Freeport-McMoRan (FCX) 21 Jul 222022 Q2 Earnings call transcript

Ladies and gentlemen, thank you for standing by. Welcome to the Freeport-McMoRan Second Quarter Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] I would now like to turn the conference over to Ms. President. Quirk, Kathleen ma'am. ahead, Please go

of Thank you, quarter second the second website a Welcome XXXX are and available on good call. Earlier morning. our copy and conference results, reported fcx.com. and to press this release operating slides Freeport-McMoRan at financial and today's morning, quarter FCX

for the broadcast clicking our accessing website page and is Our the and by call being today call. anyone call Internet, the the webcast link on on live may conference listen to home

and financial the analysts been has call, listen a to to website will the invited addition In our investors, and press today's today. on be to available later replay webcast of

Before release forward-looking differ may I'd and like and we'd and in actual like statements, today's materially. everyone and to to release described press certain included we filings. presentation of in on the language our materials press include the to that our our comments, factors SEC our call cautionary to results remind begin refer comments everyone risk this

presentation. is back the slide in Richard technical then I'll and Officer. On and in project our Officer today and Kendrick, smelter the Indonesia; Maree to Olmsted, of Operating of Josh and including to number Officer; Chairman a Americas; Chief the molybdenum Chief Mark Executive start Richard leads the cover materials and Robertson, opening are, the Indonesia; Adkerson, projects, centralized Administrative who who with Financial comments Chief engineering services, Operating runs our Board Officer; Chief Higgins, off, our Johnson, construction; Rick Officer leading make Cory call Mike our business; for Coleman, Chief come the of our us Steve our me some who's Stevens, going

call So over for comments. turn now the to his I'll Richard

where you company. Thank I'm Thank brief about to remarks with joining everyone. us. Kathleen. Good morning is going Freeport as open to up for some you, a

strong operations, had copper quarter to had prices. and and for deal truly Freeport. X sudden then with in very tale a cities of decline was this we've second The We significant unexpected

convert mine we We Grasberg met our now largest consolidated the was plans. copper we've largest Freeport. And operations, met the underground industry's by of effort our target to world, our in $X.XX. the executed mine XX-year We open that the returned of XX% has largest at the world, mine pit For had gold in our success the ongoing at Grasberg to operations. single copper the unit second the is as cost well in as sales really production our production supported targets.

were quarter below second unit cost Our at PT-FI X.

Our gold the revenue PT-FI. is careers in our operation total a is the operating fully in this of us and associated all highlight funded of with cost success

in America performed positive operations well. maintained Our our We outlook.

global amount in will pleased $X buybacks established last the allocation the operate team of with a we of Indonesian flows second $X separately investments. our Kathleen just $X debt the and and billion there. of of debt cash billion way There We year. more ended quarter. million available be time, with the share comparative between that to illustrate, cannot $XXX quarter target set finance was billion. policy a We we an to dividends, early we debt At executed As I and financial

base debt with that paid to money spend reduced debt reasons, expansions our we reasons, on Our We've for dividend to the level market our allocation. and because weren't accordance able, simply timing in $XXX FCX million program. we shares. of open purchased shares in in We retired purchased market that market We We at a dividend. open the XX supplemental discount. million since the began

shares. authorization now to X Our increase an our in program Board has approved billion buyback

shares X roughly billion remaining. have We

solid, strong. But it's city. an important that's and is execution But Our one. one is financial policy our only

dramatically. with so lowest the the history the in mode, striking prices of the a interest recent of to survey of reversed Bank Copper just of how I go in is institutional went as into full markets they described Market expecting sentiment panic side prices above widespread. the second America investors where the read the investor it $X.XX. in quarter. expectation higher. the survey call, back downturn. coin investors. for Many best, for and this other just analysts going worst. analyst are have it the we approached how hope We in deterioration It's markets. And read and to The were $X. comments optimism the going by economic Prior The debating to changed the quickly I we our was outlook. we quarter, At now and XXXX back used prepare on dramatically significant Freeport, $X.XX of

managed downturns, Our significant past rodeo. followed successfully of has by management first experienced been have not which recoveries. our all This and is team

this We marketplace. time, sheet, We've balance that strong we have our with dealt playbook. in and face before. But we enable this a this have us to whatever importantly, manage will

financial financial work ahead is disconnect protect our our strong protect the and today's lies There to for that in strong market condition, physical current opportunities future the will -- copper. price. bright we our Our growth a for assets, copper

at no for is physical date, Our Customers about it historical at the copper, was and when in did producing market us, lows. tight. been, strong Copper demand. significant There world $X.XX. business. same impact to feels inventories report copper has in selling Today's are

and near-term range of a based longer-term face. price the in the But and copper our world's from our are It's major intact, revenues a on cash copper impact reality of is outlook to the company stagflation. in that's for is squarely recession of being foremost The calling flows. Analysts major strategy a a uncertain. Our copper. stares us and demand today's the long-term the supply on fundamentals

less If Some that Freeport what's term. see at near downturn happens, a recovery. not happen significant near-term watch We to going with out. we'll a know do

with This increasingly as the the a best, acts for the we worst. the for with to I -- beneficiary. carbon FCX copper the emissions happens, is the this published generations. energy positioned prepare long-term to a growing in Whatever demand a major for Yergin, of outlook becoming by electric transition by recently many bright. energy world As a copper of said, well S&P power to demand XXXX, encourage for the hope years alternative I reduce vehicles to for you report Global's huge doubling read world according is business, copper accompanied because highly and authority Dan is report. be deficits. the electrified respected

