Energy and mining company Freeport-McMoRan Inc. (FCX) said Oct. 6 it is reviewing strategic options for its oil and gas business, including a spin-off, joint venture or a public offering.
Activist investor Carl Icahn owned 8.8% of the company as of Sept. 22.
Freeport also said it has reduced the size of its board to nine from 16.
Five members who left have been named to the board of the oil and gas segment, in preparation of considering a separation of the business, the company said.
Recommended Reading
ProPetro to Provide eFrac Services to Exxon’s Permian Operations
2024-04-29 - ProPetro has entered a three-year agreement to provide electric hydraulic fracturing services for Exxon Mobil’s operations in the Permian Basin.
Keeping it Simple: Antero Stays on Profitable Course in 1Q
2024-04-28 - Bucking trend, Antero Resources posted a slight increase in natural gas production as other companies curtailed production.
Oil and Gas Chain Reaction: E&P M&A Begets OFS Consolidation
2024-04-26 - Record-breaking E&P consolidation is rippling into oilfield services, with much more M&A on the way.
Exxon Mobil, Chevron See Profits Fall in 1Q Earnings
2024-04-26 - Chevron and Exxon Mobil are feeling the pinch of weak energy prices, particularly natural gas, and fuels margins that have cooled in the last year.
Marathon Oil Declares 1Q Dividend
2024-04-26 - Marathon Oil’s first quarter 2024 dividend is payable on June 10.