Freeport-McMoRan Copper & Gold Inc. to Acquire
Plains Exploration & Production Company and
McMoRan Exploration Co. in Transactions Totaling $20 Billion,
Creating a Premier U.S. Based Natural Resource Company

• Adds High Quality U.S. Oil & Gas Resources to Global Mining Portfolio
• Combined Company Will Have Portfolio of Geographically Diverse, Long-lived
Mining and Oil & Gas Assets with Strong Current Cash Flows and Financially
Attractive Growth Profile
• Pro forma Company Enterprise Value of $60 Billion
• Accretive to FCX Operating Cash Flows


PHOENIX, AZ, HOUSTON, TX and NEW ORLEANS, LA, December 5, 2012 – Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX), Plains Exploration & Production Company (NYSE: PXP) and McMoRan Exploration Co. (NYSE: MMR) announced today that they have signed definitive merger agreements under which FCX will acquire PXP for approximately $6.9 billion in cash and stock and FCX will acquire MMR for approximately $3.4 billion in cash, or $2.1 billion net of 36 percent of the MMR interests currently owned by FCX and PXP. Upon closing, MMR shareholders will also receive a distribution of units in a royalty trust which will hold a 5 percent overriding royalty interest on future production in MMR's existing shallow water ultra-deep properties.