Plains Exploration & Production
 |
|
| Public company | |
| Traded as | : PXP |
| Industry | Oil and gas |
| Founded | 2002 |
| Headquarters | Houston, TX, USA |
|
Area served
|
North America |
|
Key people
|
James C. Flores (Chairman), (President) & (CEO) |
| Products |
Petrochemical Natural gas |
| Revenue |
 US$ 2.403 billion (2008) |
 US$ 2.627 billion (2008) |
|
|
US$ 0.709 billion (2008) |
|
| Total assets |
US$ 7.112 billion (2008) |
| Total equity |
US$ 2.377 billion (2008) |
|
Number of employees
|
806 (2009) |
| Website | www |
Plains Exploration & Production was an American petroleum company based in Houston, Texas. A spin-off from Plains Resources, Inc., the company was founded in 2002. Its operations, as of 2009, were all in North America, including California, Texas, Louisiana, Wyoming, and offshore of California and in the Gulf of Mexico. The company reported proved reserves of 292 million barrels of oil equivalent (BOE) at the end of 2008, with a potential total of over 2.2 billion BOE. In 2007, it was the fourth-largest oil producer in California (behind Chevron Corp., Aera Energy, and Occidental Petroleum). It was acquired by Freeport-McMoRan in May 2013, at which time the former properties of PXP became part of the FCX Oil & Gas Inc. (FM O&G) division of Freeport-McMoRan.
Plains Exploration & Production (PXP) was a spinoff from Plains Resources Inc., to which it was a subsidiary prior to 2002. Plains Resources at that time was a midstream production and transport company, but it spun off its exploration component on December 18, 2002 in order to focus on marketing, storage, transport, and terminalling of crude oil. PXP grew further through the 2003 acquisition of 3TEC for approximately $313 million, and acquired Nuevo Energy in May 2004 for $945 million. These acquisitions gave it petroleum-producing assets scattered throughout the southwest and California.
As of the beginning of 2008, Plains had numerous subsidiaries, including Arroyo Grande Land Company LLC (as Plains runs the Arroyo Grande Oil Field in San Luis Obispo County, California); Nuevo Energy, Nuevo Resources, and Nuevo International; Latigo Petroleum; Montebello Land Company; and Pogo Producing Company, which has branches outside the U.S. (Alberta, New Zealand, Vietnam).
As indicated by its name, Plains was primarily an oil and gas exploration and production company, and had many active petroleum fields in the United States, offshore in the Gulf of Mexico, as well as a prospect offshore of Vietnam. The company's stated strategy was to develop mature fields with a long reserve life, occasionally adding new prospects to maintain a consistent cash flow.
As of 2009, its core holdings were gas fields in Wyoming and Colorado; oil and gas fields in Texas, Louisiana, and the Gulf of Mexico; and oil fields in California, both onshore and offshore. In California it was a principal operator on numerous fields, from Cymric and the South Belridge in Kern County to Inglewood in Los Angeles County. Many of its active operations were in the Los Angeles basin directly underneath Los Angeles and adjacent cities. Plains reported 2,602 active oil wells in 2008 in California alone.
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Wikipedia