New York, September 13, 2016 -- Moody's Investors Service said Freeport McMoRan Inc.'s (FCX- B1 CFR Negative outlook) announcement that it has agreed to sell its Deepwater Gulf of Mexico (GOM) properties is credit positive and in line with the company's stated objective of selling assets to repay debt, improve its capital structure, and focus on its core copper assets. The GOM assets are being sold to Anadarko Petroleum Corporation (Ba1 CFR, Negative outlook) for $2 billion and up to $150 million in contingent payments. Anadarko will also assume the asset retirement obligations (AROs) associated with the properties, which had a book value of approximately $0.5 billion as of June 30, 2016. The proceeds of the sale, net of $582 million that will be paid to preferred shareholders in FM O&G's consolidated subsidiary, Plains Offshore Operations Inc., will be used to reduce debt. Importantly, the sale of the GOM assets eliminates substantial ongoing capital and asset retirement requirements and will allow the company's strong cash flow generation from its copper assets to be available for further balance sheet improvement and reinvestment in this segment.

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