FREEPORT-McMoRan INC. (Exactnameofregistrantasspecifiedinitscharter) Delaware (Stateorotherjurisdictionof

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1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 25, 2017 FREEPORT-McMoRan INC. (Exactnameofregistrantasspecifiedinitscharter) Delaware (Stateorotherjurisdictionof incorporation) (CommissionFileNumber) (I.R.S.EmployerIdentification Number) 333 North Central Avenue Phoenix, AZ (Addressofprincipalexecutiveoffices) (ZipCode) Registrant'stelephonenumber,includingareacode:(602) ChecktheappropriateboxbelowiftheForm8-Kfilingisintendedtosimultaneouslysatisfythefilingobligationoftheregistrantunderanyofthefollowingprovisions: []WrittencommunicationspursuanttoRule425undertheSecuritiesAct(17CFR ) []SolicitingmaterialpursuanttoRule14a-12undertheExchangeAct(17CFR240.14a-12) []Pre-commencementcommunicationspursuanttoRule14d-2(b)undertheExchangeAct(17CFR240.14d-2(b)) []Pre-commencementcommunicationspursuanttoRule13e-4(c)undertheExchangeAct(17CFR240.13e-4(c))

2 Item2.02.ResultsofOperationsandFinancialCondition. Freeport-McMoRanInc.(FCX)issuedapressreleasedatedApril25,2017,announcingitsfirst-quarter2017resultsreferencingsupplementaryschedules(see exhibit99.1)andpresentedslidesonitswebsitethataccompanieditsapril25,2017,earningsconferencecall(seeexhibit99.2). Item9.01.FinancialStatementsandExhibits. (d)exhibits. TheExhibitsincludedaspartofthisCurrentReportarelistedintheattachedExhibitIndex. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersignedhereuntodulyauthorized. FREEPORT-McMoRanINC. Date:April25,2017 By:/s/C.DonaldWhitmire,Jr C.DonaldWhitmire,Jr. VicePresidentandController- FinancialReporting (authorizedsignatoryand PrincipalAccountingOfficer)

3 Freeport-McMoRanInc. ExhibitIndex Exhibit Number 99.1 PressreleasedatedApril25,2017,titled Freeport-McMoRanReportsFirst-Quarter2017Results andsupplementaryschedules SlidespresentedinconjunctionwithApril25,2017,FCXfirst-quarter2017earningsconferencecallconductedviatheinternet.

4 Freeport-McMoRan Reports First-Quarter March 31, 2017 Results Net income attributabletocommonstocktotaled$228million,$0.16pershare,forfirst-quarter2017.afteradjustingfornetgains of$8million,$0.01pershare,first-quarter2017adjustednetincomeattributabletocommonstocktotaled$220million,$0.15per share. Consolidated sales totaled809millionpoundsofcopper,182thousandouncesofgoldand24millionpoundsofmolybdenumfor first-quarter2017.salesvolumeshavebeenimpactedbyregulatoryrestrictionsonptfreeportindonesia's(pt-fi)concentrate exportssincemid-january2017,resultinginthedeferralofapproximately190millionpoundsofcopperand280thousandounces ofgoldinfirst-quarter2017.pt-fi'sconcentrateexportsresumedonapril21,2017. Consolidated sales fortheyear2017areexpectedtoapproximate3.9billionpoundsofcopper,1.9millionouncesofgoldand93 millionpoundsofmolybdenum,including1.0billionpoundsofcopper,440thousandouncesofgoldand24millionpoundsof molybdenumforsecond-quarter2017. Average realized prices were$2.67perpoundforcopper,$1,229perounceforgoldand$8.71perpoundformolybdenumfor first-quarter2017. Average unit net cash costs were$1.39perpoundofcopperforfirst-quarter2017andareexpectedtoaverage$1.08perpound ofcopperfortheyear2017. Operating cash flows totaled$792million(including$178millioninworkingcapitalsourcesandchangesinothertaxpayments) forfirst-quarter2017.basedoncurrentsalesvolumeandcostestimatesandassumingaveragepricesof$2.50perpoundfor copper,$1,250perounceforgoldand$9.00perpoundformolybdenum,operatingcashflowsfortheyear2017areexpectedto approximate$4.0billion(including$1.0billioninworkingcapitalsourcesandchangesinothertaxpayments). Capital expenditures totaled$344million(including$210millionformajorminingprojects)forfirst-quarter2017.capital expendituresfortheyear2017areexpectedtoapproximate$1.6billion,including$0.7billionforundergrounddevelopment activitiesfortheremainderof2017,whicharedependentonaresolutionofpt-fi'slong-termoperatingrights. AtMarch31,2017,consolidated debt totaled$15.4billionandconsolidated cash totaled$4.0billion.fcxhadnoborrowings and$3.5billionavailableunderits$3.5billionrevolvingcreditfacilityatmarch31,2017. InApril2017,PT Freeport Indonesia (PT-FI) reached agreement withtheindonesiangovernmenttoresumeconcentrateexports (whichhadbeensuspendedsincejanuary12,2017)forasix-monthperiodtoenablethenegotiationofanewspecialoperating license(iupk)andinvestmentstabilityagreementtosupportpt-fi'slong-terminvestmentplans. Freeport-McMoRan 1

5 PHOENIX,AZ,April25,2017-Freeport-McMoRanInc.(NYSE:FCX)reportednetincomeattributabletocommonstockof$228million($0.16pershare)forfirstquarter2017,comparedwithanetlossattributabletocommonstockof$4.2billion($3.35pershare)forfirst-quarter2016.FCX snetincome(loss)attributableto commonstockincludesnetgainsof$8million($0.01pershare)infirst-quarter2017andchargestotaling$4.0billion($3.19pershare)infirst-quarter2016, whichwereprimarilyforthereductionofthecarryingvalueofoilandgasproperties.forasummaryoftheseamounts,refertothesupplementalschedule, "AdjustedNetIncome(Loss),"onpageVI,whichisavailableonFCX'swebsite,"fcx.com." Richard C. Adkerson, President and Chief Executive Officer, said, "During the first quarter, we continued to strengthen our financial position despite the production interruptions experienced at our Indonesian operations. Our strong focus on cost and capital discipline combined with improved market conditions for copper are producing solid results. The resumption of concentrate exports in Indonesia and expected continued strong performance from our Americas operations will enable us to generate significant cash flows in the balance of the year to achieve our balance sheet objectives. Our team is focused on reaching a positive near-term resolution to protect our past investments and support our long-term investment plans in Indonesia and in building long-term values in our large portfolio of high-quality copper assets in the Americas." SUMMARY FINANCIAL DATA Three Months Ended March 31, (inmillions,exceptpershareamounts) Revenuesa,b $ 3,341 $ 3,242 Operatingincome(loss)a $ 580 $ (3,872) Netincome(loss)fromcontinuingoperations $ 268 $ (4,097) Netincome(loss)fromdiscontinuedoperations $ 38 c $ (4) Netincome(loss)attributabletocommonstockd,e $ 228 $ (4,184) Dilutednetincome(loss)pershareofcommonstock: Continuingoperations $ 0.13 $ (3.34) Discontinuedoperations 0.03 (0.01) $ 0.16 $ (3.35) Dilutedweighted-averagecommonsharesoutstanding 1,454 1,251 Operatingcashflowsf $ 792 $ 740 Capitalexpenditures $ 344 $ 982 AtMarch31: Cashandcashequivalents $ 4,001 $ 231 Totaldebt,includingcurrentportion $ 15,363 $ 20,675 a. For segment financial results, refer to the supplemental schedules, "Business Segments," beginning on page VIII, which are available on FCX's website, "fcx.com." b. Includes favorable adjustments to provisionally priced concentrate and cathode copper sales recognized in prior periods totaling $91 million ( $39 million to net income attributable to common stock or $0.03 per share) in first-quarter 2017 and $9 million ( $5 million to net loss attributable to common stock or less than $0.01 per share) in first-quarter For further discussion, refer to the supplemental schedule, "Derivative Instruments," on page VII, which is available on FCX's website, "fcx.com." c. Primarily reflects adjustments to the fair value of the potential $120 million in contingent consideration related to the November 2016 sale of FCX's interest in TF Holdings Limited (TFHL), which in accordance with accounting guidelines will continue to be adjusted through December 31, d. Includes net gains of $8 million ( $0.01 per share) in first-quarter 2017 and charges totaling $4.0 billion ( $3.19 per share) in first-quarter 2016, which are described in the supplemental schedule, "Adjusted Net Income (Loss)," on page VI, which is available on FCX's website, "fcx.com." Freeport-McMoRan 2

6 e. 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 VIII, which is available on FCX's website, "fcx.com." f. Includes net working capital sources and changes in other tax payments of $178 million for first-quarter 2017 and $188 million for first-quarter SUMMARY OPERATING DATA Copper (millionsofrecoverablepounds) Three Months Ended March 31, a Production Sales,excludingpurchases 809 1,000 Averagerealizedpriceperpound $ 2.67 $ 2.18 Siteproductionanddeliverycostsperpoundb $ 1.60 $ 1.49 Unitnetcashcostsperpoundb $ 1.39 $ 1.38 Gold (thousandsofrecoverableounces) Production Sales,excludingpurchases Averagerealizedpriceperounce $ 1,229 $ 1,227 Molybdenum (millionsofrecoverablepounds) Production Sales,excludingpurchases Averagerealizedpriceperpound $ 8.71 $ 7.61 a. Excludes the results of the Tenke Fungurume (Tenke) mine, which was sold in November 2016 and is reported as a discontinued operation. Copper sales from the Tenke mine totaled 123 million pounds in first-quarter b. Reflects per pound weighted-average production and delivery costs and unit net cash costs (net of by-product credits) for all copper mines, before net noncash and other costs. For reconciliations of per pound unit costs by operating division to production and delivery costs applicable to sales reported in FCX's consolidated financial statements, refer to the supplemental schedules, "Product Revenues and Production Costs," beginning on page X, which are available on FCX's website, "fcx.com." Consolidated Sales Volumes First-quarter2017salesof809millionpoundsofcopper and182thousandouncesofgold werelowerthanthejanuary2017estimatesof1.0billion poundsofcopperand460thousandouncesofgold,primarilyreflectinglowervolumesfromindonesiaasaresultofregulatoryrestrictionsonpt-fi'sconcentrate exports.first-quarter2017coppersaleswerelowerthanfirst-quarter2016salesof1.0billionpounds,primarilyreflectinglowervolumesfromnorthamericaand Indonesia. First-quarter2017molybdenum salesof24millionpoundsapproximatedthejanuary2017estimateof23millionpoundsandwerehigherthanfirstquarter2016salesof17millionpounds. Salesvolumesfortheyear2017areexpectedtoapproximate3.9billionpoundsofcopper,1.9millionouncesofgoldand93millionpoundsof molybdenum,including1.0billionpoundsofcopper,440thousandouncesofgoldand24millionpoundsofmolybdenuminsecond-quarter2017.estimatedsales volumesassumenormaloperatingratesatpt-fibeginningmid-april2017.refertopage6fordiscussionofindonesiaregulatorymatters,whichmayhavea significantimpactonfutureresults. Consolidated Unit Costs Consolidatedaverageunitnetcashcosts(netofby-productcredits)forFCX'scopperminesof$1.39perpoundofcopperinfirst-quarter2017wereslightly higherthanunitnetcashcostsof$1.38perpoundinfirst-quarter2016,primarilyreflectinglowersalesvolumes,partlyoffsetbyhigherby-productcredits. Assumingaveragepricesof$1,250perounceofgoldand$9.00perpoundofmolybdenumfortheremainderof2017andachievementofcurrentsales volumeandcostestimates,consolidatedunitnetcashcosts Freeport-McMoRan 3

