v3.25.2
Debt and Equity
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt and Equity DEBT AND EQUITY
The components of debt follow:
 June 30,
2025		December 31, 2024
PTFI revolving credit facility$250 $250 
Senior notes and debentures:
Issued by FCX5,284 5,281 
Issued by PTFI2,984 2,983 
Issued by Freeport Minerals Corporation352 353 
Atlantic Coppera
358 57 
Other23 24 
Total debt9,251 8,948 
Less current portion of debt(338)(41)
Long-term debt$8,913 $8,907 
a.Includes short-term lines of credit used for working capital requirements, with interest rates primarily based on the Secured Overnight Financing Rate plus a spread.

Revolving Credit Facilities. FCX and PTFI have a $3.0 billion, unsecured revolving credit facility that matures in October 2027. Under the terms of the revolving credit facility, FCX may obtain loans and issue letters of credit in an aggregate amount of up to $3.0 billion, with a $1.5 billion sublimit on the issuance of letters of credit and a $500 million limit on PTFI’s borrowing capacity. At June 30, 2025, there were no borrowings and $5 million in letters of credit issued under FCX’s revolving credit facility.

At June 30, 2025, PTFI had $250 million in borrowings outstanding under its $1.75 billion unsecured revolving credit facility that matures in November 2028, and Cerro Verde had no borrowings outstanding under its $350 million unsecured revolving credit facility that matures in May 2027.
At June 30, 2025, FCX, PTFI and Cerro Verde were in compliance with each of their respective credit facility’s covenants.

Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $181 million in both second-quarter 2025 and 2024, $355 million for the first six months of 2025 and $356 million for the first six months of 2024.
Capitalized interest, which primarily related to FCX’s mining operations’ capital projects, including construction and development of PTFI’s new smelter and precious metals refinery (collectively, PTFI’s downstream processing facilities), totaled $99 million in second-quarter 2025, $93 million in second-quarter 2024, $203 million for the first six months of 2025 and $179 million for the first six months of 2024.

Share Repurchase Program and Dividends. During the first six months of 2025, FCX acquired 2.9 million shares of its common stock for a total cost of $107 million ($36.41 average cost per share). As of July 31, 2025, FCX has acquired a total of 52 million shares ($38.51 average cost per share) and has $3.0 billion available under its current share repurchase program.

On June 25, 2025, FCX’s Board of Directors (Board) declared cash dividends totaling $0.15 per share on its common stock (including a $0.075 per share quarterly base cash dividend and a $0.075 per share quarterly variable, performance-based cash dividend), which were paid on August 1, 2025, to common shareholders of record as of July 15, 2025.

The declaration and payment of dividends (base or variable) and timing and amount of any share repurchases are at the discretion of FCX’s Board and management, respectively, and are subject to a number of factors, including not exceeding FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by FCX’s Board or management, as applicable. FCX’s share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.