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On Apr 12, 2013, we upgraded our recommendation on Plains Exploration & Production (PXP) to Outperform from Neutral. The company currently has a Zacks Rank #2 (Buy). Why the Upgrade? There are several growth factors, including the company’s strong liquidity position, asset rebalancing strategy, and liquid-rich profile, which encouraged us to improve our recommendation on the stock. As [...]

BP Plc (LON:BP) (NYSE:BP) announced on Monday that it is selling some of its deepwater Gulf of Mexico wells for $5.55 billion to Plains Exploration & Production Company (NYSE:PXP). In a win–win deal for both of the companies, BP expects to use the proceeds to cover the cost of its oil well blowout in the Gulf [...]

Plains Exploration & Production Co. (PXP) posted first-quarter 2011 operating earnings of 37 cents per share, beating the Zacks Consensus Estimate of 33 cents and the year-ago profit of 31 cents. The company’s outperformance in the quarter was driven by higher crude oil production levels and better price realizations. Operating Results Net revenues of $430.3 million [...]

Plains Exploration & Production Co. (PXP) posted fourth-quarter earnings of 20 cents per share, missing the Zacks Consensus Estimate of 30 cents and the year-ago profit of 61 cents. The company’s full-year 2010 earnings of $1.06 per share were also below the Zacks Estimate of $1.15. Annual results of the company also came in below last [...]

We recently reiterated our 'Neutral' recommendation on Plains Exploration & Production Company (PXP). Texas-based Plains Exploration & Production Co. is an independent oil and gas company primarily engaged in acquiring, developing, exploring and producing oil and gas. The company has its core operations in North America - onshore and offshore California; the Gulf of Mexico; the [...]

Plains Exploration & Production Co. (PXP) posted third-quarter earnings of 29 cents per share, above the Zacks Consensus Estimate of 24 cents, but below the year-ago profit of 60 cents. Operating Results Net revenues of $387.8 million grew 3.4% (positive surprise) from the Zacks Consensus Estimate of $375 million. Also, revenue grew 24% from $312.2 million [...]

Plains Exploration & Production Company (NYSE: PXP) announces 2010 third quarter results and updates drilling activities. For the third quarter 2010, revenues of $387.8 million generated $18.8 million of net income, or $0.13 per diluted share, compared to revenues of $312.2 million and net income of $39.3 million, or $0.30 per diluted share, for the third quarter 2009. Net income includes certain items affecting the comparability of operating results. Those items consist of realized and...

In a recent Dahlman Rose note, Plains Exploration's (NYSE: PXP) announced an acquisition of Eagle Ford Shale properties and provided an operations update. Its newly acquired Eagle Ford Assets should drive growth in oil production. Dahlman Rose is increasing its Price Target from $33 to $35. Plains has agreed to purchase 60K net acres in the Eagle Ford Shale for $578MM in cash. Plains will have a 100% working interest in 40K acres of the acquired properties, and a 50% working interest in...

George Soros' firm, Soros Fund Management, recently filed a 13G with the SEC regarding shares of Plains Exploration & Production (PXP). Due to portfolio activity on September 27th, 2010, Soros has disclosed a 5.03% ownership stake in PXP with 7,051,815 shares. This marks a 38.5% increase in their position size, as they owned 5,091,315 shares in their last disclosure detailing positions as of June 30th, 2010. Plains Exploration is a name Soros Fund Management has seemingly long been...

Plains Exploration & Production Co (NYSE: PXP) has announced its plans to purchase interests in 60,000 acres in the Eagle Ford oil and gas fields in South Texas for $578 million in cash. About one-third of the 60,000 acres are located in a joint operating area between Plains Exploration & Production and EOG Resources (NYSE: EOG). The company is expecting the deal to close by the end of the year. PXP is expecting its Q3 oil production to total 89,000 barrels of oil equivalent per day,...

Shares of Plains Exploration & Production Company (NYSE: PXP) are higher on the session by 0.79%, currently trading at $26.77. The stock has been moving largely higher over the past three months and looks to be in a bottoming pattern, with an upside price target of ~$30.00. Options trading is exploding in the name today with 19,000 calls having already traded on the name within the first 30 minutes; only 2,000 puts have traded. Call volume has been running abnormally high over the past two...

McMoRan Exploration Co. (NYSE: MMR) is acquiring Plains Exploration & Production's Gulf of Mexico Shelf properties, effectively doubling McMoran's interest in the Gulf, according to Dahlman Rose. Dahlman writes "As a result of the transaction, MMR will effectively double its CAPEX commitments, but after a $900MM capital infusion, we estimate MMR can fully fund a three to four rig drilling program (heavily focused on the Ultra Deep Shelf) for at least two years. We estimate that MMR's fully...

Plains Exploration & Production Company (NYSE: PXP) has announced the sale of its Gulf of Mexico shelf properties to McMoRan Exploration (NYSE: MMR) for $75M cash and 51M shares, Dahlman Rose reports. Dahlman writes "At today's closing price of $15.96 for MMR shares, this deal is worth $889MM to Plains. Plains previously announced that it sought to realize $1-2Bn from its Gulf of Mexico asset sales. This transaction puts the company on target toward reaching that goal, and it also gives...

