Out of gas: Freeport McMoRan Oil & Gas withdraws estimated $1 billion IPO

Freeport-McMoRan Oil & Gas, an oil and gas E&P focused on deepwater projects in the Gulf of Mexico, withdrew its plans for an initial public offering on Friday. It originally filed in June 2015 with a proposed deal size of $100 million. At the time, we estimated that the deal could have raised $1.0 billion.

Mining parent Freeport-McMoRan had planned to spin the company off in order to pay down debt. Freeport is down about 55% from its June 2015 stock price, but the company has traded up 64% year-to-date.

The Houston, TX-based company booked $3.3 billion in sales for the 12 months ended June 30, 2015. It had planned to list on the NYSE under the symbol FMOG. Barclays was listed as the sole bookrunner on the deal.