PLAINS EXPLORATION & PRODUCTION COMPANY
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
YEAR ENDED DECEMBER 31, 2009
(in thousands of dollars)
Issuer
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries
Intercompany
Eliminations Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 136,305 $(1,049,210) $(164,770) $ 1,213,980 $ 136,305
Items not affecting cash flows from operating activities
Depreciation, depletion, amortization, accretion
and impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212,128 1,870,260 241,822
(1,902,630)
421,580
Equity in earnings of subsidiaries . . . . . . . . . . . . . . . 18,612
1,041
-
(19,653)
-
Deferred income tax (benefit) expense . . . . . . . . . . .
(421,089)
(306,910) 55,480
708,303
35,784
Debt extinguishment costs . . . . . . . . . . . . . . . . . . . . . 12,093
-
-
-
12,093
Loss on mark-to-market derivative contracts . . . . . .
7,017
-
-
-
7,017
Non-cash compensation . . . . . . . . . . . . . . . . . . . . . . . 49,037
11,453
-
-
60,490
Other non-cash items . . . . . . . . . . . . . . . . . . . . . . . . .
5,871
442
637
-
6,950
Change in assets and liabilities from operating
activities
Accounts receivable and other assets . . . . . . . . . . . .
(77,302)
54,588
(3,126)
-
(25,840)
Accounts payable and other liabilities . . . . . . . . . . . .
(13,273)
(35,007)
1,174
-
(47,106)
Income taxes receivable/payable and prepaid . . . . .
(108,227)
-
-
-
(108,227)
Net cash (used in) provided by operating activities . . .
(178,828) 546,657 131,217
-
499,046
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to oil and gas properties . . . . . . . . . . . . . . . .
(287,827)
(918,108)
(422,422)
-
(1,628,357)
Acquisition of oil and gas properties . . . . . . . . . . . . . . .
-
(1,159,939)
-
-
(1,159,939)
Proceeds from sales of oil and gas properties . . . . . . .
-
-
-
-
-
Derivative settlements . . . . . . . . . . . . . . . . . . . . . . . . . . 1,522,412
-
-
-
1,522,412
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3,665)
(487)
(10,363)
-
(14,515)
Net cash provided by (used in) investing activities . . . 1,230,920
(2,078,534)
(432,785)
-
(1,280,399)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from revolving credit facilities . . . . . . . . . . . 3,513,325
-
-
-
3,513,325
Repayments of revolving credit facilities . . . . . . . . . . . . (4,588,325)
-
-
-
(4,588,325)
Proceeds from issuance of Senior Notes . . . . . . . . . . . 916,439
-
-
-
916,439
Costs incurred in connection with financing
arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(19,556)
-
-
-
(19,556)
Derivative settlements . . . . . . . . . . . . . . . . . . . . . . . . . .
1,392
-
-
-
1,392
Issuance of common stock . . . . . . . . . . . . . . . . . . . . . . . 648,005
-
-
-
648,005
Investment in and advances to affiliates . . . . . . . . . . . . (1,831,487) 1,531,603 299,884
-
-
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57
-
-
-
57
Net cash (used in) provided by financing activities . . . (1,360,150) 1,531,603 299,884
-
471,337
Net decrease in cash and cash equivalents . . . . . . . . .
(308,058)
(274)
(1,684)
-
(310,016)
Cash and cash equivalents, beginning of period . . . . . 309,362
285
2,228
-
311,875
Cash and cash equivalents, end of period . . . . . . . . . . $ 1,304 $
11 $ 544 $
- $ 1,859
F-52