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SUPPLEMENTARY OIL AND GAS INFORMATION (UNAUDITED) SUPPLEMENTARY OIL AND GAS INFORMATION (UNAUDITED) (Tables) | 12 Months Ended
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Dec. 31, 2016
Oil and Gas Exploration and Production Industries Disclosures [Abstract] |
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure | A summary of the costs incurred for FCX's oil and gas acquisition, exploration and development activities for the years ended December 31 follows:
| 2016 |  | 2015 |  | 2014 |
Property acquisition costs: |  |  |  |  |  |
Proved properties | $ | — |  |  | $ | — |  |  | $ | 463 |  |
Unproved properties | 7 |  |  | 61 |  |  | 1,460 |  |
Exploration costs | 22 |  |  | 1,250 |  |  | 1,482 |  |
Development costs | 749 |  |  | 1,442 |  |  | 1,270 |  |
| $ | 778 |  |  | $ | 2,753 |  |  | $ | 4,675 |  |
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure | The aggregate capitalized costs subject to amortization for oil and gas properties and the aggregate related accumulated amortization as of December 31 follow:
| 2016 |  | 2015 |  | 2014 |
Properties subject to amortization | $ | 27,507 |  |  | $ | 24,538 |  |  | $ | 16,547 |  |
Accumulated amortization | (27,433 | ) | a | (22,276 | ) | a | (7,360 | ) | a
| $ | 74 |  |  | $ | 2,262 |  |  | $ | 9,187 |  |
a. | Includes charges of $4.3 billion in 2016, $13.1 billion in 2015 and $3.7 billion in 2014 to reduce the carrying value of oil and gas properties pursuant to full cost accounting rules.
Results of Operations for Oil and Gas Producing Activities Disclosure | The results of operations from oil and gas producing activities for the years ended December 31, 2016, 2015 and 2014, presented below exclude non-oil and gas revenues, general and administrative expenses, goodwill impairment, interest expense and interest income. Income tax benefit was determined by applying the statutory rates to pre-tax operating results:
| 2016 |  | 2015 |  | 2014
Revenues from oil and gas producing activities | $ | 1,513 |  |  | $ | 1,994 |  |  | $ | 4,710 |
Production and delivery costs | (1,829 | ) | a | (1,215 | ) |  | (1,237 | )
Depreciation, depletion and amortization | (839 | ) |  | (1,772 | ) |  | (2,265 | )
Impairment of oil and gas properties | (4,317 | ) |  | (13,144 | ) |  | (3,737 | )
Income tax benefit (based on FCX's U.S. federal statutory tax rate) | — |  | b | 5,368 |  |  | 958 |
Results of operations from oil and gas producing activities | $ | (5,472 | ) |  | $ | (8,769 | ) |  | $ | (1,571 | )
a. | Includes $926 million in charges related to drillship settlements/idle rig and contract termination costs.
b. | FCX has provided a full valuation allowance on losses associated with oil and gas activities in 2016.
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities | The following table sets forth certain data pertaining to proved, proved developed and proved undeveloped reserves, all of which are in the U.S., for the years ended December 31, 2016, 2015 and 2014.
