PLAINS EXPLORATION & PRODUCTION COMPANY
CONDENSED CONSOLIDATING STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 2010
(in thousands of dollars)
Issuer
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries
Intercompany
Eliminations Consolidated
Revenues
Oil sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 952,714 $ 190,046 $
- $
- $ 1,142,760
Gas sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
67,780
331,827
-
-
399,607
Other operating revenues . . . . . . . . . . . . . . . . . . .
884
1,344
-
-
2,228
1,021,378
523,217
-
-
1,544,595
Costs and Expenses
Production costs . . . . . . . . . . . . . . . . . . . . . . . . . . 296,285
155,617
-
-
451,902
General and administrative . . . . . . . . . . . . . . . . . .
87,043
48,322
1,072
-
136,437
Depreciation, depletion, amortization
and accretion . . . . . . . . . . . . . . . . . . . . . . . . . . . 218,905
161,006
144
171,063
551,118
Impairment of oil and gas properties . . . . . . . . . .
-
266,442
63,636
(270,603)
59,475
Legal recovery . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-
(8,423)
-
-
(8,423)
Other operating income . . . . . . . . . . . . . . . . . . . . .
(988)
(3,142)
-
-
(4,130)
601,245
619,822
64,852
(99,540) 1,186,379
Income (Loss) from Operations
. . . . . . . . . . . . . . 420,133
(96,605)
(64,852)
99,540
358,216
Other (Expense) Income
Equity in earnings of subsidiaries . . . . . . . . . . . . .
(119,427)
(68)
-
119,495
-
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . .
(84)
(104,383)
(2,246)
-
(106,713)
Debt extinguishment costs . . . . . . . . . . . . . . . . . .
(1,189)
-
-
-
(1,189)
Loss on mark-to-market derivative contracts . . . .
(60,695)
-
-
-
(60,695)
Other income (expense) . . . . . . . . . . . . . . . . . . . .
976
13,486
(71)
-
14,391
Income (Loss) Before Income Taxes
. . . . . . . . . . 239,714
(187,570)
(67,169)
219,035
204,010
Income tax (expense) benefit . . . . . . . . . . . . . . . .
(136,449)
50,995
3,983
(19,274)
(100,745)
Net Income (Loss)
. . . . . . . . . . . . . . . . . . . . . . . . . . $ 103,265 $ (136,575) $ (63,186) $ 199,761 $ 103,265
F-48