7 (netofby-productcredits)forcopperminesareexpectedtoaverage$1.08perpoundofcopperfortheyear2017.theimpactofpricechangesonconsolidated unitnetcashcostswouldapproximate$0.02perpoundforeach$50perouncechangeintheaveragepriceofgoldfortheremainderof2017and$0.02perpound foreach$2perpoundchangeintheaveragepriceofmolybdenumfortheremainderof2017.quarterlyunitnetcashcostsvarywithfluctuationsinsalesvolumes andrealizedprices,primarilyforgoldandmolybdenum. MINING OPERATIONS North America Copper Mines. FCXoperatessevenopen-pitcopperminesinNorthAmerica-Morenci,Bagdad,Safford,SierritaandMiamiinArizona,andChino andtyroneinnewmexico.inadditiontocopper,molybdenumconcentrate,goldandsilverarealsoproducedbycertainoffcx'snorthamericacoppermines. AlloftheNorthAmericaminingoperationsarewhollyowned,exceptforMorenci.FCXrecordsits72percentundividedjointventureinterestinMorenci usingtheproportionateconsolidationmethod. Operating and Development Activities. FCXhassignificantundevelopedreservesandresourcesinNorthAmericaandaportfolioofpotentiallong-term developmentprojects.futureinvestmentswillbeundertakenbasedontheresultsofeconomicandtechnicalfeasibilitystudies,andmarketconditions. Throughexplorationdrilling,FCXhasidentifiedasignificantresourceattheLoneStarprojectlocatedneartheSaffordoperationinEasternArizona.Initial productionfromlonestarisbeingplannedfromtheoxideoresbeginningin2021,whichcanbeprocessedthroughexistinginfrastructuretoreplaceoxide productionfromsafford.fcxcontinuestoevaluatelongertermopportunitiesavailablefromthesignificantsulfidepotentialinthelonestar/saffordminerals district. 2016: Operating Data. FollowingissummaryconsolidatedoperatingdatafortheNorthAmericacopperminesforthethreemonthsendedMarch31,2017and Three Months Ended March 31, Copper (millionsofrecoverablepounds) Production Sales,excludingpurchases Averagerealizedpriceperpound $ 2.68 $ 2.16 Molybdenum (millionsofrecoverablepounds) Productiona 9 8 Unit net cash costs per pound of copper b Siteproductionanddelivery,excludingadjustments $ 1.52 $ 1.40 By-productcredits (0.15) (0.08) Treatmentcharges Unitnetcashcosts $ 1.48 $ 1.42 a. Refer to summary operating data on page 3 for FCX's consolidated molybdenum sales, which includes sales of molybdenum produced at the North America copper mines. b. For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX's consolidated financial statements, refer to the supplemental schedules, "Product Revenues and Production Costs," beginning on page X, which are available on FCX's website, "fcx.com." NorthAmerica'sconsolidatedcoppersalesvolumesof375millionpoundsinfirst-quarter2017werelowerthanfirst-quarter2016salesof503million pounds,primarilyreflectingloweroregradesandminingrates,timingofshipments,andtheimpactofthemay2016saleofanadditional13percentinterestin Morenci.NorthAmericacoppersalesareestimatedtoapproximate1.5billionpoundsfortheyear2017,comparedwith1.8billionpoundsin2016. Freeport-McMoRan 4

8 Averageunitnetcashcosts(netofby-productcredits)fortheNorthAmericacopperminesof$1.48perpoundofcopperinfirst-quarter2017werehigher thanunitnetcashcostsof$1.42perpoundinfirst-quarter2016,primarilyreflectinglowercoppersalesvolumes,partlyoffsetbyhighermolybdenumcredits. Averageunitnetcashcosts(netofby-productcredits)fortheNorthAmericacopperminesareexpectedtoapproximate$1.53perpoundofcopperforthe year2017,basedonachievementofcurrentsalesvolumeandcostestimatesandassuminganaveragemolybdenumpriceof$9.00perpoundfortheremainder of2017.northamerica'saverageunitnetcashcostsfortheyear2017wouldchangebyapproximately$0.03perpoundforeach$2perpoundchangeinthe averagepriceofmolybdenumfortheremainderof2017. South America Mining. FCXoperatestwocopperminesinSouthAmerica-CerroVerdeinPeru(inwhichFCXownsa53.56percentinterest)andElAbrain Chile(inwhichFCXownsa51percentinterest).TheseoperationsareconsolidatedinFCX'sfinancialstatements.Inadditiontocopper,theCerroVerdemine producesmolybdenumconcentrateandsilver. Operating and Development Activities. TheCerroVerdeexpansionprojectcommencedoperationsinSeptember2015andachievedcapacityoperating ratesduringfirst-quarter2016.cerroverde'sexpandedoperationsbenefitfromitslarge-scale,long-livedreservesandcostefficiencies.theprojectexpandedthe concentratorfacilitiesfrom120,000metrictonsoforeperdayto360,000metrictonsoforeperday. Inthesecondhalfof2015,FCXadjustedoperationsatitsElAbraminetoreduceminingandstackingratesbyapproximately50percenttoachievelower operatingandlaborcosts,defercapitalexpendituresandextendthelifeoftheexistingoperations.elabracontinuestooperateatreducedrates. FCXcontinuestoevaluateapotentiallarge-scalemillingoperationatElAbratoprocessadditionalsulfidematerialandtoachievehigherrecoveries. ExplorationresultsinrecentyearsatElAbraindicateasignificantsulfideresource,whichcouldpotentiallysupportamajormillproject.Futureinvestmentswill dependontechnicalstudies,economicfactorsandmarketconditions. Operating Data. FollowingissummaryconsolidatedoperatingdatafortheSouthAmericaminingoperationsforthethreemonthsendedMarch31,2017 and2016: Copper (millionsofrecoverablepounds) Three Months Ended March 31, Production Sales Averagerealizedpriceperpound $ 2.66 $ 2.19 Molybdenum (millionsofrecoverablepounds) Productiona 6 5 Unit net cash costs per pound of copper b Siteproductionanddelivery,excludingadjustments $ 1.48 $ 1.23 By-productcredits (0.18) (0.07) Treatmentcharges Royaltyonmetals Unitnetcashcosts $ 1.53 $ 1.40 a. Refer to summary operating data on page 3 for FCX's consolidated molybdenum sales, which includes sales of molybdenum produced at Cerro Verde. b. For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX's consolidated financial statements, refer to the supplemental schedules, "Product Revenues and Production Costs," beginning on page X, which are available on FCX's website, "fcx.com." Freeport-McMoRan 5

