PHOENIX–(BUSINESS WIRE)–
Freeport-McMoRan Inc. (NYSE:FCX) announced today positive drilling
results from the Freeport-McMoRan Oil & Gas (FM O&G) 100-percent-owned
Horn Mountain Deep well in the Deepwater Gulf of Mexico (GOM). Initial
production from this well, which will be tied back to existing
facilities, is expected in first half 2017. This well, combined with two
follow on development wells at Horn Mountain Deep, may be capable of
producing an aggregate of 30,000 barrels of oil equivalents per day
(BOE/d).

During September 2015, the Horn Mountain Deep well was drilled to a
total depth of approximately 16,925 feet. Logging while drilling logs
indicated that the well encountered a total of approximately 142 net
feet of Middle Miocene oil pay with excellent reservoir characteristics.
In addition, these results indicate the presence of sand sections deeper
than known pay sections in the field. The 100-percent-owned Horn
Mountain production facilities in FM O&G’s Mississippi Canyon area are
capable of processing 75 MBbls of oil per day. The positive results at
Horn Mountain Deep and our geophysical data support the existence of
prolific Middle Miocene reservoir potential for several additional
opportunities in the area, including the 100-percent-owned Sugar, Rose,
Fiesta, Platinum and Peach prospects. FM O&G controls rights to over
55,000 acres associated with these prospects.

Since commencing development activities in 2014 at its three
100-percent-owned production platforms in the Deepwater GOM, FM O&G has
drilled 12 wells, all with positive results. Three of these wells have
been brought on production, and FM O&G plans to complete and place the
remaining additional wells on production in late 2015, 2016 and 2017.

The success at Horn Mountain Deep follows the positive drilling results
announced in July 2015 from three wells drilled in the Horn Mountain
area, including the Quebec/Victory (QV), Kilo/Oscar (KO) and Horn
Mountain Updip tieback prospects. In aggregate, these wells may be
capable of producing over 27,000 BOE/d, with initial production expected
in mid-year 2016.

Also during the third quarter of 2015, FM O&G drilled its second
successful development well at its 100-percent-owned King field, located
in Mississippi Canyon south of the 100-percent-owned Marlin facility in
5,200 feet of water. A third development well is in progress. In
aggregate, these wells may be capable of producing 20,000 BOE/d, with
initial production expected to commence in the fourth quarter of 2015.
FM O&G’s Marlin production facilities in the Mississippi Canyon focus
area are capable of processing 60 MBbls of oil per day.

Completion activities of the previously drilled three well program at
the 100-percent-owned Holstein Deep field are progressing on schedule
with first production expected by mid-year 2016. In aggregate, the three
wells are estimated to commence production at approximately 24,000
BOE/d. A fourth well is being planned as part of the second phase of the
Holstein Deep program. FM O&G’s Holstein production facilities in the
Green Canyon focus area are capable of processing 113 MBbls of oil per
day.

FM O&G will continue the successful strategy to focus on its high
return, low-risk tieback projects using its existing Deepwater GOM
infrastructure (total processing capacity of approximately 250 MBbls of
oil per day) and large Deepwater GOM project inventory (over 150
undeveloped locations). FM O&G will carefully managing capital during
this challenging market environment.

FCX is a premier U.S.-based natural resources company with an
industry-leading global portfolio of mineral assets, significant oil and
gas resources and a growing production profile. FCX is the world’s
largest publicly traded copper producer.

FCX’s portfolio of assets includes the Grasberg minerals district in
Indonesia, one of the world’s largest copper and gold deposits;
significant mining operations in the Americas, including the large-scale
Morenci minerals district in North America and the Cerro Verde operation
in South America; the Tenke Fungurume minerals district in the DRC; and
significant U.S. oil and natural gas assets in the Deepwater GOM,
onshore and offshore California and in the Haynesville natural gas
shale, and a position in the Inboard Lower Tertiary/Cretaceous natural
gas trend onshore in South Louisiana.

Cautionary Statement Regarding Forward-Looking Statements: This
press release contains forward-looking statements, which are all
statements other than statements of historical facts, such as statements
regarding expectations relating to development and production
activities, production volumes and capital expenditures. The words
“anticipates,” “may,” “can,” “plans,” “believes,” “potential,”
“estimates,” “expects,” “projects”, “targets,” “intends,” “likely,”
“will,” “should,” “to be,” and any similar expressions are intended to
identify those assertions as forward-looking statements. We caution
readers that those statements are not guarantees of future performance
and actual results may differ materially from those anticipated,
projected or assumed in the forward-looking statements. In particular,
on August 5, 2015, we announced revisions to its oil and gas capital
expenditure and production outlook and on August 27, 2015, we announced
revisions to our mining operations capital expenditure and production
outlook.

Important factors that can cause our actual results to differ
materially from those anticipated in the forward-looking statements
include supply of and demand for, and prices of, copper, gold,
molybdenum, cobalt, crude oil and natural gas, mine sequencing,
production rates, industry risks, regulatory changes, political risks,
drilling results, potential additional oil and gas property impairment
charges, potential lower of cost or market inventory adjustments,
potential impairment of long-lived mining assets, our ability to
complete transactions with strategic investors interested in investing
capital in the development of our oil and gas and mining properties, our
ability to launch or complete the previously announced potential initial
public offering of a minority interest in Freeport-McMoRan Oil & Gas
Inc. on acceptable terms or at all, the outcome of negotiations with the
Indonesian government regarding PT Freeport Indonesia’s Contract of
Work, PT Freeport Indonesia’s ability to obtain renewal of its export
license after January 28, 2016, PT Freeport Indonesia’s ability to renew
its bi-annual labor agreement expiring in September 2015, the potential
effects of violence in Indonesia, the resolution of administrative
disputes in the Democratic Republic of Congo, weather- and
climate-related risks, labor relations, environmental risks, litigation
results and other factors described in more detail in Part I, Item 1A.
“Risk Factors” of our annual report on Form 10-K for the year ended
December 31, 2014, as updated by our subsequent filings with the
Securities and Exchange Commission.

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Source: Freeport-McMoRan Inc.