Currently viewing Global edition

Freeport's deleveraging continues

Freeport McMoRan’s debt-cutting strategy has continued after it announced the sale of its deep-water oil and gas assets in the Gulf of Mexico to Andarko Petroleum.

Freeport's deleveraging continues Freeport's deleveraging continues Freeport's deleveraging continues Freeport's deleveraging continues Freeport's deleveraging continues

The deep-water oil and gas assets in the Gulf of Mexico represent just over half Freeport’s production

The Phoenix, Arizona-based copper and petroleum group has agreed a US$2 billion purchase price with New York-listed Andarko, which could rise to $2.15 billion based on contingency payments.