PLAINS EXPLORATION & PRODUCTION COMPANY
CONDENSED CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2011
(in thousands of dollars)
Issuer
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries
Intercompany
Eliminations Consolidated
ASSETS
Current Assets
Cash and cash equivalents . . . . . . . . . . . $
3,189 $
6 $ 415,903 $
- $ 419,098
Accounts receivable and other current
assets . . . . . . . . . . . . . . . . . . . . . . . . . . .
885,860
136,642
444
(667)
1,022,279
889,049
136,648
416,347
(667)
1,441,377
Property and Equipment, at cost
Oil and natural gas properties - full cost
method . . . . . . . . . . . . . . . . . . . . . . . . . .
4,301,524
8,841,469
1,282,708
-
14,425,701
Other property and equipment . . . . . . . . .
52,906
42,747
50,306
-
145,959
4,354,430
8,884,216
1,333,014
-
14,571,660
Less allowance for depreciation,
depletion, amortization and
impairment . . . . . . . . . . . . . . . . . . . . . . .
(2,327,063)
(6,392,068)
(1,059,186)
2,931,952
(6,846,365)
2,027,367
2,492,148
273,828
2,931,952
7,725,295
Investment in and Advances to
Affiliates
. . . . . . . . . . . . . . . . . . . . . . . . . .
4,583,550
(1,282,085)
(73,079)
(3,228,386)
-
Other Assets
. . . . . . . . . . . . . . . . . . . . . . . .
73,832
548,615
2,353
-
624,800
$ 7,573,798 $ 1,895,326 $ 619,449 $ (297,101) $ 9,791,472
LIABILITIES AND EQUITY
Current Liabilities
. . . . . . . . . . . . . . . . . . . . $ 443,098 $ 135,681 $ 48,074 $
(667) $ 626,186
Long-Term Debt
. . . . . . . . . . . . . . . . . . . . .
3,760,952
-
-
-
3,760,952
Other Long-Term Liabilities
. . . . . . . . . . .
211,106
35,296
803
-
247,205
Deferred Income Taxes
. . . . . . . . . . . . . . .
(105,994)
437,367
31,757
1,098,767
1,461,897
Equity
Stockholders’ equity . . . . . . . . . . . . . . . . .
3,264,636
1,286,982
108,219
(1,395,201)
3,264,636
Noncontrolling interest
Preferred stock of subsidiary . . . . . . . .
-
-
430,596
-
430,596
3,264,636
1,286,982
538,815
(1,395,201)
3,695,232
$ 7,573,798 $ 1,895,326 $ 619,449 $ (297,101) $ 9,791,472
F-45