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Freeport-McMoRan Inc. Message Board

  • jetsjr5656 jetsjr5656 Dec 9, 2012 7:36 PM Flag

    old commentors

    Are any of the old time MMR posters still out there? If so, would you guys/gals please take a minute to give us your take?


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    • To begin with, I sold my MMR. Just can't turn down the upside.

      There are lots of board talkers, but most of my judgements are based on the conference calls given by John Schiller (EXXI). If you want the current scoop, he would be the best one to listen to. His latest take was given on December 4 and you should listen. I'm sure you could find a link on their website.

      All the logs I've seen, and they are posted on presentations given,do indicate hydrocarbons in these wells. As everyone here can tell, JRM has bitten onto this ultra deep play and will not let go. MMR is still speculative, but having put this money on the table, it might be foolish to fold and I am reasonably certain that if DJ1 does not cooperate, then there will be another try with DJ2 this summer.

      It would be well worth your time to log into any of John Schiller's presentations on the ultra deep. I think he stated that EXXI's exposure on the entire play is about $200-mil as of last week.


    • Near term, obviously FCX have been 'hurt'. Remember this though : Jim Bob may be the World's best geologist. He truly believes in the shallow ultra deep notwithstanding DJ. If he is right ( & longtime MMR holders believe he is), he will create a premier North American O&G company with LNG export capabilities. Not comforting to old FCX holders but I do believe by mid '13FCX will be apporachung $ 40.

      One thing FCX holders may be missing : Grasberg is not without significant risk. Long term, this reduces unpleasant events that could occur there. jmho

      • 1 Reply to bcfbubba
      • The big difference being that shareholders knew and accepted the risks of the mining business, the shallow ultra deep is a different story. What happens to fcx stock when moffett finally admits DJ1 has to be plugged? This was nothing more than a bailout of a company (moffett and friends) that should be preparing bankruptcy papers this week instead of making plans to spend fcx shareholder's money. Still hoping the deal gets stopped so mmr shareholders get what they gambled on, and fcx shareholders get what they bargained for. Biggest case of self dealing and corporate disloyalty the world has ever seen.

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