On Friday, Shares of Freeport-McMoRan Inc. (NYSE:FCX), lost -6.07% to $10.53, hitting its lowest level.
Freeport-McMoRan offered an update on its progress in reducing costs and capital spending.
In response to current oil and gas market conditions, Freeport-McMoRan Oil and Gas (FM O&G) is deferring investments in several long-term projects. In addition, FM O&G has revised its estimate of the start-up of initial production from its recent drilling success in the Horn Mountain area to 2016 from the formerly estimated start-up in 2017. This revised operating plan will allow FM O&G to continue to grow production and enhance cash flow in a weak oil and gas price environment.
The revised plans, together with the formerly declared potential initial public offering of a minority interest in FM O&G and potential other actions, will be pursued as required to fund oil and gas capital spending within cash flow for 2016 and subsequent years.
FCX is also concluding a review of operating plans at each of its global copper and molybdenum operations and will revise operating and capital plans to strengthen its financial position in a weak copper price environment. The revised plans will target lower operating and capital costs to achieve maximum cash flow under the current market conditions. Production at certain operations challenged by low commodity prices will be curtailed. The company anticipates to complete this review promptly and will report its revised plans during the third quarter of 2015.
Freeport-McMoRan Inc., a natural resource company, engages in the acquisition of mineral assets, and oil and natural gas resources. It primarily explores for copper, gold, molybdenum, cobalt, silver, and other metals, in addition to oil and gas.
Shares of Exelon Corporation (NYSE:EXC), inclined 1.41% to $32.44, during its last trading session.
Following severe storms, which produced strong winds, hail and heavy rain, ComEd has restored power to 99 percent of the 120,000 customers whose power was influenced by the stormy weather. There were two severe storms that influenced ComEd’s service territory on Sunday and caused damage to a lot of trees in several areas and resulted in downed power lines, damaged roofing, and lots of flying debris in affected areas.
More than 650 ComEd and contractor crews worked around-the-clock throughout the service territory, counting the severely influenced areas in Grayslake and Round Lake Beach in Lake County. As a result, power was restored to more than 90 percent of influenced customers within a 24-hour period. There are still some outages in areas that are hard to reach due to noteworthy damage and debris. ComEd crews will continue to work on restoring storm-influenced customers who are able to receive power.
“Sunday’s afternoon and late evening storms came in two waves and together they resulted in more than 120,000 customers losing power,” said Terence R. Donnelly, executive vice president and chief operating officer for ComEd. “The storms damage was noteworthy and it was complicated by the amount of debris that resulted from the turbulent conditions. Our crews are ongoing to work as quickly and safely as possible to bring power and peace of mind back to all influenced customers.”
Commonwealth Edison Company (ComEd) is a unit of Chicago-based Exelon Corporation (EXC), the nation’s leading competitive energy provider, with about 7.8 million customers.
Exelon Corporation, a utility services holding company, engages in the energy generation and delivery businesses in the United States. It owns electric generating facilities, such as nuclear, fossil, and hydroelectric generation facilities, in addition to wind and solar photovoltaic facilities.
Finally, Horizon Pharma plc (NASDAQ:HZNP), ended its last trade with 1.07% gain, and closed at $33.08.
Horizon Pharma named George Hampton as executive vice president, global orphan business unit and international operations, reporting directly to Timothy P. Walbert, chairman, president and chief executive officer, effective right away. Hampton has also joined the Horizon’s Executive Committee.
Hampton joined Horizon Pharma in 2008 as a consultant and full time as a group vice president, international operations in April 2015. Most recently, Hampton served as president and chief executive officer of a privately held technology company. He also has more than 20 years of experience as a successful executive in the pharmaceutical and biotech field on both a national and international scale counting specific expertise in the autoimmune (HUMIRA), primary care (CELEBREX), orthopedic, diabetes (BYETTA), anti-infectives and cardiovascular areas. This comprises 10 product launches in roles of increasing responsibility in sales, international marketing and operations at G.D. Searle, Abbott (now AbbVie) and Amylin Pharmaceuticals. Hampton holds a bachelor’s degree from Miami University in Oxford, Ohio.
Horizon Pharma plc, a specialty biopharmaceutical company, engages in identifying, developing, acquiring or in-licensing, and commercializing medicines for the treatment of arthritis, pain, inflammatory, and/or orphan diseases in the United States and internationally.
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