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Freeport-McMoRan oil and gas exploration summary

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05 October 2016

Freeport-McMoRan oil and gas exploration summary

Report summary

In September 2016, Freeport-McMoRan Oil & Gas announced the sale of its Gulf of Mexico assets to Anadarko Petroleum Corp, including some 91 exploration leases. The move suggests that FCX has the intention to exit the oil and gas business to focus on other natural resources through its metals and mining business. The companies efforts to become a major oil and gas producer were stymied by the price collapse. Freeport-McMoRan acquired its portfolio of oil and gas assets through its US$19.6 billion acquisitions of Plains Exploration & Production and McMoRan Exploration in 2013. Following these two acquisitions, the company held assets in California, Texas, Louisiana, in the Gulf of Mexico and offshore Morocco.

Table of contents

  • Executive summary
    • Upstream strategy
    • Exploration outlook
    • Evolution of exploration strategy
  • Investment and costs
    • Well data
    • Resource additions for conventional new field discoveries are tabulated below. Freeport-McMoRan has not added any organic unconventional plays during the decade.
  • Production
    • Deepwater Gulf of Mexico
    • Onshore Inboard Lower Tertiary gas play
    • Morocco

Tables and charts

This report includes 23 images and tables including:

  • Basins drilled and major discoveries 2006-2015
  • Ten year performance summary
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Production: Image 1
  • Full-cycle economics
  • SWOT grid
  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Gross conventional exploration & appraisal wells by basin and sector
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • All discoveries (2006-2015)
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Full cycle value creation by year
  • Exploration returns by year
  • Costs and development value by reserve category
  • Value creation by water depth

What's included

This report contains:

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    Freeport-McMoRan oil and gas exploration summary

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