Freeport-McMoRan Inc was incorporated under the laws of the state of Delaware on November 10, 1987. Effective July 14, 2014, Freeport-McMoRan Copper & Gold Inc. changed its name to Freeport-McMoRan Inc. The Company is a U.S.-based natural resources company with a portfolio of mineral assets and oil and natural gas resources. Its portfolio of assets includes the Grasberg minerals district in Indonesia, mining operations in North and South America; the Tenke Fungurume minerals district in the Democratic Republic of Congo in Africa; and U.S. oil and natural gas assets. The Company acquired mining assets in North America, South America and Africa when it acquired Phelps Dodge Corporation in 2007. It acquired oil and gas operations when it acquired Plains Exploration & Production Company and McMoRan Exploration Co. The Company has organized its mining operations into five primary divisions - North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. For oil and gas operations, it determines its operating segments on a country-by-country basis. Its reportable segments include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining operations and the United States (U.S.) Oil & Gas operations. In North America, it operates seven copper mines - Morenci, Bagdad, Safford, Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico, and two molybdenum mines - Henderson and Climax in Colorado. In addition to copper its North America copper mines also produce molybdenum concentrate and silver. In South America, it operates two copper mines - Cerro Verde in Peru and El Abra in Chile. In addition to copper, the Cerro Verde mine also produces molybdenum concentrate and silver. In Indonesia, its subsidiary PT-FI operates the mines in the Grasberg minerals district. In addition to copper, the Grasberg minerals district also produces gold and silver. In Africa, its subsidiary Tenke Fungurume Mining S.A. operates the mines in the Tenke minerals district. In addition to copper, the Tenke minerals district also produces cobalt hydroxide. Its portfolio of oil and gas assets include oil production facilities and growth potential in the Deepwater GOM, established oil production onshore and offshore California, onshore natural gas resources in the Haynesville shale in Louisiana, natural gas production from the Madden area in central Wyoming, and a position in the Inboard Lower Tertiary/Cretaceous natural gas trend onshore in South Louisiana. Its oil products include transportation fuels, fuel oils for heating and electricity generation, asphalt and road oil, and the feedstocks used to make chemicals, plastics and synthetic materials. The Company produces copper concentrate at six mines. In North America, copper concentrate is produced at the Morenci, Bagdad, Sierrita and Chino mines, and a portion is shipped to its Miami smelter in Arizona. Copper concentrate is also produced at the Cerro Verde mine in Peru and the Grasberg minerals district in Indonesia. It produces copper cathode at electrolytic refinery located in El Paso, Texas, and at 10 of its mines. SX/EW cathode is produced from the Morenci, Bagdad, Safford, Sierrita, Miami, Chino and Tyrone mines in North America; from the Cerro Verde and El Abra mines in South America; and from the Tenke minerals district in Africa. Copper cathode is also produced at Atlantic Copper and PT Smelting. It manufactures continuous cast copper rod at its facilities in El Paso, Texas; Norwich, Connecticut; and Miami, Arizona, using copper cathode produced at its North America copper mines. Within the oil and gas industry, its competitors include national and international oil companies, integrated oil and gas companies, numerous independent oil and gas companies and others.