future scrap economy, all that current takes era of be more see transitions. the years copper conservation and With to to mines to price prices. the from for the slides. you copper Absent new economic long-term company. results simply Supplies to for The copper the the can information now collapse, in a challenged. I'll mines There a line energy we unsustainable. more expansions. have established And of has new is growth, global in development as mine need to we're Kathleen, execute, for review copper meet expansions, our support higher is, and be But The The with copper demand you the is of will let demand. inevitable. for world's our quarter this present develop be recovery, are is to substitution, more no sight result of future there clear has global the

achieved the Thank and quarter. executing continued in your we'll in you, on plans, operating year-over-year on of solid Great. our and We costs then operating take and back the cover come we highlights environment. growing presentation website, Starting the Richard, our our managing Slide Okay. quarter the second momentum our and performance summarized questions. that's challenging I'll X, production and and a

the and exceptional second XX% for Our year quarter than were copper from Grasberg. quarter our Gold portfolio. XX% benefited We ago guidance. year's the performance were above higher at sales across above X% and operating last reflecting performance XX% sales guidance, our recent volumes above April the strong

the more of March unit for were $X.X quarter, adjusted across priced the was of our sales that offset cash $X.XX $X.XX notably, with than production were end $X.XX portfolio to per and during final a sales. the mitigate engaged revenues negative copper resulted subject to costs Our the EBITDA the our net which in efficiencies copper net increases. guidance. meaning actively the quarter. per We're provisionally average cost in settlement. per quarter, remains prices We second $XXX a a The the pound, decline in billion pound in consolidated quarter cost associated the provisionally all of cost adjustment generated priced with gold recorded at management at of site. in Grasberg's at cost of of first cash in the line And million for quarter reduction net pound This in these credit

$XXX the the date, million in took $X.XX in major repurchased debt Roman $XXX per To markets $XXX $X.X Our capital notes That transactions cash numeral Grasberg we and the market $X.XX detailed our roughly of of open million our during at open earnings included in of a provides flows us $XXX to opportunity principal net attractive in spending quarter. great exceeded second share. absolute the debt net with the million release, The principally of prices. amount in purchased projects, quarter X We of weakness quarter Page the income credit Operating expenditures million, Indonesian the associated the advance $XXX per million million totaling to including market. quarter levels opportunistically $XXX smelter. of on situation at current charges in reduce share. adjusted billion a market in excluded quarter, advantage million. roughly and Capital the of construction have $XXX FCX's cost for second during totaled of underground

$X average nearly share range $XX we executed purchased in the strong cost timing billion Since to continue excess share flows total our also of future we the availability continue to our per middle XX cash reaching of general billion, the in of to on program maintaining to use repurchase of and our last net of debt target cash the program share purchased and We'll return We $X.X approximately free including in announced billion, we at Today, used have last returns. approximating authorization Board $X an to to execute a million share. at shareholder the increased Since year since an we will our on July, in our starting $X for $X our which billion XXX be million program shares a billion quarter, priority range. XXX that sheet were the XX% balance share. end of market our average November, price flow first by $XX purchase have of cash our purchases refresh stock, the shareholders. per The million of dependent conditions.

As in recent the copper weeks the sudden and of unexpected. decline in Richard magnitude discussed, was

manage We uncertain have environment. market experience asset and volatile a and successfully balance quality sheet, to the

consolidated and Our weakness June Indonesian opportunistic billion. net billion, with to recent smelter. and included $XXX million have capital cash net been That to our debt We taking $X.X debt was raise debt $X.X was the billion. at advantage of requirements don't repurchase We've associated current and the the securities. of was market Consolidated in end in equity debt $XX.X environment.

As of copper, the about in term centered our we look through effectively focused all the will near we forward, assets increasing on our value and strategy on stakeholders. are foremost positive being team manage strength our and for

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triggering manifested which weeks, over You've concerns. the the recessionary last all read have several about factors, macro

prices. addition, the illustrated sentiment financially copper, economy. copper as reality remain historically of and low driven anticipatory of a which the evidenced In move have that U.S. the global on is shutdowns The in close this COVID which on is dollar healthy the a concerns weighed strong remain for viewed China Physical exchange levels. has inventories by on health a proxy in about chart, impact as this global been at markets

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our operate when and preserve conditions. you circumstances. adjust our had decisions plans, time. time, all Slide agility one to a steps proved is industry our and costs, that have values those operating proficient actions capital in and successfully team these respond each and its challenging we For mines operating of X our its major improved We're This manage centrally. to defer Each unique prepared periods own summarizes on challenges, know company successful downturns we of necessary. improved asset if navigating of past slide production of in a who prior periods stronger environment, a decisive market with expansion We're balance than much a took protect to team our liquidity sheet at followed a Grasberg. Notably, significantly our for in for and market you spending, and our our reduce long weakening low-cost position and

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after sales delivering forecast XXXX. and is X% in X%. XX% our small provide pounds copper long-term of execution about to increase by million for our with our X-year track increased about The made are we gold changes XXXX in X, XX which about volumes, for line in Slide copper outlook volumes in forecast. XXXX have on prior to or Turning our We've a plans largely our totaling volumes

in in and further growth XXXX growth volumes We are XXXX. in projecting

of estimate from from South XX% sales XX% Grasberg. and XX% America will volumes our we XXXX, the come from For U.S.,

outlook our X. on to Moving Slide cost

management As the exchange plans. the unit initiatives for of latest $X.XX operating our per the our and compares impacts net plans I our challenging of XXXX. $X.XX mentioned, rates and mitigate prior estimating cost approximating per with cost to we're pound to actively costs now engaged efficiency We've pound. incorporate recent updated We're pricing, commodity in That for year environment. cash estimate

prices assumed on reduction from year. this the with of reflects you'll by-product Slide the and As gold the molybdenum increase X, reconciliation in balance associated the the decline in of see credits majority a for

the increase reflects in the and in El Our with in higher of second the this our with that internationally projected change associated years. the at historical cost higher partly impact continue, over pressures of reversal Abra. $X.XX -- the favorable have copper compared of in weakening assumption some And production delivery rates exchange site costs of the a labor to for copper on estimate offset forecast, correlated leach pound Historically, by prices a in have U.S. our per half experiences the maturing X costs second would recessionary impact correlations energy prior a see seen consumable we was of last together with costs, to Should begin costs. with input our may prices been number the we we've dollar. half compared pad indicate

