Where Will Freeport-McMoRan, Inc. Be in 5 Years?
Five years ago, Freeport-McMoRan (NYSE: FCX) decided to diversify into oil and gas in a move that it thought would pay big dividends down the road. Unfortunately, that decision didn't pay off as expected, because commodity prices plunged across the board. That downturn forced the company to shed several assets in recent years to stay afloat, including unloading most of its energy assets for a fraction of their purchase price.
While the company has improved its financial situation dramatically, it still has work to do. Overall, Freeport-McMoRan remains in transition. While it has unwound most of its oil and gas business, it now must sell a majority stake in its crown jewel copper and gold mine in Indonesia as part of a new framework agreement to continue operating in the country. Thus, the company will likely look different in five years.
Image source: Getty Images.
Source: Fool.com
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