9 SouthAmerica'sconsolidatedcoppersalesvolumesof309millionpoundsinfirst-quarter2017werelowerthanfirst-quarter2016salesof323million pounds.duringfirst-quarter2017,cerroverde'soperationswereunfavorablyimpactedbyunusuallyheavyrainfallanda21-daylaborstrike.theseissues resultedinlowerthanplannedminingratesandareductionofapproximately80millionpoundsofcopperincerroverde'sestimated2017salesvolumes.sales fromsouthamericaminingareexpectedtoapproximate1.2billionpoundsofcopperfortheyear2017,comparedwith1.3billionpoundsofcopperin2016. Averageunitnetcashcosts(netofby-productcredits)forSouthAmericaminingof$1.53perpoundofcopperinfirst-quarter2017werehigherthanunit netcashcostsof$1.40perpoundinfirst-quarter2016,primarilyreflectinghighermillingandminingcostsatcerroverdeandlowervolumes,partlyoffsetby higherby-productcredits.averageunitnetcashcosts(netofby-productcredits)forsouthamericaminingareexpectedtoapproximate$1.63perpoundofcopper fortheyear2017,basedoncurrentsalesvolumeandcostestimatesandassuminganaveragepriceof$9.00perpoundofmolybdenumfortheremainderof2017. Indonesia Mining. Throughits90.64percentownedandconsolidatedsubsidiaryPT-FI,FCX'sassetsincludeoneoftheworld'slargestcopperandgolddeposits atthegrasbergmineralsdistrictinpapua,indonesia.pt-fioperatesaproportionatelyconsolidatedjointventure,whichproducescopperconcentratethatcontains significantquantitiesofgoldandsilver. Regulatory Matters. InJanuaryandFebruary2017,theIndonesiangovernmentissuednewregulationstoaddressexportsofunrefinedmetals,including copperconcentrateandanodeslimes,andothermattersrelatedtotheminingsector.thenewregulationspermitthecontinuationofcopperconcentrateexportsfor afive-yearperiodthroughjanuary2022,subjecttovariousconditions,includingconversionfromacontractofworktoaspecialoperatinglicense(knownasan IUPK,whichdoesnotprovidethesamelevelofprotectionsofacontractofwork),commitmenttocompletionofsmelterconstructioninfiveyearsandpaymentof exportdutiestobedeterminedbytheministryoffinance.inaddition,thenewregulationsenableapplicationforextensionofoperatingrightsfiveyearsbefore expirationoftheiupkandrequireforeigniupkholderstodivest51percenttoindonesianinterestsnolaterthanthetenthyearofproduction.exportlicenses wouldbevalidforone-yearperiods,subjecttorevieweverysixmonths,dependingonsmelterconstructionprogress. FollowingtheissuanceoftheJanuaryandFebruary2017regulationsanddiscussionswiththegovernment,PT-FIadvisedtheIndonesiangovernmentthat itwaspreparedtoconvertitscontractofwork(cow)toaniupk,subjecttoobtaininganinvestmentstabilityagreementprovidingequivalentrightswiththesame leveloflegalandfiscalcertaintyenumeratedunderitscow,andprovidedthatthecowwouldremainineffectuntilitisreplacedbyamutuallysatisfactory alternative.pt-fialsocommittedtocommenceconstructionofanewsmelterduringafive-yeartimeframeafterapprovaloftheextensionofitslong-termoperating rights. Inmid-February2017,pursuanttotheCOW'sdisputeresolutionprovisions,PTFIprovidedformalnoticetotheIndonesiangovernmentofanimpending disputelistingthegovernment'sbreachesandviolationsofthecow. InMarch2017,PTSmelting's(PT-FI's25-percentownedcoppersmelterandrefinerylocatedinGresik,Indonesia)anodeslimesexportlicensewas renewedthroughmarch1,2018. InlateMarch2017,theIndonesiangovernmentamendedtheregulationstoenablePT-FItoretainitsCOWuntilreplacedwithanIUPKaccompaniedbyan investmentstabilityagreement,andtograntpt-fiatemporaryiupkthroughoctober10,2017,toenableconcentrateexportsduringthisperiod.inapril2017,pt- FIenteredintoaMemorandumofUnderstandingwiththeIndonesiangovernmentconfirmingthattheCOWwouldcontinuetobevalidandhonoreduntilreplaced byamutuallyagreediupkandinvestmentstabilityagreement.pt-fiwillcontinuetopayafivepercentexportdutyduringthisperiod. OnApril21,2017,theIndonesiangovernmentissuedapermittoPT-FItoenableexportstoresumeforasix-monthperiod.PT-FIhasbegunloadingexport shipmentsandplanstorampupitsproductiontofullratesduringsecond-quarter2017. Asaresultofthefirst-quarter2017regulatoryrestrictionsanduncertaintiesregardinglong-terminvestmentstability,PT-FIhastakenactionstoadjustits coststructure,reduceitsworkforceandslowinvestmentsinitsundergrounddevelopmentprojectsandnewsmelter. Freeport-McMoRan 6

10 PT-FIandtheIndonesiangovernmentwillimmediatelycommencenegotiationsontheconversionofPT-FI'sCOWtoanIUPKaccompaniedbyan investmentstabilityagreementwiththeobjectiveofprovidingamutuallyacceptablelong-terminvestmentframework. Operating and Development Activities. PT-FIiscurrentlyminingthefinalphaseoftheGrasbergopenpit,whichcontainshighcopperandgoldoregrades. PT-FIexpectstominehigh-gradeoreoverthenextseveralquarterspriortotransitioningtotheGrasbergBlockCaveundergroundmineinlate2018. PT-FIhasseveralprojectsintheGrasbergmineralsdistrictrelatedtothedevelopmentofitslarge-scale,long-lived,high-gradeundergroundorebodies.In aggregate,theseundergroundorebodiesareexpectedtoproducelarge-scalequantitiesofcopperandgoldfollowingthetransitionfromthegrasbergopenpit.as aresultofregulatoryuncertainty,pt-fihasslowedinvestmentsinitsundergrounddevelopmentprojectsduringfirst-quarter2017.assuminganagreementis reachedtosupportpt-fi'slong-terminvestmentplans,estimatedannualcapitalspendingontheseprojectswouldaverage$1.0billionperyear($0.8billionper yearnettopt-fi)overthenextfiveyears.thetimingoftheseexpenditurescontinuestobereviewed.ifpt-fiisunabletoreachagreementwiththeindonesian governmentonitslong-termminingrights,fcxintendstosignificantlyreduceordeferinvestmentsinundergrounddevelopmentprojects. 2016: Operating Data. FollowingissummaryconsolidatedoperatingdatafortheIndonesiaminingoperationsforthethreemonthsendedMarch31,2017and Three Months Ended March 31, Copper (millionsofrecoverablepounds) Production Sales Averagerealizedpriceperpound $ 2.63 $ 2.20 Gold (thousandsofrecoverableounces) Production Sales Averagerealizedpriceperounce $ 1,229 $ 1,228 Unit net cash costs per pound of copper a Siteproductionanddelivery,excludingadjustments $ 2.15 $ 2.24 Goldandsilvercredits (1.88) (1.52) Treatmentcharges Exportduties Royaltyonmetals Unitnetcashcosts $ 0.82 $ 1.24 a. For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX's consolidated financial statements, refer to the supplemental schedules, "Product Revenues and Production Costs," beginning on page X, which are available on FCX's website, "fcx.com." Indonesia'sconsolidatedsalesof125millionpoundsofcopperand177thousandouncesofgoldinfirst-quarter2017werelowerthanfirst-quarter2016 salesof174millionpoundsofcopperand195thousandouncesofgold,primarilyreflectingtheimpactofregulatoryrestrictionsonpt-fi'sconcentrateexports beginningonjanuary12,2017,andasix-weektemporaryshutdownatptsmelting,whichbeganonjanuary19,2017. Asaresultoftheregulatoryuncertainties,PT-FIhastakenactionstoadjustitscoststructure,reduceitsworkforceandslowinvestmentinitslong-term undergrounddevelopmentprojectsandnewsmelter. InApril2017,PT-FIreceivedapprovaltoresumeconcentrateexports.Assumingnormaloperatingratesfortheremainderoftheyear,consolidatedsales volumesfromindonesiaminingareexpectedtoapproximate1.1 Freeport-McMoRan 7

11 billionpoundsofcopperand1.9millionouncesofgoldfortheyear2017,comparedwith1.1billionpoundsofcopperand1.1millionouncesofgoldfortheyear DuringApril2017,PT-FIexperiencedahighlevelofworkerabsenteeism.UnionleadershavenotifiedPT-FIofapotentialstrikeduringthemonthofMay. PT-FIisworkingwithunionleaders,withthesupportofgovernmentofficials,toencourageasafeandefficientreturntonormaloperationsforthebenefitofall stakeholders. AsignificantportionofPT-FI'scostsarefixedandunitcostsvarydependingonproductionvolumesandotherfactors.Indonesia'sunitnetcashcosts (includinggoldandsilvercredits)of$0.82perpoundofcopperinfirst-quarter2017werelowerthanunitnetcashcostsof$1.24perpoundinfirst-quarter2016, primarilyreflectinghighergoldandsilvercreditsandlowerproductioncosts.indonesia'sunitcashcostsforfirst-quarter2017exclude$21million($0.17perpound ofcopper)forcostschargeddirectlytocostofsalesasaresultoftheimpactofregulatoryrestrictionsonpt-fi'sconcentrateexports. Assuminganaveragegoldpriceof$1,250perouncefortheremainderof2017andachievementofcurrentsalesvolumeandcostestimates,unitnetcash credits(netofgoldandsilvercredits)forindonesiaminingareexpectedtoapproximate$0.10perpoundofcopperfortheyear2017.indonesiamining'sunitnet cashcreditsfortheyear2017wouldchangebyapproximately$0.07perpoundforeach$50perouncechangeintheaveragepriceofgoldfortheremainderof 2017.BecauseofthefixednatureofalargeportionofIndonesia'scosts,unitcostsvaryfromquartertoquarterdependingoncopperandgoldvolumes. Indonesiamining'sprojectedsalesvolumesaredependentonanumberoffactors,includingoperationalperformance,workforceproductivity,thetimingof shipmentsanditsabilitytocontinuetoexportcopperconcentrate. Molybdenum Mines. FCXhastwowhollyownedmolybdenumminesinNorthAmerica- thehendersonundergroundmineandtheclimaxopen-pitmine,bothin Colorado.TheHendersonandClimaxminesproducehigh-purity,chemical-grademolybdenumconcentrate,whichistypicallyfurtherprocessedintovalue-added molybdenumchemicalproducts.themajorityofmolybdenumconcentrateproducedatthehendersonandclimaxmines,aswellasfromfcx'snorthamericaand SouthAmericacoppermines,isprocessedatFCX'sconversionfacilities. Operating and Development Activities. Inresponsetomarketconditions,theHendersonmolybdenumminecontinuestooperateatreducedrates. ProductionfromtheMolybdenumminestotaled8millionpoundsofmolybdenuminfirst-quarter2017and7millionpoundsinfirst-quarter2016.Refertosummary operatingdataonpage3forfcx'sconsolidatedmolybdenumsales,whichincludessalesofmolybdenumproducedatthemolybdenummines,andfromfcx's NorthAmericaandSouthAmericacoppermines. AverageunitnetcashcostsfortheMolybdenumminesof$7.10perpoundofmolybdenuminfirst-quarter2017werelowerthan$7.43perpoundinfirstquarter2016,primarilyreflectinghighervolumes.Basedoncurrentsalesvolumeandcostestimates,unitnetcashcostsfortheMolybdenumminesareexpected toaverageapproximately$7.85perpoundofmolybdenumfortheyear2017. ForareconciliationofunitnetcashcostsperpoundtoproductionanddeliverycostsapplicabletosalesreportedinFCX'sconsolidatedfinancial statements,refertothesupplementalschedules,"productrevenuesandproductioncosts,"beginningonpagex,whichareavailableonfcx'swebsite, "fcx.com." Mining Exploration Activities. FCX'sminingexplorationactivitiesaregenerallyassociatedwithitsexistingmines,focusingonopportunitiestoexpand reservesandresourcestosupportdevelopmentofadditionalfutureproductioncapacity.explorationresultscontinuetoindicateopportunitiesforsignificantfuture potentialreserveadditionsinnorthamericaandsouthamerica.explorationspendingcontinuestobeconstrainedbymarketconditionsandisexpectedto approximate$70millionfortheyear2017,comparedto$44millionin2016. Freeport-McMoRan 8