|  | Oil |  | Gas |  | Total
|  | (MMBbls)a,b |  | (Bcf)a |  | (MMBOE)a
2016 |  |  |  |  |  |
Proved reserves: |  |  |  |  |  |
Balance at beginning of year |  | 207 |  |  | 274 |  |  | 252 |
Extensions and discoveries |  | — |  |  | — |  |  | — |
Acquisitions of reserves in-place |  | — |  |  | — |  |  | — |
Revisions of previous estimates |  | 1 |  |  | — |  |  | 1 |
Sale of reserves in-place |  | (168 | ) |  | (118 | ) |  | (187 | )
Production |  | (36 | ) |  | (69 | ) |  | (48 | )
Balance at end of year |  | 4 |  |  | 87 |  |  | 18 |
Proved developed reserves at December 31, 2016 |  | 4 |  |  | 87 |  |  | 18 |
Proved undeveloped reserves at December 31, 2016 |  | — |  |  | — |  |  | — |
|  | Oil |  | Gas |  | Total
|  | (MMBbls)a,b |  | (Bcf)a |  | (MMBOE)a
2015 |  |  |  |  |  |
Proved reserves: |  |  |  |  |  |
Balance at beginning of year |  | 288 |  |  | 610 |  |  | 390 |
Extensions and discoveries |  | 11 |  |  | 43 |  |  | 17 |
Acquisitions of reserves in-place |  | — |  |  | — |  |  | — |
Revisions of previous estimates |  | (54 | ) |  | (287 | ) |  | (102 | )
Sale of reserves in-place |  | — |  |  | (2 | ) |  | — |
Production |  | (38 | ) |  | (90 | ) |  | (53 | )
Balance at end of year |  | 207 |  |  | 274 |  |  | 252 |
Proved developed reserves at December 31, 2015 |  | 129 |  |  | 245 |  |  | 169 |
Proved undeveloped reserves at December 31, 2015 |  | 78 |  |  | 29 |  |  | 83 |
2014 |  |  |  |  |  |
Proved reserves: |  |  |  |  |  |
Balance at beginning of year |  | 370 |  |  | 562 |  |  | 464 |
Extensions and discoveries |  | 10 |  |  | 35 |  |  | 16 |
Acquisitions of reserves in-place |  | 14 |  |  | 9 |  |  | 16 |
Revisions of previous estimates |  | (10 | ) |  | 140 |  |  | 13 |
Sale of reserves in-place |  | (53 | ) |  | (54 | ) |  | (62 | )
Production |  | (43 | ) |  | (82 | ) |  | (57 | )
Balance at end of year |  | 288 |  |  | 610 |  |  | 390 |
Proved developed reserves at December 31, 2014 |  | 184 |  |  | 369 |  |  | 246 |
Proved undeveloped reserves at December 31, 2014 |  | 104 |  |  | 241 |  |  | 144 |
a. | MMBbls = million barrels; Bcf = billion cubic feet; MMBOE = million BOE
b. | Includes NGL proved reserves of 1 MMBbls (all developed) at December 31, 2016, 9 MMBbls (6 MMBbls of developed and 3 MMBbls of undeveloped) at December 31, 2015, and 10 MMBbls (7 MMBbls of developed and 3 MMBbls of undeveloped) at December 31, 2014.
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure | The Standardized Measure related to proved oil and natural gas reserves as of December 31 follows:
| 2016 |  | 2015 |  | 2014
Future cash inflows | $ | 345 |  |  | $ | 10,536 |  |  | $ | 29,504 |
Future production expense | (175 | ) |  | (4,768 | ) |  | (10,991 | )
Future development costsa | (439 | ) |  | (4,130 | ) |  | (6,448 | )
Future income tax expense | — |  |  | — |  |  | (2,487 | )
Future net cash flows | (269 | ) |  | 1,638 |  |  | 9,578 |
Discounted at 10% per year | 32 |  |  | (246 | ) |  | (3,157 | )
Standardized Measure | $ | (237 | ) |  | $ | 1,392 |  |  | $ | 6,421 |
a. | Includes estimated asset retirement costs of $0.4 billion at December 31, 2016, $1.9 billion at December 31, 2015, and $1.8 billion at December 31, 2014.
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows | A summary of the principal sources of changes in the Standardized Measure for the years ended December 31 follows:
|  | 2016 |  | 2015 |  | 2014
Balance at beginning of year |  | $ | 1,392 |  |  | $ | 6,421 |  |  | $ | 9,417 |
Changes during the year: |  |  |  |  |  |
Sales, net of production expenses |  | (831 | ) |  | (928 | ) |  | (3,062 | )
Net changes in sales and transfer prices, net of production expenses |  | (341 | ) |  | (7,766 | ) |  | (2,875 | )
Extensions, discoveries and improved recoveries |  | — |  |  | 45 |  |  | 194 |
Changes in estimated future development costs, including timing and other |  | 146 |  |  | 1,287 |  |  | (498 | )
Previously estimated development costs incurred during the year |  | 295 |  |  | 985 |  |  | 982 |
Sales of reserves in-place |  | (1,049 | ) |  | — |  |  | (1,323 | )
Other purchases of reserves in-place |  | — |  |  | — |  |  | 487 |
Revisions of quantity estimates |  | 12 |  |  | (1,170 | ) |  | 399 |
Accretion of discount |  | 139 |  |  | 797 |  |  | 1,195 |
Net change in income taxes |  | — |  |  | 1,721 |  |  | 1,505 |
Total changes |  | (1,629 | ) |  | (5,029 | ) |  | (2,996 | )
Balance at end of year |  | $ | (237 | ) |  | $ | 1,392 |  |  | $ | 6,421 |

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