Including oil assets in Texas and copper mines
The Arizona-based company has sold nearly $5 billion worth of assets this year, including oil assets in Texas and copper mines in Chile, as it tries to slash debt levels that spiked after it bought two oil companies in 2013.
But its debt remained little changed at a hefty $19.7 billion at the end of September, compared with $20.3 billion at end-June. It unveiled the $12 billion target in 2013.
"Poor commodity prices and with the situation in the non-investment grade credit markets, these kinds of transactions are currently more challenging," Freeport Chief Executive Richard Adkerson said.
In trying to strengthen its balance sheet, Freeport will look at possibly deferring some capital spending, partnering with other companies to share costs and finding "creative" ways to sell assets, he said.
Adkerson was speaking on a conference call to discuss Freeport's third-quarter results that included lower full-year metals and oil sales forecasts. Its stock fell more than 4 percent.
Jim Flores, Freeport's president and CEO of oil and gas operations, said that with current volatility in oil markets the company was "not rushing out to price something."