
Trade accounts receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	53	76
Derivative Liability	21	2
Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	22	4
Derivative Liability	0	0
Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset	18	0
Derivative Liability	17	22
Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Asset	0	0
Derivative Liability	2	0
Commodity Contract
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	23	4
Derivative Liability, Fair Value, Gross Liability	4	1
Derivative Asset	23	4
Derivative Liability	4	1
Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	77	76
Derivative Liability, Fair Value, Gross Liability	43	23
Derivative Asset, Fair Value, Gross Liability	7	0
Derivative Liability, Fair Value, Gross Asset	7	0
Derivative Asset	70	76
Derivative Liability	36	23
Designated as Hedging Instrument [Member] | Commodity Contract
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	18	4
Derivative Liability, Fair Value, Gross Liability	4	0
Not Designated as Hedging Instrument | Embedded Derivative Financial Instruments
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	77	76
Derivative Liability, Fair Value, Gross Liability	43	23
Commodity Contract | Not Designated as Hedging Instrument | Forward Contracts
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	5	0
Derivative Liability, Fair Value, Gross Liability	$ 0	$ 1

Financial Instruments - Derivat

Financial Instruments - Derivative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Credit Derivative, Maximum Exposure, Undiscounted		$ 100
Cash and cash equivalents		5,273	$ 4,758
Restricted cash and cash equivalents		1,030	1,208
Restricted Cash and Cash Equivalents, Noncurrent		99	97
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows		6,402	6,063	$ 6,936	$ 8,390
Export Proceeds, Percent	30%
Bank Time Deposits
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents		100	300
Designated for Smelter Development Projects
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows			200
Designated For Export Proceeds
Cash and Cash Equivalents [Line Items]
Restricted cash and cash equivalents		900	1,100
Assurance Bonds
Cash and Cash Equivalents [Line Items]
Restricted cash and cash equivalents		$ 100	$ 100

