PLAINS EXPLORATION & PRODUCTION COMPANY
CONDENSED CONSOLIDATING STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 2011
(in thousands of dollars)
Issuer
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries
Intercompany
Eliminations Consolidated
Revenues
Oil sales . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,271,176 $ 256,558 $
922 $
- $ 1,528,656
Gas sales . . . . . . . . . . . . . . . . . . . . . . . . . .
16,910
411,310
-
-
428,220
Other operating revenues . . . . . . . . . . . . .
1,309
6,303
-
-
7,612
1,289,395
674,171
922
-
1,964,488
Costs and Expenses
Production costs . . . . . . . . . . . . . . . . . . . . .
360,643
198,332
-
-
558,975
General and administrative . . . . . . . . . . . .
81,720
49,866
2,458
-
134,044
Depreciation, depletion, amortization
and accretion . . . . . . . . . . . . . . . . . . . . .
214,389
271,747
339
195,180
681,655
Impairment of oil and gas properties . . . .
-
354,305
495,504
(849,809)
-
Other operating expense (income) . . . . . .
184
(919)
-
-
(735)
656,936
873,331
498,301
(654,629) 1,373,939
Income (Loss) from Operations
. . . . . . . .
632,459
(199,160)
(497,379)
654,629
590,549
Other (Expense) Income
Equity in earnings of subsidiaries . . . . . . .
(124,416)
-
-
124,416
-
Interest expense . . . . . . . . . . . . . . . . . . . . .
(1,320)
(156,580)
(3,416)
-
(161,316)
Debt extinguishment costs . . . . . . . . . . . .
(120,954)
-
-
-
(120,954)
Gain on mark-to-market derivative
contracts . . . . . . . . . . . . . . . . . . . . . . . . .
81,981
-
-
-
81,981
Loss on investment measured
at fair value . . . . . . . . . . . . . . . . . . . . . . .
(52,675)
-
-
-
(52,675)
Other income (expense) . . . . . . . . . . . . . .
1,521
1,893
(58)
-
3,356
Income (Loss) Before Income Taxes
. . . .
416,596
(353,847)
(500,853)
779,045
340,941
Income tax (expense) benefit . . . . . . . . . .
(211,317)
137,153
172,961
(233,059)
(134,262)
Net Income (Loss)
. . . . . . . . . . . . . . . . . . . .
205,279
(216,694)
(327,892)
545,986
206,679
Net income attributable to noncontrolling
interest in the form of preferred stock
of subsidiary . . . . . . . . . . . . . . . . . . . . . .
-
-
(1,400)
-
(1,400)
Net Income (Loss) Attributable to
Common Stockholders
. . . . . . . . . . . . . . $ 205,279 $ (216,694) $ (329,292) $ 545,986 $ 205,279
F-47