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.
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Affected by supply and demand, the economy of individual countries and technological breakthroughs, oil and gas exploration is an industry in constant motion. The high costs of finding and developing new oil and gas fields that can be commercially developed has created a challenging atmosphere, with explorers increasingly seeing low returns, low value and slow progress.
This Exploration Summary report quantifies the company's exploration volume and value performance over the past 10 years, and reviews its outlook for future success.
Businesses can use this report to get a detailed analysis of this company, what exploration areas they're involved in, what wells to watch and how well placed they are. It will help you understand company performance and shows how the best explorers have achieved their success.
Wood Mackenzie benchmarks exploration results for over 40 companies. Our analysts provide accurate information on the cost of exploration compared to the value of discoveries so that you can develop profitable strategies. We are the established global industry standard for oil and gas exploration performance.
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Company report | Oct 2016
Freeport-McMoRan oil and gas exploration summary
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