Fair Value Measurement - Fair V

Fair Value Measurement - Fair Value Measurement Inputs (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2016
Investment securities (current and long-term):
Other Assets, Current	$ 389	$ 375
Other assets	1,843	1,810
Derivatives:
Derivative Asset	93	80
Derivatives: [Abstract]
Derivative Liability	40	24
Deepwater Gulf of Mexico Interests | Freeport-McMoRan Oil & Gas
Derivatives:
Discontinued Operation, Contingent Receivable			$ 150
Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Investments, Fair Value Disclosure	27	27
Trust Assets Fair Value Disclosure	65	65
Derivatives:
Derivative Asset	0	0
Discontinued Operation, Contingent Receivable	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Long-term debt, including current portion	0	0
Level 1
Investment securities (current and long-term):
Investments, Fair Value Disclosure	7	6
Trust Assets Fair Value Disclosure	19	17
Derivatives:
Derivative Asset	13	3
Discontinued Operation, Contingent Receivable	0	0
Derivatives: [Abstract]
Derivative Liability	2	1
Long-term debt, including current portion	0	0
Level 2
Investment securities (current and long-term):
Investments, Fair Value Disclosure	0	0
Trust Assets Fair Value Disclosure	129	130
Derivatives:
Derivative Asset	87	77
Discontinued Operation, Contingent Receivable	0	0
Derivatives: [Abstract]
Derivative Liability	45	23
Long-term debt, including current portion	9,221	9,364
Level 3
Investment securities (current and long-term):
Investments, Fair Value Disclosure	0	0
Trust Assets Fair Value Disclosure	0	0
Derivatives:
Derivative Asset	0	0
Discontinued Operation, Contingent Receivable	39	42
Derivatives: [Abstract]
Derivative Liability	0	0
Long-term debt, including current portion	0	0
Estimate of Fair Value Measurement
Investment securities (current and long-term):
Investments, Fair Value Disclosure	34	33
Trust Assets Fair Value Disclosure	213	212
Derivatives:
Derivative Asset	100	80
Discontinued Operation, Contingent Receivable	39	42
Derivatives: [Abstract]
Derivative Liability	47	24
Long-term debt, including current portion	9,221	9,364
Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Investments, Fair Value Disclosure	34	33
Trust Assets Fair Value Disclosure	213	212
Derivatives:
Derivative Asset	100	80
Discontinued Operation, Contingent Receivable	47	50
Derivatives: [Abstract]
Derivative Liability	47	24
Long-term debt, including current portion	9,426	9,422
Embedded Derivative Financial Instruments
Derivatives:
Derivative Asset	70	76
Derivatives: [Abstract]
Derivative Liability	36	23
Embedded Derivative Financial Instruments | Fair Value Measured at Net Asset Value Per Share
Derivatives:
Derivative Asset	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Embedded Derivative Financial Instruments | Level 1
Derivatives:
Derivative Asset	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Embedded Derivative Financial Instruments | Level 2
Derivatives:
Derivative Asset	77	76
Derivatives: [Abstract]
Derivative Liability	43	23
Embedded Derivative Financial Instruments | Level 3
Derivatives:
Derivative Asset	0	0
Derivatives: [Abstract]
Derivative Liability	0	0
Embedded Derivative Financial Instruments | Estimate of Fair Value Measurement
Derivatives:
Derivative Asset	77	76
Derivatives: [Abstract]
Derivative Liability	43	23
Embedded Derivative Financial Instruments | Carrying Amount, Fair Value Disclosure
Derivatives:
Derivative Asset	77	76
Derivatives: [Abstract]
Derivative Liability	43	23
Commodity Contract
Derivatives:
Derivative Asset	23	4
Derivatives: [Abstract]
Derivative Liability	4	1
Commodity Contract | Fair Value Measured at Net Asset Value Per Share
Derivatives:
Derivative Asset		0
Commodity Contract | Fair Value Measured at Net Asset Value Per Share | Futures and Swaps
Derivatives:
Derivative Asset	0
Derivatives: [Abstract]
Derivative Liability	0
Commodity Contract | Fair Value Measured at Net Asset Value Per Share | Forward Contracts
Derivatives: [Abstract]
Derivative Liability		0
Commodity Contract | Level 1
Derivatives:
Derivative Asset		3
Commodity Contract | Level 1 | Futures and Swaps
Derivatives:
Derivative Asset	11
Derivatives: [Abstract]
Derivative Liability	2
Commodity Contract | Level 1 | Forward Contracts
Derivatives: [Abstract]
Derivative Liability		1
Commodity Contract | Level 2
Derivatives:
Derivative Asset		1
Commodity Contract | Level 2 | Futures and Swaps
Derivatives:
Derivative Asset	7
Derivatives: [Abstract]
Derivative Liability	2
Commodity Contract | Level 2 | Forward Contracts
Derivatives: [Abstract]
Derivative Liability		0
Commodity Contract | Level 3
Derivatives:
Derivative Asset		0
Commodity Contract | Level 3 | Futures and Swaps
Derivatives:
Derivative Asset	0
Derivatives: [Abstract]
Derivative Liability	0
Commodity Contract | Level 3 | Forward Contracts
Derivatives: [Abstract]
Derivative Liability		0
Commodity Contract | Estimate of Fair Value Measurement
Derivatives:
Derivative Asset		4
Commodity Contract | Estimate of Fair Value Measurement | Futures and Swaps
Derivatives:
Derivative Asset	18
Derivatives: [Abstract]
Derivative Liability	4
Commodity Contract | Estimate of Fair Value Measurement | Forward Contracts
Derivatives: [Abstract]
Derivative Liability		1
Commodity Contract | Carrying Amount, Fair Value Disclosure
Derivatives:
Derivative Asset		4
Commodity Contract | Carrying Amount, Fair Value Disclosure | Futures and Swaps
Derivatives:
Derivative Asset	18
Derivatives: [Abstract]
Derivative Liability	4
Commodity Contract | Carrying Amount, Fair Value Disclosure | Forward Contracts
Derivatives: [Abstract]
Derivative Liability		1
Forward Contracts | Level 1
Derivatives:
Derivative Asset	2
Forward Contracts | Level 2
Derivatives:
Derivative Asset	3
Forward Contracts | Level 3
Derivatives:
Derivative Asset	0
Forward Contracts | Estimate of Fair Value Measurement
Derivatives:
Derivative Asset	5
Forward Contracts | Carrying Amount, Fair Value Disclosure
Derivatives:
Derivative Asset	5
U.S. core fixed income fund | Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Marketable Securities	27	27
Trust Assets Fair Value Disclosure	65	65
U.S. core fixed income fund | Level 1
Investment securities (current and long-term):
Marketable Securities	0	0
Trust Assets Fair Value Disclosure	0	0
U.S. core fixed income fund | Level 2
Investment securities (current and long-term):
Marketable Securities	0	0
Trust Assets Fair Value Disclosure	0	0
U.S. core fixed income fund | Level 3
Investment securities (current and long-term):
Marketable Securities	0	0
Trust Assets Fair Value Disclosure	0	0
U.S. core fixed income fund | Estimate of Fair Value Measurement
Investment securities (current and long-term):
Marketable Securities	27	27
Trust Assets Fair Value Disclosure	65	65
U.S. core fixed income fund | Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Marketable Securities	27	27
Trust Assets Fair Value Disclosure	65	65
Equity securities | Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Marketable Securities	0	0
Equity securities | Level 1
Investment securities (current and long-term):
Marketable Securities	7	6
Equity securities | Level 2
Investment securities (current and long-term):
Marketable Securities	0	0
Equity securities | Level 3
Investment securities (current and long-term):
Marketable Securities	0	0
Equity securities | Estimate of Fair Value Measurement
Investment securities (current and long-term):
Marketable Securities	7	6
Equity securities | Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Marketable Securities	7	6
Government mortgage-backed securities | Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government mortgage-backed securities | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government mortgage-backed securities | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	49	51
Government mortgage-backed securities | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government mortgage-backed securities | Estimate of Fair Value Measurement
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	49	51
Government mortgage-backed securities | Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	49	51
Corporate bonds | Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Corporate bonds | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Corporate bonds | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	35	29
Corporate bonds | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Corporate bonds | Estimate of Fair Value Measurement
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	35	29
Corporate bonds | Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	35	29
Government bonds | Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
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	31	37
Government bonds | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Government bonds | Estimate of Fair Value Measurement
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	31	37
Government bonds | Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	31	37
Money market funds | Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Money market funds | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	19	17
Money market funds | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Money market funds | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Money market funds | Estimate of Fair Value Measurement
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	19	17
Money market funds | Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	19	17
Asset-backed securities | Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Asset-backed securities | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Asset-backed securities | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	13	12
Asset-backed securities | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Asset-backed securities | Estimate of Fair Value Measurement
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	13	12
Asset-backed securities | Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	13	12
Collateralized Mortgage Backed Securities | Fair Value Measured at Net Asset Value Per Share
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Collateralized Mortgage Backed Securities | Level 1
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Collateralized Mortgage Backed Securities | Level 2
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	1	1
Collateralized Mortgage Backed Securities | Level 3
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	0	0
Collateralized Mortgage Backed Securities | Estimate of Fair Value Measurement
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	1	1
Collateralized Mortgage Backed Securities | Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Trust Assets Fair Value Disclosure	1	1
Bank Time Deposits | Carrying Amount, Fair Value Disclosure
Investment securities (current and long-term):
Other Assets, Current	100	100
Other assets	100	$ 100
Fair Value, Recurring [Member] | Forward Contracts | Estimate of Fair Value Measurement
Derivatives:
Derivative Asset	$ 0

