Freeport-McMoRan's Exploration Buys Boon For Energy
Freeport-McMoRan Copper & Gold's (FCX) ambition of becoming a natural resource powerhouse by buying two oil explorers was a boon for energy ETFs but a bust for basic materials Wednesday. Freeport-McMoRan shares plunged 16% to a four-month low after the company announced it's acquiring McMoRan Exploration (MMR) and Plains Exploration & Production (PXP) for $2.1 billion and $6.9 billion, respectively. It also has to pay off Plains' $9.5 billion
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