12 CASH FLOWS, CASH and DEBT Operating Cash Flows. FCXgeneratedoperatingcashflowsof$792million(including$178millioninworkingcapitalsourcesandchangesinothertax payments)infirst-quarter2017. Basedoncurrentsalesvolumeandcostestimatesandassumingaveragepricesof$2.50perpoundofcopper,$1,250perounceofgoldand$9.00per poundofmolybdenumfortheremainderof2017,fcx'sconsolidatedoperatingcashflowsareestimatedtoapproximate$4.0billionfortheyear2017(including $1.0billioninworkingcapitalsourcesandothertaxpayments).Theimpactofpricechangesduringtheremainderof2017onoperatingcashflowswould approximate$275millionforeach$0.10perpoundchangeintheaveragepriceofcopper,$65millionforeach$50perouncechangeintheaveragepriceofgold and$70millionforeach$2perpoundchangeintheaveragepriceofmolybdenum.refertopage6fordiscussionofindonesianregulatorymatters,whichmay haveasignificantimpactonfutureresults. Capital Expenditures. Capitalexpenditurestotaled$344millionforfirst-quarter2017(including$210millionformajorminingprojects).Capitalexpenditures areexpectedtoapproximate$1.6billionfortheyear2017,including$0.9billionformajorminingprojectsprimarilyforundergrounddevelopmentactivitiesat Grasberg.Asaresultofregulatoryuncertainty,PT-FIhasslowedinvestmentsinitsundergrounddevelopmentprojectsduringfirst-quarter2017.IfPT-FIisunable toreachagreementwiththeindonesiangovernmentonitslong-termminingrights,fcxintendstosignificantlyreduceordeferinvestmentsinunderground developmentprojects. Cash. FollowingisasummaryoftheU.S.andinternationalcomponentsofconsolidatedcashandcashequivalentsavailabletotheparentcompany,netof noncontrollinginterests'share,taxesandothercostsatmarch31,2017(inbillions): Cashatdomesticcompanies $ 3.4 Cashatinternationaloperations 0.6 Totalconsolidatedcashandcashequivalents 4.0 Noncontrollinginterests'share (0.2) Cash,netofnoncontrollinginterests'share 3.8 Withholdingtaxesandother (0.1) Net cash available $ 3.7 Debt. Followingisasummaryoftotaldebtandtherelatedweighted-averageinterestratesatMarch31,2017(inbillions,exceptpercentages): Weighted- Average Interest Rate SeniorNotes $ % CerroVerdeCreditFacility % OtherFCXdebt % Totaldebt $ % AtMarch31,2017,FCXhadnoborrowings,$39millioninlettersofcreditissuedand$3.5billionavailableunderits$3.5billionrevolvingcreditfacility. Duringfirst-quarter2017,FCXrepaidits$500millionof2.15%SeniorNotesdue2017. FINANCIAL POLICY InDecember2015,FCX'scommonstockdividendwassuspended.ThedeclarationofdividendsisatthediscretionoftheBoardofDirectors(Board)and willdependuponfcx sfinancialresults,cashrequirements,futureprospectsandotherfactorsdeemedrelevantbytheboard. Freeport-McMoRan 9

13 WEBCAST INFORMATION AconferencecallwithsecuritiesanalyststodiscussFCX'sfirst-quarter2017resultsisscheduledfortodayat10:00a.m.EasternTime.Theconferencecall willbebroadcastontheinternetalongwithslides.interestedpartiesmaylistentotheconferencecallliveandviewtheslidesbyaccessing fcx.com. Areplayof thewebcastwillbeavailablethroughfriday,may25, FCXisaleadinginternationalminingcompanywithheadquartersinPhoenix,Arizona.FCXoperateslarge,long-lived,geographicallydiverseassetswith significantprovenandprobablereservesofcopper,goldandmolybdenum.fcxistheworld'slargestpubliclytradedcopperproducer.fcx sportfolioofassets includesthegrasbergmineralsdistrictinindonesia,oneoftheworld'slargestcopperandgolddeposits;andsignificantminingoperationsintheamericas, includingthelarge-scalemorencimineralsdistrictinnorthamericaandthecerroverdeoperationinsouthamerica.additionalinformationaboutfcxisavailable onfcx'swebsiteat"fcx.com." CautionaryStatementandRegulationGDisclosure:This press release contains forward-looking statements in which FCX discusses its potential future performance. Forward-looking statements are all statements other than statements of historical facts, such as projections or expectations relating to ore grades and milling rates, production and sales volumes, unit net cash costs, operating cash flows, capital expenditures, exploration efforts and results, development and production activities and costs, liquidity, tax rates, the impact of copper, gold and molybdenum price changes, the impact of deferred intercompany profits on earnings, reserve estimates, future dividend payments, and share purchases and sales. The words anticipates, may, can, plans, believes, estimates, expects, projects, "targets," intends, likely, will, should, to be, potential" and any similar expressions are intended to identify those assertions as forward-looking statements. FCX cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Important factors that can cause FCX's actual results to differ materially from those anticipated in the forward-looking statements include supply of and demand for, and prices of, copper, gold and molybdenum; mine sequencing; production rates; potential effects of cost and capital expenditure reductions, and production curtailments on financial results and cash flow; potential inventory adjustments; potential impairment of long-lived mining assets; the outcome of negotiations with the Indonesian government regarding PT-FI's COW; the potential effects of violence in Indonesia generally and in the province of Papua; industry risks; regulatory changes; political risks; labor relations; weather- and climate-related risks; environmental risks; litigation results (including the final disposition of the recent unfavorable Indonesian Tax Court ruling relating to surface water taxes); and other factors described in more detail under the heading Risk Factors in FCX's Annual Report on Form 10-K for the year ended December 31, 2016, filed with the U.S. Securities and Exchange Commission (SEC). With respect to FCX's operations in Indonesia, such factors include whether PT-FI will be able to resolve complex regulatory matters in Indonesia. Investors are cautioned that many of the assumptions upon which FCX's forward-looking statements are based are likely to change after the forward-looking statements are made, including for example commodity prices, which FCX cannot control, and production volumes and costs, some aspects of which FCX may not be able to control. Further, FCX may make changes to its business plans that could affect its results. FCX cautions investors that it does not intend to update forward-looking statements more frequently than quarterly notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes, and FCX undertakes no obligation to update any forward-looking statements. This press release also contains certain financial measures such as unit net cash costs per pound of copper and molybdenum, which are not recognized under U.S. generally accepted accounting principles. As required by SEC Regulation G, reconciliations of these measures to amounts reported in FCX's consolidated financial statements are in the supplemental schedules of this press release, which are also available on FCX's website, "fcx.com." Freeport-McMoRan 10

14 FREEPORT-McMoRan INC. SELECTED OPERATING DATA ThreeMonthsEndedMarch31, MINING OPERATIONS: Production Sales Copper (millionsofrecoverablepounds) (FCX's net interest in %) NorthAmerica Morenci(72%) a Bagdad(100%) Safford(100%) Sierrita(100%) Miami(100%) Chino(100%) Tyrone(100%) Other(100%) TotalNorthAmerica SouthAmerica CerroVerde(53.56%) ElAbra(51%) TotalSouthAmerica Indonesia Grasberg(90.64%) b Consolidated - continuing operations c 1,000 c Discontinuedoperations-Tenke(56%) d Total 851 1, ,123 Lessnoncontrollinginterests Net Averagerealizedpriceperpound(continuingoperations) $ 2.67 $ 2.18 Gold (thousandsofrecoverableounces) (FCX's net interest in %) NorthAmerica(100%) Indonesia(90.64%) b Consolidated Lessnoncontrollinginterests Net Averagerealizedpriceperounce $ 1,229 $ 1,227 Molybdenum (millionsofrecoverablepounds) (FCX's net interest in %) Henderson(100%) 3 2 N/A N/A Climax(100%) 5 5 N/A N/A NorthAmerica(100%) a 9 8 N/A N/A CerroVerde(53.56%) 6 5 N/A N/A Consolidated Lessnoncontrollinginterests Net Averagerealizedpriceperpound $ 8.71 $ 7.61 U.S. OIL AND GAS OPERATIONS: SalesVolumes SalesperDay Oil(thousandbarrels,orMBbls) 481 8, Naturalgas(millioncubicfeet) 5,999 19, NGLs(MBbls) Thousandbarrelsofoilequivalents 1,570 12,

15 a. Amounts are net of Morenci's undivided joint venture partners' interest; effective May 31, 2016, FCX's undivided interest in Morenci was prospectively reduced from 85 percent to 72 percent. b. Amounts are net of Grasberg's joint venture partner's interest, which varies in accordance with the terms of the joint venture agreement. c. Consolidated sales volumes exclude purchased copper of 58 million pounds for first-quarter 2017 and 27 million pounds for first-quarter d. On November 16, 2016, FCX completed the sale of its interest in the Tenke mine. I

