• Strong execution of operating plans
• Third-quarter copper and gold sales 6-7% above July 2020 estimates
• Ramp-up of Grasberg underground advancing on schedule
• Lone Star copper leach project complete and ramp-up on track
• Solid cost and capital management
• Strong cash flow generation
. Net income attributable to common stock totaled $329 million, $0.22 per share, in third-quarter 2020.
After adjusting for debt extinguishment costs and other net charges totaling $101 million, $0.07 per share, third-quarter 2020 adjusted net income attributable to common stock totaled $430 million, or $0.29 per share.
. Consolidated sales totaled 848 million pounds of copper, 234 thousand ounces of gold and 20 million pounds of molybdenum in third-quarter 2020.
. Consolidated sales for the year 2020 are expected to approximate 3.18 billion pounds of copper, 0.8 million ounces of gold and 80 million pounds of molybdenum, including 840 million pounds of copper, 270 thousand ounces of gold and 21 million pounds of molybdenum in fourth-quarter 2020. Consolidated sales for the year 2021 are expected to increase to 3.85 billion pounds of copper and 1.4 million ounces of gold.
. Average realized prices in third-quarter 2020 were $3.01 per pound for copper, $1,902 per ounce for gold and $9.23 per pound for molybdenum.
. Average unit net cash costs in third-quarter 2020 were $1.32 per pound of copper and are expected to average $1.49 per pound of copper for the year 2020 and less than $1.20 per pound of copper for the year 2021.
. Operating cash flows totaled $1.2 billion (including $0.2 billion from working capital and other sources) in third-quarter 2020 and $1.7 billion (including $0.3 billion from working capital and other sources) for the first nine months of 2020. Based on current sales volume and cost estimates, and assuming average prices of $3.00 per pound for copper, $1,900 per ounce for gold and $8.00 per pound for molybdenum in fourth-quarter 2020, operating cash flows are expected to approximate $2.9 billion (including $0.6 billion from working capital and other sources) for the year 2020. With anticipated increases in copper and gold sales volumes and decreases in unit net cash costs, operating cash flows in 2021 are expected to be significantly higher than 2020 levels.
. Capital expenditures totaled $0.4 billion (including approximately $0.3 billion for major projects) in thirdquarter
2020 and $1.6 billion (including approximately $1.0 billion for major projects) for the first nine months of 2020. Capital expenditures for the year 2020 are expected to approximate $2.0 billion, including $1.3 billion for major projects primarily associated with underground development activities in the Grasberg minerals district in Indonesia and the now completed Lone Star copper leach project in Arizona.
. At September 30, 2020, consolidated debt totaled $10.0 billion and consolidated cash totaled $2.4 billion. FCX had no borrowings and $3.5 billion available under its revolving credit facility at September 30, 2020.

PHOENIX, AZ, October 22, 2020 - Freeport-McMoRan Inc. (NYSE: FCX) reported net income (loss) attributable to common stock of $329 million, $0.22 per share, in third-quarter 2020 and $(109) million, $(0.08) per share, for the first nine months of 2020. After adjusting for debt extinguishment costs and other net charges totaling $101 million, $0.07 per share, adjusted net income attributable to common stock totaled $430 million, $0.29 per share, in thirdquarter 2020. For additional information, refer to the supplemental schedule, "Adjusted Net Income (Loss)," on page VII.
Richard C. Adkerson, President and Chief Executive Officer, said, "Our seasoned, motivated and value-focused global organization delivered strong results during the third quarter and continues to demonstrate the 'Freeport Edge'. Our team is protecting the health of our workforce and communities where we operate as a first priority, as we serve customers, operate efficiently and advance significant growth in production. Our strong cash flows in the third quarter, growing volumes, effective cost management and positive market outlook for our products provide momentum to continue to strengthen our balance sheet, increase returns to shareholders and generate long-term values for all stakeholders."
SUMMARY FINANCIAL DATA
Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019
(in millions, except per share amounts)
Revenuesa,b $ 3,851 $ 3,153 $ 9,703 $ 10,491
Operating income (loss)a $ 880 $ (38) $ 728 $ 316
Net income (loss) attributable to common stockc,d $ 329 $ (207) $ (109) $ (248)
Diluted net income (loss) per share of common stock $ 0.22 $ (0.15) $ (0.08) $ (0.17)
Diluted weighted-average common shares outstanding 1,461 1,452 1,453 1,451
Operating cash flowse $ 1,237 $ 224 $ 1,690 $ 1,312
Capital expenditures $ 436 $ 666 $ 1,573 $ 1,917
At September 30:
Cash and cash equivalents $ 2,403 $ 2,247 $ 2,403 $ 2,247
Total debt, including current portion $ 10,030 $ 9,919 $ 10,030 $ 9,919

a. For segment financial results, refer to the supplemental schedules, "Business Segments," beginning on page X.
b. Includes favorable (unfavorable) adjustments to prior period provisionally priced concentrate and cathode copper sales
totaling $71 million ($28 million to net income attributable to common stock or $0.02 per share) in third-quarter 2020, $(42)
million ($(17) million to net loss attributable to common stock or $(0.01) per share) in third-quarter 2019, $(102) million ($(42)
million to net loss attributable to common stock or $(0.03) per share) for the first nine months of 2020 and $58 million ($23
million to net loss attributable to common stock or $0.02 per share) for the first nine months of 2019. For further discussion,
refer to the supplemental schedule, "Derivative Instruments," on page IX.
c. Includes net charges totaling $101 million ($0.07 per share) in third-quarter 2020, $200 million ($0.14 per share) in thirdquarter
2019, $347 million ($0.24 per share) for the first nine months of 2020 and $250 million ($0.17 per share) for the first
nine months of 2019 that are described in the supplemental schedule, "Adjusted Net Income (Loss)," on page VII.
d. FCX defers recognizing profits on intercompany sales until final sales to third parties occur. For a summary of net impacts
from changes in these deferrals, refer to the supplemental schedule, "Deferred Profits," on page IX.
e. Working capital and other sources totaled $178 million in third-quarter 2020, $26 million in third-quarter 2019, $319 million for
the first nine months of 2020 and $274 million for the first nine months of 2019.

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