Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Plains Exploration & Production Company    PXP

SummaryQuotesNewsCompany 
News SummaryMost relevantAll newsSector newsTweets 

Plains Exploration 4th-Quarter Net Soars on Higher Oil Revenue

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/21/2013 | 02:04pm CEST
   By Ben Fox Rubin 
 

Plains Exploration & Production Co.'s (>> Plains Exploration & Production Company) fourth-quarter profit soared as the oil-and-gas exploration company's oil revenue surged.

Freeport-McMoRan Copper & Gold Inc. (>> Freeport-McMoRan Copper & Gold Inc.) in December agreed to buy McMoRan Exploration Co. (>> Mcmoran Exploration Co) and Plains Exploration--two oil companies with which it shares close ties--for roughly $9 billion in cash and stock. The deal marked a shift for the mining giant towards U.S. energy exploration. The transactions are expected to close in the second quarter.

Plains has been shifting to higher-priced crude and natural gas liquids as natural gas prices have been languishing near record lows. The company recently agreed to buy BP PLC's (BP, BP.LN) deepwater Gulf of Mexico oil and gas properties for $5.55 billion, in line with a strategy to focus on mature oil fields with existing reserves.

Plains reported income of $218.6 million, or $1.65 a share, up from $97.7 million, or 69 cents a share, a year earlier. Excluding unrealized gains on investment in McMoRan Exploration stock and other impacts, per-share earnings rose to 41 cents from 20 cents.

Revenue was up 68% to $869.2 million.

Analysts polled by Thomson Reuters had recently forecast per-share earnings of 47 cents on revenue of $775 million.

Oil sales were up 91% at $798 million, while gas sales shrank 27% to $70.3 million.

Average realized sales prices, before derivative impacts, were up 7.2% for oil and down 3.3% for gas.

Shares closed at $45.55 on Wednesday and were inactive premarket. The stock is up 29% over the past three months on the recent acquisition activity.

Write to Ben Fox Rubin at [email protected]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on PLAINS EXPLORATION & PRODU
2013 PLAINS EXPLORATION & PRODUCTION COMP : Freeport-McMoRan Copper & Gold Inc. Compl..
2013 PLAINS EXPLORATION & PRODUCTION COMP : Freeport-McMoRan Copper & Gold Inc. Compl..
2013 PLAINS EXPLORATION & PRODUCTION COMP : Freeport-McMoRan Copper & Gold Inc. and P..
2013 PLAINS EXPLORATION & PRODUCTION COMP : Domino's Pizza to Join S&P MidCap 400; Cy..
2013 PLAINS EXPLORATION & PRODUCTION COMP : PXP Declares Special $3.00 Per Share Divi..
2013DJPlains Exploration Shareholders Approve Freeport-McMoRan Deal
2013DJCorrection to Plains Exploration Merger Story
2013DJPlains Exploration Holders Approve Freeport Deal
2013DJPlains Exploration Shareholders Approves Merger With Freeport-McMoRan
2013 PLAINS EXPLORATION & PRODUCTION COMP : Freeport-McMoRan Copper & Gold Inc. and P..
More news
Sector news : Oil & Gas Exploration and Production - NEC
05/26DJANADARKO PETROLEUM : Colorado Operations Draw Criticism After Second Deadly Blas..
05/26DJANADARKO PETROLEUM : Colorado Operations Draw Criticism After Second Deadly Blas..
05/26DJANADARKO PETROLEUM : Colorado Operations Under More Scrutiny After Second Deadly..
05/25 Shell, ConocoPhillips oil sands share selloff risks flooding market
05/25 U.S. oilfield service firms lag shale recovery; old deals hold
More sector news : Oil & Gas Exploration and Production - NEC
Advertisement
Sector and Competitors
1st jan.Capitalization (M$)
PLAINS EXPLORATION & P..0.00%0
CONOCOPHILLIPS-6.92%55 732
CNOOC LTD-6.01%52 756
EOG RESOURCES INC-9.97%52 543
OCCIDENTAL PETROLEUM C..-14.14%46 418
WILLIAMS PARTNERS LP5.86%39 154
More Results