Freeport Says No McMoran To Oil & Gas; Will IPO Portion Of Unit

All the way back in December 2012, pure play copper mining giant Freeport McMoran (FCX) decided to diversify its asset base by moving into the energy space. The company offered rich premiums to acquire both McMoran Exploration (which it had spun off back in the 90’s) and Plains Exploration & Productions in a widely panned move. It didn’t help that there were numerous ethical…