XX. Slide to Moving

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on XXXX given cost at is development average supply the molybdenum the As and $X,XXX the with current sustainable and the pound. current per need using term future. cost estimates at for volume the of $XX per not structure Richard slide results and flat We holding talked industry modeled about, XXXX long of and ounce the price gold new and in show this

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reserve large very position at a site. have the We

feasibility growth in in of our as the resource investments million with major of pounds warrant. work per The half of identifying We lot longer-term Abra billion of year. we're complete for conditions a expect over to parallel and pounds of project evaluation that and copper, done water, which of construction start study the maintaining El In this to copper XX project activities a expansion, in operation life next would first an has the extend also existing while a the we've market be approaching produce year would the could operation option. XXX considering positioned

developments in project monitor of for and time having large and our closely options large-scale, MLZ at future. to supply low-cost have our need development have own value Kucing us We particularly natural to Indonesia, We mining projects from our really to are projects, in flexibility project The Grasberg Liar there extension come. continue of In and going decisions allow operations successful of infrastructure the underground there enhanced learnings being. a Deep deferring pipeline will of for Liar. continue this the Kucing of land of development most U.S., and on and the shared We extensive the our is is benefit the of development from new decades a to our and timing we where the we the for of the options feed. believe world in Chile

center or in us strong developing a focus. in future. to foreseeable The efficient technical areas placed manner, Slide current new enhanced success position, have XX, particularly I financial the a an projects sheet. around a the we've around weakness. established market taken which in actions licenses capabilities, long an record in by strong to centered our for and is past have in in our on the strong exceptionally context the We of our sheet want franchises raise of and need turn balance qualifying capital don't track of industry-leading operate We policy balance responsible our to to have in

sheet. XXX of facilities opportunistically repaid the over for purchased long-term bank raised our loans number took balance for derisked During credit steps which senior notes we our and our financing a further expanded we the smelter. term prices. attractive at We these at Cerro We quarter, subsidiaries, Verde, PT-FI and and in

our net debt and of excluding billion billion, of including $X smelter debt net to market about, $X.X $X debt billion below and in was cushion cash. targeted debt, talked we $X billion Net total our $XX weak billion debt net the As a environment. providing in

debt in we an have continue have recent manageable easily our be the in Slide as see, closing, opportunistic value repurchase open over quarter in you'll in July And flows with returns increased strong common to maturities. second returns, We this were last quarter totaling market shareholder repurchases $XXX of over XX, attractive performance our debt the profile, a scorecard in We market. on cash shareholder We which period. stocks common show to year. maturity of to consisted third and quarters. and financial can and the share with million dividends of that into the approximately stock XX% during since active have $X.X of billion of in allocated excess -- opportunities

financial responsibly, conditions, the assets, Operator, efficiently. for fundamentals of our the and on look markets our and We In questions. $X increase a prospects optimistic program well call about basis. generation in your balance safely market sheet long-term policy, a to financial varying plans on open prioritize your global forward the conditions we authorized value continue we restore Board and billion we're and dependent under focused appreciate cornerstone for to drive in future the us our Board now our shareholders. to of and $X Despite conditions for billion will executing will continue our We'll the the as attention, review availability team, our Our we're serve. to The operate our copper the future, of discretionary to that the we'll policy summary, program. of value long-term in Q&A. repurchase and share all will on shares the our returns market be of in flow our regular strength cash recent and and purchases the business market allow the

Sachs. the [Operator Instructions] line comes Chieng with Emily question The first of Goldman from

back XQ for XQ third could Richard moves it plan before guidance. the and But perhaps than thank sequential to timing the morning, just little you copper that's be And on up may point is what something Good first for again. shipment to question lower My looks is quarter? a update like basis you region that? It bit Kathleen, shipments around the or that a with perhaps morning. the of do mine this and driving

more in in we primarily We the where did quarter sell we more, U.S. our quarter. second some in In Indonesia, it's sold brought we also than down timing. Emily, concentrate We expected. timing produced variances the inventory. had we also second more but

at at we're pretty timing, a currently. run mainly -- we're rates it's So much

water timing course, delay loading anyway, with from do with can we, Rough time loading. shallow at challenges record time have to that we time the sales and have seas And we the of of Indonesia port just in there.

we've so the with that's over had just And something to deal years.

