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Subsequent Events (Unaudited) | 3 Months Ended
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Mar. 31, 2014
Subsequent Events [Abstract] |
Subsequent Events | SUBSEQUENT EVENTS On May 7, 2014, FCX announced that FM O&G LLC had entered into a definitive purchase and sale agreement to sell its Eagle Ford shale assets for $3.1 billion to a subsidiary of Encana Corporation. After-tax net proceeds from the transaction are expected to be used to fund the acquisition of additional Deepwater GOM assets (refer to further discussion below), with the balance used to repay outstanding indebtedness. The transaction is expected to close by the end of second-quarter 2014, subject to customary closing conditions and purchase price adjustments from the April 1, 2014, effective date until closing. Under full cost accounting rules, proceeds from the sale or disposition of oil and gas properties are accounted for as an adjustment to capitalized costs, with no gain or loss recognized, unless there is a significant change in proved reserves, which absent other factors is generally described as a 25 percent or greater change and significantly alters the relationship between capitalized costs and proved oil and gas reserves attributable to a cost center. As the Eagle Ford shale assets represent less than 25 percent FCX’s proved oil and natural gas reserves for its U.S. cost center at December 31, 2013, no gain or loss is expected to be recorded on the transaction. On May 8, 2014, FCX announced that FM O&G LLC had entered into a definitive purchase and sale agreement to acquire certain of Apache Corporation’s interests in the Deepwater GOM for $1.4 billion, including interests in the Lucius and Heidelberg development projects and 11 exploration leases. This transaction is expected to be funded with proceeds from the sale of FM O&G LLC’s Eagle Ford shale assets (refer to further discussion above) and is expected to close by the end of second-quarter 2014, subject to preferential rights and other customary closing conditions and purchase price adjustments from the May 1, 2014, effective date until closing. FCX evaluated events after March 31, 2014, and through the date the consolidated financial statements were issued, and determined any events or transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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