16 FREEPORT-McMoRan INC. SELECTED OPERATING DATA (continued) ThreeMonthsEndedMarch31, % North America Copper Mines Solution Extraction/Electrowinning (SX/EW) Operations Leachoreplacedinstockpiles(metrictonsperday) 700, ,400 Averagecopperoregrade(percent) Copperproduction(millionsofrecoverablepounds) Mill Operations Oremilled(metrictonsperday) 303, ,600 Averageoregrades(percent): Copper Molybdenum Copperrecoveryrate(percent) Production(millionsofrecoverablepounds): Copper Molybdenum % South America Mining SX/EW Operations Leachoreplacedinstockpiles(metrictonsperday) 125, ,700 Averagecopperoregrade(percent) Copperproduction(millionsofrecoverablepounds) Mill Operations Oremilled(metrictonsperday) 338, ,400 Averageoregrades(percent): Copper Molybdenum Copperrecoveryrate(percent) Production(millionsofrecoverablepounds): Copper Molybdenum % Indonesia Mining Oremilled(metrictonsperday): a Grasbergopenpit 53, ,800 DeepOreZoneundergroundmine 26,100 44,200 DeepMillLevelZone(DMLZ)undergroundmine b 3,200 4,100 GrasbergBlockCaveundergroundmine b 2,600 2,300 BigGossanundergroundmine b 1, Total 87, ,600 Averageoregrades: Copper(percent) Gold(gramspermetricton) Recoveryrates(percent): Copper Gold Production(recoverable): Copper(millionsofpounds) Gold(thousandsofounces) % Molybdenum Mines Oremilled(metrictonsperday) 21,600 18,400 Averagemolybdenumoregrade(percent) Molybdenumproduction(millionsofrecoverablepounds) 8 7 a. Amounts represent the approximate average daily throughput processed at PT Freeport Indonesia's (PT-FI) mill facilities from each producing mine and from development activities that result in metal production. b. Targeted production rates once the DMLZ underground mine reaches full capacity are expected to approximate 80,000 metric tons of ore per day in 2022; production from the Grasberg

17 Block Cave underground mine is expected to commence in late 2018, and production from the Big Gossan underground mine is in care-and-maintenance. II

18 FREEPORT-McMoRan INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) ThreeMonthsEndedMarch31, (InMillions,ExceptPerShareAmounts) Revenues a $ 3,341 $ 3,242 Costofsales: Productionanddelivery b 2,200 2,499 Depreciation,depletionandamortization Impairmentofoilandgasproperties 3,787 Totalcostofsales 2,589 6,948 Selling,generalandadministrativeexpenses 153 c 138 Miningexplorationandresearchexpenses Environmentalobligationsandshutdowncosts Netgainonsalesofassets (23) d Totalcostsandexpenses 2,761 7,114 Operatingincome(loss) 580 (3,872) Interestexpense,net e (167) (191) Otherincome,net Income(loss)fromcontinuingoperationsbeforeincometaxesandequityinaffiliatedcompanies'netearnings 438 (4,027) Provisionforincometaxes f (174) (77) Equityinaffiliatedcompanies'netearnings 4 7 Netincome(loss)fromcontinuingoperations 268 (4,097) Netincome(loss)fromdiscontinuedoperations 38 g (4) Netincome(loss) 306 (4,101) Netincomeattributabletononcontrollinginterests: Continuingoperations (75) (62) Discontinuedoperations (3) (10) Preferreddividendsattributabletoredeemablenoncontrollinginterest (11) Netincome(loss)attributabletoFCXcommonstock h $ 228 $ (4,184) Basicanddilutednetincome(loss)pershareattributabletocommonstockholders: Continuingoperations $ 0.13 $ (3.34) Discontinuedoperations 0.03 (0.01) $ 0.16 $ (3.35) Weighted-averagecommonsharesoutstanding: Basic 1,446 1,251 Diluted 1,454 1,251 a. Includes adjustments to provisionally priced concentrate and cathode copper sales recognized in prior periods, which are summarized in the supplemental schedule, "Derivative Instruments," on page VII. b. Includes net charges (i) at mining operations for asset impairments at Morenci and for costs charged directly to cost of sales at PT-FI as a result of regulatory restrictions on its concentrate exports and (ii) at oil and gas operations associated with drillship settlement/idle rig (credits) costs, inventory adjustments and asset impairment. Refer to the supplemental schedule, "Adjusted Net Income (Loss)," on page VI for a summary of these charges. c. Includes oil and gas contract termination costs, which are summarized in the supplemental schedule, "Adjusted Net Income (Loss)," on page VI. d. Primarily reflects net gains associated with the sales of oil and gas properties, which are summarized in the supplemental schedule, "Adjusted Net Income (Loss)," on page VI. e. Consolidated interest expense, excluding capitalized interest, totaled $195 million in first-quarter 2017 and $218 million in first-quarter f. Refer to the supplemental schedule, "Income Taxes," on page VII for a summary of FCX's provision for income taxes. g. Primarily reflects adjustments to the fair value of the potential contingent consideration related to the November 2016 sale of FCX's interest in TF Holdings Limited (TFHL), which in accordance with accounting guidelines will continue to be adjusted through December 31, h. FCX defers recognizing profits on intercompany sales until final sales to third parties occur. Refer to the supplemental schedule, "Deferred Profits," on page VIII for a summary of net impacts from changes in these deferrals. III

19 FREEPORT-McMoRan INC. CONSOLIDATED BALANCE SHEETS (Unaudited) March31, December31, (InMillions) ASSETS Currentassets: Cashandcashequivalents $ 4,001 $ 4,245 Tradeaccountsreceivable 734 1,126 Incomeandothertaxreceivables Inventories: Millandleachstockpiles 1,355 1,338 Materialsandsupplies,net 1,275 1,306 Product 1, Othercurrentassets Heldforsale Totalcurrentassets 9,767 10,435 Property,plant,equipmentandminedevelopmentcosts,net 23,117 23,219 Oilandgasproperties,subjecttoamortization,lessaccumulatedamortization Long-termmillandleachstockpiles 1,625 1,633 Otherassets 2,010 1,956 Totalassets $ 36,576 $ 37,317 LIABILITIESANDEQUITY Currentliabilities: Accountspayableandaccruedliabilities $ 1,780 $ 2,393 Currentportionofdebt 2,228 1,232 Currentportionofenvironmentalandassetretirementobligations Accruedincometaxes Heldforsale Totalcurrentliabilities 4,842 4,265 Long-termdebt,lesscurrentportion 13,135 14,795 Deferredincometaxes 3,786 3,768 Environmentalandassetretirementobligations,lesscurrentportion 3,507 3,487 Otherliabilities 1,719 1,745 Totalliabilities 26,989 28,060 Equity: Stockholders'equity: Commonstock Capitalinexcessofparvalue 26,725 26,690 Accumulateddeficit (16,311) (16,540) Accumulatedothercomprehensiveloss (537) (548) Commonstockheldintreasury (3,717) (3,708) Totalstockholders'equity 6,318 6,051 Noncontrollinginterests 3,269 3,206 Totalequity 9,587 9,257 Totalliabilitiesandequity $ 36,576 $ 37,317 IV

20 FREEPORT-McMoRan INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) ThreeMonthsEndedMarch31, (InMillions) Cashflowfromoperatingactivities: Netincome(loss) $ 306 $ (4,101) Adjustmentstoreconcilenetincome(loss)tonetcashprovidedbyoperatingactivities: Depreciation,depletionandamortization Impairmentofoilandgasproperties 3,787 Netgainonsalesofassets (23) Stock-basedcompensation Netchargesforenvironmentalandassetretirementobligations,includingaccretion Paymentsforenvironmentalandassetretirementobligations (33) (90) Deferredincometaxes Gainondisposalofdiscontinuedoperations (32) Decrease(increase)inlong-termmillandleachstockpiles 8 (53) Oilandgascontractsettlementpayments (70) Other,net (56) 48 Changesinworkingcapitalandothertaxpayments,excludingamountsfromdispositions: Accountsreceivable Inventories (135) 114 Othercurrentassets (13) (68) Accountspayableandaccruedliabilities (433) 9 Accruedincometaxesandchangesinothertaxpayments Netcashprovidedbyoperatingactivities Cashflowfrominvestingactivities: Capitalexpenditures: NorthAmericacoppermines (28) (34) SouthAmerica (15) (157) Indonesia (244) (222) Molybdenummines (1) (1) Other,includingoilandgasoperations (56) (568) Other,net (21) 2 Netcashusedininvestingactivities (365) (980) Cashflowfromfinancingactivities: Proceedsfromdebt 157 1,796 Repaymentsofdebt (815) (1,442) Netproceedsfromsaleofcommonstock 32 Cashdividendspaid: Commonstock (1) (4) Noncontrollinginterests (15) (18) Stock-basedawardsnetpayments (5) (4) Debtfinancingcostsandother,net (13) Netcash(usedin)providedbyfinancingactivities (679) 347 Net(decrease)increaseincashandcashequivalents (252) 107 Decrease(increase)incashandcashequivalentsinassetsheldforsale 8 (53) Cashandcashequivalentsatbeginningofyear 4, Cashandcashequivalentsatendofperiod $ 4,001 $ 231 V

21 FREEPORT-McMoRan INC. ADJUSTED NET INCOME (LOSS) Adjustednetincome(loss)isintendedtoprovideinvestorsandotherswithinformationaboutFCX'srecurringoperatingperformance.Thisinformation differsfromnetincome(loss)attributabletocommonstockdeterminedinaccordancewithu.s.generallyacceptedaccountingprinciples(gaap)andshouldnotbe consideredinisolationorasasubstituteformeasuresofperformancedeterminedinaccordancewithu.s.gaap.fcx'sadjustednetincome(loss)follows,which maynotbecomparabletosimilarlytitledmeasuresreportedbyothercompanies(inmillions,exceptpershareamounts). ThreeMonthsEndedMarch31, Pre-tax After-tax PerShare Pre-tax After-tax PerShare Net income (loss) attributable to common stock N/A $ 228 $ 0.16 N/A $ (4,184) $ (3.35) Impairmentofoilandgasproperties $ $ $ $ (3,787) $ (3,787) $ (3.03) Otheroilandgascharges: Drillshipsettlement/idlerigcredits(costs) 20 a (165) (165) (0.13) Othercontractterminationcosts (21) (21) (0.01) Inventoryadjustmentsandassetimpairment (35) (35) (0.03) Miningcharges: PT-FInon-inventoriablecosts (21) (11) (0.01) Otherassetimpairments (19) (19) (0.01) Adjustmentstoenvironmentalobligationsandrelatedlitigationreserves (19) (19) (0.01) (1) (1) Gainonsalesofassets 23 Gainondisposalofdiscontinuedoperations 38 b c $ 1 $ 8 $ 0.01 $ (3,988) $ (3,988) $ (3.19) Adjusted net income (loss) attributable to common stock N/A $ 220 $ 0.15 N/A $ (196) $ (0.16) a. Primarily reflects fair value adjustments of contingent payments related to the 2016 drillship settlements, which in accordance with accounting guidelines will continue to be adjusted through June 30, b. Primarily includes gains associated with oil and gas transactions, including $17 million related to the Madden sale and $16 million of adjustments related to the December 2016 Deepwater Gulf of Mexico sale, partly offset by adjustments of $10 million to the fair value of the potential $150 million in contingent consideration related to the December 2016 onshore California sale, which in accordance with accounting guidelines will continue to be adjusted through December 31, c. Primarily reflects adjustments to the fair value of the potential $120 million in contingent consideration related to the November 2016 sale of FCX's interest in TFHL, which in accordance with accounting guidelines will continue to be adjusted through December 31, VI