Jefferies. Your next with come question of LaFemina will line Chris the from

Kathleen. to has Hi, in question. option. high-cost as you we before That's like of curve mentioned Freeport your for you question. downturn, kind price and cost my the offline. first Historically, spending historically, off-line. through mentioned have Thank consider pretty ability to price taking one would environment Kathleen, you capacity And taking a my mining, much declining would deferring fall manage capacity lot how cost of to in inflation dramatically. the further the you wondering appears had taking steepening be I'm some Richard

what Chris, think, is really And physical markets I the physical at now, are the looking we're markets. tight. right

to a any projects the want dynamic, not the We so of low. operations, are inventories right earlier, And markets our be which and at do do about longer prices talked and looking be But it. conditions. on will robust. all have the volumes to to it these certainly a we're now, reserves future. flows, copper the we well. adjustments is impact be at needed things as prefer but look mine Richard mine do on loss appears overall through input that to physical go costs be adjustments costs, closely to keep monitoring maybe for better to first defer But capital and going we'll continue by including as capital -- what factors, ground it watching and at costs the overall our term, going in production make situation markets some at we combination and produce an As cash be of in We're copper

mentioned, I we're we operate As everything.

all very these portfolio and So we decisions, where can we and across look the control things quickly stand.

fallen. projection a what as adjustments. number, prepared don't to to the make we're we has production have to but so demand And I in give past, reduced particularly when copper want

you tight. about being physically talked market And the

yet production production companies change. collapse that including weakened. perplexing You really in supply the And There's their a Chinese mines there. potentially macro world, But biggest data. in of lockdowns. been materially The increase in X where year-over-year. had due materially supply It's demand, have second substantial the because though, demand on demand presumably, your lot guidance. weakened in big lowering little the didn't second quarter a own, to the bad A growth see growth got quarter quarter inventories like so in pretty the in fairly and are inventory quarter had second year-over-year can underlying a Chinese must the looks Chinese bit you the an

trying Do explain market copper on may relatively potentially the in end strategic Or it's in you might staying is quarter? the despite imploding think to So reconcile what I'm the market Chinese last be else would why there biggest that buying tight going have something just happened. seemingly reserves? for the

broadly the I my their in trading preparing the contacts business your inquired not very the on word I Chris, were the building, commodity going concerted back unusual that out. that in To because visible, perplexing made about it was answer for with trading. not was have were in there direct are who ground Well, inventories companies, what a this where industry, inventories knowledgeable on call, and effort question that Chinese of in with China. wasn't came China

and that, effect, Japan a in other into -- into demand. And couple but but in But the appears and of see base issues. on during in Chinese China, have We, quarter. and it any America and all demand of was see right, our don't some Latin that, South design, in sell disruptions there a the impact You're and mine don't we China big we mines diverse Taiwan, Korea don't copper of our customers we increased, also fly balanced our customer by Asia. the

So been I've I understand our we're able in share just just find seeing it, it question, want from but not your to and business. to you I with what

strong been has Chris. world as Western well,

different years. past been than in that's So

in just strong, there are so It's I'm space that. Even the is know business And many uncertainty customers copper. is situation, our business Right. I there strong. over diminishing our as Russian avoiding Europe, in Europe any over of this not energy

I as what's is marketplace disconnect is between the right so now It's seeing we're talked on a physical a unusual, that It going serious about. and disconnect. And prices. with copper it

Capital from the come with Markets. will David BMO of question line next Gagliano Your

hit 'XX, if -- I just was historically, wanted the I Chris really serves I one trying to if know is 'XX, look to me you memory believe the I ask cadence. about, which head, copper XXXX, off the to of were of in prices acted. think copper range. prices went then $X when Freeport kind again, my top XXXX, $X.XX somewhere And $X.XX correctly, I to like back the

pound more existing the cost to a everywhere, at sort $X.XX about that when zone is reasonable thinking start to seen is given pressures see $X So range we've action of per a it reasonable assets? we'll

and operations makes Well, breakeven. to mines Morenci objective. that mine use have and But the an North to and G&A that had challenge support like times got this structures. to to support as then to cost. corporate Americas run allows done mines, that has the operations economics. review by we use debt asset financing I'll mean balancing reflect example, your we every for assets. as They as decision, ourselves, at all us Dodge a range to get a in unit. Grasberg a the broad consequence but mine, historically, our we cost more manage manage what putting our we've -- operate act with I decisions a When individual they within everyone able It's to of earlier that it. mine when America. -- the of Freeport and about just the our one response and basis Grasberg And larger business that, question really each our essentially to then Grasberg support of largest mines that decisions single have you've in business because understands goes minimum you we mine think those flow are It in been efficiently together was whole current assets on achieving the what tough, And in different Phelps I make we do all these cash with

done, be do. team Everybody our deal to what's to I are So meet get plan objectives. and the had occasions. working, that before. knows as we together, for can And all consequences not, we our we've said, doing as team basic a ahead operators done and -- is what so corporate we is find -- have in with this it. us pitching current have the same longer-term out what of we it us we and the to now with need balance we've game a Everybody what's in realities. And acting what

in So that with it's is Americas. where mine, this say, a it's because process to the price cuts not an easy our across an there question all happens this interactive of mines

we in great course, Indonesia, got plans. obviously to as there going couple just up really volumes now. And having our But so and we're were we steps when do. Of ramped years now we're much the so safely with long-term to produce a to it ago, facing positioned be to consistent better down X we of was the COVID. extent as scary aggressively and it's world can was And

this cost look a Those has where estimates raised in cost copper. we lot publications lot support for of support costs copper that the input your is you changes at for historical dated. been David, of a been show in increased There've And and that are comments, the significantly.

same copper years X $X.XX the is it So not was as ago.

