Plains Exploration & Production Company News

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Noble, PXP Shake Hands on UDW Drillships for Gulf of Mexico
Thursday, April 18, 2013Noble Corp. enters an agreement with Plains Exploration & Production for 2 drillships to be utilized for operations primarily in the Gulf of Mexico.

BP Sells Non-Strategic GOM Assets for $5.5B
Monday, September 10, 2012BP is selling its interests in three assets: the Marlin hub--consisting of the Marlin, Dorado and King fields--Horn Mountain, and Holstein.

PXP Posts Early Tender Offer Results for Senior Notes
Thursday, December 01, 2011PXP announced the early tender results of its previously announced cash tender offer to purchase any and all of the $600M outstanding principal amount of its 7 3/4% Senior Notes.

PXP to Offer $500MM of Senior Notes
Wednesday, November 16, 2011PXP announced that it intends to offer, subject to market and other conditions, $500 million of Senior Notes due 2022 in an underwritten public offering.

LINN to Acquire Granite Wash Properties for $600MM
Monday, November 07, 2011Linn has signed a definitive purchase agreement to acquire properties located primarily in the Granite Wash from PXP for a contract price of $600MM.

PXP Secures Financing for Equity Stake in GOM
Friday, October 28, 2011Plains E&P has executed a securities purchase agreement with EIG.

PXP Sees Increase in 2Q Revenue
Thursday, August 04, 2011"Today's announcement underscores the strength of our asset base and the skill of our dedicated employees as we continue to execute our plan to manage volume growth and strong margins," said James C. Flores.

PXP to Seperate Deepwater GOM Business
Thursday, March 24, 2011PXP continues to evaluate alternatives to separate its deepwater and onshore businesses, which include separately capitalizing its deepwater business through a joint venture or outside capital and then either spinning-off or divesting these assets.

PXP Finalizes GOM Asset Divestment
Friday, December 31, 2010PXP has completed the divestment of its Gulf of Mexico shallow water shelf properties to McMoRan Exploration.

PXP Hedges Gas Volumes, Extends Review of Deepwater Asset Sale
Wednesday, December 01, 2010PXP unveiled plans to hedge its natural gas production volumes as protection against continued weakness in gas prices as company officials maintain a cautious outlook on a recovery in future gas prices.

PXP Delivers 'Solid' Results in 3Q10
Friday, November 05, 2010"We delivered solid quarterly results as average daily sales volumes, income from operations and cash flow each improved significantly from 3Q last year, and our year-to-date production costs per unit sold remain lower," said James Flores.

PXP Bids High to Extend Eagle Ford Footprint
Tuesday, October 05, 2010PXP has agreed to acquire interests in approximately 60,000 net acres in the Eagle Ford O&G condensate windows for $578MM in cash.

Plains Seeks to Reduce GOM Exposure
Thursday, August 05, 2010Plains Exploration & Production (PXP) plans to reduce its exposure to the Gulf of Mexico and related capital spending.

PXP to Offer Senior Notes Due 2020
Wednesday, March 24, 2010PXP intends to offer, subject to market and other conditions, senior notes due in 2020 in an underwritten public offering.

PXP Expands Project Inventory in GOM
Monday, March 22, 2010Plains Exploration & Production and its partners are apparent high bidders on 44 blocks in the Central Gulf of Mexico.

PXP's $1.2B Capex for 2010 Leveraged on 2009 Success
Thursday, February 25, 2010For the fourth quarter, revenues of $367.7 million generated $48.1 million of net income, or $0.34 per diluted share.

Anadarko's Lucius Shines as Major GOM Find
Wednesday, January 27, 2010The Lucius sidetrack appraisal well, located in the deepwater Gulf of Mexico, encountered almost 600 net feet of high-quality oil pay.

PXP Increases Total Proved Reserves
Tuesday, January 26, 2010PXP announced a 23% increase in total proved reserves and 320% reserve replacement ratio for 2009.

