Freeport-McMoRan Inc. announced unaudited consolidated earnings and production results for the second quarter and six months ended June 30, 2017. For the quarter, the company's revenues were $3,711 million compared with $3,334 million a year ago. Operating income was $669 million compared to $18 million a year ago. Income from continuing operations before income taxes and equity in affiliated companies' net earnings was $513 million compared with $114 million a year ago. Net income from continuing operations was $326 million or $0.18 per basic and diluted share compared with loss of $229 million or $0.23 per basic and diluted share a year ago. Net income attributable to common stockholders was $268 million or $0.18 per basic and diluted share compared with loss of $479 million or $0.38 per basic and diluted share a year ago. Adjusted net income attributable to common stockholders was $241 million or $0.17 per share compared with net loss of $27 million or $0.02 per share a year ago. Operating cash flows totaled $1.0 billion (including $144 million in working capital sources and changes in tax payments). Capital expenditures totaled $362 million (including approximately $210 million for major mining projects) for second-quarter 2017.

For the six months, the company's revenues were $6,576 million compared with $7,709 million a year ago. Operating income was $1,249 million compared with operating loss of $3,854 million a year ago. Income from continuing operations before income taxes and equity in affiliated companies' net earnings was $951 million compared with loss of $4,141 million a year ago. Net income from continuing operations was $594 million or $0.31 per basic and diluted share compared with loss of $4,326 million or $3.54 per basic and diluted share a year ago. Net income attributable to common stockholders was $496 million or $0.34 per basic and diluted share compared with loss of $4,663 million or $3.70 per basic and diluted share a year ago. Net cash provided by operating activities was $1,829 million compared with $1,614 million a year ago. Adjusted net income attributable to common stockholders was $462 million or $0.32 per share compared with net loss of $214 million or $0.17 per share a year ago. Capital expenditures totaled $706 million for the first six months of 2017 (including approximately $420 million for major mining projects).

Capital expenditures for the year 2017 are expected to approximate $1.6 billion, including $0.7 billion for underground development activities in the Grasberg minerals district in Indonesia, which depends on a resolution of PT Freeport Indonesia's (PT-FI) long-term operating rights.

Sales volumes for the year 2017 are expected to approximate 3.7 billion pounds of copper, 1.6 million ounces of gold and 93 million pounds of molybdenum, including 940 million pounds of copper, 375,000 ounces of gold and 22 million pounds of molybdenum in third-quarter 2017. Estimated sales volumes for the year 2017 are lower than April 2017 estimates by approximately 150 million pounds of copper and 320,000 ounces of gold, principally attributable to lower mining rates in the Grasberg open pit associated with reduced manpower levels and modifications to the ramp-up schedule for the Deep Mill Level Zone (DMLZ) underground mine. These shortfalls are expected to be recovered in future periods.

For the quarter, the company copper production was 883 million pounds compared with 1,011 million pounds a year ago. Gold production was 353,000 ounces compared with 166,000 ounces a year ago. Molybdenum production was 23 million pounds compared with 19 million pounds a year ago.

For the six months, the company copper production was 1,734 million pounds compared with 1,998 million pounds a year ago. Gold production was 592,000 ounces compared with 350,000 ounces a year ago. Molybdenum production was 46 million pounds compared with 39 million pounds a year ago.