22 FREEPORT-McMoRan INC. INCOME TAXES FollowingisasummaryoftheapproximateamountsusedinthecalculationofFCX'sconsolidatedincometaxprovisionforthethreemonthsendedMarch 31,2017and2016(inmillions,exceptpercentages): ThreeMonthsEndedMarch31, IncomeTax IncomeTax Effective (Provision) Income Effective (Provision) Income a TaxRate Benefit (Loss) a TaxRate Benefit U.S. $ 10 70% $ (7) $ (454) 4% $ 16 SouthAmerica % (101) % (39) Indonesia % (67) 91 40% (36) Impairmentofoilandgasproperties N/A (3,787) 38% 1,435 Valuationallowance,net N/A N/A (1,435) b Eliminationsandother 16 N/A (1) 10 N/A (3) Rateadjustment c N/A 2 N/A (15) Continuingoperations $ % d $ (174) $ (4,027) (2)% $ (77) a. Represents income (loss) from continuing operations by geographic location before income taxes and equity in affiliated companies' net earnings. b. As a result of the impairment to U.S. oil and gas properties, FCX recorded tax charges to establish valuation allowances against U.S. federal and state deferred tax assets that will not generate a future benefit. c. In accordance with applicable accounting rules, FCX adjusts its interim provision for income taxes equal to its consolidated tax rate. d. The consolidated effective income tax rate is a function of the combined effective tax rates for the jurisdictions in which FCX operates. Accordingly, variations in the relative proportions of jurisdictional income result in fluctuations to FCX's consolidated effective income tax rate. Assuming achievement of current sales volume and cost estimates and average prices of $2.50 per pound for copper, $1,250 per ounce for gold and $9.00 per pound for molybdenum for the remainder of 2017, FCX estimates its consolidated effective tax rate for the year 2017 will approximate 45 percent and would decrease with higher prices. DERIVATIVE INSTRUMENTS Forfirst-quarter2017,FCX'sminedcopperwassold50percentinconcentrate,23percentascathodeand27percentasrodfromNorthAmericaoperations. Underthelong-establishedstructureofsalesagreementsprevalentintheindustry,coppercontainedinconcentratesandcathodesisprovisionallypricedatthe timeofshipment.theprovisionalpricesarefinalizedinacontractuallyspecifiedfuturemonth(generallyonetofourmonthsfromtheshipmentdate)primarily basedonquotedmonthlyaveragespotcopperpricesonthelondonmetalexchange(lme).becauseasignificantportionoffcx'scopperconcentrateand cathodesalesinanyquarterlyperiodusuallyremainsubjecttofinalpricing,thequarter-endforwardpriceisamajordeterminantofrecordedrevenuesandthe averagerecordedcopperpricefortheperiod.lmespotcopperpricesaveraged$2.65perpoundduringfirst-quarter2017,comparedtofcx'saveragerealized priceof$2.67perpound. Followingisasummaryofthefavorableadjustmentstopriorperiods'provisionallypricedcoppersalesforthethreemonthsendedMarch31,2017and 2016(inmillions,exceptpershareamounts): ThreeMonthsEndedMarch31, Revenues $ 91 $ 9 Netincomeattributabletocommonstock $ 39 $ 5 Netincomepershareofcommonstock $ 0.03 $ AtMarch31,2017,FCXhadprovisionallypricedcoppersalesatitscopperminingoperationstotaling260millionpoundsofcopper(netofintercompany salesandnoncontrollinginterests)recordedatanaverageof$2.65perpound,subjecttofinalpricingoverthenextseveralmonths.fcxestimatesthateach$0.05 changeinthepricerealizedfromthemarch31,2017,provisionalpricerecordedwouldhaveanapproximate$8millioneffecton2017netincomeattributableto commonstock.thelmespotcopperpriceclosedat$2.55perpoundonapril24,2017. VII

23 FREEPORT-McMoRan INC. DEFERRED PROFITS FCXdefersrecognizingprofitsonsalesfromitsminingoperationstoAtlanticCopperandon25percentofPTFreeportIndonesia's(PT-FI)salestoPT Smelting(PT-FI's25percent-ownedIndonesiansmeltingunit)untilfinalsalestothirdpartiesoccur.Changesinthesedeferralsattributabletovariabilityin intercompanyvolumesresultedinnetadditionstonetincomeattributabletocommonstocktotaling$27millionforfirst-quarter2017and$2millionforfirst-quarter 2016.FCX'snetdeferredprofitsonitsinventoriesatAtlanticCopperandPTSmeltingtoberecognizedinfutureperiods'netincomeattributabletocommonstock totaled$16millionatmarch31,2017.quarterlyvariationsinoregrades,thetimingofintercompanyshipmentsandchangesinproductpriceswillresultin variabilityinfcx'snetdeferredprofitsandquarterlyearnings.insecond-quarter2017,fcxexpectsincreasedsalesvolumestoatlanticcopperandptsmelting, resultinginthedeferralofapproximately$50millionofprofitonintercompanysalesuntilfinalsalestothirdpartiesoccur. BUSINESS SEGMENTS FCXhasorganizeditsminingoperationsintofourprimarydivisions NorthAmericacoppermines,SouthAmericamining,Indonesiaminingand Molybdenummines,andoperatingsegmentsthatmeetcertainthresholdsarereportablesegments.SeparatelydisclosedinthefollowingtablesareFCX's reportablesegments,whichincludethemorenci,cerroverdeandgrasbergcoppermines,therod&refiningoperationsandatlanticcoppersmelting&refining. FCX sreportablesegmentspreviouslyincludedu.s.oil&gasoperations.during2016,fcxcompletedthesalesofitsdeepwatergulfofmexico, onshorecaliforniaandhaynesvilleoilandgasproperties,andinfirst-quarter2017,completedthesaleofitsmaddenpropertyinterests.theresultsoffcx'su.s. oilandgasoperationshavebeenincludedincorporate,other&eliminationsinthefollowingtables. IntersegmentsalesbetweenFCX sminingoperationsarebasedonsimilararms-lengthtransactionswiththirdpartiesatthetimeofthesale.intersegment salesmaynotbereflectiveoftheactualpricesultimatelyrealizedbecauseofavarietyoffactors,includingadditionalprocessing,timingofsalestounaffiliated customersandtransportationpremiums. FCXallocatescertainoperatingcosts,expensesandcapitalexpenditurestoitsoperatingdivisionsandindividualsegments.However,notallcostsand expensesapplicabletoanoperationareallocated.u.s.federalandstateincometaxesarerecordedandmanagedatthecorporatelevel(includedincorporate, Other&Eliminations),whereasforeignincometaxesarerecordedandmanagedattheapplicablecountrylevel.Inaddition,mostminingexplorationandresearch activitiesaremanagedonaconsolidatedbasis,andthosecostsalongwithsomeselling,generalandadministrativecostsarenotallocatedtotheoperating divisionsorindividualsegments.accordingly,thefollowingsegmentinformationreflectsmanagementdeterminationsthatmaynotbeindicativeofwhattheactual financialperformanceofeachoperatingdivisionorsegmentwouldbeifitwasanindependententity. VIII

24 FREEPORT-McMoRan INC. BUSINESS SEGMENTS (continued) (Inmillions) Atlantic Corprate NorthAmericaCopperMines SouthAmericaMining Copper Other Other Cerro Other Indonesia Molybdenum Rod& Smelting &Elimi- FCX Morenci Mines Total Verde Mines Total Mining Mines Refining &Refining nations a Total Three Months Ended March 31, 2017 Revenues: Unaffiliatedcustomers $ 66 $ 50 $ 116 $ 640 $ 112 $ 752 $ 534 b $ $ 1,107 $ 458 $ 374 c $3,341 Intersegment (1,166) Productionanddelivery 260 d d 52 1, (817) e 2,200 Depreciation,depletionandamortization Selling,generalandadministrative expenses f 153 Miningexplorationandresearch expenses Environmentalobligationsandshutdown costs Netgainonsalesofassets (23) (23) Operatingincome(loss) (8) 3 10 (137) 580 Interestexpense,net Provisionforincometaxes TotalassetsatMarch31,2017 2,814 4,361 7,175 9,081 1,525 10,606 10,879 1, ,086 Capitalexpenditures g 36,576 h 344 Three Months Ended March 31, 2016 Revenues: Unaffiliatedcustomers $ 162 $ 56 $ 218 $ 486 $ 144 $ 630 $ 498 b $ $ 971 $ 422 $ 503 c $3,242 Intersegment (1,071) Productionanddelivery (508) e 2,499 Depreciation,depletionandamortization Impairmentofoilandgasproperties 3,787 3,787 Selling,generalandadministrative expenses Miningexplorationandresearch expenses Environmentalobligationsandshutdown costs Operatingincome(loss) (6) (26) 7 18 (4,267) (3,872) Interestexpense,net Provisionfor(benefitfrom)incometaxes 45 (6) TotalassetsatMarch31,2016 3,490 4,751 8,241 9,495 1,623 11,118 9,306 1, ,127 Capitalexpenditures a. IncludesU.S.oilandgasoperations,whichwaspreviouslyareportablesegment. b. IncludesPT-FI'ssalestoPTSmeltingtotaling$258millioninfirst-quarter2017and$277millioninfirst-quarter2016. g 42,664 h 982 c. IncludesrevenuesfromFCX'smolybdenumsalescompany,whichincludessalesofmolybdenumproducedbytheMolybdenumminesandbycertainoftheNorthAmericaandSouthAmericacoppermines. d. Includes$19millionforassetimpairmentsatMorenciand$21millionatPT-FIforcostschargeddirectlytocostofsalesasaresultoftheimpactofregulatoryrestrictionsonitsconcentrateexports. e. Includesnetcredits(charges)foroilandgasoperationstotaling$20millioninfirst-quarter2017and$(200)millioninfirst-quarter2016,primarilyfordrillshipsettlement/idlerigcosts,assetimpairmentand inventoryadjustments. f. Includes$21millionforotheroilandgascontractterminationcosts. g. Includesassetsheldforsaletotaling$408millionatMarch31,2017,primarilyassociatedwithFreeportCobaltandtheKisanfuexplorationproject,and$5.3billionatMarch31,2016,whichalsoincludedthe Tenkedisposalgroup.Alsoincludesassetsof$331millionatMarch31,2017,and$4.4billionatMarch31,2016,associatedwithoilandgasoperations. h. Includes$19millioninfirst-quarter2017and$523millioninfirst-quarter2016associatedwithoilandgasoperations.First-quarter2016alsoincludes$35millionassociatedwithdiscontinuedoperations. IX

