Freeport-McMoRan 2013 Annual Report Download - page 5

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OIL & GAS
UNITED STATES
Oil 350 MMBbls
Natural Gas 562 Bcf
Natural Gas Liquids 20 MMBbls
MMBOE 464
Oil 26.6 MMBbls
Natural Gas 54.2 Bcf
Natural Gas Liquids 2.4 MMBbls
MMBOE 38.1
TO OUR SHAREHOLDERS
We are pleased to present our 2013 Annual Report to showcase our assets, report our financial
and operating results and share our company’s enthusiasm for future profitable growth. The
theme of this year’s annual report, “Strength in Resources,” highlights our portfolio of large-scale,
geographically diverse natural resource assets in the mining and oil and gas sectors, which provide
strong margins and cash flows and financially attractive growth opportunities.
Following the completion of our oil and gas acquisitions during 2013, our organization
maintained a clear focus on executing a strategy firmly rooted in maximizing shareholder returns
through effective management of our existing production base, executing on our return-driven
growth plans, maintaining a strong balance sheet and providing cash returns to shareholders.
We reported strong operational performance globally and increased our copper production in each of
the four geographic regions of our mining business. We also benefited from a significant contribution
from oil and gas assets acquired during 2013, which provide a high-quality addition to our asset base
with strong margins and cash flows, and a highly attractive and exciting new growth profile.
We faced volatile commodity market conditions during 2013 and into 2014. While copper and gold
prices declined during the year, Brent crude oil prices remained firm and natural gas prices improved
during 2013. We took steps to reduce costs and capital spending in response to market conditions
and will continue to maintain financial flexibility in a dynamic global economic environment.
As a significant producer of copper and oil, we are positive about the long-term outlook for these
commodities given their important roles in the global economy and limited supplies.
During the year, we advanced several large projects in our minerals and oil and gas businesses
that pave the way for future growth. Important milestones achieved during 2013, and continuing
in 2014, provide confidence that these initiatives will enable us to grow our cash flows and
resource base. We also continued active exploration activities and are enthusiastic about future
reserve additions in our minerals and oil and gas businesses. We look forward to reporting on the
progress of these activities in 2014.
LETTER TO OUR SHAREHOLDERS
GRASBERG, INDONESIA
TENKE FUNGURUME, DEMOCRATIC REPUBLIC OF CONGO
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