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United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark one)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from   to
Commission file number: 001-11307-01
fcx-20220930_g1.jpg
Freeport-McMoRan Inc.
(Exact name of registrant as specified in its charter)
Delaware74-2480931
(State or other jurisdiction of(I.R.S. Employer Identification No.)
incorporation or organization) 
333 North Central Avenue
PhoenixAZ85004-2189
(Address of principal executive offices)(Zip Code)
(602) 366-8100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.10 per shareFCXThe New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes  ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes  ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☑
Accelerated filer
☐
Non-accelerated filer  
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  ☐ Yes  ☑ No 
On October 31, 2022, there were issued and outstanding 1,429,327,191 shares of the registrant’s common stock, par value $0.10 per share.


Freeport-McMoRan Inc.

TABLE OF CONTENTS
  
 Page
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
S-1
  

2
Table of Contents                 
Part I.FINANCIAL INFORMATION

Item 1.Financial Statements.

Freeport-McMoRan Inc.
CONSOLIDATED BALANCE SHEETS (Unaudited)
September 30,
2022		December 31,
2021
 (In millions)
ASSETS  
Current assets:  
Cash and cash equivalents$8,578 $8,068 
Trade accounts receivable844 1,168 
Income and other tax receivables485 574 
Inventories: 
Materials and supplies, net1,873 1,669 
Mill and leach stockpiles1,369 1,170 
Product1,577 1,658 
Other current assets647 523 
Total current assets15,373 14,830 
Property, plant, equipment and mine development costs, net31,814 30,345 
Long-term mill and leach stockpiles1,194 1,387 
Other assets1,546 1,460 
Total assets$49,927 $48,022 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable and accrued liabilities$3,947 $3,495 
Current portion of debt1,032 372 
Accrued income taxes439 1,541 
Current portion of environmental and asset retirement obligations365 264 
Dividends payable216 220 
Total current liabilities5,999 5,892 
Long-term debt, less current portion9,658 9,078 
Deferred income taxes4,316 4,234 
Environmental and asset retirement obligations, less current portion4,223 4,116 
Other liabilities1,550 1,683 
Total liabilities25,746 25,003 
Equity:  
Stockholders’ equity:  
Common stock161 160 
Capital in excess of par value25,483 25,875 
Accumulated deficit(4,604)(7,375)
Accumulated other comprehensive loss(385)(388)
Common stock held in treasury(5,701)(4,292)
Total stockholders’ equity14,954 13,980 
Noncontrolling interests9,227 9,039 
Total equity24,181 23,019 
Total liabilities and equity$49,927 $48,022 

The accompanying notes are an integral part of these consolidated financial statements.
3
Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
 2022202120222021
(In millions, except per share amounts)
Revenues$5,003 $6,083 $17,022 $16,681 
Cost of sales:  
Production and delivery3,366 3,009 9,519 8,862 
Depreciation, depletion and amortization508 528 1,504 1,430 
Metals inventory adjustments25 14 43 15 
Total cost of sales3,899 3,551 11,066 10,307 
Selling, general and administrative expenses98 102 313 289 
Mining exploration and research expenses38 15 87 36 
Environmental obligations and shutdown costs
6 13 51 51 
Net gain on sales of assets— (60)(2)(63)
Total costs and expenses4,041 3,621 11,515 10,620 
Operating income962 2,462 5,507 6,061 
Interest expense, net(140)(138)(423)(431)
Net gain on early extinguishment of debt20 — 28 — 
Other income, net25 36 67 56 
Income before income taxes and equity in affiliated companies’ net earnings (losses)867 2,360 5,179 5,686 
Provision for income taxes(315)(628)(1,710)(1,674)
Equity in affiliated companies’ net earnings (losses)8 (9)33 (5)
Net income 560 1,723 3,502 4,007 
Net income attributable to noncontrolling interests(156)(324)(731)(807)
Net income attributable to common stockholders$404 $1,399 $2,771 $3,200 
Net income per share attributable to common stockholders:
Basic
$0.28 $0.95 $1.91 $2.18 
Diluted
$0.28 $0.94 $1.90 $2.16 
Weighted-average shares of common stock outstanding:
Basic
1,431 1,469 1,444 1,466 
Diluted
1,439 1,484 1,455 1,481 
Dividends declared per share of common stock$0.15 $0.075 $0.45 $0.225 
 
The accompanying notes are an integral part of these consolidated financial statements.