25 FREEPORT-McMoRan INC. PRODUCT REVENUES AND PRODUCTION COSTS Unitnetcashcostsperpoundofcopperandmolybdenumaremeasuresintendedtoprovideinvestorswithinformationaboutthecash-generatingcapacityofFCX's miningoperationsexpressedonabasisrelatingtotheprimarymetalproductfortherespectiveoperations.fcxusesthismeasureforthesamepurposeandfor monitoringoperatingperformancebyitsminingoperations.thisinformationdiffersfrommeasuresofperformancedeterminedinaccordancewithu.s.gaapand shouldnotbeconsideredinisolationorasasubstituteformeasuresofperformancedeterminedinaccordancewithu.s.gaap.thismeasureispresentedby othermetalsminingcompanies,althoughfcx'smeasuresmaynotbecomparabletosimilarlytitledmeasuresreportedbyothercompanies. FCXpresentsgrossprofitperpoundofcopperinthefollowingtablesusingbotha by-product methodanda co-product method.fcxusestheby-product methodinitspresentationofgrossprofitperpoundofcopperbecause(i)themajorityofitsrevenuesarecopperrevenues,(ii)itminesore,whichcontainscopper, gold,molybdenumandothermetals,(iii)itisnotpossibletospecificallyassignalloffcx'scoststorevenuesfromthecopper,gold,molybdenumandothermetals itproducesand(iv)itisthemethodusedbyfcx'smanagementandboardtomonitorfcx'sminingoperationsandtocompareminingoperationsincertain industrypublications.intheco-productmethodpresentations,sharedcostsareallocatedtothedifferentproductsbasedontheirrelativerevenuevalues,whichwill varytotheextentfcx'smetalssalesvolumesandrealizedpriceschange. FCXshowsrevenueadjustmentsforpriorperiodopensalesasaseparatelineitem.Becausetheseadjustmentsdonotresultfromcurrentperiodsales,these amountshavebeenreflectedseparatelyfromrevenuesoncurrentperiodsales.noncashandothercosts,whichareremovedfromsiteproductionanddelivery costsinthecalculationofunitnetcashcosts,consistofitemssuchasstock-basedcompensationcosts,start-upcosts,inventoryadjustments,long-livedasset impairments,restructuringand/orunusualcharges.asdiscussedabove,gold,molybdenumandothermetalrevenuesatcopperminesarereflectedascredits againstsiteproductionanddeliverycostsintheby-productmethod.thefollowingschedulesarepresentationsunderboththeby-productandco-productmethods togetherwithreconciliationstoamountsreportedinfcx'sconsolidatedfinancialstatements. X

26 FREEPORT-McMoRan INC. PRODUCT REVENUES AND PRODUCTION COSTS North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs ThreeMonthsEndedMarch31,2017 (Inmillions) By-Product Co-ProductMethod Method Copper Molybdenum a Other b Total Revenues,excludingadjustments $ 1,005 $ 1,005 $ 59 $ 20 $ 1,084 Siteproductionanddelivery,beforenetnoncash andothercostsshownbelow By-productcredits (57) Treatmentcharges Netcashcosts Depreciation,depletionandamortization(DD&A) Noncashandothercosts,net 34 c Totalcosts Revenueadjustments,primarilyforpricing onpriorperiodopensales Grossprofit $ 307 $ 290 $ 10 $ 7 $ 307 Coppersales(millionsofrecoverablepounds) Molybdenumsales(millionsofrecoverablepounds) a 9 Grossprofitperpoundofcopper/molybdenum: Revenues,excludingadjustments $ 2.68 $ 2.68 $ 7.00 Siteproductionanddelivery,beforenetnoncash andothercostsshownbelow By-productcredits (0.15) Treatmentcharges Unitnetcashcosts DD&A Noncashandothercosts,net 0.09 c Totalunitcosts Revenueadjustments,primarilyforpricing onpriorperiodopensales Grossprofitperpound $ 0.82 $ 0.78 $ 1.22 Reconciliation to Amounts Reported (Inmillions) Production Revenues anddelivery DD&A Totalspresentedabove $ 1,084 $ 590 $ 116 Treatmentcharges 42 Noncashandothercosts,net 34 Revenueadjustments,primarilyforpricing onpriorperiodopensales 5 Eliminationsandother 6 7 NorthAmericacoppermines 1, Othermining d 3,038 2, Corporate,other&eliminations (792) (817) 29 AsreportedinFCX'sconsolidatedfinancialstatements $ 3,341 $ 2,200 $ 389 a. ReflectssalesofmolybdenumproducedbycertainoftheNorthAmericacopperminestoFCX'smolybdenumsalescompanyatmarket-basedpricing. b. Includesgoldandsilverproductrevenuesandproductioncosts. c. Includes$19million($0.05perpoundofcopper)forotherassetimpairmentchargesatMorenci. d. RepresentsthecombinedtotalforFCX'sotherminingoperations,includingSouthAmericamining,Indonesiamining,Molybdenummines,Rod&RefiningandAtlanticCopperSmelting& Refining,aspresentedinthesupplementalschedule,"BusinessSegments,"beginningonpageVIII. XI

27 FREEPORT-McMoRan INC. PRODUCT REVENUES AND PRODUCTION COSTS (continued) North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs ThreeMonthsEndedMarch31,2016 (Inmillions) By-Product Co-ProductMethod Method Copper Molybdenum a Other b Total Revenues,excludingadjustments $ 1,086 $ 1,086 $ 41 $ 20 $ 1,147 Siteproductionanddelivery,beforenetnoncash andothercostsshownbelow By-productcredits (42) Treatmentcharges Netcashcosts DD&A Noncashandothercosts,net Totalcosts Revenueadjustments,primarilyforpricing onpriorperiodopensales Grossprofit $ 205 $ 195 $ 4 $ 6 $ 205 Coppersales(millionsofrecoverablepounds) Molybdenumsales(millionsofrecoverablepounds) a 8 Grossprofitperpoundofcopper/molybdenum: Revenues,excludingadjustments $ 2.16 $ 2.16 $ 5.27 Siteproductionanddelivery,beforenetnoncash andothercostsshownbelow By-productcredits (0.08) Treatmentcharges Unitnetcashcosts DD&A Noncashandothercosts,net (0.05) Totalunitcosts Revenueadjustments,primarilyforpricing onpriorperiodopensales Grossprofitperpound $ 0.41 $ 0.39 $ 0.49 Reconciliation to Amounts Reported (Inmillions) Production Revenues anddelivery DD&A Totalspresentedabove $ 1,147 $ 721 $ 143 Treatmentcharges 54 Noncashandothercosts,net 26 Revenueadjustments,primarilyforpricing onpriorperiodopensales 2 Eliminationsandother (13) (13) 1 NorthAmericacoppermines 1, Othermining c 2,674 2, Corporate,other&eliminations (568) (508) 276 AsreportedinFCX'sconsolidatedfinancialstatements $ 3,242 $ 2,499 $ 662 a. ReflectssalesofmolybdenumproducedbycertainoftheNorthAmericacopperminestoFCX'smolybdenumsalescompanyatmarket-basedpricing. b. Includesgoldandsilverproductrevenuesandproductioncosts. c. RepresentsthecombinedtotalforFCX'sotherminingoperations,includingSouthAmericamining,Indonesiamining,Molybdenummines,Rod&RefiningandAtlanticCopperSmelting& Refining,aspresentedinthesupplementalschedule,"BusinessSegments,"beginningonpageVIII. XII

28 FREEPORT-McMoRan INC. PRODUCT REVENUES AND PRODUCTION COSTS (continued) South America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs ThreeMonthsEndedMarch31,2017 (Inmillions) By-Product Co-ProductMethod Method Copper Other a Total Revenues,excludingadjustments $ 821 $ 821 $ 68 $ 889 Siteproductionanddelivery,beforenetnoncash andothercostsshownbelow By-productcredits (56) Treatmentcharges Royaltyonmetals Netcashcosts DD&A Noncashandothercosts,net Totalcosts Revenueadjustments,primarilyforpricing onpriorperiodopensales Grossprofit $ 261 $ 246 $ 15 $ 261 Coppersales(millionsofrecoverablepounds) Grossprofitperpoundofcopper: Revenues,excludingadjustments $ 2.66 $ 2.66 Siteproductionanddelivery,beforenetnoncash andothercostsshownbelow By-productcredits (0.18) Treatmentcharges Royaltyonmetals Unitnetcashcosts DD&A Noncashandothercosts,net Totalunitcosts Revenueadjustments,primarilyforpricing onpriorperiodopensales Grossprofitperpound $ 0.85 $ 0.80 Reconciliation to Amounts Reported (Inmillions) Production Revenues anddelivery DD&A Totalspresentedabove $ 889 $ 469 $ 133 Treatmentcharges (68) Royaltyonmetals (2) Noncashandothercosts,net 5 Revenueadjustments,primarilyforpricing onpriorperiodopensales 49 Eliminationsandother (1) SouthAmericamining Othermining b 3,265 2, Corporate,other&eliminations (792) (817) 29 AsreportedinFCX'sconsolidatedfinancialstatements $ 3,341 $ 2,200 $ 389 a.includessilversalesof964thousandounces($16.06perounceaveragerealizedprice).alsoreflectssalesofmolybdenumproducedbycerroverdetofcx'smolybdenumsalescompany atmarket-basedpricing. b.representsthecombinedtotalforfcx'sotherminingoperations,includingnorthamericacoppermines,indonesiamining,molybdenummines,rod&refiningandatlanticcopper Smelting&Refining,aspresentedinthesupplementalschedule,"BusinessSegments,"beginningonpageVIII.

