Freeport-McMoRan Copper & Gold Inc. and Plains Exploration & Production Company Announce Final Allocation of Merger Consideration

PHOENIX & HOUSTON--(BUSINESS WIRE)--Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) and Plains Exploration & Production Company (NYSE: PXP) today announced the final allocation of the merger consideration to be paid in connection with FCX’s pending acquisition of PXP, which was approved by PXP stockholders on May 20, 2013 and is currently expected to be completed on May 31, 2013. This allocation has been determined based on an FCX stock price of $32.17 per share, which is the average of the closing prices of FCX common stock for the ten trading days immediately preceding the date which is five trading days immediately prior to the completion of the merger.