flow. way But increase a on happened particularly at do, a and factor how so capital reading we long the can cash to spend. that's And as last, will the starting quickly. look tea can we're about This suddenly, this to what we That's leaves move well. quickest process has

any Is forward, else copper quick is last right a there follow-up. way, see $X -- any a of their That's the the now. buyback billion market buyback. the Okay. can just night billion thought buyback no $X also, also where cash then at authorization there question from raised by kind company If in the that is, just of and lot to billion everything the flow, a of and holds from And approach kind process to $X is increased really, considering that's speak on going timeline-wise? when to buyback is My the the you Obviously, dropping. duration moving the free to don't different that is reported a we helpful. just copper which, time it

we so people try financial a urging policy year what that was what were we to of shareholders direction going of at our knew So do in. a established number last

worked it flows cash available it cash on And takes in flows, about announced investment always it it. so we was were are that the and for with investments. so allocating what between was policy a of challenge and targets, do side up because we our There's long we finally allocating to came how how debt a returns months shareholder

would would warranted we But function. be So because David, by predicting we this there the anyway, or actions most us price. prepared share a the recovery in here market predicting existing assets things me short-term run discussed our a that to is from these with about we so the future that careful going this now going bright are it with could still prices, company to this goal have to there in the -- or clearly, we a us And what much business we of the myself so to we scenario want have this it. since to tight. give mean confident by protecting But protecting others it the not that execute expect marketplace if the felt at not share time. primary with and where and authorization just that company future part confident market we being do Past future in recovery We're to career authorization, the turn direction I that our sense. We're anything. if people the out -- to and a would to the to because for makes they copper Board, changed our be believe We're buybacks so of for But know is impair dramatic times. most not say I'm have discipline best felt believe dire long understand Freeport's of we've all marketplace. we that we're I going for we taught And that's as do now, availability has they to to available the be our was it predict. that was wanted not to to act in the to of dramatically circumstances translate we'd my to when And movements. this as be executed be when

Yes.

as versus where we is, I are supply think attractive new support the on that new development our out share you to is it's in supply there where new looking compare our and look the is trading another factor face the shares, development situation And at steering price to and copper mine needed required. implied in at flip side, development. what's the this

long we're of to positive going We've lower use signal market gives to And wanted us continue disconnect flows that new to excess term but at now. -- might the bunch to to cash trading we is see develop our what's and to where copper prices needed this with and price the stock less cash share we to our right buy going modify back. some supplies. there's So use, we're plans look disconnects flows in how in

is Freeport the most our the I substantially management mean and trading because Board management this, than fundamental but that maybe say now. of believes our it's trite truly stocks value higher

Lawson Bank Your line next come question of America from of Securities. Winder the with will

It is nice Kathleen. from you. and to very Richard hear Hello,

could then some terms getting to price how to the you down was quarter. As on a We down regarding hope the guidance, that in actually And inflation very you that the broke I comments the getting increase to to XX-XX. change the a just the it cost your inflationary unexpected of just cash a dig forces you I of I assumption? reduction I guess, in too, wanted speak majority of by-product to small saw that both majority, between in key, happen of if to the driving I in in always assumptions. were kind was was price just and Kathleen, you specific have mentioned almost the a maybe number well. close are items that though,

can On gold Sure. a prices Slide in $X.XX. prior using our we the credit forward. And is gone where used from from $X.XX X, because show there forecast to you $X.XX see by and roll moly by-product Yes. in we what lower we're we've down

in site that number, factors $X.XX being So of production, from our and the top there for $X.XX. cost -- that production in The delivery our we used for reference up guidance impacting site being time. we just the which The used the the for around gallon, somewhat $X prices -- second to forecast, last price per by-product energy just The major that's -- fourth one had a at the is increase reduced $X.XX credits. quarter reference are gallon ended the we $X.XX. declined up per and in $X.XX is the outlook, line in price price was diesel above our

in from at So least some a pound we're diesel prices our also of lower Purchase up costs prices or in oil results a dollar using outlook. current slightly. roughly gallon or in our forecast. operating week prices offsets for power prior are costs are We had as our The up international in Coal currencies. locations. stronger last or $X.XX prices

more new increases, And of an is also the contractual we we've but so also had deal, some which we've which forecast. are in, and reflected We this into price brought that. consumable a -- We've had rolling accounting leach that we of we remaining had is a pad, some are lab as what leach had, a pad. in our transitioning estimates leach copper in former in pad estimates in changes from to

if in pound. for it the that available basically, is costs remaining our reduce copper so the And leach pad, what we does amount of increases

cash we've But well. as is a net not a our already through that it So and cash. roll It's was that item. cash unit costs will factor spent the essentially

So -- by is other materials but more copper offset a profit the and stronger Abra, sharing And deal at by supplies, this driven and noise El are which prices. headlines, energy costs dollar. that

duties by on net So we went export that, all royalties and production of $X.XX. delivery, site were and down $X.XX and our

can now by-product what forecast it's were $X,XXX, declined the is was. in And say credits, at to that price prior and it which for the you look factor gold and biggest the forecast, using which has $X,XXX we're $XX this we moly for using $XX. So in prior

to when cost consolidated mean, be I huge a that of growing a with Indonesia. in it And volumes structure, greater benefit. numbers, that's gets proportion

a as inflation? you're expect signs remarkable that I you Maybe it labor Are labor of that. any meaningful mention any follow-up, just And you not all did among you forward? guess, not going to that seeing find obviously I of see confident don't

quarter second in already that second we April, We costs had quarter contract our already had and labor -- in inflation. for using. -- our We've we're updated also quarter results labor in our updated in the first

in labor look factor doesn't are labor Our this because lower are forecast have in America mentioned. our to for operations. actually and principally you affect I helps at South U.S. costs And because currency when this dollar, that of local where the little the that But and in relative denominated countries currency. our Peruvian that currencies those Chilean moved are costs the a

businesses. cost not want to hand-in-hand they've working with to our challenges but what team done only shout And done environment, get suppliers great offset from a I to just that out across with from a delivery difficult standpoint. we a a a can chain job our in working in just our all supply to do in these standpoint, operations a broadly job are that's directly remarkable

line Morgan with next will Alba of from Carlos De Your come question Stanley. the

