Common Stock Offerings
During the second quarter of 2009, we sold 13.8 million shares of our common stock at a price of
$18.70 per share to the public and received $250.9 million of net proceeds after deducting the
underwriting discounts and offering expenses.
During the third quarter of 2009, we sold 17.25 million shares of our common stock at a price of
$24.00 per share to the public and received $397.1 million of net proceeds after deducting the
underwriting discounts and offering expenses.
Authorized Shares
The number of our authorized common shares at December 31, 2011 is 250.0 million, with a par
value of $0.01.
The number of our authorized preferred shares at December 31, 2011 is 5.0 million, with a par
value of $0.01. No PXP preferred shares were issued as of December 31, 2011.
Stock Repurchase Program
During the year ended December 31, 2011, we repurchased 10.4 million common shares at an
average cost of $34.73 per share totaling $361.7 million.
In January 2012, we completed the purchase of an additional 2.4 million common shares at an
average cost of $37.02 per share totaling $88.5 million. Subsequent to those purchases, our Board of
Directors reset the authorization to $1.0 billion of PXP common stock, all of which is available for
repurchase, and extended the program until January 2016.
Note 15 — Other Operating (Income) Expense and Other Income
Other operating income for 2011 and 2010 primarily consists of production tax abatements related
to production in prior years. Other operating expense in 2009 consists primarily of a restocking fee
related to a cancelled purchase order, a valuation adjustment for materials and supplies inventory and
idle drilling equipment costs resulting from unused contract commitments partially offset by a reduction
in preacquisition operating expense accruals related to our acquisition of Pogo.
Other income consists of the following (in thousands):
Year Ended December 31,
2011
2010
2009
Royalty receipts and related interest
(1)
. . . . . $
- $ 8,121 $ 23,501
Preacquisition adjustments
(1)
. . . . . . . . . . . . .
271
4,998
3,203
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,085
2,823
1,264
$ 3,356 $ 15,942 $ 27,968
(1) Reflects preacquisition amounts for properties sold by Pogo prior to our acquisition of Pogo.
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