McMoRan Logs Additional Pay at Davy Jones
Wednesday, January 20, 2010McMoRan has logged 65 net feet of additional pay at its Davy Jones ultra-deep well in the Gulf of Mexico.

Natural Gas Find May Spur Interest in Shallow Gulf Waters
Tuesday, January 12, 2010Mostly left for dead years ago by Big Oil, the shallow waters of the Gulf of Mexico are likely to get a second look by companies of all sizes after word Monday of what may be one of the largest discoveries in the area in decades.

McMoRan Makes Ultra-Deep Discovery at Davy Jones
Monday, January 11, 2010McMoRan has made a discovery on its Davy Jones ultra-deep prospect located on South Marsh Island Block 230 in approximately 20 feet of water.

Anadarko Hits Paydirt at Lucius in Ultra-Deepwater GOM
Thursday, December 10, 2009Anadarko has announced a discovery at the Lucius exploration well in Keathley Canyon block 875. The well encountered more than 200 feet of net pay in subsalt Pliocene and Miocene sands.

McMoRan Reports on New Gulf of Mexico E&P Activities
Thursday, September 24, 2009McMoRan has updated its Gulf of Mexico exploration and production activities, including new partner arrangements, updates on in progress wells at the Davy Jones ultra-deep prospect and the Blueberry Hill and Sherwood deep gas prospects.

Flatrock 4 Well in GOM Shut In for Maintenance
Thursday, September 24, 2009McMoRan has noted shut-in operations at the Flatrock field, located in the Gulf of Mexico, as well as additional ongoing field development activities.

PXP Prices $400MM of Senior Notes
Wednesday, September 09, 2009Plains Exploration & Production Company has sold $400 million of 8.625% Senior Notes that will mature October 15, 2019.

PXP Offers $300MM Senior Notes Due 2019
Tuesday, September 08, 2009PXP announced a $300 million offering of senior notes due in 2019 and expected to settle on September 11, 2009.

McMoRan Makes Headway at Gulf of Mexico Prospects
Thursday, September 03, 2009McMoRan has updated its Gulf of Mexico exploration activities, including new partner arrangements, updates on in progress wells at the Davy Jones ultra-deep prospect and the Blueberry Hill and Sherwood deep gas prospects.

PXP Closes Public Offering of Common Stock
Wednesday, August 12, 2009PXP has closed its public offering of 17,250,000 shares of its common stock, the net proceeds of which were approximately $397 million.

Chesapeake, PXP Disclose Haynesville Shale JV Amendment
Thursday, August 06, 2009PXP has agreed to accelerate its payment of the remaining joint venture drilling carries in exchange for an approximate 12% reduction in the total amount of drilling carry obligations due to Chesapeake.

PXP Announces Public Offering of 15MM Shares of Common Stock
Thursday, August 06, 2009Plains Exploration & Production announced a registered underwritten public offering of 15,000,000 shares of its common stock.

PXP Records Higher Haynesville Shale Production in 2Q
Thursday, August 06, 2009Plains Exploration & Production has announced quarterly results, an operations update, and amends the Haynesville Shale joint venture agreement.

California's Expanded Drilling Plan Delayed But Not Dead
Tuesday, July 28, 2009PXP's proposal to expand drilling off California's coast, then shut down the rigs after several years, appears down, but not out, after a recent setback.

California Nixes PXP's Offshore Tranquillon Ridge Project
Monday, July 27, 2009Depite narrowly passing in the state senate, the bill proposing an offshore drilling deal for PXP's T-Ridge project was nixed by the California State Assembly.

McMoRan Highlights Positive Drilling Results at Blueberry Hill Well
Monday, July 06, 2009McMoRan Exploration announced positive drilling results at its Blueberry Hill deep gas exploratory sidetrack well located on Louisiana State Lease 340.