Richard if and A couple questions, morning, of good Yes, Kathleen. may. I

the you. investment on that seems for could technology be it a leaching one, First very attractive return

give since work So the of sense pending still bit potential And and timing to to constructive And suffered. volatility, of current clearly I other have are are be any can materialize? to quite if for maybe you on is, then more the as you is you mentioned, an do? market, if the of opportunity. color what might copper wonder some a as have What investment little this that a status you prices But lot that there? the is

also but policy mean topic, wouldn't rationale shareholders? Cerro keeping sensitive potentially it a company? good maybe Verde investment what for of traded is I that Freeport a as the this be is So a

for comments leaching, related the value to regarding is question the Carlos, and best to project really portfolio to something on is catalyst us it your our that's a our first business. in add

project. running current particularly our It's highly mentioned, are with this. low And low in and environment, we highly It's intensity, this motivated. development of teams, associated We've you on we're capital We've #X an research like As it. very priority. a it element operating got costs. teams got got focused

to for Americas we the a because the and quite So with shareholders. in you science. it. leaders us some value is execution. we our Cory's our are to it's and have add this Josh the leading if people who team But not anything we've want what got comments a Stevens a as But and bit with It's is as covered? But for a wasn't team. and of allow lot opportunity make in see don't business just predecessors Cory who earlier. new us and science Cory, is being of phone create that associated of going got want -- to do said its company on have And well been advancing science We this to real line, understanding be really here. you this the we Cory, -- rings in this addition to is some effort approaches know experience there whole that our value I as this any of are to successful area,

Yes. Kathleen. Thanks, No.

a terms look just recovery, we to really looks into sustainable does lot this of confidence -- in right to to what we've at number very and see the number and moderate one we backlog a a number granular past is then had we're recipes go a now. at We're that and our recipes going building executing year's very The of that maximize more of that pursuing. offer volumes on to with have in enabling bucket center in a But attention So as fronts. -- whole a like a that of Morenci, analytics it's unlocking reaching add going forecast, -- static with to us it's capabilities there's a dynamic decouple more of the that's We're a advantages aspects put that all alternatives of that large forward. activities more value compelling number we the really a of of forward even different organic.

Thanks, Cory.

we're we're of stockpiles. the it's And And on heat, doing to And across all greater. additives, well that. recoveries so as exploring well in as our covers data we our way retain stockpile, as the applying data we're which are analytics, which shows heat that

Arizona. the there. a third-party at out multifaceted moving some the U.S., initially some Morenci. activity we're some our So approach going largest trying Bagdad and it. it's on We're one third-party is We're at focused Sierrita. second to with We've analytics mine in additives got at in Chino data

that from get And get success. -- ability our got over to expand up got iterations we a XX-month XX- on gaining XXX to to of million So to us to we're open that. alternatives in confidence we've bunch our time of that, we've trying to to ability get increasing million our successes. And there. to be to target first that had our we're And allow But frame. we've pounds It's understanding it. enhance this and we'll able XXX it some to get the some scale we're We once a to to that early will have some. will set just confidence

tuned. stay So

For Verde... on Cerro second question

this is processing The But of we terms stacks. might future talked me lead the mining and let do sulfide about Kathleen in really existing advantage taking with Well, what ores Cory real leach is or It add. and is exciting. exciting our with them really at what beyond success, of focus historical looking just is about that technology operations.

up is very it, team to see. really about whole good Our pumped

is to Our leach last project the called drop.

as we And if and The just back It's a Cerro to they repurchase. carry trading price we to very forward time, long than for a public an opportunistic do historical programs. monitor share opportunities there. the And in have level. of with priorities the on purchase we certain where float price able we corporate on circle but scenario look the compare in can at But other and active share that U.S. conditions, being has are flow market that share basis different cash with the we in investors. we'll tune at been public a Verde, the the with there monitor there, of the is arise place uses

line Your next of VRP. will question Michael come Dudas from the with

delays going deficits as to is going pressure inventories to in product? because or well, looking uncertainty So very will there lot would it has that the the over was further lead market, further X these had the Obviously, to investment published go and folks. a which of and the top longer conference a lead types so the this Is And in measured on in with through just you're be couple -- know see like delays last we're that of could at came the one weeks, needed of supply dislocation or historically, term marketplace? exponential perplexed industry, report, Richard, be year-end we've getting is these you the But to S&P nervous that of cited type like, this of to on X, corrections the to it some discussions. the for this we Historically, in great, ago. way. we're of weeks report going decision-making

political this smaller investment had taxation. When supply able there I ours situation That's and being concentrator in on All in procurement financing so to And multiyear great industry the so just pointed really process, for is just balance -- in delayed politic through that's it being already we you term, happen. to amount potentially doubling impact -- a the another of ours was to the go about the for of earlier a with buy as our That's industry mean faced. planning going this is project back Chile cheaply, the you term, that's mean just that's so the element I company the uncertainties strategy, effort the projects. and permitting, development Unquestionably, going about corporate out an Bagdad. long think straightforward like is company this have process. impact. for at of got available by unquestionably, even project as that to a The to that stock discussion out the a like long your barriers the series that

the to the an that I just a so this don't in this long-term of it's company this. going nature good the impact going on decisions. market say just any close move So to and prices like in is and to head going investment future, we're is those their business ignore of have spinning know eyes that's

and markets. mean happen, there it. that still as a a You all there's the such anyway, and investments is production been to deficit to it's coming was in such uncertainties what's can't out it's I decline, of going available number such of going ignore towards investments huge just copper to limited there delay that building dramatic this

line come will Research. question of with Timna from the Wolfe Tanners next Your

of get XX of I of confident those What discussing recent terms these Abra? guess square in Freeport does are need it to it copper prices? And of trying to Slide kind terms Or I'm proceed? attractive take all of -- prices from terms many to El does in projects. see that politics just just very what we've in been still the at that to you generally in what to Chilean more take

