As the stock market has seen dramatic changes recently, Freeport-McMoRan Inc (NYSE:FCX) shares have fallen right along with the drop in copper and oil prices.

In order to respond to the plunge, the company has noted that they are cutting capital expenditure to mitigate the impact. This means that next year’s revised $4 billion capital expenditure budget is very lean. The company is also anticipating a further stock price drop in the future and are covering all scenarios by preparing for a few hundred more million in reductions, according to Pulse Headlines.

As for now, research analysts confirm that the energy CAPEZ is running higher than the estimated sustaining levels and that Freeport-McMoRan is hard at work to grow production past a 62 million barrel of oil equivalent. And if copper does recover up to $2.88 per pound for 2016, then the company will trade back over $20 per share.

Headquartered in the Freeport-McMoRan Center in downtown Phoenix, Arizona. They responded to the fact that after Thursday closing time at the market, activist investor Carl Icahn disclosed an 8.5 percent stake in the company and was searching for dialogue and potential Board representation in Freeport.

The sell-side company is predicting potential value creation from divesting the oil & gas (O & G) business if the circumstances line up accordingly. The management of Freeport-McMoran is also looking for something similar with their proposed oil and gas initial public offering (IPO), but they noted they will maintain control.

Earlier this month, on Aug. 14, the total shares that were shorted by investors were 61.91 million which stand for a decrease of 431,130 shares during that period. At this time, the short interest ration maintains at 1.99 days increasing from 1.71 days by the end of July. And overall, 6.06 percent shares are being shorted by investors out of the overall outstanding shares.