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UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-KCURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 25, 2017

FREEPORT-McMoRan INC.(Exactnameofregistrantasspecifiedinitscharter)

Delaware 001-11307-01 74-2480931(Stateorotherjurisdictionof

incorporation) (CommissionFileNumber)

(I.R.S.EmployerIdentification

Number)

333 North Central Avenue Phoenix, AZ 85004-2189

(Addressofprincipalexecutiveoffices) (ZipCode)

Registrant'stelephonenumber,includingareacode:(602)366-8100

ChecktheappropriateboxbelowiftheForm8-Kfilingisintendedtosimultaneouslysatisfythefilingobligationoftheregistrantunderanyofthefollowingprovisions:

[]WrittencommunicationspursuanttoRule425undertheSecuritiesAct(17CFR230.425)

[]SolicitingmaterialpursuanttoRule14a-12undertheExchangeAct(17CFR240.14a-12)

[]Pre-commencementcommunicationspursuanttoRule14d-2(b)undertheExchangeAct(17CFR240.14d-2(b))

[]Pre-commencementcommunicationspursuanttoRule13e-4(c)undertheExchangeAct(17CFR240.13e-4(c))

Item2.02.ResultsofOperationsandFinancialCondition.

Freeport-McMoRanInc.(FCX)issuedapressreleasedatedApril25,2017,announcingitsfirst-quarter2017resultsreferencingsupplementaryschedules(seeexhibit99.1)andpresentedslidesonitswebsitethataccompanieditsApril25,2017,earningsconferencecall(seeexhibit99.2).

Item9.01.FinancialStatementsandExhibits.

(d)Exhibits.

TheExhibitsincludedaspartofthisCurrentReportarelistedintheattachedExhibitIndex.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by theundersignedhereuntodulyauthorized.

FREEPORT-McMoRanINC.

By:/s/C.DonaldWhitmire,Jr.----------------------------------------

C.DonaldWhitmire,Jr.VicePresidentandController-FinancialReporting(authorizedsignatoryandPrincipalAccountingOfficer)

Date:April25,2017

Freeport-McMoRanInc.ExhibitIndex

ExhibitNumber

99.1 PressreleasedatedApril25,2017,titled“Freeport-McMoRanReportsFirst-Quarter2017Results”andsupplementaryschedules.

99.2 SlidespresentedinconjunctionwithApril25,2017,FCXfirst-quarter2017earningsconferencecallconductedviatheinternet.

Freeport-McMoRanReports First-Quarter March 31, 2017 Results

▪ Net income attributabletocommonstocktotaled$228million,$0.16pershare,forfirst-quarter2017.Afteradjustingfornetgainsof$8million,$0.01pershare,first-quarter2017adjustednetincomeattributabletocommonstocktotaled$220million,$0.15pershare.

▪ Consolidated sales totaled809millionpoundsofcopper,182thousandouncesofgoldand24millionpoundsofmolybdenumforfirst-quarter2017.SalesvolumeshavebeenimpactedbyregulatoryrestrictionsonPTFreeportIndonesia's(PT-FI)concentrateexportssincemid-January2017,resultinginthedeferralofapproximately190millionpoundsofcopperand280thousandouncesofgoldinfirst-quarter2017.PT-FI'sconcentrateexportsresumedonApril21,2017.

▪ Consolidated sales fortheyear2017areexpectedtoapproximate3.9billionpoundsofcopper,1.9millionouncesofgoldand93millionpoundsofmolybdenum,including1.0billionpoundsofcopper,440thousandouncesofgoldand24millionpoundsofmolybdenumforsecond-quarter2017.

▪ Average realized prices were$2.67perpoundforcopper,$1,229perounceforgoldand$8.71perpoundformolybdenumforfirst-quarter2017.

▪ Average unit net cash costs were$1.39perpoundofcopperforfirst-quarter2017andareexpectedtoaverage$1.08perpoundofcopperfortheyear2017.

▪ Operating cash flows totaled$792million(including$178millioninworkingcapitalsourcesandchangesinothertaxpayments)forfirst-quarter2017.Basedoncurrentsalesvolumeandcostestimatesandassumingaveragepricesof$2.50perpoundforcopper,$1,250perounceforgoldand$9.00perpoundformolybdenum,operatingcashflowsfortheyear2017areexpectedtoapproximate$4.0billion(including$1.0billioninworkingcapitalsourcesandchangesinothertaxpayments).

▪ Capital expenditures totaled$344million(including$210millionformajorminingprojects)forfirst-quarter2017.Capitalexpendituresfortheyear2017areexpectedtoapproximate$1.6billion,including$0.7billionforundergrounddevelopmentactivitiesfortheremainderof2017,whicharedependentonaresolutionofPT-FI'slong-termoperatingrights.

▪ AtMarch31,2017,consolidated debt totaled$15.4billionandconsolidated cash totaled$4.0billion.FCXhadnoborrowingsand$3.5billionavailableunderits$3.5billionrevolvingcreditfacilityatMarch31,2017.

▪ InApril2017,PT Freeport Indonesia (PT-FI) reached agreement withtheIndonesiangovernmenttoresumeconcentrateexports(whichhadbeensuspendedsinceJanuary12,2017)forasix-monthperiodtoenablethenegotiationofanewspecialoperatinglicense(IUPK)andinvestmentstabilityagreementtosupportPT-FI'slong-terminvestmentplans.

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PHOENIX,AZ,April25,2017-Freeport-McMoRanInc.(NYSE:FCX)reportednetincomeattributabletocommonstockof$228million($0.16pershare)forfirst-quarter2017,comparedwithanetlossattributabletocommonstockof$4.2billion($3.35pershare)forfirst-quarter2016.FCX’snetincome(loss)attributabletocommonstockincludesnetgainsof$8million($0.01pershare)infirst-quarter2017andchargestotaling$4.0billion($3.19pershare)infirst-quarter2016,whichwereprimarilyforthereductionofthecarryingvalueofoilandgasproperties.Forasummaryoftheseamounts,refertothesupplementalschedule,"AdjustedNetIncome(Loss),"onpageVI,whichisavailableonFCX'swebsite,"fcx.com."

Richard C. Adkerson, President and Chief Executive Officer, said, "During the first quarter, we continued to strengthen our financial positiondespite the production interruptions experienced at our Indonesian operations. Our strong focus on cost and capital discipline combined with improvedmarket conditions for copper are producing solid results. The resumption of concentrate exports in Indonesia and expected continued strongperformance from our Americas operations will enable us to generate significant cash flows in the balance of the year to achieve our balance sheetobjectives. Our team is focused on reaching a positive near-term resolution to protect our past investments and support our long-term investmentplans in Indonesia and in building long-term values in our large portfolio of high-quality copper assets in the Americas."

SUMMARY FINANCIAL DATA

Three Months Ended March 31, 2017 2016 (inmillions,exceptpershareamounts) Revenuesa,b $ 3,341 $ 3,242 Operatingincome(loss)a $ 580 $ (3,872) Netincome(loss)fromcontinuingoperations $ 268 $ (4,097) Netincome(loss)fromdiscontinuedoperations $ 38 c $ (4) Netincome(loss)attributabletocommonstockd,e $ 228 $ (4,184) Dilutednetincome(loss)pershareofcommonstock:

Continuingoperations $ 0.13 $ (3.34) Discontinuedoperations 0.03 (0.01)

$ 0.16 $ (3.35) Dilutedweighted-averagecommonsharesoutstanding 1,454 1,251 Operatingcashflowsf $ 792 $ 740 Capitalexpenditures $ 344 $ 982 AtMarch31: Cashandcashequivalents $ 4,001 $ 231 Totaldebt,includingcurrentportion $ 15,363 $ 20,675

a. For segment financial results, refer to the supplemental schedules, "Business Segments," beginning on page VIII , which are available on FCX's website, "fcx.com."b. Includes favorable adjustments to provisionally priced concentrate and cathode copper sales recognized in prior periods totaling $91 million ( $39 million to net income

attributable to common stock or $0.03 per share) in first-quarter 2017 and $9 million ( $5 million to net loss attributable to common stock or less than $0.01 per share) infirst-quarter 2016 . For further discussion, refer to the supplemental schedule, "Derivative Instruments," on page VII , which is available on FCX's website, "fcx.com."

c. Primarily reflects adjustments to the fair value of the potential $120 million in contingent consideration related to the November 2016 sale of FCX's interest in TF HoldingsLimited (TFHL), which in accordance with accounting guidelines will continue to be adjusted through December 31, 2019.

d. Includes net gains of $8 million ( $0.01 per share) in first-quarter 2017 and charges totaling $4.0 billion ( $3.19 per share) in first-quarter 2016 , which are described in thesupplemental schedule, "Adjusted Net Income (Loss)," on page VI , which is available on FCX's website, "fcx.com."

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e. FCX defers recognizing profits on intercompany sales until final sales to third parties occur. For a summary of net impacts from changes in these deferrals, refer to thesupplemental schedule, "Deferred Profits," on page VIII , which is available on FCX's website, "fcx.com."

f. Includes net working capital sources and changes in other tax payments of $178 million for first-quarter 2017 and $188 million for first-quarter 2016 .

SUMMARY OPERATING DATA

Three Months Ended March 31, 2017 2016 a Copper (millionsofrecoverablepounds) Production 851 987 Sales,excludingpurchases 809 1,000 Averagerealizedpriceperpound $ 2.67 $ 2.18 Siteproductionanddeliverycostsperpoundb $ 1.60 $ 1.49 Unitnetcashcostsperpoundb $ 1.39 $ 1.38

Gold (thousandsofrecoverableounces) Production 239 184 Sales,excludingpurchases 182 201 Averagerealizedpriceperounce $ 1,229 $ 1,227

Molybdenum (millionsofrecoverablepounds) Production 23 20 Sales,excludingpurchases 24 17 Averagerealizedpriceperpound $ 8.71 $ 7.61

a. Excludes the results of the Tenke Fungurume (Tenke) mine, which was sold in November 2016 and is reported as a discontinued operation. Copper sales from the Tenkemine totaled 123 million pounds in first-quarter 2016 .

b. Reflects per pound weighted-average production and delivery costs and unit net cash costs (net of by-product credits) for all copper mines, before net noncash and othercosts. For reconciliations of per pound unit costs by operating division to production and delivery costs applicable to sales reported in FCX's consolidated financialstatements, refer to the supplemental schedules, "Product Revenues and Production Costs," beginning on page X , which are available on FCX's website, "fcx.com."