Contingencies and Commitments -

Contingencies and Commitments - Environmental (Details) $ in Millions	3 Months Ended
	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Accrual for environmental loss contingencies, period increase	$ 79

Contingencies and Commitments_2

Contingencies and Commitments - Asset Retirement Obligations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Commitments [Line Items]
Increase in ARO liability and asset retirement cost asset	$ 261
Production and delivery	3,875	$ 3,549	$ 7,719	$ 6,714
Freeport-McMoRan Oil & Gas
Other Commitments [Line Items]
Increase in ARO liability and asset retirement cost asset			$ 105
Production and delivery	$ 98

Contingencies and Commitments_3

Contingencies and Commitments - Litigation (Details) $ in Millions	3 Months Ended
	Jun. 30, 2024 USD ($)	Dec. 31, 2019 case
Loss Contingencies [Line Items]
Payments for Legal Settlements | $	$ 15
Louisiana Parishes Coastal Erosion Cases | FCX affiliates
Loss Contingencies [Line Items]
Number of pending claims		42
Number of Parishes That Filed Claims		6
Settled litigation | Louisiana Parishes Coastal Erosion Cases | FCX affiliates
Loss Contingencies [Line Items]
Number of pending claims		13

Contingencies and Commitments_4

Contingencies and Commitments - Indonesia Regulatory Matters (Details)	Jul. 02, 2024	May 30, 2024
Other Commitments [Line Items]
Domestic ownership percentage		51%
Additional ownership percentage		10%
Subsequent event
Other Commitments [Line Items]
Export duty to be paid, percent	7.50%

