PLAINS EXPLORATION & PRODUCTION COMPANY
CONDENSED CONSOLIDATING STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 2009
(in thousands of dollars)
Issuer
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries
Intercompany
Eliminations Consolidated
Revenues
Oil sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 754,840 $ 148,306 $
- $
- $ 903,146
Gas sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,787
209,191
-
-
281,978
Other operating revenues . . . . . . . . . . . . . . . . . . . .
1,128
878
-
-
2,006
828,755
358,375
-
-
1,187,130
Costs and Expenses
Production costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,808
133,159
-
-
423,967
General and administrative . . . . . . . . . . . . . . . . . . . 102,330
40,960
1,296
-
144,586
Depreciation, depletion, amortization
and accretion . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212,128
158,059
61
51,332
421,580
Impairment of oil and gas properties . . . . . . . . . . .
- 1,712,201
241,761
(1,953,962)
-
Legal recovery . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(81,790)
(5,482)
-
-
(87,272)
Other operating expense (income) . . . . . . . . . . . . .
6,307
(4,736)
565
-
2,136
529,783 2,034,161
243,683
(1,902,630)
904,997
Income (Loss) from Operations
. . . . . . . . . . . . . . . 298,972
(1,675,786)
(243,683) 1,902,630
282,133
Other (Expense) Income
Equity in earnings of subsidiaries . . . . . . . . . . . . . .
(18,612)
(1,041)
-
19,653
-
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(18,365)
(52,589)
(2,857)
-
(73,811)
Debt extinguishment costs . . . . . . . . . . . . . . . . . . .
(12,093)
-
-
-
(12,093)
Loss on mark-to-market derivative contracts . . . . .
(7,017)
-
-
-
(7,017)
Other income (expense) . . . . . . . . . . . . . . . . . . . . .
7,954
20,057
(43)
-
27,968
Income (Loss) Before Income Taxes
. . . . . . . . . . . 250,839
(1,709,359)
(246,583) 1,922,283
217,180
Income tax (expense) benefit . . . . . . . . . . . . . . . . . (114,534) 660,149
81,813
(708,303)
(80,875)
Net Income (Loss)
. . . . . . . . . . . . . . . . . . . . . . . . . . . $ 136,305 $ (1,049,210) $ (164,770) $ 1,213,980 $ 136,305
F-49