Statement Regarding Forward-Looking Statements
This Annual Report on Form 10-K includes forward-looking information regarding Plains Exploration &
Production Company (“PXP”, the “Company”, “us”, “our” or “we”) that is intended to be covered by the
safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of
1995. Statements that are predictive in nature, that depend upon or refer to future events or conditions,
or that include words such as “will”, “would”, “should”, “plans”, “likely”, “expects”, “anticipates”,
“intends”, “believes”, “estimates”, “thinks”, “may”, and similar expressions, are forward-looking
statements. Although we believe that our expectations are based on reasonable assumptions, there
are risks, uncertainties and other factors that could cause actual results to be materially different from
those in the forward-looking statements. These factors include, among other things:
• uncertainties inherent in the development and production of oil and gas and in estimating
reserves;
• unexpected difficulties in integrating our operations as a result of any significant acquisitions;
• unexpected future capital expenditures (including the amount and nature thereof);
• the impact of oil and gas price fluctuations, including the impact on our reserve volumes and
values and on our earnings;
• the effects of our indebtedness, which could adversely restrict our ability to operate, could
make us vulnerable to general adverse economic and industry conditions, could place us at a
competitive disadvantage compared to our competitors that have less debt, and could have
other adverse consequences;
• the success of our derivative activities;
• the success of our risk management activities;
• the effects of competition;
• the availability (or lack thereof) of acquisition, disposition or combination opportunities;
• the availability (or lack thereof) of capital to fund our business strategy and/or operations;
• the impact of current and future laws and governmental regulations, including those related to
climate change and hydraulic fracturing;
• the effects of future laws and governmental regulation that result from the Macondo accident
and oil spill in the U.S. Gulf of Mexico;
• the value of the common stock of McMoRan Exploration Co. and our ability to dispose of those
shares;
•
liabilities that are not covered by an effective indemnity or insurance;
• the ability and willingness of our current or potential counterparties to fulfill their obligations to
us or to enter into transactions with us in the future; and
• general economic, market, industry or business conditions.
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