Business Segments (Product Reve

Business Segments (Product Revenue) (Details) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Revenue from External Customer [Line Items]
Number of Operating Segments | segment				4
Royalty expense		$ (93)	$ (94)	$ (213)	$ (154)
Treatment charges		(90)	(142)	(219)	(243)
PT-FI export dutiesc		(75)	3	(231)	(14)
Revenues from contracts with customers		6,398	5,927	12,609	11,043
Revenues		$ 6,624	$ 5,737	12,945	$ 11,126
Export Duty On Copper Concentrates, Paid, Percent			2.50%
Construction progress			50%		50%
Export Duty On Copper Concentrates, Percent	7.50%	7.50%
Sales | Not Designated as Hedging Instrument
Revenue from External Customer [Line Items]
Matured derivative financial instruments		$ 226	$ (190)	336	$ 83
Copper Cathode
Revenue from External Customer [Line Items]
Revenue		2,237	1,670	4,178	3,181
Copper In Concentrates
Revenue from External Customer [Line Items]
Revenue		1,595	1,873	3,413	3,276
Refined Copper Products
Revenue from External Customer [Line Items]
Revenue		974	884	1,927	1,805
Purchased Copper
Revenue from External Customer [Line Items]
Revenue		300	72	466	276
Gold
Revenue from External Customer [Line Items]
Revenue		935	999	2,103	1,530
Molybdenum
Revenue from External Customer [Line Items]
Revenue		476	491	897	1,083
Silver And Other
Revenue from External Customer [Line Items]
Revenue		$ 139	$ 171	$ 288	$ 303

