October 14, 2016 / 12:27 PM / a year ago

Freeport-McMoRan to sell some oil and gas assets for up to $742 mln

Oct 14 (Reuters) - Freeport-McMoRan Inc, the world’s biggest publicly listed copper miner, said it would sell its onshore California oil and gas assets to Sentinel Peak Resources California LLC for up to $742 million, as part of its strategy to cut debt.

The company said it would receive $592 million in cash at closing and $50 million every year from 2018 to 2020, if the price of Brent crude oil averages $70 or above per barrel.

Freeport is looking to reduce its net debt of $18.8 billion to $10.5 billion-$13.2 billion by the end of 2017 on the back of already executed asset sales and excess cash it expects to earn from higher mined volumes and metals prices, Chief Executive Richard Adkerson said in July. (Reporting by Anet Josline Pinto in Bengaluru; Editing by Sriraj Kalluvila)

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