Freeport-McMoRan Completes Sale of Deepwater Gulf of Mexico Properties

Freeport-McMoRan Inc. (NYSE: FCX) announced today that it has completed the previously announced sale of its Deepwater Gulf of Mexico (GOM) properties to Anadarko Petroleum Corporation (NYSE: APC) for $2.0 billion in cash, before closing adjustments. In connection with this transaction, FCX also settled a preferred stock obligation with its consolidated subsidiary, Plains Offshore Operations Inc., for $582 million. Under the terms of the agreement, FCX has the right to

Anadarko Closes Deepwater Gulf of Mexico Acquisition

Anadarko Petroleum Corporation (NYSE: APC) announced today it has closed the acquisition of Freeport-McMoRan Oil & Gas’s deepwater Gulf of Mexico assets. The transaction is effective Aug. 1, 2016. Anadarko also increased its oil-growth expectations and discussed plans to further accelerate its rig activity in the Delaware and DJ basins. In addition, the company provided an update on its deepwater drilling activities in the Gulf of Mexico, highlighted by successes

Freeport-McMoRan Announces Agreement To Sell Onshore California Oil & Gas Properties For $742 Million, Including Contingent Consideration

Freeport-McMoRan Inc. (NYSE: FCX) announced today a purchase and sale agreement to sell its onshore California oil and gas properties to Sentinel Peak Resources California LLC for total consideration of $742 million, including contingent consideration. Under the terms of the agreement, FCX will receive cash consideration of $592 million at closing and additional consideration of $50 million per annum in each of 2018, 2019 and 2020 if the price of

Black Stone Minerals, L.P. Enters Into Agreement to Acquire Diverse Mineral Package for $102 Million

HOUSTON–(BUSINESS WIRE)–Apr. 21, 2016– Black Stone Minerals, L.P. (NYSE:BSM) (“Black Stone Minerals” or “the Partnership”) announced today it has entered into an agreement with Freeport-McMoRan Oil & Gas and certain of its affiliates to acquire a diverse oil and gas mineral asset package for $102 million. The Partnership also has scheduled its first quarter of 2016 earnings call. Management Commentary Thomas L. Carter, Jr., Black Stone Minerals’ President, Chief Executive