Consolidated Sales VolumesFirst-quarter2017salesof809millionpoundsofcopper and182thousandouncesofgold werelowerthantheJanuary2017estimatesof1.0billion

poundsofcopperand460thousandouncesofgold,primarilyreflectinglowervolumesfromIndonesiaasaresultofregulatoryrestrictionsonPT-FI'sconcentrateexports.First-quarter2017coppersaleswerelowerthanfirst-quarter2016salesof1.0billionpounds,primarilyreflectinglowervolumesfromNorthAmericaandIndonesia.

First-quarter2017molybdenum salesof24millionpoundsapproximatedtheJanuary2017estimateof23millionpoundsandwerehigherthanfirst-quarter2016salesof17millionpounds.

Salesvolumesfortheyear2017areexpectedtoapproximate3.9billionpoundsofcopper,1.9millionouncesofgoldand93millionpoundsofmolybdenum,including1.0billionpoundsofcopper,440thousandouncesofgoldand24millionpoundsofmolybdenuminsecond-quarter2017.EstimatedsalesvolumesassumenormaloperatingratesatPT-FIbeginningmid-April2017.Refertopage6fordiscussionofIndonesiaRegulatoryMatters,whichmayhaveasignificantimpactonfutureresults.

Consolidated Unit CostsConsolidatedaverageunitnetcashcosts(netofby-productcredits)forFCX'scopperminesof$1.39perpoundofcopperinfirst-quarter2017wereslightly

higherthanunitnetcashcostsof$1.38perpoundinfirst-quarter2016,primarilyreflectinglowersalesvolumes,partlyoffsetbyhigherby-productcredits.

Assumingaveragepricesof$1,250perounceofgoldand$9.00perpoundofmolybdenumfortheremainderof2017andachievementofcurrentsalesvolumeandcostestimates,consolidatedunitnetcashcosts

Freeport-McMoRan 3

(netofby-productcredits)forcopperminesareexpectedtoaverage$1.08perpoundofcopperfortheyear2017.Theimpactofpricechangesonconsolidatedunitnetcashcostswouldapproximate$0.02perpoundforeach$50perouncechangeintheaveragepriceofgoldfortheremainderof2017and$0.02perpoundforeach$2perpoundchangeintheaveragepriceofmolybdenumfortheremainderof2017.Quarterlyunitnetcashcostsvarywithfluctuationsinsalesvolumesandrealizedprices,primarilyforgoldandmolybdenum.

MINING OPERATIONSNorth America Copper Mines. FCXoperatessevenopen-pitcopperminesinNorthAmerica-Morenci,Bagdad,Safford,SierritaandMiamiinArizona,andChinoandTyroneinNewMexico.Inadditiontocopper,molybdenumconcentrate,goldandsilverarealsoproducedbycertainofFCX'sNorthAmericacoppermines.

AlloftheNorthAmericaminingoperationsarewhollyowned,exceptforMorenci.FCXrecordsits72percentundividedjointventureinterestinMorenciusingtheproportionateconsolidationmethod.

Operating and Development Activities. FCXhassignificantundevelopedreservesandresourcesinNorthAmericaandaportfolioofpotentiallong-termdevelopmentprojects.Futureinvestmentswillbeundertakenbasedontheresultsofeconomicandtechnicalfeasibilitystudies,andmarketconditions.

Throughexplorationdrilling,FCXhasidentifiedasignificantresourceattheLoneStarprojectlocatedneartheSaffordoperationinEasternArizona.InitialproductionfromLoneStarisbeingplannedfromtheoxideoresbeginningin2021,whichcanbeprocessedthroughexistinginfrastructuretoreplaceoxideproductionfromSafford.FCXcontinuestoevaluatelongertermopportunitiesavailablefromthesignificantsulfidepotentialintheLoneStar/Saffordmineralsdistrict.

Operating Data. FollowingissummaryconsolidatedoperatingdatafortheNorthAmericacopperminesforthethreemonthsendedMarch31,2017and2016:

Three Months Ended March 31, 2017 2016 Copper (millionsofrecoverablepounds) Production 392 487 Sales,excludingpurchases 375 503 Averagerealizedpriceperpound $ 2.68 $ 2.16

Molybdenum (millionsofrecoverablepounds) Productiona 9 8

Unit net cash costs per pound of copper b Siteproductionanddelivery,excludingadjustments $ 1.52 $ 1.40 By-productcredits (0.15) (0.08) Treatmentcharges 0.11 0.10

Unitnetcashcosts $ 1.48 $ 1.42

a. Refer to summary operating data on page 3 for FCX's consolidated molybdenum sales, which includes sales of molybdenum produced at the North America copper mines.b. For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX's consolidated financial statements, refer to the

supplemental schedules, "Product Revenues and Production Costs," beginning on page X , which are available on FCX's website, "fcx.com."

NorthAmerica'sconsolidatedcoppersalesvolumesof375millionpoundsinfirst-quarter2017werelowerthanfirst-quarter2016salesof503millionpounds,primarilyreflectingloweroregradesandminingrates,timingofshipments,andtheimpactoftheMay2016saleofanadditional13percentinterestinMorenci.NorthAmericacoppersalesareestimatedtoapproximate1.5billionpoundsfortheyear2017,comparedwith1.8billionpoundsin2016.

Freeport-McMoRan 4

Averageunitnetcashcosts(netofby-productcredits)fortheNorthAmericacopperminesof$1.48perpoundofcopperinfirst-quarter2017werehigherthanunitnetcashcostsof$1.42perpoundinfirst-quarter2016,primarilyreflectinglowercoppersalesvolumes,partlyoffsetbyhighermolybdenumcredits.

Averageunitnetcashcosts(netofby-productcredits)fortheNorthAmericacopperminesareexpectedtoapproximate$1.53perpoundofcopperfortheyear2017,basedonachievementofcurrentsalesvolumeandcostestimatesandassuminganaveragemolybdenumpriceof$9.00perpoundfortheremainderof2017.NorthAmerica'saverageunitnetcashcostsfortheyear2017wouldchangebyapproximately$0.03perpoundforeach$2perpoundchangeintheaveragepriceofmolybdenumfortheremainderof2017.

South America Mining. FCXoperatestwocopperminesinSouthAmerica-CerroVerdeinPeru(inwhichFCXownsa53.56percentinterest)andElAbrainChile(inwhichFCXownsa51percentinterest).TheseoperationsareconsolidatedinFCX'sfinancialstatements.Inadditiontocopper,theCerroVerdemineproducesmolybdenumconcentrateandsilver.

Operating and Development Activities. TheCerroVerdeexpansionprojectcommencedoperationsinSeptember2015andachievedcapacityoperatingratesduringfirst-quarter2016.CerroVerde'sexpandedoperationsbenefitfromitslarge-scale,long-livedreservesandcostefficiencies.Theprojectexpandedtheconcentratorfacilitiesfrom120,000metrictonsoforeperdayto360,000metrictonsoforeperday.

Inthesecondhalfof2015,FCXadjustedoperationsatitsElAbraminetoreduceminingandstackingratesbyapproximately50percenttoachieveloweroperatingandlaborcosts,defercapitalexpendituresandextendthelifeoftheexistingoperations.ElAbracontinuestooperateatreducedrates.

FCXcontinuestoevaluateapotentiallarge-scalemillingoperationatElAbratoprocessadditionalsulfidematerialandtoachievehigherrecoveries.ExplorationresultsinrecentyearsatElAbraindicateasignificantsulfideresource,whichcouldpotentiallysupportamajormillproject.Futureinvestmentswilldependontechnicalstudies,economicfactorsandmarketconditions.

Operating Data. FollowingissummaryconsolidatedoperatingdatafortheSouthAmericaminingoperationsforthethreemonthsendedMarch31,2017and2016:

Three Months Ended March 31, 2017 2016 Copper (millionsofrecoverablepounds) Production 304 335 Sales 309 323 Averagerealizedpriceperpound $ 2.66 $ 2.19

Molybdenum (millionsofrecoverablepounds) Productiona 6 5

Unit net cash costs per pound of copper b Siteproductionanddelivery,excludingadjustments $ 1.48 $ 1.23 By-productcredits (0.18) (0.07) Treatmentcharges 0.22 0.23 Royaltyonmetals 0.01 0.01


a. Refer to summary operating data on page 3 for FCX's consolidated molybdenum sales, which includes sales of molybdenum produced at Cerro Verde.b. For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX's consolidated financial statements, refer to the


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SouthAmerica'sconsolidatedcoppersalesvolumesof309millionpoundsinfirst-quarter2017werelowerthanfirst-quarter2016salesof323millionpounds.Duringfirst-quarter2017,CerroVerde'soperationswereunfavorablyimpactedbyunusuallyheavyrainfallanda21-daylaborstrike.Theseissuesresultedinlowerthanplannedminingratesandareductionofapproximately80millionpoundsofcopperinCerroVerde'sestimated2017salesvolumes.SalesfromSouthAmericaminingareexpectedtoapproximate1.2billionpoundsofcopperfortheyear2017,comparedwith1.3billionpoundsofcopperin2016.

Averageunitnetcashcosts(netofby-productcredits)forSouthAmericaminingof$1.53perpoundofcopperinfirst-quarter2017werehigherthanunitnetcashcostsof$1.40perpoundinfirst-quarter2016,primarilyreflectinghighermillingandminingcostsatCerroVerdeandlowervolumes,partlyoffsetbyhigherby-productcredits.Averageunitnetcashcosts(netofby-productcredits)forSouthAmericaminingareexpectedtoapproximate$1.63perpoundofcopperfortheyear2017,basedoncurrentsalesvolumeandcostestimatesandassuminganaveragepriceof$9.00perpoundofmolybdenumfortheremainderof2017.

Indonesia Mining. Throughits90.64percentownedandconsolidatedsubsidiaryPT-FI,FCX'sassetsincludeoneoftheworld'slargestcopperandgolddepositsattheGrasbergmineralsdistrictinPapua,Indonesia.PT-FIoperatesaproportionatelyconsolidatedjointventure,whichproducescopperconcentratethatcontainssignificantquantitiesofgoldandsilver.

