Freeport-McMoRan: Another Yard Sale
Freeport-McMoRan agrees to dump the Deepwater Gulf of Mexico assets once coveted.
The large copper miner is again dumping assets at the lows in the commodity cycle.
The company is now positioned for any upside in copper prices.
After the close, Freeport-McMoRan (NYSE:FCX) announced the move to unload oil and gas properties to Anadarko Petroleum (NYSE:APC). The move is consistent with plans announced by the copper miner to unload assets in a goal to reduce debt levels.
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Long FCX. Please read the full article on Seeking Alpha.