FCX shareholders : realize that Jim Bob has just executed the beginnings of a plan
PXP is the world class operation. He didn't mention MMR in his post, you did. MMR is the cheapest segment of the deal. They paid a premium for Plains and a signing bonus to take the rest of MMR. The billion has already been spent on the well. That is no cost to FCX since it came out ofMMR cash prior to the deal. The well was a bust but the reserve is not.
It was a bailout you tool. The well was a bust and so is mmr, and plains for that matter with the ownership in mmr had problems. The stock price says it all, and I guess you are capable of understanding what a conflict of interest or self dealing is.