Freeport-McMoRan's Results Beat Expectations, To Cut 25% Of Oil And Gas Workforce

Freeport-McMoRan Inc. reported a first-quarter loss that widened to $4.18 billion, or $3.35 a share, from $2.47 billion, or $2.38 a share, in the same period a year ago. Excluding non-recurring items, the adjusted per-share loss was 16 cents, beating the FactSet consensus for a loss of 17 cents a share. Revenue fell to $3.53 billion from $4.15 billion, compared with the FactSet consensus of $3.51 billion, as a rise in copper sales volumes were offset by declines in gold, oil and gas and molybdenum sales. The mining company said it was cutting 25% of its oil and gas workforce, as well as institute a new management structure, as part of plans to cut costs. The company expects to record a $40 million charge in the second quarter related to the job cuts and restructuring. The stock, which was little changed in premarket trade, has soared 68% year to date, but was still down 45% over the past year. In comparison, the S&P 500 has gained 2.2% year to date, but has lost 1.4% the last 12 months.