In response to shareholder input, U.S.-based natural resources enterprise Freeport-McMoRan (FCX) this week announced internal restructuring and plans for strategic alternatives designed to address market challenges for its oil and gas business, from Phoenix.
With an eye towards a potential delineation of its oil and gas sector, five directors have left the FCX Board and have been appointed to the FM O&G Board of Directors. James C. Flores has been named FM O&G Chairman and remains CEO of FM O&G. Joining Flores on the FM O&G Board are Robert J. Allison, Jr., Alan R. Buckwalter, III, Thomas A. Fry, III, and Charles C. Krulak. H. Devon Graham, Jr., and Bobby Lee Lackey have retired from the board.
“We have discussed as a board our proper and most effective size and make-up, consistent with the needs of the business going forward,” said Gerald J. Ford, lead independent director. “Our newly reconstituted board brings diverse and extensive professional, financial and business experience while balancing independence and tenure. The board represents a strong blend of institutional knowledge and fresh perspectives that will benefit shareholders.”
The company disclosed that its current strategic review will evaluate alternatives for enhancing shareholder value and achieve self-funding. With a high-quality asset base — including established reserves, a large-scale production base, portfolio of undeveloped resources including the Deepwater infrastructure in the Gulf of Mexico — along with low-risk opportunities and global team of highly qualified dedicated workers and management, FCX is well positioned to build value for its shareholders.
FCX, the world's largest publicly traded copper producer, is a U.S.-based natural resources company with a global portfolio of mineral assets, significant oil and gas resources and a growing production profile. It manages mining operations from Indonesia to the Americas, including Africa and the Pacific.