Regulatory Matters. InJanuaryandFebruary2017,theIndonesiangovernmentissuednewregulationstoaddressexportsofunrefinedmetals,includingcopperconcentrateandanodeslimes,andothermattersrelatedtotheminingsector.Thenewregulationspermitthecontinuationofcopperconcentrateexportsforafive-yearperiodthroughJanuary2022,subjecttovariousconditions,includingconversionfromacontractofworktoaspecialoperatinglicense(knownasanIUPK,whichdoesnotprovidethesamelevelofprotectionsofacontractofwork),commitmenttocompletionofsmelterconstructioninfiveyearsandpaymentofexportdutiestobedeterminedbytheMinistryofFinance.Inaddition,thenewregulationsenableapplicationforextensionofoperatingrightsfiveyearsbeforeexpirationoftheIUPKandrequireforeignIUPKholderstodivest51percenttoIndonesianinterestsnolaterthanthetenthyearofproduction.Exportlicenseswouldbevalidforone-yearperiods,subjecttorevieweverysixmonths,dependingonsmelterconstructionprogress.

FollowingtheissuanceoftheJanuaryandFebruary2017regulationsanddiscussionswiththegovernment,PT-FIadvisedtheIndonesiangovernmentthatitwaspreparedtoconvertitsContractofWork(COW)toanIUPK,subjecttoobtaininganinvestmentstabilityagreementprovidingequivalentrightswiththesameleveloflegalandfiscalcertaintyenumeratedunderitsCOW,andprovidedthattheCOWwouldremainineffectuntilitisreplacedbyamutuallysatisfactoryalternative.PT-FIalsocommittedtocommenceconstructionofanewsmelterduringafive-yeartimeframeafterapprovaloftheextensionofitslong-termoperatingrights.

Inmid-February2017,pursuanttotheCOW'sdisputeresolutionprovisions,PTFIprovidedformalnoticetotheIndonesiangovernmentofanimpendingdisputelistingthegovernment'sbreachesandviolationsoftheCOW.

InMarch2017,PTSmelting's(PT-FI's25-percentownedcoppersmelterandrefinerylocatedinGresik,Indonesia)anodeslimesexportlicensewasrenewedthroughMarch1,2018.

InlateMarch2017,theIndonesiangovernmentamendedtheregulationstoenablePT-FItoretainitsCOWuntilreplacedwithanIUPKaccompaniedbyaninvestmentstabilityagreement,andtograntPT-FIatemporaryIUPKthroughOctober10,2017,toenableconcentrateexportsduringthisperiod.InApril2017,PT-FIenteredintoaMemorandumofUnderstandingwiththeIndonesiangovernmentconfirmingthattheCOWwouldcontinuetobevalidandhonoreduntilreplacedbyamutuallyagreedIUPKandinvestmentstabilityagreement.PT-FIwillcontinuetopayafivepercentexportdutyduringthisperiod.

OnApril21,2017,theIndonesiangovernmentissuedapermittoPT-FItoenableexportstoresumeforasix-monthperiod.PT-FIhasbegunloadingexportshipmentsandplanstorampupitsproductiontofullratesduringsecond-quarter2017.

Asaresultofthefirst-quarter2017regulatoryrestrictionsanduncertaintiesregardinglong-terminvestmentstability,PT-FIhastakenactionstoadjustitscoststructure,reduceitsworkforceandslowinvestmentsinitsundergrounddevelopmentprojectsandnewsmelter.

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PT-FIandtheIndonesiangovernmentwillimmediatelycommencenegotiationsontheconversionofPT-FI'sCOWtoanIUPKaccompaniedbyaninvestmentstabilityagreementwiththeobjectiveofprovidingamutuallyacceptablelong-terminvestmentframework.

Operating and Development Activities. PT-FIiscurrentlyminingthefinalphaseoftheGrasbergopenpit,whichcontainshighcopperandgoldoregrades.PT-FIexpectstominehigh-gradeoreoverthenextseveralquarterspriortotransitioningtotheGrasbergBlockCaveundergroundmineinlate2018.

PT-FIhasseveralprojectsintheGrasbergmineralsdistrictrelatedtothedevelopmentofitslarge-scale,long-lived,high-gradeundergroundorebodies.Inaggregate,theseundergroundorebodiesareexpectedtoproducelarge-scalequantitiesofcopperandgoldfollowingthetransitionfromtheGrasbergopenpit.Asaresultofregulatoryuncertainty,PT-FIhasslowedinvestmentsinitsundergrounddevelopmentprojectsduringfirst-quarter2017.AssuminganagreementisreachedtosupportPT-FI'slong-terminvestmentplans,estimatedannualcapitalspendingontheseprojectswouldaverage$1.0billionperyear($0.8billionperyearnettoPT-FI)overthenextfiveyears.Thetimingoftheseexpenditurescontinuestobereviewed.IfPT-FIisunabletoreachagreementwiththeIndonesiangovernmentonitslong-termminingrights,FCXintendstosignificantlyreduceordeferinvestmentsinundergrounddevelopmentprojects.

Operating Data. FollowingissummaryconsolidatedoperatingdatafortheIndonesiaminingoperationsforthethreemonthsendedMarch31,2017and2016:

Three Months Ended March 31, 2017 2016 Copper (millionsofrecoverablepounds) Production 155 165 Sales 125 174 Averagerealizedpriceperpound $ 2.63 $ 2.20

Gold (thousandsofrecoverableounces) Production 232 178 Sales 177 195 Averagerealizedpriceperounce $ 1,229 $ 1,228

Unit net cash costs per pound of copper a Siteproductionanddelivery,excludingadjustments $ 2.15 $ 2.24 Goldandsilvercredits (1.88) (1.52) Treatmentcharges 0.28 0.31 Exportduties 0.11 0.08 Royaltyonmetals 0.16 0.13


a. For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX's consolidated financial statements, refer to the


Indonesia'sconsolidatedsalesof125millionpoundsofcopperand177thousandouncesofgoldinfirst-quarter2017werelowerthanfirst-quarter2016salesof174millionpoundsofcopperand195thousandouncesofgold,primarilyreflectingtheimpactofregulatoryrestrictionsonPT-FI'sconcentrateexportsbeginningonJanuary12,2017,andasix-weektemporaryshutdownatPTSmelting,whichbeganonJanuary19,2017.

Asaresultoftheregulatoryuncertainties,PT-FIhastakenactionstoadjustitscoststructure,reduceitsworkforceandslowinvestmentinitslong-termundergrounddevelopmentprojectsandnewsmelter.

InApril2017,PT-FIreceivedapprovaltoresumeconcentrateexports.Assumingnormaloperatingratesfortheremainderoftheyear,consolidatedsalesvolumesfromIndonesiaminingareexpectedtoapproximate1.1

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billionpoundsofcopperand1.9millionouncesofgoldfortheyear2017,comparedwith1.1billionpoundsofcopperand1.1millionouncesofgoldfortheyear2016.

DuringApril2017,PT-FIexperiencedahighlevelofworkerabsenteeism.UnionleadershavenotifiedPT-FIofapotentialstrikeduringthemonthofMay.PT-FIisworkingwithunionleaders,withthesupportofgovernmentofficials,toencourageasafeandefficientreturntonormaloperationsforthebenefitofallstakeholders.

AsignificantportionofPT-FI'scostsarefixedandunitcostsvarydependingonproductionvolumesandotherfactors.Indonesia'sunitnetcashcosts(includinggoldandsilvercredits)of$0.82perpoundofcopperinfirst-quarter2017werelowerthanunitnetcashcostsof$1.24perpoundinfirst-quarter2016,primarilyreflectinghighergoldandsilvercreditsandlowerproductioncosts.Indonesia'sunitcashcostsforfirst-quarter2017exclude$21million($0.17perpoundofcopper)forcostschargeddirectlytocostofsalesasaresultoftheimpactofregulatoryrestrictionsonPT-FI'sconcentrateexports.

Assuminganaveragegoldpriceof$1,250perouncefortheremainderof2017andachievementofcurrentsalesvolumeandcostestimates,unitnetcashcredits(netofgoldandsilvercredits)forIndonesiaminingareexpectedtoapproximate$0.10perpoundofcopperfortheyear2017.Indonesiamining'sunitnetcashcreditsfortheyear2017wouldchangebyapproximately$0.07perpoundforeach$50perouncechangeintheaveragepriceofgoldfortheremainderof2017.BecauseofthefixednatureofalargeportionofIndonesia'scosts,unitcostsvaryfromquartertoquarterdependingoncopperandgoldvolumes.

Indonesiamining'sprojectedsalesvolumesaredependentonanumberoffactors,includingoperationalperformance,workforceproductivity,thetimingofshipmentsanditsabilitytocontinuetoexportcopperconcentrate.

Molybdenum Mines. FCXhastwowhollyownedmolybdenumminesinNorthAmerica- theHendersonundergroundmineandtheClimaxopen-pitmine,bothinColorado.TheHendersonandClimaxminesproducehigh-purity,chemical-grademolybdenumconcentrate,whichistypicallyfurtherprocessedintovalue-addedmolybdenumchemicalproducts.ThemajorityofmolybdenumconcentrateproducedattheHendersonandClimaxmines,aswellasfromFCX'sNorthAmericaandSouthAmericacoppermines,isprocessedatFCX'sconversionfacilities.

Operating and Development Activities. Inresponsetomarketconditions,theHendersonmolybdenumminecontinuestooperateatreducedrates.ProductionfromtheMolybdenumminestotaled8millionpoundsofmolybdenuminfirst-quarter2017and7millionpoundsinfirst-quarter2016.Refertosummaryoperatingdataonpage3forFCX'sconsolidatedmolybdenumsales,whichincludessalesofmolybdenumproducedattheMolybdenummines,andfromFCX'sNorthAmericaandSouthAmericacoppermines.

AverageunitnetcashcostsfortheMolybdenumminesof$7.10perpoundofmolybdenuminfirst-quarter2017werelowerthan$7.43perpoundinfirst-quarter2016,primarilyreflectinghighervolumes.Basedoncurrentsalesvolumeandcostestimates,unitnetcashcostsfortheMolybdenumminesareexpectedtoaverageapproximately$7.85perpoundofmolybdenumfortheyear2017.

ForareconciliationofunitnetcashcostsperpoundtoproductionanddeliverycostsapplicabletosalesreportedinFCX'sconsolidatedfinancialstatements,refertothesupplementalschedules,"ProductRevenuesandProductionCosts,"beginningonpageX,whichareavailableonFCX'swebsite,"fcx.com."

Mining Exploration Activities. FCX'sminingexplorationactivitiesaregenerallyassociatedwithitsexistingmines,focusingonopportunitiestoexpandreservesandresourcestosupportdevelopmentofadditionalfutureproductioncapacity.ExplorationresultscontinuetoindicateopportunitiesforsignificantfuturepotentialreserveadditionsinNorthAmericaandSouthAmerica.Explorationspendingcontinuestobeconstrainedbymarketconditionsandisexpectedtoapproximate$70millionfortheyear2017,comparedto$44millionin2016.

