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Debt and Equity
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt and Equity DEBT AND EQUITY
The components of debt follow:
June 30,
2026		December 31, 2025
PT Freeport Indonesia (PTFI) revolving credit facility$250 $250 
Senior notes and debentures:
Issued by FCX5,290 5,287 
Issued by PTFI2,987 2,985 
Issued by Freeport Minerals Corporation351 352 
Atlantic Copper486 482 
Other22 23 
Total debt9,386 9,379 
Less current portion of debt(1,220)(466)
Long-term debt$8,166 $8,913 

Revolving Credit Facilities.
PTFI. At June 30, 2026, PTFI had $250 million in borrowings outstanding under its $1.75 billion, senior unsecured revolving credit facility that matures in November 2028.

FCX. In May 2026, FCX and PTFI entered into a new $3.0 billion, five-year, senior unsecured revolving credit facility that matures in May 2031 and replaced the revolving credit facility that was scheduled to mature in October 2027. The terms of the new revolving credit facility are substantially similar to the prior facility, including that 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.

Interest on loans made under FCX’s revolving credit facility may, at the option of FCX or PTFI, be determined based on the Term Secured Overnight Financing Rate (SOFR) or the Alternate Base Rate (ABR), plus a spread to be determined by reference to a grid based on FCX’s credit rating.

FCX’s revolving credit facility contains customary affirmative covenants and representations, and also contains various negative covenants that, among other things and subject to certain exceptions, restrict the ability of FCX’s subsidiaries that are not borrowers or guarantors to incur additional indebtedness (including guarantee obligations) and the ability of FCX or FCX’s subsidiaries to: create liens on assets; enter into sale and leaseback transactions; engage in mergers, liquidations and dissolutions; and sell assets. In addition, the revolving credit facility contains a total leverage ratio financial covenant.

At June 30, 2026, there were no borrowings and $5 million in letters of credit issued under FCX’s revolving credit facility.

Cerro Verde. In May 2026, Cerro Verde entered into a new $350 million, five-year, senior unsecured revolving credit facility that matures in May 2031 and replaced its prior revolving credit facility that was scheduled to mature in May
2027. The terms of the new revolving credit facility are substantially similar to the prior facility, including customary representations and affirmative and negative covenants. Interest on loans made under Cerro Verde’s revolving credit facility may, at the option of Cerro Verde, be determined based on SOFR or ABR, plus a spread.
At June 30, 2026, there were no borrowings outstanding under Cerro Verde’s revolving credit facility.

At June 30, 2026, PTFI, FCX and Cerro Verde were each in compliance with the covenants under their respective credit facilities.

Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $240 million in second-quarter 2026 and $414 million for the first six months of 2026, including $67 million of nonrecurring adjustments for prior period withholding taxes on PTFI’s senior notes. Consolidated interest costs (before capitalization) totaled $181 million in second-quarter 2025 and $355 million for the first six months of 2025.

Capitalized interest totaled $145 million in second-quarter 2026 and $205 million for the first six months of 2026, including $64 million associated with prior period withholding taxes on PTFI’s senior notes. Capitalized interest totaled $99 million in second-quarter 2025 and $203 million for the first six months of 2025.

Share Repurchase Program and Dividends. During the first six months of 2026, FCX acquired 3.4 million shares of its common stock for a total cost of $203 million ($59.30 average cost per share). At July 31, 2026, FCX has acquired a total of 55.4 million shares ($39.80 average cost per share) and has $2.8 billion available under its $5.0 billion share repurchase program.

On June 24, 2026, 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 3, 2026, to common stockholders of record on July 15, 2026.

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.