there's where -- projects lot The XX%, the with for is our and the a XX% that partner, in interest, on have fees. Kathleen that, operate we we Codelco whereas question. a all So own landing project, U.S., our where Abra come situation, Timna, thanks of into a El at mentioned as economics these means burden of play. It's uncertainty at looking substantially our just balancing in investments of that we competing for that

have we loss gas royalties partially And we Liar now partially issues by a that's due in what early long-term a I all there. to place Kucing the from you net balance to XXXX might mention, have. support managing provide available tax Emily, the different investment. ore. where into due the deadline the -- you report situation around for the way, operating to the no have your operations community tax just in and favorable clear-cut that legislation in affects have a Grasberg because that's had carryforward and there's it's fit question So and And that today international extending our income oil about is we plan We're and discussions.

we pathway stakeholders further XXXX have been benefit the is all has exploration, I that and which And limited rights. a operating a we have forward, that for open something think with existing under that. area but also of deadline that whole would proceed because our

but say, on now, it's balancing an it's the question economics, by timing things. not affected it's right is all a And of -- maybe focus El these expansions that there. easy off Star well not are So to leach to the be have X The really Lone that's challenged. is Abra opportunities the some the and bag, near-term project, term more going they sulfide going then is and longer

will Beyond time, that And are available to over resources reserves. But Morenci what mines. great we this -- in and beyond that, term than I will the at The like at us come will further have U.S. that, But which have other really take we opportunities projects. time our come we quicker. company reserves. such is pipeline nearest our those about into of leaching have rather Beyond huge

anything And to so of this X parts, else. company having lot to just next do it's do has globally. XX% gotten period so drop anything is decisions forth, a the seeing come happen time, complicated more in having long got to X in by sustainable and else, for and the timing and a -- copper knowing not about to and without But that very of years what's this moving without when to prices going

will So it it impact us, other on on an impact and companies. have had an

question next with comes Agarwal Deutsche line Your Abhi the from of Bank.

Richard inflation. morning, a on I Good Kathleen. had and just question

prices the and spot year-end in first consumable in And you prices the did XXXX? including inflation, does do the But QX forecast. gasoline the and labor into biggest spot risk are and my you you terms seeing? upside see of So talk reflect guide about the That's where XXXX your question. using

is to energy for using inputs. We're first prices The spot that. answer our yes

based like economic kind might prices, But go and overall. a of of for don't an that varies. scenarios outlook current don't happen planning then any we look we and into on We -- different Yes. And philosophy that's plan develop we our a number just and analysis. at what if

that's the coming are with long man's future. heard game. up sales Our predictions ago on dead Have a

then and always who scenarios just say there. is look see use some I'll used at those -- costs that so disrupted and time, every our the of the prices followed copper rationales one, and current those longstanding hedging. And company And you you've heard the about a most changing. relationships. Energy significant of prices of long we've of been that's market say changing. not we input traditional X current for between correlation this, the that's And has that's for you day, me This

assets So our with with we're that just to this for of approach we having set have have think the company. is be I future so -- to goal prudence, great and of overall protecting great this to protecting an going we

the into managing going followed we're really as that business us aggressively that we've of changes. world before our So mode around

the see say question the your opportunity about way, is we or uncertain. either to the where risk energy And I'd that's most X most

copper did about correlated XX% costs correlations time, over to back or spending if price, energy, be talked Richard would As a period of long energy we greater. on $X.XX historical we're going the correlation, what a our lower

start because And going so the about through, comes -- but energy people world. potentially fold the to current historical again yet spiking if of based in do this what's where recession are correlations. our we based current really market plans on historical get talking are in really today. on a But prices not than But conditions. They're maybe correlations it's on scenario more they are

risk. haven't market yet. that of the is XX% that's were recession. the did, market expectation demand because to our Bank pricing of dire going a such people to is, this But capital, have of now to off If And times. in We're bad the the large about is adjust And way at that's that going that they risk the we not what had a occur, that's do company can But the going a obviously We manage manage to be and believer mean, drop a -- risk, is I to about off. protect I But because in, look what has put to need -- lot be this America now prudent survey you, the things was. we fall really will going case our that's at that why projecting very recession the biggest risk we just not it. manage business. demand we're expectations With future I'm to business cliff me right to right the global our our that financial to part us copper. at put operations more to and entrepreneur be big it. it. policy. we're history urge in in about I'm happen not do prudent going to taught ourselves and that.

from the Independent Tumazos John John Your Very with next will come question Research of line LLC. Tumazos

smelter for so of the so that steady market likely start at there's think to very manage. panics, it's making stop you and all make need less off and don't We’re cuts nondiscretionary, and mistake a around too the but geologist changes Kucing a position capital to such we many paying lot Liar of X Freeport Do basically we're strong and in CapEx big risk Freeport? fast, the you hard a at double state really given recovering, projects, lay then a these and it's

benefits shown over the people. leaching, all for people, value opportunity we're you and history all see, that. X years let's did mentioned treat and technical retirements you data you with with in We cuts mostly cutting talking G&A made our back so terminations always business. my at with of look good fairly. people. It our back to just incentivized and or We COVID between Well, encourage at because people I incentivized We was not in you. about forth, substantial can go for personnel people ago just used made and mean has John, and issue. attractive very travel actively were is way, not with it. And G&A find some I the we people. By with -- to of working technical we cost. analytics, our doing looking efficiently much which of of really experience needing the the progress about in this technical carried rest that. And that have learned see we efficient but over create what in you period what we during they'll as with time we're Freeport's leaching

we're being steady there, investments of Grasberg enhancement still it power a by rate. is run state, at that's dealing other We're today's issues. And the there. where on price. ramp-up, expansions maybe have our one that with power made, saying its So being working are with affected mill way it clearly, plant our we're we with And but some now copper