California Mulls New Offshore Oil Drilling Amid Need for Revenue
Friday, June 05, 2009As California teeters on the verge of insolvency, the governor has proposed expanding offshore oil drilling under a plan approved by environmental groups as a way to tap new revenue while protecting the environment.

Traders Focus on Energy Cos As Oil Climbs
Monday, June 01, 2009The options market played host to robust trading in energy companies Monday as the price of crude oil shot above $68 a barrel.

McMoRan Updates on Gulf of Mexico E&P Activities
Wednesday, May 27, 2009McMoRan updates on results from the Ammazzo exploratory well, drilling at the Cordage and Blueberry Hill deep gas prospects, plans for Davy Jones and the Blackbeard West ultra-deep prospects.

Plains Exploration Increases, Prices Public Offering of Common Stock
Wednesday, April 22, 2009PXP has increased its previously announced offering of 10,000,000 shares of its common stock to 12,000,000 shares and has priced the offering at $18.70 per share to the public.

PXP Declares Public Offering of 10MM Shares of Common Stock
Tuesday, April 21, 2009PXP has announced a registered underwritten public offering of 10,000,000 shares of its common stock.

PXP Updates on First Quarter E&P, 2009 Financial Guidance
Tuesday, April 21, 2009PXP has provided it first quarter 2009 exploration and production update, and reiterates its 2009 full year operating and financial guidance.

PXP Prices $200MM of Senior Notes
Thursday, April 02, 2009PXP has sold $200 million of 10% Senior Notes that will mature March 1, 2016.

US Upstream O&G Transactions Dive to Five-Year Low
Tuesday, March 17, 2009U.S. mergers and acquisitions upstream transaction value declined to $38.1 billion from $48.7 billion in 2007, according to the 2009 Global Upstream M&A Review prepared by IHS Herold Inc.

Chesapeake Amends Haynesville Shale JV Agreement
Monday, March 02, 2009Chesapeake and PXP have agreed to amend their Haynesville Shale joint venture agreement, which includes three key features.

PXP Wraps Up Sale of O&G Assets in Permian, Piceance Basins for $1.25B
Monday, December 01, 2008PXP has completed the sale of its remaining interests in oil and gas properties located in the Permian and Piceance Basins to Occidental and certain other companies for $1.25 billion.

McMoRan Sees Successful Drilling Campaigns at Shallow-Water GOM Fields
Wednesday, November 19, 2008McMoRan has provided an update on its Gulf of Mexico exploration and development activities, and announced that the rigs are on location at the high-impact Gladstone East and Ammazzo deep gas exploratory prospects.

PXP Reports Substantially Higher Third Quarter Earnings
Friday, November 07, 2008Plains Exploration & Production reported that its net income increased to $493.1 million in the third quarter 2008 from $32.9 million in the third quarter 2007.

PXP Reviews Third Quarter Exploration, Production Developments
Friday, November 07, 2008Plains Exploration & Production Co. has provided an operational update for the third quarter ended September 30, 2008.

Cash-Rich Oil Firms Snap Up Assets
Friday, September 26, 2008The turmoil on Wall Street is reshaping the U.S. oil industry, forcing debt-laden smaller producers to sell assets and creating opportunities for larger, cash-rich companies that until recently had been criticized for spending too conservatively.

OXY Grabs U.S. Permian, Piceance Basin Assets for $1.25B
Thursday, September 25, 2008OXY signed a definitive purchase and sale agreement with PXP to purchase all of PXP's interests in the Permian Basin of West Texas and New Mexico and Piceance Basin of Colorado for $1.25 billion.

McMoRan Contracts Rowan-Mississippi Jackup for 2 Years
Tuesday, September 02, 2008Rowan entered into a drilling contract with McMoRan Oil & Gas LLC for the new 240C class jackup, Rowan-Mississippi. The contract is for a two-year term and will provide Rowan with approximately $160 million of drilling revenues.