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Analyst
Orest Wowkodaw
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters; questions recorded in 5).
- Questions
- 8on tracked calls
- Challenge rate
- 25%2 of 8 questionsLimited sample
- Companies
- 1questioned at least once
- Reporting periods
- 5with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 8 of 8 questions from 1 company
FCXFreeport-McMoRan8 questions · 5 reporting periods · 2 of 8 challenging
Calendar 2026 Q2
I just wanted to ask about the guidance for the year. It looks like there is some reorganization and sequencing
Show response
Transcript labels the speaker 'Analyst'; operator introduced Orest Wowkodaw with Scotiabank. Explained Q3 sales lag production as inventory builds at the new Indonesian smelter, recovered in Q4.
Calendar 2026 Q1
Are there any other potential bottlenecks ahead as this will get solved that could play into the recovery rates?
Show response
Quirk stated the chute bottleneck is the primary constraint; mining and loading capacity at the extraction level can already handle wet material. Solving this logistical issue addresses the ramp-up limitation.
the idle cost recovery costs at Grasberg went up to $1.3 billion from $900 million previously
Show response
Quirk clarified the change reflects accounting treatment, not incremental spending. With the revised ramp-up, a larger portion of costs are expensed as idle costs rather than going through inventory.
Calendar 2025 Q3
Should we expect a similar amount that's excluded from cash costs in Q4?
Show response
Quirk explained ~$450M in Q4 costs charged directly to expense (not through inventories) due to minimal capacity operations. Amount to ramp down during 2026 as PB2 starts up in Q2. Costs excluded from C1 guidance.
Calendar 2025 Q2
if there's been any discussions with the U.S. administration with respect to financing or incentives
Show response
Quirk described educational engagement with US government about FCX's dominant producer role, 45x IRA production credit advocacy, and leach initiative as near-term refined production boost.
potential tariff exemptions on your refined copper coming from either Atlantic Copper or Indonesia into the U.S.?
Show response
Quirk indicated no awareness of exemptions and awaiting implementation details.
Calendar 2024 Q4
Is there any CapEx associated with those new growth projects in that 2026 continents already?
Show response
Quirk confirmed 2026 includes Baghdad tailings and LNG spending that could be deferred if projects don't proceed. Emphasized capital discipline.
what's a good run rate to assume for sustaining capital now for the business, say beyond 2026?
Show response
Quirk estimated $2-2.5B sustaining CapEx run rate long term, noting Grasberg underground spending will decline over time.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| FCX Freeport-McMoRan | 8 | 25%2 of 8 questions |
- FCXFreeport-McMoRan · 8 questions25%2 of 8 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 2 | 50%1 of 2 questions | 1 |
| 2025 Q1 | No questions recorded | — | — |
| 2025 Q2 | 2 | 0%none of 2 questions | 1 |
| 2025 Q3 | 1 | 0%none of 1 question | 1 |
| 2025 Q4 | No questions recorded | — | — |
| 2026 Q1 | 2 | 50%1 of 2 questions | 1 |
| 2026 Q2 | 1 | 0%none of 1 question | 1 |
- 2024 Q42 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2025 Q1No questions recorded
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q4No questions recorded
- 2026 Q12 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2026 Q21 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Capex Investment3
- Guidance Reliability2
- Cost Pressure2
- Margin2
- Regulation Policy2
- Revenue Growth1
- Supply Chain1
- Trade Tariffs1
- Capital Allocation1