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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Freeport McMoRan Inc | NYSE:FCX | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.30 | 0.60% | 50.24 | 51.40 | 49.375 | 50.15 | 19,249,219 | 00:59:58 |
From May 2019 to May 2024
By Chelsey Dulaney
U.S. copper miner Freeport-McMoRan Inc. said Tuesday that it has slashed its quarterly dividend, citing lower commodity prices.
Freeport-McMoRan said it would pay out a dividend of five cents on May 1, well below its previous dividend rate of about 31.25 cents.
Shares fell about 1.9% in premarket trading.
In January, the Phoenix-based company reported a steep fourth-quarter loss and reneged on a previous debt-reduction target because of falling commodity prices.
Freeport-McMoRan said it would respond to lower oil prices by curbing spending on oil-and-gas projects in its recently expanded energy business.
The company expanded into oil and gas with 2013 acquisitions of energy explorers McMoRan Exploration and Plains Exploration Production, in deals valued at $9 billion.
Still, Freeport-McMoRan has said plans to ramp up copper output next year.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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