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CASH FLOWS, CASH and DEBTOperating Cash Flows. FCXgeneratedoperatingcashflowsof$792million(including$178millioninworkingcapitalsourcesandchangesinothertax

payments)infirst-quarter2017.

Basedoncurrentsalesvolumeandcostestimatesandassumingaveragepricesof$2.50perpoundofcopper,$1,250perounceofgoldand$9.00perpoundofmolybdenumfortheremainderof2017,FCX'sconsolidatedoperatingcashflowsareestimatedtoapproximate$4.0billionfortheyear2017(including$1.0billioninworkingcapitalsourcesandothertaxpayments).Theimpactofpricechangesduringtheremainderof2017onoperatingcashflowswouldapproximate$275millionforeach$0.10perpoundchangeintheaveragepriceofcopper,$65millionforeach$50perouncechangeintheaveragepriceofgoldand$70millionforeach$2perpoundchangeintheaveragepriceofmolybdenum.Refertopage6fordiscussionofIndonesianRegulatoryMatters,whichmayhaveasignificantimpactonfutureresults.

Capital Expenditures. Capitalexpenditurestotaled$344millionforfirst-quarter2017(including$210millionformajorminingprojects).Capitalexpendituresareexpectedtoapproximate$1.6billionfortheyear2017,including$0.9billionformajorminingprojectsprimarilyforundergrounddevelopmentactivitiesatGrasberg.Asaresultofregulatoryuncertainty,PT-FIhasslowedinvestmentsinitsundergrounddevelopmentprojectsduringfirst-quarter2017.IfPT-FIisunabletoreachagreementwiththeIndonesiangovernmentonitslong-termminingrights,FCXintendstosignificantlyreduceordeferinvestmentsinundergrounddevelopmentprojects.

Cash. FollowingisasummaryoftheU.S.andinternationalcomponentsofconsolidatedcashandcashequivalentsavailabletotheparentcompany,netofnoncontrollinginterests'share,taxesandothercostsatMarch31,2017(inbillions):

Cashatdomesticcompanies $ 3.4 Cashatinternationaloperations 0.6

Totalconsolidatedcashandcashequivalents 4.0 Noncontrollinginterests'share (0.2)

Cash,netofnoncontrollinginterests'share 3.8 Withholdingtaxesandother (0.1)

Net cash available $ 3.7

Debt. Followingisasummaryoftotaldebtandtherelatedweighted-averageinterestratesatMarch31,2017(inbillions,exceptpercentages):

Weighted- Average Interest Rate SeniorNotes $ 13.9 4.4% CerroVerdeCreditFacility 1.3 2.9% OtherFCXdebt 0.2 2.9%

Totaldebt $ 15.4 4.3%

AtMarch31,2017,FCXhadnoborrowings,$39millioninlettersofcreditissuedand$3.5billionavailableunderits$3.5billionrevolvingcreditfacility.

Duringfirst-quarter2017,FCXrepaidits$500millionof2.15%SeniorNotesdue2017.

FINANCIAL POLICYInDecember2015,FCX'scommonstockdividendwassuspended.ThedeclarationofdividendsisatthediscretionoftheBoardofDirectors(Board)and

willdependuponFCX’sfinancialresults,cashrequirements,futureprospectsandotherfactorsdeemedrelevantbytheBoard.

Freeport-McMoRan 9

WEBCAST INFORMATIONAconferencecallwithsecuritiesanalyststodiscussFCX'sfirst-quarter2017resultsisscheduledfortodayat10:00a.m.EasternTime.Theconferencecall

willbebroadcastontheInternetalongwithslides.Interestedpartiesmaylistentotheconferencecallliveandviewtheslidesbyaccessing“fcx.com.”AreplayofthewebcastwillbeavailablethroughFriday,May25,2017.

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FCXisaleadinginternationalminingcompanywithheadquartersinPhoenix,Arizona.FCXoperateslarge,long-lived,geographicallydiverseassetswithsignificantprovenandprobablereservesofcopper,goldandmolybdenum.FCXistheworld'slargestpubliclytradedcopperproducer.FCX’sportfolioofassetsincludestheGrasbergmineralsdistrictinIndonesia,oneoftheworld'slargestcopperandgolddeposits;andsignificantminingoperationsintheAmericas,includingthelarge-scaleMorencimineralsdistrictinNorthAmericaandtheCerroVerdeoperationinSouthAmerica.AdditionalinformationaboutFCXisavailableonFCX'swebsiteat"fcx.com."

CautionaryStatementandRegulationGDisclosure:This press release contains forward-looking statements in which FCX discusses its potential future performance. Forward-lookingstatements are all statements other than statements of historical facts, such as projections or expectations relating to ore grades and milling rates, production and sales volumes, unit net cashcosts, operating cash flows, capital expenditures, exploration efforts and results, development and production activities and costs, liquidity, tax rates, the impact of copper, gold and molybdenumprice changes, the impact of deferred intercompany profits on earnings, reserve estimates, future dividend payments, and share purchases and sales. The words “anticipates,” “may,” “can,”“plans,” “believes,” “estimates,” “expects,” “projects,” "targets," “intends,” “likely,” “will,” “should,” “to be,” ”potential" and any similar expressions are intended to identify those assertions asforward-looking statements.

FCX cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, projected or assumedin the forward-looking statements. Important factors that can cause FCX's actual results to differ materially from those anticipated in the forward-looking statements include supply of anddemand for, and prices of, copper, gold and molybdenum; mine sequencing; production rates; potential effects of cost and capital expenditure reductions, and production curtailments onfinancial results and cash flow; potential inventory adjustments; potential impairment of long-lived mining assets; the outcome of negotiations with the Indonesian government regarding PT-FI'sCOW; the potential effects of violence in Indonesia generally and in the province of Papua; industry risks; regulatory changes; political risks; labor relations; weather- and climate-related risks;environmental risks; litigation results (including the final disposition of the recent unfavorable Indonesian Tax Court ruling relating to surface water taxes); and other factors described in moredetail under the heading “Risk Factors” in FCX's Annual Report on Form 10-K for the year ended December 31, 2016 , filed with the U.S. Securities and Exchange Commission (SEC). Withrespect to FCX's operations in Indonesia, such factors include whether PT-FI will be able to resolve complex regulatory matters in Indonesia.

Investors are cautioned that many of the assumptions upon which FCX's forward-looking statements are based are likely to change after the forward-looking statements are made,including for example commodity prices, which FCX cannot control, and production volumes and costs, some aspects of which FCX may not be able to control. Further, FCX may make changesto its business plans that could affect its results. FCX cautions investors that it does not intend to update forward-looking statements more frequently than quarterly notwithstanding any changesin its assumptions, changes in business plans, actual experience or other changes, and FCX undertakes no obligation to update any forward-looking statements.

This press release also contains certain financial measures such as unit net cash costs per pound of copper and molybdenum, which are not recognized under U.S. generallyaccepted accounting principles. As required by SEC Regulation G, reconciliations of these measures to amounts reported in FCX's consolidated financial statements are in the supplementalschedules of this press release, which are also available on FCX's website, "fcx.com."

Freeport-McMoRan 10

FREEPORT-McMoRan INC.

SELECTED OPERATING DATA ThreeMonthsEndedMarch31, 2017 2016 2017 2016 MINING OPERATIONS: Production Sales

Copper (millionsofrecoverablepounds)

(FCX's net interest in %)

NorthAmerica

Morenci(72%)a 181 232 172 238

Bagdad(100%) 40 48 38 50

Safford(100%) 42 56 43 59

Sierrita(100%) 41 41 38 43

Miami(100%) 5 8 5 9

Chino(100%) 62 81 60 83

Tyrone(100%) 20 20 18 20

Other(100%) 1 1 1 1

TotalNorthAmerica 392 487 375 503

SouthAmerica

CerroVerde(53.56%) 262 272 268 256

ElAbra(51%) 42 63 41 67

TotalSouthAmerica 304 335 309 323

Indonesia

Grasberg(90.64%)b 155 165 125 174

Consolidated - continuing operations 851 987 809c

1,000 cDiscontinuedoperations-Tenke(56%)d

— 110 — 123

Total 851 1,097 809 1,123

Lessnoncontrollinginterests 157 221 156 222

Net 694 876 653 901

Averagerealizedpriceperpound(continuingoperations) $ 2.67 $ 2.18 Gold (thousandsofrecoverableounces)


NorthAmerica(100%) 7 6 5 6

Indonesia(90.64%)b 232 178 177 195

Consolidated 239 184 182 201


Net 217 167 165 183

Averagerealizedpriceperounce $ 1,229 $ 1,227 Molybdenum (millionsofrecoverablepounds)


Henderson(100%) 3 2 N/A N/A

Climax(100%) 5 5 N/A N/A

NorthAmerica(100%)a 9 8 N/A N/A

CerroVerde(53.56%) 6 5 N/A N/A

Consolidated 23 20 24 17


Net 20 18 21 16

Averagerealizedpriceperpound $ 8.71 $ 7.61 U.S. OIL AND GAS OPERATIONS: SalesVolumes SalesperDay

Oil(thousandbarrels,orMBbls) 481 8,298 5 91 Naturalgas(millioncubicfeet) 5,999 19,639 67 216 NGLs(MBbls) 89 574 1 6 Thousandbarrelsofoilequivalents 1,570 12,146 17 133

a. Amounts are net of Morenci's undivided joint venture partners' interest; effective May 31, 2016, FCX's undivided interest in Morenci was prospectively reduced from 85 percent to 72percent.

b. Amounts are net of Grasberg's joint venture partner's interest, which varies in accordance with the terms of the joint venture agreement. c. Consolidated sales volumes exclude purchased copper of 58 million pounds for first-quarter 2017 and 27 million pounds for first-quarter 2016.

d. On November 16, 2016, FCX completed the sale of its interest in the Tenke mine.

