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Freeport-McMoRan oil and gas exploration summary

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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.

What's included

This report contains

  • Document


    XLS 538.00 KB

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    Freeport-McMoRan oil and gas exploration summary

    PDF 452.76 KB

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    Freeport-McMoRan oil and gas exploration summary

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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
  • 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
  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • 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


  • Ten year performance summary
  • Full-cycle economics
  • SWOT grid
  • Gross conventional exploration & appraisal wells by basin and sector
  • All discoveries (2006-2015)

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