US-based mining company Freeport-McMoRan has restructured its subsidiary Freeport-McMoRan Oil & Gas (FM O&G) with the aim of reducing costs and aligning with debt reduction initiatives of FCX’s global business.
FM O&G is being restructured as an operating division of FCX and, as a result of this restructuring, the FM O&G executive management team is leaving the company. In addition, the financial and administrative roles will integrate with FCX corporate functions.
Mark Kidder has been named Executive Vice President – Operations of FM O&G and will lead FM O&G’s operating team. Kidder previously served as Vice President – Operations and has 36 years of operational experience in the offshore and onshore upstream energy industry, including 13 years with FM O&G and its predecessor and 23 years with major oil companies and independent energy producers.
Jim Flores, FM O&G CEO; Doss Bourgeois, President & COO; Winston Talbert, Executive Vice President & CFO and John Wombwell, Executive Vice President & General Counsel have served as executive management for the FM O&G organization since FCX’s acquisition of Plains Exploration Company in 2013.
Richard C. Adkerson, FCX’s President and Chief Executive Officer, said: “We appreciate Jim and his executive team’s service to Freeport and their efforts on behalf of our Company. Mark Kidder is an experienced and proven operational leader and I look forward to working with him in his expanded leadership role. FM O&G has an attractive portfolio of oil-weighted assets and a talented and dedicated workforce committed to its success.”
FCX said that further steps would be taken to reduce costs and capital expenditures, and that it would continue to evaluate potential transactions for the sale of certain assets of FM O&G.