Company Profile For Plains Exploration & Production Company

Plains Exploration & Production Company (PXP.N) (New York Stock Exchange)

sector: Energy · industry: Oil & Gas Exploration & Production ·

As of 25 Nov 2009

28.34USD

Price Change

+0.02

Percent Change

+0.07%

Analyst Recommendations

Overview

Plains Exploration & Production Company (PXP) is an independent oil and gas company primarily engaged in the activities of acquiring, developing, exploring and producing oil and gas properties primarily in the United States. The Company owns oil and gas properties with principal operations in Onshore California; Offshore California; the Gulf of Mexico; the Gulf Coast Region; the Mid-Continent Region, and the Rocky Mountains. As of December 31, 2008, the Company had estimated proved reserves of 292.1 million barrels of oil equivalent, of which 61% was comprised of oil and 72% was proved developed. During the three-year period ended December 31, 2008, PXP participated in 123 exploratory wells, of which 102 were successful, and 660 development wells, 652 of which were successful. The Company also has an interest in an exploration prospect offshore Vietnam.

Quick Financial Synopsis

BRIEF: For the nine months ended 30 September 2009, Plains Exploration & Production Company's revenues decreased 61% to $819.4M. Net income decreased 90% to $88.2M. Revenues reflect decreased oil sales, lower income from gas sales and a decrease in other operating revenues. Net income also reflects an increase in accretion expenses, the presence of other operating expenses and the absence of gain on sale of assets.