UPDATE 1-Freeport-McMoRan posts quarterly loss as metal, oil prices drop

(Adds production, sales prices and production forecast, adds
debt and cash levels)
TORONTO, July 23 (Reuters) - Diversified U.S. miner and
energy company Freeport-McMoran Inc FCX.N reported a sizeable
second-quarter net loss on Thursday, reflecting a big write-down
for the value of its oil and gas properties and slumping prices
for the copper, gold and oil that it produces.
The Phoenix, Arizona-based company reported a net loss
attributable to shareholders of $1.85 billion, or $1.78 per
share. A year earlier, it reported net income of $482 million,
or 46 cents a share.
Excluding one-time charges of $2 billion, or $1.92 a share,
adjusted profit was $143 million, or 14 cents a share, in the
quarter ended June 30.
Analysts had expected an adjusted profit of 7 cents a share,
on average, according to Thomson Reuters I/B/E/S.
Revenue fell to $4.2 billion from $5.5 billion.
Freeport forecast full-year sales of 4.2 billion pounds of
copper, 1.3 million ounces of gold, 93 million pounds of
molybdenum and 52.3 million barrels of oil equivalent.
The average realized copper price in the quarter was $2.71 a
pound, with sales of 964 million pounds, largely matching last
year's 968 million pounds.
Second-quarter sales of 13.1 million barrels of oil
equivalent were down from 16 million barrels a year ago, and
average prices fell to $67.61 a barrel from $95.50.
Gold production more than doubled to 352,000 ounces from
159,000 ounces, at an average price of $1,174 per ounce.
Debt notched higher to $20.9 billion at the quarter's end
from $20.3 billion at the close of March. The company's debt
load bulked up in 2013 as it made two acquisitions of oil and
natural gas producers to diversify from its copper, gold and
molybdenum mining.
Cash totaled $466 million as of June 30, Freeport said.