The mining giant elaborated upon the move in a conference call this week after disclosing it would take a $1 billion charge in the third quarter for idle rig costs.
"We are deferring for the foreseeable future our exploration/development activities," chief executive Richard Adkerson said.
"All three of our deep-water drilling rigs are being idled."
Two have already stopped work and the third will go idle after wrapping up completion work set to be finished imminently, he said.
Freeport-McMoRan
