Freeport-McMoRan Inc. reported unaudited consolidated earnings and production results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported net income attributable to common stockholders of $217 million or $0.16 per basic and diluted share on revenue of $3,877 million compared to net loss attributable to common stockholders of $3,830 million or $3.58 per basic and diluted share on revenue of $3,832 million reported in the same period last year. Operating income was $359 million against operating loss of $3,964 million reported last year. Income before income taxes and equity in affiliated was $177 million against loss before income taxes and equity in affiliated of $4,162 million reported last year. The company generated operating cash flows of $980 million for third-quarter 2016. Capital expenditures totaled $0.5 billion against $1.53 billion reported last year. Third-quarter 2016 adjusted net income attributable to common stock totaled $178 million, $0.13 per share. FCX's net income attributable to common stock for third-quarter 2016 includes net gains of $39 million, $0.03 per share, primarily reflecting net tax credits, partly offset by the impairment of oil and gas properties.

For the nine months, the company reported net loss attributable to common stockholders of $4,446 million or $3.45 per basic and diluted share on revenue of $10,453 million compared to net loss attributable to common stockholders of $8,155 million or $7.77 per basic and diluted share on revenue of $11,091 million reported in the same period last year. Operating loss was $3,495 million against $9,415 million reported last year. Loss before income taxes and equity in affiliated was $3,964 million against loss before income taxes and equity in affiliated of $9,851 million reported last year. The company generated operating cash flows of $2.6 billion for the first nine months of 2016 against $2.6 billion reported last year. Capital expenditures totaled $2.3 billion for the first nine months of 2016 as compared to $5.1 billion last year. Nine months 2016 adjusted net loss attributable to common stock totaled $32 million, $0.02 per share.

For the quarter, the company reported copper production of 1,217 million of recoverable pounds compared to 1,003 million of recoverable pounds reported in the same period last year. Gold production was 308,000 recoverable ounces against 281,000 recoverable ounces reported last year. Molybdenum production was 19 million of recoverable pounds against 23 million of recoverable pounds reported last year.

For the nine months, the company reported copper production of 3,447 million of recoverable pounds compared to 2,895 million of recoverable pounds reported in the same period last year. Gold production was 658,000 recoverable ounces against 907,000 recoverable ounces reported last year. Molybdenum production was 58 million of recoverable pounds against 72 million of recoverable pounds reported last year.

For the quarter, the company reported impairment of oil and gas properties was $239 million against $3,652 million reported in the same period last year.

The company's consolidated operating cash flows for the year 2016 are expected to approximate $3.6 billion (including $0.3 billion in working capital sources and changes in other tax payments. Capital expenditures are expected to approximate $2.8 billion for the year 2016, consisting of $1.6 billion for mining operations (including $1.2 billion for major projects) and $1.2 billion for oil and gas operations.

Consolidated sales for the year 2016 are expected to approximate 4.8 billion pounds of copper (including 485 million pounds from Tenke), 1.26 million ounces of gold and 73 million pounds of molybdenum, including 1.3 billion pounds of copper, 590,000 ounces of gold and 21 million pounds of molybdenum for fourth-quarter 2016.

For the year 2017, the company expects capital spending to be about $1.7 billion.