So just our makes strong on open yes, to we're in and being a all act focused options prepared time staying sense. position, when keeping financial of

need we earlier the capital bond Indonesian of in an bank and both need, our the for we things smelter. raised the got this the raised we capital year the deteriorated. part We with That's agreement government. before And important the markets

to the in where over the that as but that in look That's sustain in our some if help it's so And with. the the out of we've XXXX. have planning our can in a it complicated project -- -- the to in minuses we future higher long the levels build build at projects but do of flow. could time. done execution an we Kucing said, we past, in flywheel current opportunities need it's as cutbacks we something it to it's look of as assurance a again mining funding short things investment. look we're do good mining cut if a that it, Americas we long-term to capacity, The cash project, The But going we're shape. pluses various harder tweak execution places And kinds capacity project. Liar is, project. to the essentially we so now makes for and has we did get at Those term, to team Kucing the The keep investments some were period production We execution in Richard we have it's in look an in disciplined plan way. to We spending. It rates experience the with need rates we just will high. as reductions doing can at is

to on I the kinds as -- turned thing think market get important for is we these do doesn't things, don't of the quickly. understand switch that they the

lasting have lost, potentially Not don't but you It's they not time. extended it's period deferred effects. -- of an So for lose value.

account operating that we take we make into plans. all modifying when these So on decisions

financing billion was of fortuitous. And the timing that PT-FI $X very

bonds issued just was great done. It it at team this it I done those for have this today's got when trading. and Now and they looking that interest and what what morning was we with rates our are that Kathleen are

Our final from Paribas. will Exane BNP with come the Jatinder question of line Goel

OpEx are Are almost encouragingly, seeing CapEx number barring being keeping perspective. CapEx question inflation, year, sector highlighting for your next Interestingly, year a on this higher companies inflation in guidance and A than unchanged different a CapEx from the of other of level? that? at is billion inflation. million there Or $XXX slide CapEx Just that $X.X average it's driving deferral you What's any some lower cost activity inflation? is any absolute but activity shift. some of unchanged, but the

Yes.

projects. underground in where In I related we large think the it's are these of a of capital portion to underground function budget Indonesia, a was development. our the

is were which project. is really And The it increase part this we circuit, QX. this so in milling on advanced of in our coming well last SAG in

So projects that projects major only up, I last question the to costs to environment not the are that think have someone's assumption. we're this also the do into of starting calculus want that -- today the but X in availability labor, the in risks new And earlier, if is of goes that's but months, higher. you because a is you or undertake fair the

doing time. get for got big long projects was today capital disconnect. a progress doesn't thing been that's required what earlier, Richard in our so have we've reflect that new appropriately developed. we're the about a And current talking copper And projects price But to the is where

some and higher core parts those So sustaining got -- equipment projects, and we a amount and we've have things. of kinds of do and

given have would we're today. new someone have the parts affected project the our we But we brand that where Some cycle, have of a -- don't not capital are OpEx. in inflation starting new

issues in daunting Kathleen we're chain where on. project $X still as new thing that Yes. It's this about what we like spending said, you the And are the a billion money of in billion, and industry. And cycle. real are think supply very a would nature be were undertaking $X too, to

-- supply meet to back -- really the it just demand coming chain I keep significant. back that this develop the barriers Just supply mean, to copper are coming

in, concerns You prices has got years. wipe you look -- developed. these and new industry think environmental been just develop to And are community high world tried we've now the just the coming copper for because and copper. can't what's things just you've away And about spend had needs XX what that at you now

the are in problems all see mean, the build America but have problems we social the benefit that greenfield You I -- have of U.S. Latin populations the issues you trying for expansions, and because -- expansions. in brownfield competing to we

clear future seen looking companies just at is now You resource business like for our expansions lies commodities to business anything in experience, it's how just about so the what where ahead for the see people what things. assets, just will the after and we the a they're all businesses these decades benefit it why from copper I've never about here our us. actual problems is excited do me so I'm in And and just to build the daunting. and greenfield trying U.S.,

it's great be So future. going to a

Excellent.

Just a follow-up. quick

all the the On refinery change sure? precious the side. Is of there, escalation smelting CapEx to been expansion risk be the smelter existing has only there is of the no smelter in, new metals, in and remaining locked CapEx, all on greenfield plus just

not. it's No,

No.

target a we've And about you the with where dollar the local portion risk when both agreed we to labor and EPC also some contractor Yes. and a good the think costs in contingencies, We is. got that. price, labor some share cost,

got are. not risk between contract. things way fixed that it's parties. So a sharing It's the will they if But stay price with some help the us

back now for any closing management remarks. over the I'll to turn call

just feel know how basis you say, company's on I what's me Let the all for strategy. our

-- asking you So within follow broadly what question our of all so I'm any of industry but any my on contacts, company -- and and this if closely. you this the with call

reality you have the hearing more very the is be with institutional is views short -- to what One thing run a we view their the all. hearing than have I'd interested me their be of the the It's we if them just different that I with reporting the outlook invest you investors, recognize that If in with contrary Thank very for this any it’s and But you for unfolds. would thank of to future all, Freeport's to business. call you next world it. in this share seeing about is going of fundamental and And view how how copper even of forward certainly interested me. I'm quarter business, interesting. that, are really much directly. views, in like investments exciting look to of we

Ladies gentlemen, concludes Thank our for today. that participation. for and call you your

disconnect. now may You