I

FREEPORT-McMoRan INC. SELECTED OPERATING DATA (continued)

ThreeMonthsEndedMarch31, 2017 2016

100% North America Copper Mines

Solution Extraction/Electrowinning (SX/EW) Operations

Leachoreplacedinstockpiles(metrictonsperday) 700,600 833,400

Averagecopperoregrade(percent) 0.28 0.31

Copperproduction(millionsofrecoverablepounds) 277 302 Mill Operations

Oremilled(metrictonsperday) 303,800 298,600

Averageoregrades(percent):

Copper 0.41 0.50

Molybdenum 0.03 0.03

Copperrecoveryrate(percent) 86.4 84.7

Production(millionsofrecoverablepounds):

Copper 186 226

Molybdenum 9 8 100% South America Mining

SX/EW Operations

Leachoreplacedinstockpiles(metrictonsperday) 125,900 140,700

Averagecopperoregrade(percent) 0.42 0.41

Copperproduction(millionsofrecoverablepounds) 66 90 Mill Operations


Averageoregrades(percent):

Copper 0.44 0.43

Molybdenum 0.02 0.02

Copperrecoveryrate(percent) 84.5 86.2

Production(millionsofrecoverablepounds):

Copper 238 245

Molybdenum 6 5 100% Indonesia Mining

Oremilled(metrictonsperday):a

Grasbergopenpit 53,600 105,800

DeepOreZoneundergroundmine 26,100 44,200

DeepMillLevelZone(DMLZ)undergroundmineb 3,200 4,100

GrasbergBlockCaveundergroundmineb 2,600 2,300

BigGossanundergroundmineb 1,700 200

Total 87,200 156,600

Averageoregrades:

Copper(percent) 1.15 0.69

Gold(gramspermetricton) 1.17 0.53

Recoveryrates(percent):

Copper 92.2 89.3

Gold 84.8 80.6

Production(recoverable):

Copper(millionsofpounds) 172 183

Gold(thousandsofounces) 241 190 100% Molybdenum Mines


Averagemolybdenumoregrade(percent) 0.21 0.22

Molybdenumproduction(millionsofrecoverablepounds) 8 7 a. Amounts represent the approximate average daily throughput processed at PT Freeport Indonesia's (PT-FI) mill facilities from each producing mine and from development activities that

result in metal production. b. Targeted production rates once the DMLZ underground mine reaches full capacity are expected to approximate 80,000 metric tons of ore per day in 2022; production from the Grasberg

Block Cave underground mine is expected to commence in late 2018, and production from the Big Gossan underground mine is in care-and-maintenance.

II

FREEPORT-McMoRan INC.CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

ThreeMonthsEndedMarch31, 2017 2016 (InMillions,ExceptPerShareAmounts) Revenuesa $ 3,341 $ 3,242 Costofsales: Productionanddeliveryb 2,200 2,499 Depreciation,depletionandamortization 389 662 Impairmentofoilandgasproperties — 3,787 Totalcostofsales 2,589 6,948

Selling,generalandadministrativeexpenses 153 c 138 Miningexplorationandresearchexpenses 15 18 Environmentalobligationsandshutdowncosts 27 10 Netgainonsalesofassets (23) d —

Totalcostsandexpenses 2,761 7,114 Operatingincome(loss) 580 (3,872) Interestexpense,nete (167) (191) Otherincome,net 25 36 Income(loss)fromcontinuingoperationsbeforeincometaxesandequityinaffiliatedcompanies'netearnings 438 (4,027) Provisionforincometaxesf (174) (77) Equityinaffiliatedcompanies'netearnings 4 7 Netincome(loss)fromcontinuingoperations 268 (4,097) Netincome(loss)fromdiscontinuedoperations 38 g (4) Netincome(loss) 306 (4,101) Netincomeattributabletononcontrollinginterests:

Continuingoperations (75) (62) Discontinuedoperations (3) (10)

Preferreddividendsattributabletoredeemablenoncontrollinginterest — (11)

Netincome(loss)attributabletoFCXcommonstockh $ 228 $ (4,184)

Basicanddilutednetincome(loss)pershareattributabletocommonstockholders:

Continuingoperations $ 0.13 $ (3.34) Discontinuedoperations 0.03 (0.01)

$ 0.16 $ (3.35)

Weighted-averagecommonsharesoutstanding:

Basic 1,446 1,251

Diluted 1,454 1,251

a. Includes adjustments to provisionally priced concentrate and cathode copper sales recognized in prior periods, which are summarized in the supplemental schedule,

"Derivative Instruments," on page VII .b. Includes net charges (i) at mining operations for asset impairments at Morenci and for costs charged directly to cost of sales at PT-FI as a result of regulatory restrictions on

its concentrate exports and (ii) at oil and gas operations associated with drillship settlement/idle rig (credits) costs, inventory adjustments and asset impairment. Refer to thesupplemental schedule, "Adjusted Net Income (Loss)," on page VI for a summary of these charges.

c. Includes oil and gas contract termination costs, which are summarized in the supplemental schedule, "Adjusted Net Income (Loss)," on page VI .d. Primarily reflects net gains associated with the sales of oil and gas properties, which are summarized in the supplemental schedule, "Adjusted Net Income (Loss)," on page

VI .e. Consolidated interest expense, excluding capitalized interest, totaled $195 million in first-quarter 2017 and $218 million in first-quarter 2016 .f. Refer to the supplemental schedule, "Income Taxes," on page VII for a summary of FCX's provision for income taxes.g. Primarily reflects adjustments to the fair value of the potential contingent consideration related to the November 2016 sale of FCX's interest in TF Holdings Limited (TFHL),

which in accordance with accounting guidelines will continue to be adjusted through December 31, 2019.h. FCX defers recognizing profits on intercompany sales until final sales to third parties occur. Refer to the supplemental schedule, "Deferred Profits," on page VIII for a

summary of net impacts from changes in these deferrals.

III

FREEPORT-McMoRan INC.CONSOLIDATED BALANCE SHEETS (Unaudited)

March31, December31, 2017 2016 (InMillions) ASSETS Currentassets: Cashandcashequivalents $ 4,001 $ 4,245 Tradeaccountsreceivable 734 1,126 Incomeandothertaxreceivables 665 879 Inventories: Millandleachstockpiles 1,355 1,338 Materialsandsupplies,net 1,275 1,306 Product 1,133 998

Othercurrentassets 196 199 Heldforsale 408 344 Totalcurrentassets 9,767 10,435

Property,plant,equipmentandminedevelopmentcosts,net 23,117 23,219 Oilandgasproperties,subjecttoamortization,lessaccumulatedamortization 57 74 Long-termmillandleachstockpiles 1,625 1,633 Otherassets 2,010 1,956 Totalassets $ 36,576 $ 37,317

LIABILITIESANDEQUITY Currentliabilities: Accountspayableandaccruedliabilities $ 1,780 $ 2,393 Currentportionofdebt 2,228 1,232 Currentportionofenvironmentalandassetretirementobligations 388 369 Accruedincometaxes 190 66 Heldforsale 256 205 Totalcurrentliabilities 4,842 4,265

Long-termdebt,lesscurrentportion 13,135 14,795 Deferredincometaxes 3,786 3,768 Environmentalandassetretirementobligations,lesscurrentportion 3,507 3,487 Otherliabilities 1,719 1,745

Totalliabilities 26,989 28,060 Equity: Stockholders'equity: Commonstock 158 157 Capitalinexcessofparvalue 26,725 26,690 Accumulateddeficit (16,311) (16,540) Accumulatedothercomprehensiveloss (537) (548) Commonstockheldintreasury (3,717) (3,708) Totalstockholders'equity 6,318 6,051

Noncontrollinginterests 3,269 3,206 Totalequity 9,587 9,257

Totalliabilitiesandequity $ 36,576 $ 37,317

IV

FREEPORT-McMoRan INC.CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

ThreeMonthsEndedMarch31, 2017 2016 (InMillions) Cashflowfromoperatingactivities: Netincome(loss) $ 306 $ (4,101) Adjustmentstoreconcilenetincome(loss)tonetcashprovidedbyoperatingactivities: Depreciation,depletionandamortization 389 722 Impairmentofoilandgasproperties — 3,787 Netgainonsalesofassets (23) — Stock-basedcompensation 34 30 Netchargesforenvironmentalandassetretirementobligations,includingaccretion 71 57 Paymentsforenvironmentalandassetretirementobligations (33) (90) Deferredincometaxes 20 152 Gainondisposalofdiscontinuedoperations (32) —

Decrease(increase)inlong-termmillandleachstockpiles 8 (53) Oilandgascontractsettlementpayments (70) — Other,net (56) 48 Changesinworkingcapitalandothertaxpayments,excludingamountsfromdispositions:

Accountsreceivable 623 93 Inventories (135) 114 Othercurrentassets (13) (68) Accountspayableandaccruedliabilities (433) 9 Accruedincometaxesandchangesinothertaxpayments 136 40 Netcashprovidedbyoperatingactivities 792 740

Cashflowfrominvestingactivities: Capitalexpenditures: NorthAmericacoppermines (28) (34) SouthAmerica (15) (157) Indonesia (244) (222) Molybdenummines (1) (1) Other,includingoilandgasoperations (56) (568)

Other,net (21) 2 Netcashusedininvestingactivities (365) (980)

Cashflowfromfinancingactivities: Proceedsfromdebt 157 1,796 Repaymentsofdebt (815) (1,442) Netproceedsfromsaleofcommonstock — 32 Cashdividendspaid: Commonstock (1) (4) Noncontrollinginterests (15) (18)

Stock-basedawardsnetpayments (5) (4) Debtfinancingcostsandother,net — (13)

Netcash(usedin)providedbyfinancingactivities (679) 347 Net(decrease)increaseincashandcashequivalents (252) 107 Decrease(increase)incashandcashequivalentsinassetsheldforsale 8 (53) Cashandcashequivalentsatbeginningofyear 4,245 177 Cashandcashequivalentsatendofperiod $ 4,001 $ 231

V

FREEPORT-McMoRan INC.ADJUSTED NET INCOME (LOSS)

Adjustednetincome(loss)isintendedtoprovideinvestorsandotherswithinformationaboutFCX'srecurringoperatingperformance.Thisinformationdiffersfromnetincome(loss)attributabletocommonstockdeterminedinaccordancewithU.S.generallyacceptedaccountingprinciples(GAAP)andshouldnotbeconsideredinisolationorasasubstituteformeasuresofperformancedeterminedinaccordancewithU.S.GAAP.FCX'sadjustednetincome(loss)follows,whichmaynotbecomparabletosimilarlytitledmeasuresreportedbyothercompanies(inmillions,exceptpershareamounts).

