Freeport McMoRan Oil & Gas Inc. Files for IPO

By Tess Stynes 

Freeport-McMoRan Oil & Gas Inc. filed plans for an initial public offering of up to $100 million in common shares to fund a capital program and for other purposes.

The company didn't provide further information about the number of shares or pricing in its regulatory filing. The $100 million figure is an estimate used to calculate registration fees and may change.

The oil-and-gas explorer and producer is owned by mining and energy company Freeport-McMoRan Inc. The IPO plans come roughly two years after Freeport-McMoRan acquired Plains Exploration & Production Company and McMoRan Exploration Co. in deals valued at a combined $9 billion. The acquisitions provided the Phoenix-based mining company with sizable assets in the then-booming U.S. oil- and natural-gas-production business.

However in April, Freeport-McMoRan Inc. said it might spin off part of its energy business after recording a hefty write-down in that segment, which has been hit by slumping oil prices. Freeport-McMoRan Inc., whose main business is still copper, also has been hurt by sluggish prices.

Freeport-McMoRan Oil & Gas Inc. intends to apply for listing on the New York Stock Exchange under the ticker symbol FMOG.

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