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A big oil and gas company just withdrew its IPO

Portia CroweMay 21, 2016, 01:52 IST

A natural gas flare on an oil well pad burns as the sun sets outside Watford City, North DakotaThomson Reuters

Freeport-McMoRan Oil & Gas has withdrawn its initial public offering, CNBC reports.

The company filed for an IPO in June 2015.

Copper and gold mining company Freeport-McMoRan, said it was considering spinning off its oil and gas business to shareholders last October.

The company had planned to list Class A common stock on the New York Stock Exchange, according to MarketWatch.

More to come...

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