ThreeMonthsEndedMarch31, 2017 2016 Pre-tax After-tax PerShare Pre-tax After-tax PerShare Net income (loss) attributable to common stock N/A $ 228 $ 0.16 N/A $ (4,184) $ (3.35) Impairmentofoilandgasproperties $ — $ — $ — $ (3,787) $ (3,787) $ (3.03) Otheroilandgascharges:

Drillshipsettlement/idlerigcredits(costs) 20a 20 0.01 (165) (165) (0.13)

Othercontractterminationcosts (21) (21) (0.01) — — — Inventoryadjustmentsandassetimpairment — — — (35) (35) (0.03)

Miningcharges: PT-FInon-inventoriablecosts (21) (11) (0.01) — — — Otherassetimpairments (19) (19) (0.01) — — —

Adjustmentstoenvironmentalobligationsandrelatedlitigationreserves (19) (19) (0.01) (1) (1) —

Gainonsalesofassets 23b 23 0.01 — — —

Gainondisposalofdiscontinuedoperations 38c 35 0.03 — — —

$ 1 $ 8 $ 0.01 $ (3,988) $ (3,988) $ (3.19) Adjusted net income (loss) attributable to common stock N/A $ 220 $ 0.15 N/A $ (196) $ (0.16) a. Primarily reflects fair value adjustments of contingent payments related to the 2016 drillship settlements, which in accordance with accounting guidelines will continue to be

adjusted through June 30, 2017.b. Primarily includes gains associated with oil and gas transactions, including $17 million related to the Madden sale and $16 million of adjustments related to the December

2016 Deepwater Gulf of Mexico sale, partly offset by adjustments of $10 million to the fair value of the potential $150 million in contingent consideration related to theDecember 2016 onshore California sale, which in accordance with accounting guidelines will continue to be adjusted through December 31, 2020.

c. Primarily reflects adjustments to the fair value of the potential $120 million in contingent consideration related to the November 2016 sale of FCX's interest in TFHL, which inaccordance with accounting guidelines will continue to be adjusted through December 31, 2019.

VI

FREEPORT-McMoRan INC.INCOME TAXES

FollowingisasummaryoftheapproximateamountsusedinthecalculationofFCX'sconsolidatedincometaxprovisionforthethreemonthsendedMarch31,2017and2016(inmillions,exceptpercentages):

ThreeMonthsEndedMarch31, 2017 2016 IncomeTax IncomeTax Effective (Provision) Income Effective (Provision) Incomea TaxRate Benefit (Loss)a TaxRate Benefit U.S. $ 10 70% $ (7) $ (454) 4% $ 16 SouthAmerica 260 39% (101) 113 35% (39) Indonesia 152 44% (67) 91 40% (36) Impairmentofoilandgasproperties — N/A — (3,787) 38% 1,435 Valuationallowance,net — N/A — — N/A (1,435) bEliminationsandother 16 N/A (1) 10 N/A (3) Rateadjustmentc — N/A 2 — N/A (15)

Continuingoperations $ 438 40%d $ (174) $ (4,027) (2)% $ (77)

a. Represents income (loss) from continuing operations by geographic location before income taxes and equity in affiliated companies' net earnings.b. As a result of the impairment to U.S. oil and gas properties, FCX recorded tax charges to establish valuation allowances against U.S. federal and state deferred tax assets

that will not generate a future benefit.c. In accordance with applicable accounting rules, FCX adjusts its interim provision for income taxes equal to its consolidated tax rate.d. The consolidated effective income tax rate is a function of the combined effective tax rates for the jurisdictions in which FCX operates. Accordingly, variations in the relative

proportions of jurisdictional income result in fluctuations to FCX's consolidated effective income tax rate. Assuming achievement of current sales volume and cost estimatesand average prices of $2.50 per pound for copper, $1,250 per ounce for gold and $9.00 per pound for molybdenum for the remainder of 2017, FCX estimates itsconsolidated effective tax rate for the year 2017 will approximate 45 percent and would decrease with higher prices.

DERIVATIVE INSTRUMENTSForfirst-quarter2017,FCX'sminedcopperwassold50percentinconcentrate,23percentascathodeand27percentasrodfromNorthAmericaoperations.Underthelong-establishedstructureofsalesagreementsprevalentintheindustry,coppercontainedinconcentratesandcathodesisprovisionallypricedatthetimeofshipment.Theprovisionalpricesarefinalizedinacontractuallyspecifiedfuturemonth(generallyonetofourmonthsfromtheshipmentdate)primarilybasedonquotedmonthlyaveragespotcopperpricesontheLondonMetalExchange(LME).BecauseasignificantportionofFCX'scopperconcentrateandcathodesalesinanyquarterlyperiodusuallyremainsubjecttofinalpricing,thequarter-endforwardpriceisamajordeterminantofrecordedrevenuesandtheaveragerecordedcopperpricefortheperiod.LMEspotcopperpricesaveraged$2.65perpoundduringfirst-quarter2017,comparedtoFCX'saveragerealizedpriceof$2.67perpound.

Followingisasummaryofthefavorableadjustmentstopriorperiods'provisionallypricedcoppersalesforthethreemonthsendedMarch31,2017and2016(inmillions,exceptpershareamounts):

ThreeMonthsEndedMarch31, 2017 2016Revenues $ 91 $ 9Netincomeattributabletocommonstock $ 39 $ 5Netincomepershareofcommonstock $ 0.03 $ —

AtMarch31,2017,FCXhadprovisionallypricedcoppersalesatitscopperminingoperationstotaling260millionpoundsofcopper(netofintercompanysalesandnoncontrollinginterests)recordedatanaverageof$2.65perpound,subjecttofinalpricingoverthenextseveralmonths.FCXestimatesthateach$0.05changeinthepricerealizedfromtheMarch31,2017,provisionalpricerecordedwouldhaveanapproximate$8millioneffecton2017netincomeattributabletocommonstock.TheLMEspotcopperpriceclosedat$2.55perpoundonApril24,2017.

VII

FREEPORT-McMoRan INC.DEFERRED PROFITS

FCXdefersrecognizingprofitsonsalesfromitsminingoperationstoAtlanticCopperandon25percentofPTFreeportIndonesia's(PT-FI)salestoPTSmelting(PT-FI's25percent-ownedIndonesiansmeltingunit)untilfinalsalestothirdpartiesoccur.Changesinthesedeferralsattributabletovariabilityinintercompanyvolumesresultedinnetadditionstonetincomeattributabletocommonstocktotaling$27millionforfirst-quarter2017and$2millionforfirst-quarter2016.FCX'snetdeferredprofitsonitsinventoriesatAtlanticCopperandPTSmeltingtoberecognizedinfutureperiods'netincomeattributabletocommonstocktotaled$16millionatMarch31,2017.Quarterlyvariationsinoregrades,thetimingofintercompanyshipmentsandchangesinproductpriceswillresultinvariabilityinFCX'snetdeferredprofitsandquarterlyearnings.Insecond-quarter2017,FCXexpectsincreasedsalesvolumestoAtlanticCopperandPTSmelting,resultinginthedeferralofapproximately$50millionofprofitonintercompanysalesuntilfinalsalestothirdpartiesoccur.

BUSINESS SEGMENTSFCXhasorganizeditsminingoperationsintofourprimarydivisions–NorthAmericacoppermines,SouthAmericamining,Indonesiaminingand

Molybdenummines,andoperatingsegmentsthatmeetcertainthresholdsarereportablesegments.SeparatelydisclosedinthefollowingtablesareFCX'sreportablesegments,whichincludetheMorenci,CerroVerdeandGrasbergcoppermines,theRod&RefiningoperationsandAtlanticCopperSmelting&Refining.

FCX’sreportablesegmentspreviouslyincludedU.S.Oil&Gasoperations.During2016,FCXcompletedthesalesofitsDeepwaterGulfofMexico,onshoreCaliforniaandHaynesvilleoilandgasproperties,andinfirst-quarter2017,completedthesaleofitsMaddenpropertyinterests.TheresultsofFCX'sU.S.oilandgasoperationshavebeenincludedinCorporate,Other&Eliminationsinthefollowingtables.

IntersegmentsalesbetweenFCX’sminingoperationsarebasedonsimilararms-lengthtransactionswiththirdpartiesatthetimeofthesale.Intersegmentsalesmaynotbereflectiveoftheactualpricesultimatelyrealizedbecauseofavarietyoffactors,includingadditionalprocessing,timingofsalestounaffiliatedcustomersandtransportationpremiums.

FCXallocatescertainoperatingcosts,expensesandcapitalexpenditurestoitsoperatingdivisionsandindividualsegments.However,notallcostsandexpensesapplicabletoanoperationareallocated.U.S.federalandstateincometaxesarerecordedandmanagedatthecorporatelevel(includedinCorporate,Other&Eliminations),whereasforeignincometaxesarerecordedandmanagedattheapplicablecountrylevel.Inaddition,mostminingexplorationandresearchactivitiesaremanagedonaconsolidatedbasis,andthosecostsalongwithsomeselling,generalandadministrativecostsarenotallocatedtotheoperatingdivisionsorindividualsegments.Accordingly,thefollowingsegmentinformationreflectsmanagementdeterminationsthatmaynotbeindicativeofwhattheactualfinancialperformanceofeachoperatingdivisionorsegmentwouldbeifitwasanindependententity.

VIII

FREEPORT-McMoRan INC.BUSINESS SEGMENTS (continued)

(Inmillions) Atlantic Corprate NorthAmericaCopperMines SouthAmericaMining Copper Other Other Cerro Other Indonesia Molybdenum Rod& Smelting &Elimi- FCX Morenci Mines Total Verde Mines Total Mining Mines Refining &Refining nationsa Total

Three Months Ended March 31, 2017

Revenues:

Unaffiliatedcustomers $ 66 $ 50 $ 116 $ 640 $ 112 $ 752 $ 534b

$ — $ 1,107 $ 458 $ 374c

$3,341

Intersegment 416 563 979 116 — 116 — 63 8 — (1,166) —

Productionanddelivery 260d

413 673 391 82 473 273d

52 1,110 436 (817)e

2,200

Depreciation,depletionandamortization 47 69 116 112 21 133 83 19 2 7 29 389 Selling,generalandadministrativeexpenses — 1 1 2 — 2 30 — — 5 115

f

153 Miningexplorationandresearchexpenses — 1 1 — — — — — — — 14 15 Environmentalobligationsandshutdowncosts — — — — — — — — — — 27 27

Netgainonsalesofassets — — — — — — — — — — (23) (23)

Operatingincome(loss) 175 129 304 251 9 260 148 (8) 3 10 (137) 580 Interestexpense,net 1 — 1 16 — 16 — — — 4 146 167

Provisionforincometaxes — — — 98 3 101 67 — — — 6 174

TotalassetsatMarch31,2017 2,814 4,361 7,175 9,081 1,525 10,606 10,879 1,917 261 652 5,086g

