Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced
today that its Board of Directors intends to declare a supplemental
dividend of $1.00 per share of common stock immediately following
the closing of the pending acquisition of Plains Exploration &
Production Company (NYSE: PXP). This supplemental dividend would be
in addition to FCX’s regular quarterly common stock dividend of
$0.3125 per share.
The payment of the dividend is intended to benefit both FCX’s
current shareholders and the FCX shares to be issued in connection
with the pending acquisition of Plains Exploration & Production
Company. The declaration of the supplemental dividend is
conditional on the closing of the transaction.
In addition, a special committee of FCX’s Board of Directors
formed to consider the transaction and the FCX Board of Directors
have agreed to allow Plains Exploration & Production Company to
pay a $3.00 per share cash dividend to PXP stockholders upon
completion of the transaction.
FCX also announced that, assuming completion of the pending
acquisitions of Plains Exploration & Production Company and
McMoRan Exploration Co. (NYSE: MMR), it plans to complete $1.5
billion in asset sales from the combined company and/or to reduce
its capital spending plans. In addition, FCX reiterated its
commitment to limit oil and gas capital expenditures to the cash
flows generated by the oil and gas business.
James R. Moffett, Chairman of the Board and Richard C.
Adkerson, President and Chief Executive Officer said, “We are
pleased to announce this planned action which is consistent with
our Board’s long standing tradition of providing cash returns to
shareholders. This dividend in no way changes our commitment
to reduce debt on completion of the pending acquisitions.
The planned asset sales, combined with our significant cash
flows and disciplined approach to investing in capital projects,
will enable us to meet our target of reducing debt to $12 billion
over a three year period. We are committed to continuing our track
record of maintaining a strong balance sheet, operational
excellence, return driven capital investments and focus on creating
shareholder value.”
Based on approximately 1,038 million common shares expected to
be outstanding, the supplemental dividend payment will approximate
$1.0 billion. If declared and paid, this supplemental dividend
would be the eleventh supplemental dividend paid by FCX since
2004.
FCX is a leading international mining company with headquarters
in Phoenix, Arizona. FCX operates large, long-lived, geographically
diverse assets with significant proven and probable reserves of
copper, gold and molybdenum. FCX has a dynamic portfolio of
operating, expansion and growth projects in the copper industry and
is the world’s largest producer of molybdenum.
The company’s portfolio of assets includes the Grasberg minerals
district, one of the world’s largest copper and gold mines in terms
of recoverable reserves; significant mining operations in the
Americas, including the large scale Morenci and Safford minerals
districts in North America and the Cerro Verde and El Abra
operations in South America; and the Tenke Fungurume minerals
district in the Democratic Republic of Congo. Additional
information about FCX is available on FCX's website at
www.fcx.com.
Cautionary Statement Regarding Forward Looking
Statements: This press release contains forward-looking
statements in which we discuss factors we believe may affect our
potential future performance factors related to the proposed
transaction, and factors relating to our future operations.
Forward-looking statements are all statements other than historical
facts. The words “anticipates,” “may,” “can,” “plans,” “believes,”
“estimates,” “expects,” “projects,” “intends,” “likely,” “will,”
“should,” “to be,” “would be” and any similar expressions or other
words of similar meaning are intended to identify those assertions
as forward-looking statements. It is uncertain whether the events
described in the forward-looking statements will transpire, or if
they do what impact they will have on the results of operations and
financial condition of FCX, PXP or the combined company, on the
declaration of dividends by either party, on any future asset
sales, or on future capital allocation decisions. These
forward-looking statements involve significant risks and
uncertainties that could cause actual results to differ materially
from those anticipated, including but not limited to the actual
timing and amount of any dividends paid or declared by either
party, the ability of FCX to consummate any future asset sales on
beneficial terms or at all, the timing and proceeds generated by
any such sales, the ability of FCX to determine that all or a
portion of the contemplated asset sales are not desirable and not
to pursue or consummate such sales, the ability of FCX to determine
not to proceed with reductions in any capital spending plans, the
ability of FCX to fund its oil and gas business with cash flows
generated by such business, FCX’s future capital needs and capital
allocation decisions, including future decisions by FCX to allocate
capital among its operating segments and to fund its capital
expenditures in a manner other than the manner set forth in the
press release, FCX’s ability to meet its stated debt reduction
goals, the ability of the parties to satisfy the conditions
precedent and consummate the proposed transaction, the timing of
consummation of the proposed transaction, the ability of the
parties to secure required approvals in a timely manner or on the
terms desired or anticipated, the ability of FCX to integrate the
acquired operations, the ability to implement the anticipated
business plans following closing and achieve anticipated benefits
and savings, and the ability to realize opportunities for growth.
The declaration of dividends is at the discretion of the Company's
Board of Directors and will depend on the Company's financial
results, cash requirements, future prospects, and other factors
deemed relevant by the Board. Additional important factors that
might cause actual results to differ materially from results
anticipated by forward-looking statements include factors described
in FCX's Annual Report on Form 10-K for the year ended December 31,
2012, filed with the Securities and Exchange Commission on February
22, 2013, as amended on April 23, 2013, PXP’s Annual Report on Form
10-K for the year ended December 31, 2012, filed with the
Securities and Exchange Commission on February 21, 2013, as amended
on February 25, 2013 and April 29, 2013, and in the other documents
that FCX and PXP file with the SEC from time to time.
Additional Information about the Proposed Transaction and
Where to Find It: In connection with the proposed transaction,
FCX has filed with the SEC a registration statement on Form S-4
that includes a definitive proxy statement of PXP that also
constitutes a prospectus of FCX. FCX and PXP also plan to file
other relevant documents with the SEC regarding the proposed
transaction. INVESTORS ARE URGED TO READ THE PROXY
STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE
SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. You may obtain a
free copy of the definitive proxy statement/prospectus and other
relevant documents filed by FCX and PXP with the SEC at the SEC’s
website at www.sec.gov. In addition, you may obtain free copies of
the registration statement and the proxy statement/prospectus by
phone, e-mail or written request by contacting the investor
relations department of FCX or PXP at the following:
Freeport-McMoRan
Copper & Gold Inc.
Plains Exploration
& Production Company
333 N. Central Ave. 700 Milam, Suite 3100 Phoenix, AZ 85004
Houston, TX 77002 Attention: Investor Relations Attention: Investor
Relations Phone: (602) 366-8400 Phone: (713) 579-6000
Email: ir@fmi.com
Email: investor@pxp.com
FCX and PXP and their respective directors and executive
officers and other members of management and employees may be
deemed to be participants in the solicitation of proxies in respect
of the proposed transaction. Information about FCX’s directors and
executive officers is available in FCX’s 2012 Annual Report on Form
10-K, filed with the SEC on February 22, 2013, as amended on April
23, 2013.. Information about PXP’s directors and executive officers
is available in PXP’s 2012 Annual Report on Form 10-K filed with
the SEC on February 21, 2013, as amended on February 25, 2013 and
April 29, 2013. Other information regarding the participants in the
proxy solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, is contained in the
proxy statement/prospectus and other relevant materials which may
be filed with the SEC regarding the merger. Investors should read
the proxy statement/prospectus carefully before making any voting
or investment decisions. You may obtain free copies of these
documents from FCX or PXP using the sources indicated above.
This document shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the U.S.
Securities Act of 1933, as amended.
Grafico Azioni Plains Exploration (NYSE:PXP)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Plains Exploration (NYSE:PXP)
Storico
Da Giu 2023 a Giu 2024