<ARTICLE>                                                                      5
<LEGEND>   THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
           THE CONSOLIDATED BALANCE SHEET AT SEPTEMBER 30, 1994 AND THE RELATED
           CONSOLIDATED STATEMENTS OF OPERATIONS AND OF CASH FLOWS FOR THE NINE
           MONTHS ENDED SEPTEMBER 30, 1994 OF PHELPS DODGE CORPORATION AND ITS
           SUBSIDIARIES AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
           FINANCIAL STATEMENTS.

<MULTIPLIER>                                                               1,000
<CURRENCY>                                                          U.S. DOLLARS
<PERIOD-TYPE>                                                              9-MOS
<FISCAL-YEAR-END>                                                    DEC-31-1994
<PERIOD-END>                                                         SEP-30-1994
<EXCHANGE-RATE>                                                                1
<CASH>                                                                   194,200
<SECURITIES>                                                                   0
<RECEIVABLES>                                                            459,800
<ALLOWANCES>                                                                   0
<INVENTORY>                                                              257,100
<CURRENT-ASSETS>                                                       1,071,300
<PP&E>                                                                 2,520,700
<DEPRECIATION>                                                                 0
<TOTAL-ASSETS>                                                         3,990,900
<CURRENT-LIABILITIES>                                                    630,700
<BONDS>                                                                  592,500
<COMMON>                                                                 441,900
<PREFERRED-MANDATORY>                                                          0
<PREFERRED>                                                                    0
<OTHER-SE>                                                             1,713,300
<TOTAL-LIABILITY-AND-EQUITY>                                           3,990,900
<SALES>                                                                2,288,400
<TOTAL-REVENUES>                                                       2,288,400
<CGS>                                                                  1,700,900
<TOTAL-COSTS>                                                          1,700,900
<OTHER-EXPENSES>                                                         272,800
<LOSS-PROVISION>                                                               0
<INTEREST-EXPENSE>                                                        20,500
<INCOME-PRETAX>                                                          299,900
<INCOME-TAX>                                                              93,000
<INCOME-CONTINUING>                                                      207,400
<DISCONTINUED>                                                                 0
<EXTRAORDINARY>                                                                0
<CHANGES>                                                                      0
<NET-INCOME>                                                             207,400
<EPS-PRIMARY>                                                               2.92
<EPS-DILUTED>                                                               2.92