36,576

Capitalexpenditures 23 5 28 14 1 15 244 1 1 8 47h

344 Three Months Ended March 31, 2016

Revenues:

Unaffiliatedcustomers $ 162 $ 56 $ 218 $ 486 $ 144 $ 630 $ 498b

$ — $ 971 $ 422 $ 503c

$3,242

Intersegment 357 561 918 41 — 41 58 45 8 1 (1,071) —

Productionanddelivery 340 448 788 291 119 410 394 52 970 393 (508)e

2,499

Depreciation,depletionandamortization 62 82 144 101 31 132 81 19 2 8 276 662

Impairmentofoilandgasproperties — — — — — — — — — — 3,787 3,787 Selling,generalandadministrativeexpenses — 1 1 2 — 2 14 — — 4 117 138 Miningexplorationandresearchexpenses — 1 1 — — — — — — — 17 18 Environmentalobligationsandshutdowncosts — — — — — — — — — — 10 10

Operatingincome(loss) 117 85 202 133 (6) 127 67 (26) 7 18 (4,267) (3,872) Interestexpense,net 1 — 1 22 — 22 — — — 4 164 191

Provisionfor(benefitfrom)incometaxes — — — 45 (6) 39 36 — — — 2 77

TotalassetsatMarch31,2016 3,490 4,751 8,241 9,495 1,623 11,118 9,306 1,983 236 653 11,127g

42,664

Capitalexpenditures 28 6 34 156 1 157 222 1 1 2 565h

982 a. IncludesU.S.oilandgasoperations,whichwaspreviouslyareportablesegment.b. IncludesPT-FI'ssalestoPTSmeltingtotaling$258millioninfirst-quarter2017and$277millioninfirst-quarter2016.c. IncludesrevenuesfromFCX'smolybdenumsalescompany,whichincludessalesofmolybdenumproducedbytheMolybdenumminesandbycertainoftheNorthAmericaandSouthAmericacoppermines.d. Includes$19millionforassetimpairmentsatMorenciand$21millionatPT-FIforcostschargeddirectlytocostofsalesasaresultoftheimpactofregulatoryrestrictionsonitsconcentrateexports.e. Includesnetcredits(charges)foroilandgasoperationstotaling$20millioninfirst-quarter2017and$(200)millioninfirst-quarter2016,primarilyfordrillshipsettlement/idlerigcosts,assetimpairmentand

inventoryadjustments.f. Includes$21millionforotheroilandgascontractterminationcosts.g. Includesassetsheldforsaletotaling$408millionatMarch31,2017,primarilyassociatedwithFreeportCobaltandtheKisanfuexplorationproject,and$5.3billionatMarch31,2016,whichalsoincludedthe

Tenkedisposalgroup.Alsoincludesassetsof$331millionatMarch31,2017,and$4.4billionatMarch31,2016,associatedwithoilandgasoperations.h. Includes$19millioninfirst-quarter2017and$523millioninfirst-quarter2016associatedwithoilandgasoperations.First-quarter2016alsoincludes$35millionassociatedwithdiscontinuedoperations.

IX

FREEPORT-McMoRan INC.PRODUCT REVENUES AND PRODUCTION COSTS

Unitnetcashcostsperpoundofcopperandmolybdenumaremeasuresintendedtoprovideinvestorswithinformationaboutthecash-generatingcapacityofFCX'sminingoperationsexpressedonabasisrelatingtotheprimarymetalproductfortherespectiveoperations.FCXusesthismeasureforthesamepurposeandformonitoringoperatingperformancebyitsminingoperations.ThisinformationdiffersfrommeasuresofperformancedeterminedinaccordancewithU.S.GAAPandshouldnotbeconsideredinisolationorasasubstituteformeasuresofperformancedeterminedinaccordancewithU.S.GAAP.Thismeasureispresentedbyothermetalsminingcompanies,althoughFCX'smeasuresmaynotbecomparabletosimilarlytitledmeasuresreportedbyothercompanies.

FCXpresentsgrossprofitperpoundofcopperinthefollowingtablesusingbotha“by-product”methodanda“co-product”method.FCXusestheby-productmethodinitspresentationofgrossprofitperpoundofcopperbecause(i)themajorityofitsrevenuesarecopperrevenues,(ii)itminesore,whichcontainscopper,gold,molybdenumandothermetals,(iii)itisnotpossibletospecificallyassignallofFCX'scoststorevenuesfromthecopper,gold,molybdenumandothermetalsitproducesand(iv)itisthemethodusedbyFCX'smanagementandBoardtomonitorFCX'sminingoperationsandtocompareminingoperationsincertainindustrypublications.Intheco-productmethodpresentations,sharedcostsareallocatedtothedifferentproductsbasedontheirrelativerevenuevalues,whichwillvarytotheextentFCX'smetalssalesvolumesandrealizedpriceschange.

FCXshowsrevenueadjustmentsforpriorperiodopensalesasaseparatelineitem.Becausetheseadjustmentsdonotresultfromcurrentperiodsales,theseamountshavebeenreflectedseparatelyfromrevenuesoncurrentperiodsales.Noncashandothercosts,whichareremovedfromsiteproductionanddeliverycostsinthecalculationofunitnetcashcosts,consistofitemssuchasstock-basedcompensationcosts,start-upcosts,inventoryadjustments,long-livedassetimpairments,restructuringand/orunusualcharges.Asdiscussedabove,gold,molybdenumandothermetalrevenuesatcopperminesarereflectedascreditsagainstsiteproductionanddeliverycostsintheby-productmethod.Thefollowingschedulesarepresentationsunderboththeby-productandco-productmethodstogetherwithreconciliationstoamountsreportedinFCX'sconsolidatedfinancialstatements.

X

FREEPORT-McMoRan INC.PRODUCT REVENUES AND PRODUCTION COSTS

North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs ThreeMonthsEndedMarch31,2017

(Inmillions) By-Product Co-ProductMethod Method Copper Molybdenuma Otherb Total

Revenues,excludingadjustments $ 1,005 $ 1,005 $ 59 $ 20 $ 1,084

Siteproductionanddelivery,beforenetnoncash

andothercostsshownbelow 568 536 44 10 590

By-productcredits (57) — — — —

Treatmentcharges 42 41 — 1 42

Netcashcosts 553 577 44 11 632

Depreciation,depletionandamortization(DD&A) 116 110 4 2 116

Noncashandothercosts,net 34c

33 1 — 34

Totalcosts 703 720 49 13 782

Revenueadjustments,primarilyforpricing

onpriorperiodopensales 5 5 — — 5

Grossprofit $ 307 $ 290 $ 10 $ 7 $ 307

Coppersales(millionsofrecoverablepounds) 374 374

Molybdenumsales(millionsofrecoverablepounds)a 9 Grossprofitperpoundofcopper/molybdenum: Revenues,excludingadjustments $ 2.68 $ 2.68 $ 7.00


andothercostsshownbelow 1.52 1.43 5.19

By-productcredits (0.15) — —

Treatmentcharges 0.11 0.11 —

Unitnetcashcosts 1.48 1.54 5.19

DD&A 0.31 0.29 0.52

Noncashandothercosts,net 0.09c

0.09 0.07

Totalunitcosts 1.88 1.92 5.78


onpriorperiodopensales 0.02 0.02 —

Grossprofitperpound $ 0.82 $ 0.78 $ 1.22

Reconciliation to Amounts Reported

(Inmillions) Production Revenues andDelivery DD&A

Totalspresentedabove $ 1,084 $ 590 $ 116

Treatmentcharges — 42 —

Noncashandothercosts,net — 34 —


onpriorperiodopensales 5 — —

Eliminationsandother 6 7 —

NorthAmericacoppermines 1,095 673 116

Otherminingd 3,038 2,344 244

Corporate,other&eliminations (792) (817) 29

AsreportedinFCX'sconsolidatedfinancialstatements $ 3,341 $ 2,200 $ 389 a. ReflectssalesofmolybdenumproducedbycertainoftheNorthAmericacopperminestoFCX'smolybdenumsalescompanyatmarket-basedpricing.b. Includesgoldandsilverproductrevenuesandproductioncosts.c. Includes$19million($0.05perpoundofcopper)forotherassetimpairmentchargesatMorenci.d. RepresentsthecombinedtotalforFCX'sotherminingoperations,includingSouthAmericamining,Indonesiamining,Molybdenummines,Rod&RefiningandAtlanticCopperSmelting&

Refining,aspresentedinthesupplementalschedule,"BusinessSegments,"beginningonpageVIII.

XI

FREEPORT-McMoRan INC.PRODUCT REVENUES AND PRODUCTION COSTS (continued)

North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs ThreeMonthsEndedMarch31,2016

(Inmillions) By-Product Co-ProductMethod Method Copper Molybdenuma Otherb Total

Revenues,excludingadjustments $ 1,086 $ 1,086 $ 41 $ 20 $ 1,147



By-productcredits (42) — — — —

Treatmentcharges 54 52 — 2 54


DD&A 143 137 4 2 143

Noncashandothercosts,net 26 26 — — 26

Totalcosts 883 893 37 14 944


onpriorperiodopensales 2 2 — — 2

Grossprofit $ 205 $ 195 $ 4 $ 6 $ 205


Molybdenumsales(millionsofrecoverablepounds)a 8 Grossprofitperpoundofcopper/molybdenum: Revenues,excludingadjustments $ 2.16 $ 2.16 $ 5.27


andothercostsshownbelow 1.40 1.35 4.29

By-productcredits (0.08) — —

Treatmentcharges 0.10 0.10 —

Unitnetcashcosts 1.42 1.45 4.29

DD&A 0.28 0.27 0.54

Noncashandothercosts,net 0.05 0.05 (0.05)

Totalunitcosts 1.75 1.77 4.78


onpriorperiodopensales — — —

Grossprofitperpound $ 0.41 $ 0.39 $ 0.49



Totalspresentedabove $ 1,147 $ 721 $ 143

Treatmentcharges — 54 —




Eliminationsandother (13) (13) 1

NorthAmericacoppermines 1,136 788 144

Otherminingc 2,674 2,219 242


AsreportedinFCX'sconsolidatedfinancialstatements $ 3,242 $ 2,499 $ 662 a. ReflectssalesofmolybdenumproducedbycertainoftheNorthAmericacopperminestoFCX'smolybdenumsalescompanyatmarket-basedpricing.b. Includesgoldandsilverproductrevenuesandproductioncosts.c. RepresentsthecombinedtotalforFCX'sotherminingoperations,includingSouthAmericamining,Indonesiamining,Molybdenummines,Rod&RefiningandAtlanticCopperSmelting&

Refining,aspresentedinthesupplementalschedule,"BusinessSegments,"beginningonpageVIII.

