What Fueled Freeport-McMoRan Copper & Gold Inc. (FCX)’s Earnings

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The company produced just 173,000 ounces, which is down substantially from last year’s 266,000 ounces. However, given the record 23% plunge in gold prices in the quarter, it actually might have been a good thing that the company’s gold production was suspended because its realized price for gold fell from $1,588 an ounce all the way to $1,322 per ounce.

Final Foolish thoughts
Freeport’s quarter was clearly fueled by oil — high oil prices provided nearly half of the quarter’s earnings. That’s pretty substantial when considering that overall the oil and gas business is just about one-fourth of Freeport’s total operations. Clearly, it would seem the company’s move into oil and gas is paying off as the added diversity really helped Freeport this quarter.

The article A Quick Look at What Fueled Freeport’s Earnings originally appeared on Fool.com is written by Matt DiLallo.

Fool contributor Matt DiLallo has no position in any stocks mentioned. The Motley Fool owns shares of Freeport-McMoRan Copper & Gold.

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