4
Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2022202120222021
(In millions)
Net income $560 $1,723 $3,502 $4,007 
Other comprehensive income, net of taxes:
Defined benefit plans:
Actuarial losses arising during the period— — — (1)
Prior service costs arising during the period— — (1)— 
Amortization of unrecognized amounts included in net periodic benefit costs1 4 5 12 
Foreign exchange losses— — (1)(1)
Other comprehensive income 1 4 3 10 
Total comprehensive income 561 1,727 3,505 4,017 
Total comprehensive income attributable to noncontrolling interests(156)(324)(731)(806)
Total comprehensive income attributable to common stockholders$405 $1,403 $2,774 $3,211 

The accompanying notes are an integral part of these consolidated financial statements.



5
Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended
September 30,
 20222021
 (In millions)
Cash flow from operating activities:  
Net income$3,502 $4,007 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation, depletion and amortization1,504 1,430 
Metals inventory adjustments43 15 
Net gain on sales of assets(2)(63)
Stock-based compensation75 79 
Net charges for environmental and asset retirement obligations, including accretion180 131 
Payments for environmental and asset retirement obligations(197)(184)
Net charges for defined pension and postretirement plans28 3 
Pension plan contributions(52)(75)
Net gain on early extinguishment of debt(28)— 
Deferred income taxes83 96 
Payments for Cerro Verde royalty dispute— (421)
Other, net(86)50 
Changes in working capital and other:
 
Accounts receivable456 (218)
Inventories(184)(310)
Other current assets(71)(77)
Accounts payable and accrued liabilities84 123 
Accrued income taxes and timing of other tax payments(1,265)849 
Net cash provided by operating activities4,070 5,435 
Cash flow from investing activities:  
Capital expenditures:  
North America copper mines(430)(211)
South America(203)(94)
Indonesia mining(1,148)(904)
Indonesia smelter projects(517)(79)
Molybdenum mines(16)(4)
Other(108)(52)
Proceeds from sale of Freeport Cobalt— 150 
Proceeds from sales of assets102 21 
Loans to PT Smelting for expansion(51)— 
Acquisition of minority interest in PT Smelting— (33)
Other, net(10)(25)
Net cash used in investing activities(2,381)(1,231)
Cash flow from financing activities:  
Proceeds from debt5,366 633 
Repayments of debt(4,073)(672)
Cash dividends and distributions paid:
Common stock(652)(220)
Noncontrolling interests(625)(187)
Treasury stock purchases(1,347)— 
Contributions from noncontrolling interests142 135 
Proceeds from exercised stock options106 189 
Payments for withholding of employee taxes related to stock-based awards(55)(19)
Debt financing costs and other, net(41)(47)
Net cash used in financing activities(1,179)(188)
Net increase in cash, cash equivalents and restricted cash and cash equivalents510 4,016 
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year8,314 3,903 
Cash, cash equivalents and restricted cash and cash equivalents at end of period$8,824 $7,919 
The accompanying notes are an integral part of these consolidated financial statements.
6
Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)
THREE MONTHS ENDED SEPTEMBER 30
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
lated
Other Compre-
hensive
Loss		Common Stock
Held in Treasury		Total
Stock-holders’ Equity
Number
of
Shares		At Par
Value		Capital in
Excess of
Par Value		Number
of
Shares		At
Cost		Non-
controlling
Interests		Total
Equity
 (In millions)
Balance at June 30, 20221,612 $161 $25,661 $(5,008)$(386)177 $(5,539)$14,889 $9,158 $24,047 
Stock-based compensation, including the tender of shares— — 12 — — — — 12 — 12 
Treasury stock purchases— — — — — 6 (162)(162)— (162)
Dividends— — (213)— — — — (213)(112)(325)
Contributions from noncontrolling interests— — 23 — — — — 23 25 48 
Net income attributable to common stockholders— — — 404 — — — 404 — 404 
Net income attributable to noncontrolling interests
— — — — — — — — 156 156 
Other comprehensive income — — — — 1 — — 1 — 1 
Balance at September 30, 20221,612 $161 $25,483 $(4,604)$(385)183 $(5,701)$14,954 $9,227 $24,181 
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
lated
Other Compre-
hensive
Loss		Common Stock
Held in Treasury		Total
Stock-holders’ Equity
Number
of
Shares		At Par
Value		Capital in
Excess of
Par Value		Number
of
Shares		At
Cost		Non-
controlling
Interests		Total
Equity
 (In millions)
Balance at June 30, 20211,601 $160 $26,084 $(9,880)$(576)133 $(3,777)$12,011 $8,924 $20,935 
Exercised and issued stock-based awards— — 6 — — — — 6 — 6 
Stock-based compensation, including the tender of shares— — 21 — — — — 21 — 21 
Dividends— — (111)— — — — (111)(94)(205)
Contributions from noncontrolling interests— — 23 — — — — 23 24 47 
Net income attributable to common stockholders— — — 1,399 — — — 1,399 — 1,399 
Net income attributable to noncontrolling interests— — — — — — — — 324 324 
Other comprehensive income— — — — 4 — — 4 — 4 
Balance at September 30, 20211,601 $160 $26,023 $(8,481)$(572)133 $(3,777)$13,353 $9,178 $22,531 