29 XIII

30 FREEPORT-McMoRan INC. PRODUCT REVENUES AND PRODUCTION COSTS (continued) South America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs ThreeMonthsEndedMarch31,2016 (Inmillions) By-Product Co-ProductMethod Method Copper Other a Total Revenues,excludingadjustments $ 709 $ 709 $ 29 $ 738 Siteproductionanddelivery,beforenetnoncash andothercostsshownbelow By-productcredits (22) Treatmentcharges Royaltyonmetals Netcashcosts DD&A Noncashandothercosts,net Totalcosts Revenueadjustments,primarilyforpricing onpriorperiodopensales Grossprofit $ 128 $ 124 $ 4 $ 128 Coppersales(millionsofrecoverablepounds) Grossprofitperpoundofcopper: Revenues,excludingadjustments $ 2.19 $ 2.19 Siteproductionanddelivery,beforenetnoncash andothercostsshownbelow By-productcredits (0.07) Treatmentcharges Royaltyonmetals Unitnetcashcosts DD&A Noncashandothercosts,net Totalunitcosts Revenueadjustments,primarilyforpricing onpriorperiodopensales Grossprofitperpound $ 0.40 $ 0.38 Reconciliation to Amounts Reported (Inmillions) Production Revenues anddelivery DD&A Totalspresentedabove $ 738 $ 405 $ 131 Treatmentcharges (75) Royaltyonmetals (1) Noncashandothercosts,net 7 Revenueadjustments,primarilyforpricing onpriorperiodopensales 9 Eliminationsandother (2) 1 SouthAmericamining Othermining b 3,139 2, Corporate,other&eliminations (568) (508) 276 AsreportedinFCX'sconsolidatedfinancialstatements $ 3,242 $ 2,499 $ 662 a.includessilversalesof899thousandounces($14.54perounceaveragerealizedprice).alsoreflectssalesofmolybdenumproducedbycerroverdetofcx'smolybdenumsalescompany atmarket-basedpricing. b.representsthecombinedtotalforfcx'sotherminingoperations,includingnorthamericacoppermines,indonesiamining,molybdenummines,rod&refiningandatlanticcopper Smelting&Refining,aspresentedinthesupplementalschedule,"BusinessSegments,"beginningonpageVIII

31 XIV

32 FREEPORT-McMoRan INC. PRODUCT REVENUES AND PRODUCTION COSTS (continued) Indonesia Mining Product Revenues and Production Costs and Unit Net Cash Costs ThreeMonthsEndedMarch31,2017 (Inmillions) By-Product Co-ProductMethod Method Copper Gold Silver a Total Revenues,excludingadjustments $ 327 $ 327 $ 218 $ 7 $ 552 Siteproductionanddelivery,beforenetnoncash andothercostsshownbelow Goldandsilvercredits (234) Treatmentcharges Exportduties Royaltyonmetals Netcashcosts DD&A Noncashandothercosts,net 32 b Totalcosts Revenueadjustments,primarilyforpricingon priorperiodopensales PTSmeltingintercompanyprofit Grossprofit $ 178 $ 117 $ 58 $ 3 $ 178 Coppersales(millionsofrecoverablepounds) Goldsales(thousandsofrecoverableounces) 177 Grossprofitperpoundofcopper/perounceofgold: Revenues,excludingadjustments $ 2.63 $ 2.63 $ 1,229 Siteproductionanddelivery,beforenetnoncash andothercostsshownbelow Goldandsilvercredits (1.88) Treatmentcharges Exportduties Royaltyonmetals Unitnetcashcosts DD&A Noncashandothercosts,net 0.26 b Totalunitcosts ,005 Revenueadjustments,primarilyforpricingon priorperiodopensales PTSmeltingintercompanyprofit Grossprofitperpound/ounce $ 1.43 $ 0.94 $ 334 Reconciliation to Amounts Reported (Inmillions) Production Revenues anddelivery DD&A Totalspresentedabove $ 552 $ 268 $ 83 Treatmentcharges (35) Exportduties (14) Royaltyonmetals (19) Noncashandothercosts,net 32 Revenueadjustments,primarilyforpricingon priorperiodopensales 50 PTSmeltingintercompanyprofit (27) Indonesiamining Othermining c 3,599 2, Corporate,other&eliminations (792) (817) 29 AsreportedinFCX'sconsolidatedfinancialstatements $ 3,341 $ 2,200 $ 389

33 a. Includessilversalesof404thousandounces($17.37perounceaveragerealizedprice). b. Includes$21million($0.17perpoundofcopper)ofcostschargeddirectlytocostofsalesasaresultoftheimpactofregulatoryrestrictionsonPT-FI'sconcentrateexports. c. RepresentsthecombinedtotalforFCX'sotherminingoperations,includingNorthAmericacoppermines,SouthAmericamining,Molybdenummines,Rod&RefiningandAtlanticCopper Smelting&Refining,aspresentedinthesupplementalschedule,"BusinessSegments,"beginningonpageVIII. XV

34 FREEPORT-McMoRan INC. PRODUCT REVENUES AND PRODUCTION COSTS (continued) Indonesia Mining Product Revenues and Production Costs and Unit Net Cash Costs ThreeMonthsEndedMarch31,2016 (Inmillions) By-Product Co-ProductMethod Method Copper Gold Silver a Total Revenues,excludingadjustments $ 384 $ 384 $ 239 $ 8 $ 631 Siteproductionanddelivery,beforenetnoncash andothercostsshownbelow Goldandsilvercredits (264) Treatmentcharges Exportduties Royaltyonmetals Netcashcosts DD&A Noncashandothercosts,net Totalcosts Revenueadjustments,primarilyforpricingon priorperiodopensales (1) (1) PTSmeltingintercompanyprofit Grossprofit $ 81 $ 40 $ 40 $ 1 $ 81 Coppersales(millionsofrecoverablepounds) Goldsales(thousandsofrecoverableounces) 195 Grossprofitperpoundofcopper/perounceofgold: Revenues,excludingadjustments $ 2.20 $ 2.20 $ 1,228 Siteproductionanddelivery,beforenetnoncash andothercostsshownbelow Goldandsilvercredits (1.52) Treatmentcharges Exportduties Royaltyonmetals Unitnetcashcosts DD&A Noncashandothercosts,net Totalunitcosts ,122 Revenueadjustments,primarilyforpricingon priorperiodopensales (0.01) (0.01) 87 PTSmeltingintercompanyprofit Grossprofitperpound/ounce $ 0.47 $ 0.23 $ 209 Reconciliation to Amounts Reported (Inmillions) Production Revenues anddelivery DD&A Totalspresentedabove $ 631 $ 390 $ 81 Treatmentcharges (55) Exportduties (13) Royaltyonmetals (23) Noncashandothercosts,net 12 Revenueadjustments,primarilyforpricingon priorperiodopensales 16 PTSmeltingintercompanyprofit (8) Indonesiamining Othermining b 3,254 2, Corporate,other&eliminations (568) (508) 276 AsreportedinFCX'sconsolidatedfinancialstatements $ 3,242 $ 2,499 $ 662

35 a. Includessilversalesof510thousandounces($15.00perounceaveragerealizedprice). b. RepresentsthecombinedtotalforFCX'sotherminingoperations,includingNorthAmericacoppermines,SouthAmericamining,Molybdenummining,Rod&RefiningandAtlanticCopper SmeltingandRefining,aspresentedinthesupplementalschedule,"BusinessSegments,"beginningonpageVIII. XVI

36 FREEPORT-McMoRan INC. PRODUCT REVENUES AND PRODUCTION COSTS (continued) Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs ThreeMonthsEndedMarch31, (Inmillions) Revenues,excludingadjustments a $ 70 $ 51 Siteproductionanddelivery,beforenetnoncash andothercostsshownbelow Treatmentchargesandother 7 6 Netcashcosts DD&A Noncashandothercosts,net 1 4 Totalcosts Grossloss $ (8) $ (26) Molybdenumsales(millionsofrecoverablepounds) a 8 7 Grosslossperpoundofmolybdenum: Revenues,excludingadjustments a $ 8.57 $ 7.11 Siteproductionanddelivery,beforenetnoncash andothercostsshownbelow Treatmentchargesandother Unitnetcashcosts DD&A Noncashandothercosts,net Totalunitcosts Grosslossperpound $ (1.05) $ (3.51) Reconciliation to Amounts Reported (Inmillions) Production ThreeMonthsEndedMarch31,2017 Revenues anddelivery DD&A Totalspresentedabove $ 70 $ 51 $ 19 Treatmentchargesandother (7) Noncashandothercosts,net 1 Molybdenummines Othermining b 4,070 2, Corporate,other&eliminations (792) (817) 29 AsreportedinFCX'sconsolidatedfinancialstatements $ 3,341 $ 2,200 $ 389 ThreeMonthsEndedMarch31,2016 Totalspresentedabove $ 51 $ 48 $ 19 Treatmentchargesandother (6) Noncashandothercosts,net 4 Molybdenummines Othermining b 3,765 2, Corporate,other&eliminations (568) (508) 276 AsreportedinFCX'sconsolidatedfinancialstatements $ 3,242 $ 2,499 $ 662 a. ReflectssalesoftheMolybdenummines'productiontoFCX'smolybdenumsalescompanyatmarket-basedpricing.Onaconsolidatedbasis,realizationsarebasedontheactualcontract termsforsalestothirdparties;asaresult,fcx'sconsolidatedaveragerealizedpriceperpoundofmolybdenumwilldifferfromtheamountsreportedinthistable. b. RepresentsthecombinedtotalforFCX'sotherminingoperations,includingNorthAmericacoppermines,SouthAmericamining,Indonesiamining,Rod&RefiningandAtlanticCopper Smelting&Refining,aspresentedinthesupplementalschedule,"BusinessSegments,"beginningonpageVIII.

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