PXP intends to issue operating and financial guidance for the fourth quarter 2006 via Form 8-K to reflect the impact of this property sale. The Company is also increasing its estimate of 2006 total capital spending from $526 million to $610 million, including capitalized G&A and interest. This change primarily reflects additional investments in the deepwater Gulf of Mexico.
The previously announced transaction to sell certain deepwater Gulf of Mexico assets is on schedule to close early November 2006.
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