Business Segments (Segment Repo

Business Segments (Segment Reporting) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 6,624	$ 5,737	$ 12,945	$ 11,126
Production and delivery	3,875	3,549	7,719	6,714
Cost, Depreciation, Amortization and Depletion	509	547	1,104	946
Selling, general and administrative expenses	123	115	267	241
Exploration and research expenses	40	42	77	73
Environmental obligations and shutdown costs	28	74	95	141
Operating income	2,049	1,410	3,683	3,011
Interest expense, net	88	171	177	322
Net gain on early extinguishment of debt	0	5	0	5
Other Nonoperating Income (Expense)	69	24	198	112
Provision for (benefit from) income taxes	754	539	1,266	1,038
Equity in affiliated companies’ net earnings	4	2	4	12
Net income (loss) attributable to noncontrolling interests	664	388	1,353	774
Total assets	54,635	50,907	54,635	50,907	$ 52,506
Capital expenditures	1,116	1,163	2,370	2,284
PT Freeport Indonesia
Segment Reporting Information [Line Items]
Provision for (benefit from) income taxes	182
Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	23	40	100	169
Production and delivery	1,151	1,167	2,375	2,329
Cost, Depreciation, Amortization and Depletion	106	99	218	202
Selling, general and administrative expenses	1	1	2	2
Exploration and research expenses	14	18	26	37
Environmental obligations and shutdown costs	0	1	0	22
Operating income	264	304	417	668
Interest expense, net	1	0	1	0
Net gain on early extinguishment of debt		0		0
Other Nonoperating Income (Expense)	1	(3)	(1)	(1)
Provision for (benefit from) income taxes	0	0	0	0
Equity in affiliated companies’ net earnings	0	0	0	0
Net income (loss) attributable to noncontrolling interests	0	0	0	0
Total assets	9,690	8,921	9,690	8,921
Capital expenditures	243	182	480	378
Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues	1,329	973	2,363	2,165
Production and delivery	860	783	1,633	1,590
Cost, Depreciation, Amortization and Depletion	114	132	222	239
Selling, general and administrative expenses	2	2	4	4
Exploration and research expenses	5	4	9	6
Environmental obligations and shutdown costs	0	0	0	0
Operating income	530	227	779	745
Interest expense, net	5	55	10	84
Net gain on early extinguishment of debt		0		0
Other Nonoperating Income (Expense)	5	(41)	29	(29)
Provision for (benefit from) income taxes	214	113	317	307
Equity in affiliated companies’ net earnings	0	0	0	0
Net income (loss) attributable to noncontrolling interests	164	20	254	178
Total assets	10,356	10,334	10,356	10,334
Capital expenditures	90	83	172	183
Corporate And Eliminations
Segment Reporting Information [Line Items]
Revenues	496	478	896	1,075
Production and delivery	(1,493)	(1,557)	(2,763)	(3,056)
Cost, Depreciation, Amortization and Depletion	17	19	33	32
Selling, general and administrative expenses	84	75	185	162
Exploration and research expenses	17	20	36	30
Environmental obligations and shutdown costs	28	73	95	119
Operating income	(86)	(239)	(478)	(489)
Interest expense, net	68	96	141	205
Net gain on early extinguishment of debt		5		5
Other Nonoperating Income (Expense)	31	41	94	89
Provision for (benefit from) income taxes	49	16	62	(9)
Equity in affiliated companies’ net earnings	1	2	3	1
Net income (loss) attributable to noncontrolling interests	37	0	36	(43)
Total assets	4,490	5,082	4,490	5,082
Capital expenditures	51	31	89	58
Intersegment
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	1,513	1,550	2,938	3,091
Intersegment | South America
Segment Reporting Information [Line Items]
Revenues	182	175	284	419
Morenci | Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	13	26	50	58
Production and delivery	438	423	897	804
Cost, Depreciation, Amortization and Depletion	45	42	93	85
Selling, general and administrative expenses	1	1	1	1
Exploration and research expenses	5	3	9	6
Environmental obligations and shutdown costs	0	0	0	0
Operating income	111	127	177	325
Interest expense, net	0	0	0	0
Net gain on early extinguishment of debt		0		0
Other Nonoperating Income (Expense)	0	(1)	0	(2)
Provision for (benefit from) income taxes	0	0	0	0
Equity in affiliated companies’ net earnings	0	0	0	0
Net income (loss) attributable to noncontrolling interests	0	0	0	0
Total assets	3,182	3,167	3,182	3,167
Capital expenditures	47	67	91	123
Morenci | Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	587	570	1,127	1,163
Other Individually Immaterial Operating Segments | Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	10	14	50	111
Production and delivery	713	744	1,478	1,525
Cost, Depreciation, Amortization and Depletion	61	57	125	117
Selling, general and administrative expenses	0	0	1	1
Exploration and research expenses	9	15	17	31
Environmental obligations and shutdown costs	0	1	0	22
Operating income	153	177	240	343
Interest expense, net	1	0	1	0
Net gain on early extinguishment of debt		0		0
Other Nonoperating Income (Expense)	1	(2)	(1)	1
Provision for (benefit from) income taxes	0	0	0	0
Equity in affiliated companies’ net earnings	0	0	0	0
Net income (loss) attributable to noncontrolling interests	0	0	0	0
Total assets	6,508	5,754	6,508	5,754
Capital expenditures	196	115	389	255
Other Individually Immaterial Operating Segments | Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues	254	190	462	424
Production and delivery	181	174	351	361
Cost, Depreciation, Amortization and Depletion	17	15	33	31
Selling, general and administrative expenses	0	0	0	0
Exploration and research expenses	2	1	3	2
Environmental obligations and shutdown costs	0	0	0	0
Operating income	54	0	75	30
