Freeport-McMoRan announced plans to sell its oil and gas subsidiary, Freeport-McMoRan Oil & Gas (FM O&G) to Anadarko Petroleum for $2 billion. FM O&G managed the company’s Deepwater Gulf of Mexico (GOM) properties.

“This transaction brings our total 2016 asset sale transactions to more than $6 billion and reflects our commitment to debt reduction and our focus on dedicating our capital and management resources to our global leading copper business,” said Richard C. Adkerson, president and CEO, Freeport-McMoRan.

With the previously announced asset sales, which includes the Tenke Fungurume copper mine in the DRC, Adkerson said the company is on track to achieve its stated balance sheet objectives. The transaction was effective August 1 and is expected to close in the fourth quarter of 2016.