Reginal Thomas
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Freeport McMoRan Is Looking To Sell Its OnShore Oil Well For $5 Billion

Freeport-McMoRan Inc. is searching for potential buyers for its onshore oil wells in California, a deal that could be worth $5 billion. The company has been looking to sell of assets in order to lower its debt which exceeds $20 billion. Freeport-McMoRan owns mines and oil wells around the world. Back in July Richard Adkerson, Freeport CEO, said he was looking to sell $4 to $5 billion assets in hopes of bringing down debt to around $12 billion.