XII


South America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs ThreeMonthsEndedMarch31,2017

(Inmillions) By-Product Co-ProductMethod

Method Copper Othera Total

Revenues,excludingadjustments $ 821 $ 821 $ 68 $ 889


andothercostsshownbelow 457 426 43 469

By-productcredits (56) — — —

Treatmentcharges 68 68 — 68

Royaltyonmetals 2 2 — 2

Netcashcosts 471 496 43 539

DD&A 133 123 10 133

Noncashandothercosts,net 5 5 — 5

Totalcosts 609 624 53 677


onpriorperiodopensales 49 49 — 49

Grossprofit $ 261 $ 246 $ 15 $ 261

Coppersales(millionsofrecoverablepounds) 309 309 Grossprofitperpoundofcopper: Revenues,excludingadjustments $ 2.66 $ 2.66


andothercostsshownbelow 1.48 1.38

By-productcredits (0.18) —

Treatmentcharges 0.22 0.22

Royaltyonmetals 0.01 0.01

Unitnetcashcosts 1.53 1.61

DD&A 0.43 0.40

Noncashandothercosts,net 0.01 0.01

Totalunitcosts 1.97 2.02


onpriorperiodopensales 0.16 0.16

Grossprofitperpound $ 0.85 $ 0.80



Totalspresentedabove $ 889 $ 469 $ 133

Treatmentcharges (68) — —

Royaltyonmetals (2) — —




Eliminationsandother — (1) —

SouthAmericamining 868 473 133

Otherminingb — 3,265 2,544 227

Corporate,other&eliminations — (792) (817) 29

AsreportedinFCX'sconsolidatedfinancialstatements $ 3,341 $ 2,200 $ 389

a.Includessilversalesof964thousandounces($16.06perounceaveragerealizedprice).AlsoreflectssalesofmolybdenumproducedbyCerroVerdetoFCX'smolybdenumsalescompany

atmarket-basedpricing.

b.RepresentsthecombinedtotalforFCX'sotherminingoperations,includingNorthAmericacoppermines,Indonesiamining,Molybdenummines,Rod&RefiningandAtlanticCopperSmelting&Refining,aspresentedinthesupplementalschedule,"BusinessSegments,"beginningonpageVIII.


South America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs ThreeMonthsEndedMarch31,2016

(Inmillions) By-Product Co-ProductMethod Method Copper Othera Total

Revenues,excludingadjustments $ 709 $ 709 $ 29 $ 738


andothercostsshownbelow 398 385 20 405

By-productcredits (22) — — —

Treatmentcharges 75 75 — 75

Royaltyonmetals 1 1 — 1

Netcashcosts 452 461 20 481

DD&A 131 126 5 131

Noncashandothercosts,net 7 7 — 7

Totalcosts 590 594 25 619


onpriorperiodopensales 9 9 — 9

Grossprofit $ 128 $ 124 $ 4 $ 128

Coppersales(millionsofrecoverablepounds) 323 323 Grossprofitperpoundofcopper: Revenues,excludingadjustments $ 2.19 $ 2.19


andothercostsshownbelow 1.23 1.19

By-productcredits (0.07) —

Treatmentcharges 0.23 0.23

Royaltyonmetals 0.01 0.01


DD&A 0.40 0.39




onpriorperiodopensales 0.03 0.03

Grossprofitperpound $ 0.40 $ 0.38









Eliminationsandother — (2) 1

SouthAmericamining 671 410 132

Otherminingb 3,139 2,597 254



a.Includessilversalesof899thousandounces($14.54perounceaveragerealizedprice).AlsoreflectssalesofmolybdenumproducedbyCerroVerdetoFCX'smolybdenumsalescompany

atmarket-basedpricing.b.RepresentsthecombinedtotalforFCX'sotherminingoperations,includingNorthAmericacoppermines,Indonesiamining,Molybdenummines,Rod&RefiningandAtlanticCopper

Smelting&Refining,aspresentedinthesupplementalschedule,"BusinessSegments,"beginningonpageVIII


Indonesia Mining Product Revenues and Production Costs and Unit Net Cash Costs ThreeMonthsEndedMarch31,2017

(Inmillions) By-Product Co-ProductMethod

Method Copper Gold Silvera Total

Revenues,excludingadjustments $ 327 $ 327 $ 218 $ 7 $ 552



Goldandsilvercredits (234) — — — —

Treatmentcharges 35 21 14 — 35

Exportduties 14 8 6 — 14

Royaltyonmetals 19 11 8 — 19


DD&A 83 49 33 1 83

Noncashandothercosts,net 32 b 19 13 — 32

Totalcosts 217 267 180 4 451

Revenueadjustments,primarilyforpricingon

priorperiodopensales 41 41 9 — 50

PTSmeltingintercompanyprofit 27 16 11 — 27

Grossprofit $ 178 $ 117 $ 58 $ 3 $ 178


Goldsales(thousandsofrecoverableounces) 177 Grossprofitperpoundofcopper/perounceofgold: Revenues,excludingadjustments $ 2.63 $ 2.63 $ 1,229


andothercostsshownbelow 2.15 1.28 596

Goldandsilvercredits (1.88) — —

Treatmentcharges 0.28 0.17 77

Exportduties 0.11 0.07 31

Royaltyonmetals 0.16 0.09 45

Unitnetcashcosts 0.82 1.61 749

DD&A 0.66 0.39 184

Noncashandothercosts,net 0.26 b 0.15 72

Totalunitcosts 1.74 2.15 1,005


priorperiodopensales 0.33 0.33 51

PTSmeltingintercompanyprofit 0.21 0.13 59

Grossprofitperpound/ounce $ 1.43 $ 0.94 $ 334





Exportduties (14) — —




priorperiodopensales 50 — —

PTSmeltingintercompanyprofit — (27) —

Indonesiamining 534 273 83

Otherminingc 3,599 2,744 277



a. Includessilversalesof404thousandounces($17.37perounceaveragerealizedprice).b. Includes$21million($0.17perpoundofcopper)ofcostschargeddirectlytocostofsalesasaresultoftheimpactofregulatoryrestrictionsonPT-FI'sconcentrateexports.c. RepresentsthecombinedtotalforFCX'sotherminingoperations,includingNorthAmericacoppermines,SouthAmericamining,Molybdenummines,Rod&RefiningandAtlanticCopper

Smelting&Refining,aspresentedinthesupplementalschedule,"BusinessSegments,"beginningonpageVIII.

XV


Indonesia Mining Product Revenues and Production Costs and Unit Net Cash Costs ThreeMonthsEndedMarch31,2016

(Inmillions) By-Product Co-ProductMethod Method Copper Gold Silvera Total

Revenues,excludingadjustments $ 384 $ 384 $ 239 $ 8 $ 631



Goldandsilvercredits (264) — — — —

Treatmentcharges 55 33 21 1 55

Exportduties 13 8 5 — 13

Royaltyonmetals 23 13 9 1 23


DD&A 81 49 31 1 81

Noncashandothercosts,net 12 7 5 — 12

Totalcosts 310 348 219 7 574


priorperiodopensales (1) (1) 17 — 16

PTSmeltingintercompanyprofit 8 5 3 — 8

Grossprofit $ 81 $ 40 $ 40 $ 1 $ 81


Goldsales(thousandsofrecoverableounces) 195 Grossprofitperpoundofcopper/perounceofgold: Revenues,excludingadjustments $ 2.20 $ 2.20 $ 1,228


andothercostsshownbelow 2.24 1.36 760

Goldandsilvercredits (1.52) — —

Treatmentcharges 0.31 0.19 106

Exportduties 0.08 0.05 26

Royaltyonmetals 0.13 0.07 49

Unitnetcashcosts 1.24 1.67 941

DD&A 0.47 0.28 158

Noncashandothercosts,net 0.06 0.04 23

Totalunitcosts 1.77 1.99 1,122


priorperiodopensales (0.01) (0.01) 87

PTSmeltingintercompanyprofit 0.05 0.03 16

Grossprofitperpound/ounce $ 0.47 $ 0.23 $ 209





Exportduties (13) — —




priorperiodopensales 16 — —

PTSmeltingintercompanyprofit — (8) —

Indonesiamining 556 394 81




a. Includessilversalesof510thousandounces($15.00perounceaveragerealizedprice).b. RepresentsthecombinedtotalforFCX'sotherminingoperations,includingNorthAmericacoppermines,SouthAmericamining,Molybdenummining,Rod&RefiningandAtlanticCopper

SmeltingandRefining,aspresentedinthesupplementalschedule,"BusinessSegments,"beginningonpageVIII.

XVI


Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs ThreeMonthsEndedMarch31,

(Inmillions) 2017 2016 Revenues,excludingadjustmentsa $ 70 $ 51 Siteproductionanddelivery,beforenetnoncashandothercostsshownbelow 51 48

Treatmentchargesandother 7 6

Netcashcosts 58 54

DD&A 19 19

Noncashandothercosts,net 1 4

Totalcosts 78 77

Grossloss $ (8) $ (26)

Molybdenumsales(millionsofrecoverablepounds)a 8 7 Grosslossperpoundofmolybdenum: Revenues,excludingadjustmentsa $ 8.57 $ 7.11 Siteproductionanddelivery,beforenetnoncashandothercostsshownbelow 6.25 6.57

Treatmentchargesandother 0.85 0.86


DD&A 2.37 2.61



Grosslossperpound $ (1.05) $ (3.51)


(Inmillions) Production

ThreeMonthsEndedMarch31,2017 Revenues andDelivery DD&A


Treatmentchargesandother (7) — —


Molybdenummines 63 52 19




ThreeMonthsEndedMarch31,2016


Treatmentchargesandother (6) — —


Molybdenummines 45 52 19




a. ReflectssalesoftheMolybdenummines'productiontoFCX'smolybdenumsalescompanyatmarket-basedpricing.Onaconsolidatedbasis,realizationsarebasedontheactualcontract

termsforsalestothirdparties;asaresult,FCX'sconsolidatedaveragerealizedpriceperpoundofmolybdenumwilldifferfromtheamountsreportedinthistable.b. RepresentsthecombinedtotalforFCX'sotherminingoperations,includingNorthAmericacoppermines,SouthAmericamining,Indonesiamining,Rod&RefiningandAtlanticCopper

Smelting&Refining,aspresentedinthesupplementalschedule,"BusinessSegments,"beginningonpageVIII.

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