Freeport-McMoRan Inc. (NYSE:FCX) announced a significant net loss of $2.9 billion, or $2.75 per share, for Q4 2014. For the full 2014 year its net loss came to $1.3 billion, or $1.26 per share.

According to The Wall Street Journal, the company was hit with $3.1 billion in net charges during Q4, largely due to impairments on its oil and gas properties.

As quoted in the press release:

Net loss attributable to common stock totaled $2.9 billion, $2.75 per share, for fourth-quarter 2014 and $1.3 billion, $1.26 per share, for the year 2014. After adjusting for special items (see page 2) totaling $3.1 billion, $3.00 per share, for fourth-quarter 2014 and $3.3 billion, $3.22 per share, for the year 2014, adjusted net income attributable to common stock totaled $257 million, $0.25 per share, for fourth-quarter 2014 and $2.0 billion, $1.96 per share, for the year 2014.

Company executives said in a combined statement:

During 2014, our organization achieved strong operating performance and project development milestones despite challenging commodity market conditions, which emerged late in the year. As we enter 2015, we are implementing a series of initiatives to reduce capital and operating costs to maintain financial strength during a period of weaker commodity prices while preserving a strong resource position and a portfolio of assets with attractive long-term growth prospects.

Click here for the full Freeport-McMoRan Inc. (NYSE:FCX) press release