PXP to Offer Senior Notes Due 2020

PXP intends to offer, subject to market and other conditions, senior notes due in 2020 in an underwritten public offering. The offering will be made under PXP's shelf registration statement, which became effective immediately upon filing with the Securities and Exchange Commission on March 5, 2010.

Net proceeds from the offering are expected to be used to repay indebtedness under PXP's senior revolving credit facility and for general corporate purposes.

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