Freeport-McMoRan 2014 Annual Report Download - page 84

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CONSOLIDATED STATEMENTS OF OPERATIONS
82
Years Ended December 31, 2014 2013 2012
(In millions, except per share amounts)
Revenues
$ 21,438
$ 20,921 $ 18,010
Cost of sales:
Production and delivery
11,904
11,840 10,382
Depreciation, depletion and amortization
3,863
2,797 1,179
Impairment of oil and gas properties 3,737 — —
Total cost of sales
19,504
14,637 11,561
Selling, general and administrative expenses
592
657 431
Mining exploration and research expenses
126
210 285
Environmental obligations and shutdown costs
119
66 (22)
Goodwill impairment
1,717
— —
Net gain on sales of assets
(717)
— —
Gain on insurance settlement — — (59)
Total costs and expenses 21,341 15,570 12,196
Operating income
97
5,351 5,814
Interest expense, net
(630)
(518) (186)
Net gain (loss) on early extinguishment of debt
73
(35) (168)
Gain on investment in McMoRan Exploration Co. (MMR)
—
128 —
Other income (expense), net 36 (13) 27
(Loss) income before income taxes and equity in affiliated companies’ net earnings
(424)
4,913 5,487
Provision for income taxes
(324)
(1,475) (1,510)
Equity in affiliated companies’ net earnings 3 3 3
Net (loss) income
(745)
3,441 3,980
Net income attributable to noncontrolling interests
(523)
(761) (939)
Preferred dividends attributable to redeemable noncontrolling interest (40) (22) —
Net (loss) income attributable to FCX common stockholders $ (1,308) $ 2,658 $ 3,041
Net (loss) income per share attributable to FCX common stockholders:
Basic $ (1.26) $ 2.65 $ 3.20
Diluted $ (1.26) $ 2.64 $ 3.19
Weighted-average common shares outstanding:
Basic 1,039 1,002 949
Diluted 1,039 1,006 954
Dividends declared per share of common stock $ 1.25 $ 2.25 $ 1.25
The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements.