If FCX still working at those wells? if one of those wells hit oil we could see FCX move up $5 or more. We need an update on the PXP holdings, why wait for the end of the quarter?
There's over a trillion cubic feet of gas in DJ1, if they can just figure out how to work it at those depths, heat, and pressure. Stock is headed in the near term to $40. Next year this time, it should be in the $60 to $70 range. Perfect buying opportunity at these levels.
They took the opportunity to get it off their payrolol for a couple of months because it is under lon term contract. Do You REALLY think they woul have given up the rig if they were SO sure of production at Davey Jones complex. Get a life
I think you will find that this company is still mainly a copper miner - the gold comes with the copper.
The USA O&G will account for 20% of their new revenue base.
I personally liked the move in to O&G and fully expect some good news to come out of the Davy Jones story.
When that happens you won't see the shares at this low level ever again.
Sentiment: Strong Buy
Thanks all for the info, sounds like we are all on the same page when it comes to FCX buying oil and gas assets. While wall street was extremely negative on the actions of FCX management at the time of the acquisitions, I believe those assets would be valued up to 25% more today.