Plains Exploration & Production Company (NYSE: PXP) announced today it and certain of its subsidiaries have executed an agreement with McMoRan Exploration Co. (NYSE: MMR) to divest PXP's interests in properties located in Gulf of Mexico shallow water for a combination of cash and stock. PXP will receive $75 million in cash and 51 million shares of McMoRan common stock in exchange for PXP's interests in all of its Gulf of Mexico leasehold located in less than 500 feet of water (consideration...

Oil and gas company Plains Exploration & Production Co. (PXP) has decided to reduce its operation in the Gulf of Mexico (GOM) area. The company has plans to sell $2 billion worth of assets in the GOM with a view to align capital spending with operating cash flow. Plains has a substantial presence in the GOM [...]

Plains Exploration & Production Co. (PXP) posted second-quarter earnings of 26 cents per share, in line with the Zacks Consensus Estimate, but below the year-ago profit of 60 cents. Operating Results Net revenues of $364.6 million dipped 2.5% (negative surprise) from the Zacks Consensus Estimate of $374 million. However, it grew 31% from $278.7 million a year-ago, [...]

Plains Exploration & Production Co. (PXP) posted first-quarter earnings of 31 cents per share, below the Zacks Consensus Estimate of 39 cents but above the year-ago profit of 9 cents. The year over year increase was driven by its strong production with lower costs, and effective hedging. Earnings Trends Plains reported a negative earnings surprise of nearly [...]

Independent oil and gas company Plains Exploration & Production Company (PXP) commenced an offer of senior notes due in 2020 in an underwritten public offering. The offering is priced at an interest rate of 7 5/8% and the total value of the offering aggregates $300 million. The notes are being sold to the public at [...]

Plains Exploration & Production Company (PXP) posted fourth-quarter earnings of $1.37 per share, substantially higher than the Zacks Consensus Estimate of 61 cents and the year-ago loss of 19 cents. For the full year 2009, the company reported operating earnings of $5.40, beating the Zacks Consensus Estimate of $4.39 and last year's earnings of $4.89. The [...]

For being up until 2am last night and up again at 6 I am doing pretty well for as tired as I am The day started out great with a nice gap up short with PXP. Looking at the price action today about the only thing I see wrong is that I exited way to [...]

[caption id="" align="alignright" width="60" caption="John Dorfman"][/caption] John Dorfman is a columnist for Bloomberg.com. Dorfman as a typical contrarian/value investor states “To make good profits in the stock market, it pays to go against the crowd.” He writes columns where he analyzes stocks from a value perspective, sometimes guessing whether Graham himself would own them. picked 10 [...]

Plains Exploration & Production Company (PXP) is seeing production volumes pick up in the Haynesville Shale even as crude and natural gas prices remain far below 2008 prices. The company trades with a forward P/E of 9.02. Company Description Plains Exploration & Production is an independent oil and natural gas company with operations in California, the Rockies, [...]

Plains Exploration & Production (PXP) has recently issued $400 million of 8.625% coupon bearing senior notes at 98.335% of the face value. The notes are due on October 15, 2019 and yield 8.875% to maturity based upon the initial offering price. Last month, it raised around $397 million by offering 17.25 million shares to public. [...]

AlphaNinja - Nearly bankrupt California turned down an energy proposal from Plains Exploration & Production ( PXP ), that would have increased revenue to the state and advanced the state's (and nation's) "energy independence." PXP wanted to use an EXISTING OIL PLATFORM , but was still rebuffed. I suppose it's hard to expect sanity from the CA State Assembly, which is led by a woman who accused those against tax increases of being "terrorists." Details of the company's rebuffed...

George Soros' hedge fund Soros Fund Management has disclosed a new position in Plains Exploration (PXP). In a 13G filed with the SEC, Soros Fund Management now shows a 5.38% ownership stake in PXP due to activity on April 21st, 2009. They now own 6,467,400 shares. Again, this is a new holding for Soros Fund Management, as they previously did not hold it when we last looked at Soros' portfolio. Their last disclosure unveiled positions held as of December 31st, 2008. PXP was nowhere to be...

Thanhnien - The PXP Vietnam Value Fund will raise as much as $200 million to invest in undervalued stocks, Snowball said.  PXP, the initials of Phan Xi Pang, Vietnam's highest mountain, is betting that the stock market will recover as inflation eases and the nation's trade deficit widens at a slower pace. The benchmark VNIndex [...]

Bloomberg - PXP Vietnam Asset Management, which oversees $225 million, plans to start a hedge fund by early next year as it seeks bargains in Asia's second-worst-performing stock market, said co-founder Kevin Snowball. The PXP Vietnam Value Fund will raise as much as $200 million to invest in undervalued stocks, Snowball said today. PXP, the [...]

In a recent 13G filed with the SEC on October 17th, Tudor Investment Corp has disclosed its 0.4% ownership stake in Plains Exploration & Production (PXP). Tudor Investment Corp is a global macro set of hedge funds ran by Paul Tudor Jones. The 13G details changes held to the position that took place on October 9th. In this filing, they show a position of 410,843 shares of PXP. In their previous 13F filing (disclosing positions as of June 30th), they had held 7,680,918 shares. So, as...

Profile:  Pogo Producing Company (PPP) Pogo Producing Company is engaged in oil and gas exploration, development, acquisition and production activities in North America, both onshore in Canada and the states of New Mexico, Texas, Louisiana, Wyoming and Indiana, and offshore in the Gulf of Mexico (primarily in federal waters offshore Louisiana and [...]