A big oil and gas company just withdrew its IPO

A natural gas flare on an oil well pad burns as the sun sets outside Watford City, North Dakota January 21, 2016. REUTERS/Andrew Cullen

(Thomson Reuters)
Freeport-McMoRan has withdrawn the IPO of its oil and gas unit.

The mining company filed for the stock offering in June 2015.

"At this time the Company has determined not to proceed with the initial public offering contemplated by the Registration Statement," the company said in a filing on Friday.

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

The company has reported six straight quarterly losses, according to Bloomberg.

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