On Friday, Shares of Freeport-McMoRan Inc. (NYSE:FCX), gained 3.04% to $10.50.
Last month, Freeport-McMoRan sounded unapologetic about investing for the long term. That was despite falling commodities and an overstretched balance sheet, with net debt of more than four times earnings before interest, taxes, depreciation, and amortization. Its shares suffered, according to WSJ.
Freeport has since made three declarations about cutting spending, culminating in Thursday’s plans to chop mining investment and copper production. It also has flagged plans to raise $1 billion in equity. Thanks to ill-conceived deal making in oil and gas, Freeport doesn’t have a reputation for putting shareholder concerns first. That seems to have changed lately. WSJ Reports
Into this mix walks Carl Icahn, the noted activist, who Thursday unveiled a stake in the miner. Mr. Icahn may be coming through a door opened by other investors. Regardless, in highlighting executive pay as an issue, he is taking a shot at administration and alighting on a hot topic in mining. WSJ added.
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.
Oil prices fell in Asia on Monday as traders took profits, snapping gains last week that saw the biggest two-day rally in six years, according to Reuters.
Brent crude futures for October delivery LCOc1 slipped more than $1, or 2 percent, before recovering although that still put the benchmark on track for its fourth straight monthly decline, having risen in only two of the past 14 months. Reuters Reports
Shares of Kinder Morgan, Inc. (NYSE:KMI), inclined 1.97% to $32.63, during its last trading session.
Kinder Morgan, Inc. operates as an energy infrastructure and energy company in North America. The company operates through Natural Gas Pipelines, CO2, Terminals, Products Pipelines, Kinder Morgan Canada, and Other segments.
Finally, Linn Co, LLC (NASDAQ:LNCO), ended its last trade with 14.18% surge, and closed at $2.98.
LINN Energy, LLC and LinnCo, LLC (LNCO) declared recently that David B. Rottino has been designated as Executive Vice President and Chief Financial Officer of both LINN and LinnCo, effective right away. Mr. Rottino joined the Company in June 2008 as Senior Vice President and Chief Accounting Officer and has served as Executive Vice President, Business Development and Chief Accounting Officer since January 2014. Formerly, he served as Senior Vice President of Finance, Business Development, and Chief Accounting Officer from July 2010 to January 2014. Mr. Rottino has more than 20 years of experience in the oil and natural gas industry and has also held leadership positions with El Paso Corporation, ConocoPhillips and Burlington Resources. He holds a BBA from Texas Tech University and received his MBA from Texas Christian University. In his new role, Mr. Rottino will lead the Company’s existing finance and investor relations teams, together with his continued oversight of the accounting and business development functions at the Company.
Kolja Rockov, Executive Vice President and Chief Financial Officer, will be leaving the Company to pursue other opportunities. This mutually agreed departure is not related to any disagreement with the Company’s policies or practices.
LinnCo, LLC, through its limited liability company interests in Linn Energy, LLC, focuses on the acquisition and development of oil and natural gas properties in the United States.
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