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Freeport-McMoRan considers exiting oil and gas business

🕐 1 min read

NEW YORK (AP) — Freeport-McMoRan is considering spinning off its oil and gas business and other strategic alternatives to focus on its copper mining business.

The Phoenix company produces oil and natural gas around the country. Energy companies have been hurt by falling oil prices and weaker demand. Many have cut spending as a result.

Freeport-McMoRan says besides a spinoff, it is also considering joint venture arrangements or cutting spending in oil and gas business. The company entered the energy industry in 2012. Many of its assets are in the Gulf of Mexico and Louisiana. 

The company also shook up its board of directors, cutting its size to nine members from 16.

Shares of Freeport-McMoRan Inc. rose 2.9 percent after the announcement before the stock market opened Tuesday.

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