Interest expense, net	0	0	0	0
Net gain on early extinguishment of debt		0		0
Other Nonoperating Income (Expense)	0	4	13	(2)
Provision for (benefit from) income taxes	23	0	35	7
Equity in affiliated companies’ net earnings	0	0	0	0
Net income (loss) attributable to noncontrolling interests	22	2	36	20
Total assets	1,988	1,890	1,988	1,890
Capital expenditures	23	26	45	65
Other Individually Immaterial Operating Segments | Intersegment | North America
Segment Reporting Information [Line Items]
Revenues	926	980	1,811	1,928
Other Individually Immaterial Operating Segments | Intersegment | South America
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Cerro Verde | Peruvian Supreme Court
Segment Reporting Information [Line Items]
Interest expense, net		(50)		(74)
Cerro Verde | Operating Segments | South America
Segment Reporting Information [Line Items]
Revenues	1,075	783	1,901	1,741
Production and delivery	679	609	1,282	1,229
Cost, Depreciation, Amortization and Depletion	97	117	189	208
Selling, general and administrative expenses	2	2	4	4
Exploration and research expenses	3	3	6	4
Environmental obligations and shutdown costs	0	0	0	0
Operating income	476	227	704	715
Interest expense, net	5	55	10	84
Net gain on early extinguishment of debt		0		0
Other Nonoperating Income (Expense)	5	(45)	16	(27)
Provision for (benefit from) income taxes	191	113	282	300
Equity in affiliated companies’ net earnings	0	0	0	0
Net income (loss) attributable to noncontrolling interests	142	18	218	158
Total assets	8,368	8,444	8,368	8,444
Capital expenditures	67	57	127	118
Labor-related charges	65		65
Cerro Verde | Intersegment | South America
Segment Reporting Information [Line Items]
Revenues	182	175	284	419
Grasberg Segment
Segment Reporting Information [Line Items]
Capital expenditures			750	790
Grasberg Segment | Operating Segments | Indonesia
Segment Reporting Information [Line Items]
Revenues	2,185	2,039	4,833	3,238
Production and delivery	672	861	1,533	1,199
Cost, Depreciation, Amortization and Depletion	248	275	583	423
Selling, general and administrative expenses	30	30	61	58
Exploration and research expenses	4	0	6	0
Environmental obligations and shutdown costs	0	0	0	0
Operating income	1,314	1,071	2,910	1,925
Interest expense, net	6	12	7	19
Net gain on early extinguishment of debt		0		0
Other Nonoperating Income (Expense)	30	28	68	60
Provision for (benefit from) income taxes	490	410	899	740
Equity in affiliated companies’ net earnings	3	0	1	11
Net income (loss) attributable to noncontrolling interests	463	368	1,063	639
Total assets	26,501	23,446	26,501	23,446
Capital expenditures	648	841	1,490	1,613
Administrative fine		55		55
Grasberg Segment | Intersegment | Indonesia
Segment Reporting Information [Line Items]
Revenues	83	198	260	367
Molybdenum
Segment Reporting Information [Line Items]
Capital expenditures			63	22
Molybdenum | Operating Segments
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Production and delivery	134	105	253	201
Cost, Depreciation, Amortization and Depletion	16	14	32	34
Selling, general and administrative expenses	0	0	0	0
Exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Operating income	(12)	31	(2)	138
Interest expense, net	0	0	0	0
Net gain on early extinguishment of debt		0		0
Other Nonoperating Income (Expense)	0	(1)	0	(1)
Provision for (benefit from) income taxes	0	0	0	0
Equity in affiliated companies’ net earnings	0	0	0	0
Net income (loss) attributable to noncontrolling interests	0	0	0	0
Total assets	1,915	1,717	1,915	1,717
Capital expenditures	36	13	63	22
Molybdenum | Intersegment
Segment Reporting Information [Line Items]
Revenues	138	150	283	373
Rod and Refining Segment | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,693	1,463	3,182	2,986
Production and delivery	1,692	1,465	3,179	2,992
Cost, Depreciation, Amortization and Depletion	1	1	2	2
Selling, general and administrative expenses	0	0	0	0
Exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Operating income	11	7	22	8
Interest expense, net	0	0	0	0
Net gain on early extinguishment of debt		0		0
Other Nonoperating Income (Expense)	0	0	0	(1)
Provision for (benefit from) income taxes	0	0	0	0
Equity in affiliated companies’ net earnings	0	0	0	0
Net income (loss) attributable to noncontrolling interests	0	0	0	0
Total assets	273	280	273	280
Capital expenditures	11	2	16	7
Rod and Refining Segment | Intersegment
Segment Reporting Information [Line Items]
Revenues	11	10	21	16
Atlantic Copper Smelting and Refining Segment | Operating Segments
Segment Reporting Information [Line Items]
Revenues	898	744	1,571	1,493
Production and delivery	859	725	1,509	1,459
Cost, Depreciation, Amortization and Depletion	7	7	14	14
Selling, general and administrative expenses	6	7	15	15
Exploration and research expenses	0	0	0	0
Environmental obligations and shutdown costs	0	0	0	0
Operating income	28	9	35	16
Interest expense, net	8	8	18	14
Net gain on early extinguishment of debt		0		0
Other Nonoperating Income (Expense)	2	0	8	(5)
Provision for (benefit from) income taxes	1	0	(12)	0
Equity in affiliated companies’ net earnings	0	0	0	0
Net income (loss) attributable to noncontrolling interests	0	0	0	0
Total assets	1,410	1,127	1,410	1,127
Capital expenditures	37	11	60	23
Atlantic Copper Smelting and Refining Segment | Intersegment
Segment Reporting Information [Line Items]
Revenues	2	4	2	11
Corporate And Eliminations | Intersegment
Segment Reporting Information [Line Items]
Revenues	$ (1,929)	$ (2,087)	$ (3,788)	$ (4,277)