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Freeport-McMoRan (NYSE:FCX) rose for a sixth day in a row on Tuesday after the natural resource company said it is reviewing options for its oil-and-gas business.
Shares rose as much as 3.9% to $11.62 at 12:21 p.m. in New York. The stock has lost two-thirds of its market value over the past year.
Phoenix-based Freeport said that the potential public offering of a minority interest in the business remains an alternative.
Freeport also said it cut its board to nine members from 16 members, with five of the departing members named to an oil-and-gas board of directors. It will also scrap its Office of the Chairman management structure.
The company said it will review its oil and gas business with a view to either spinning it off, entering a joint venture or further cutting costs.
Freeport said the business's "high quality asset base, substantial underutilized Deepwater Gulf of Mexico infrastructure, large inventory of low risk development opportunities and talented and experienced personnel and management team" offer opportunities to add value.
The company said it is seeking to focus on its core copper mining business and is confident that copper prices will hold up given global demand and supply fundamentals.