7
Table of Contents                 
Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (continued)
NINE MONTHS ENDED SEPTEMBER 30
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
lated
Other Compre-
hensive
Loss		Common Stock
Held in Treasury		Total
Stock-holders’ Equity
Number
of
Shares		At Par
Value		Capital in
Excess of
Par Value		Number
of
Shares		At
Cost		Non-
controlling
Interests		Total
Equity
 (In millions)
Balance at December 31, 20211,603 $160 $25,875 $(7,375)$(388)146 $(4,292)$13,980 $9,039 $23,019 
Exercised and issued stock-based awards9 1 112 — — — — 113 — 113 
Stock-based compensation, including the tender of shares— — 75 — — 2 (62)13 (11)2 
Treasury stock purchases— — — — — 35 (1,347)(1,347)— (1,347)
Dividends— — (648)— — — — (648)(605)(1,253)
Contributions from noncontrolling interests
— — 69 — — — — 69 73 142 
Net income attributable to common stockholders— — — 2,771 — — — 2,771 — 2,771 
Net income attributable to noncontrolling interests
— — — — — — — — 731 731 
Other comprehensive income— — — — 3 — — 3 — 3 
Balance at September 30, 20221,612 $161 $25,483 $(4,604)$(385)183 $(5,701)$14,954 $9,227 $24,181 
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
lated
Other Compre-
hensive
Loss		Common Stock
Held in Treasury		Total
Stock-holders’ Equity
Number
of
Shares		At Par
Value		Capital in
Excess of
Par Value		Number
of
Shares		At
Cost		Non-
controlling
Interests		Total
Equity
 (In millions)
Balance at December 31, 20201,590 $159 $26,037 $(11,681)$(583)132 $(3,758)$10,174 $8,494 $18,668 
Exercised and issued stock-based awards11 1 189 — — — — 190 — 190 
Stock-based compensation, including the tender of shares— — 64 — — 1 (19)45 (4)41 
Dividends— — (333)— —