Mining giant Freeport-McMoRan is cutting 25% of its oil and gas workforce
Reuters/Muhammad Yamin
The mining giant announced this on Tuesday along with earnings results that showed it had a quarterly loss for a sixth straight quarter.
"The newly structured oil and gas management team is actively engaged in managing costs and developing plans to preserve and enhance asset values," said a company statement.
Freeport-McMoRan "expects to record a charge of approximately $40 million in second-quarter 2016 associated with workforce reductions and other restructuring costs."
It tried to look for alternatives to its oil and gas business, but further price drops in the first quarter interfered with the process. And so in the interim, it's laying off workers in the oil and gas business.
Meanwhile, the company continues to look for more buyers of its assets to cut as much as $20 billion in debt. CEO Richard Adkerson said the company's asset divestments have totaled $1.4 billion year-to-date.
Freeport-McMoRan reported a net loss of $4.2 billion for the first quarter, or $3.35 per share, widening from a loss of $2.474 billion in the same quarter a year ago.
Its shares were little changed in pre-market trading. They've jumped 67% this year.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas