Freeport-McMoRan buys into oil and gas upstream

摘要

Phoenix-based mining giant Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) plans to buy two independent E&Ps for a total deal value of $19.6 billion in cash, stock and assumed debt. The first half of the dual acquisition is for Houston-based Plains Exploration & Production Co. (NYSE: PXP) for about $6.9 billion in cash and stock. In addition, Freeport-McMoRan will buy New Orleans-based McMoRan Exploration Co. (NYSE: MMR) for $3.4 billion in cash, or $2.1 billion net of 36% of the McMoRan that Freeport and Plains already own.