PLAINS EXPLORATION & PRODUCTION COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Year Ended December 31,
2011
2010
2009
Revenues
Oil sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,528,656 $ 1,142,760 $ 903,146
Gas sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 428,220
399,607
281,978
Other operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7,612
2,228
2,006
1,964,488 1,544,595 1,187,130
Costs and Expenses
Lease operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 334,923
262,533
250,916
Steam gas costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
65,482
66,449
53,801
Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41,242
42,794
43,891
Production and ad valorem taxes . . . . . . . . . . . . . . . . . . . . . . . . . .
55,225
29,446
38,708
Gathering and transportation expenses . . . . . . . . . . . . . . . . . . . . .
62,103
50,680
36,651
General and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134,044
136,437
144,586
Depreciation, depletion and amortization . . . . . . . . . . . . . . . . . . . . 664,478
533,416
407,248
Impairment of oil and gas properties . . . . . . . . . . . . . . . . . . . . . . . .
-
59,475
-
Accretion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17,177
17,702
14,332
Legal recovery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-
(8,423)
(87,272)
Other operating (income) expense . . . . . . . . . . . . . . . . . . . . . . . . .
(735)
(4,130)
2,136
1,373,939 1,186,379
904,997
Income from Operations
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 590,549
358,216
282,133
Other (Expense) Income
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(161,316)
(106,713)
(73,811)
Debt extinguishment costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(120,954)
(1,189)
(12,093)
Gain (loss) on mark-to-market derivative contracts . . . . . . . . . . . .
81,981
(60,695)
(7,017)
Loss on investment measured at fair value . . . . . . . . . . . . . . . . . . .
(52,675)
(1,551)
-
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,356
15,942
27,968
Income Before Income Taxes
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340,941
204,010
217,180
Income tax benefit (expense)
Current . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25,952
93,090
(45,091)
Deferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(160,214)
(193,835)
(35,784)
Net Income
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206,679 $ 103,265 $ 136,305
Net income attributable to noncontrolling interest in
the form of preferred stock of subsidiary . . . . . . . . . . . . . . . . . . .
(1,400)
Net Income Attributable to Common Stockholders
. . . . . . . . . . . $ 205,279
Earnings per Common Share
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.45 $ 0.74 $ 1.10
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.44 $ 0.73 $ 1.09
Weighted Average Common Shares Outstanding
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141,227
140,438
124,405
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142,999
141,897
125,288
See notes to consolidated financial statements.
F-4