STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
This Annual Report on Form 10-K includes forward-looking
information regarding Plains Exploration & Production Company
(“PXP”, the Company”, “us”, “our” or “we”) that is intended to
be covered by the safe harbor for “forward-looking statements”
provided by the Private Securities Litigation Reform Act of 1995.
Statements that are predictive in nature, that depend upon or refer
to future events or conditions, or that include words such as “will,”
“would,” “should,” “plans,” “likely,” “expects,” “anticipates,”
“intends,” “believes,” “estimates,” “thinks,” “may,” and similar
expressions, are forward-looking statements. Although we believe
that our expectations are based on reasonable assumptions, there are
risks, uncertainties and other factors that could cause actual results to
be materially different from those in the forward-looking statements.
These factors include, among other things:
• uncertainties inherent in the development and production of oil
and gas and in estimating reserves;
• unexpected difficulties in integrating our operations as a result
of any significant acquisitions;
• unexpected future capital expenditures (including the amount
and nature thereof);
• the impact of oil and gas price fluctuations, including the impact
on our reserve volumes and values and on our earnings;
• the effects of our indebtedness, which could adversely restrict
our ability to operate, could make us vulnerable to general
adverse economic and industry conditions, could place us at
a competitive disadvantage compared to our competitors that
have less debt, and could have other adverse consequences;
• the success of our derivative activities;
• the success of our risk management activities;
• the effects of competition;
• the availability (or lack thereof) of acquisition, disposition or
combination opportunities;
• the availability (or lack thereof) of capital to fund our business
strategy and/or operations;
• the impact of current and future laws and governmental
regulations, including those related to climate change and
hydraulic fracturing;
• the effects of future laws and governmental regulation that
result from the Macondo accident and oil spill in the U.S. Gulf
of Mexico;
• the value of the common stock of McMoRan Exploration Co.
and our ability to dispose of those shares;
• liabilities that are not covered by an effective indemnity or
insurance;
• the ability and willingness of our current or potential
counterparties to fulfill their obligations to us or to enter into
transactions with us in the future; and
• general economic, market, industry or business conditions.
All forward-looking statements in this report are made as of the date
hereof, and you should not place undue reliance on these statements
without also considering the risks and uncertainties associated with
these statements and our business that are discussed in this report and
our other filings with the SEC. Moreover, although we believe the
expectations reflected in the forward-looking statements are based
upon reasonable assumptions, we can give no assurance that we will
attain these expectations or that any deviations will not be material.
We do not intend to update these forward-looking statements and
information except as required by law. See Item 1A – Risk Factors
and Item 7 – Management’s Discussion and Analysis of Financial
Condition and Results of Operations – Critical Accounting Policies
and Estimates in this report for additional discussions of risks and
uncertainties.
AVAILABLE INFORMATION
We file annual, quarterly and current reports, proxy statements
and other information with the SEC. You may read and copy any
document we file at the SEC’s Public Reference Room at 100 F
Street, NE, Room 1580 Washington, D.C. 20549. Please call the
SEC at 1-800-SEC-0330 for further information on the SEC’s Public
Reference Room. Our SEC filings are also available to the public
at the SEC’s website at www.sec.gov. You may also obtain copies
of our annual, quarterly and current reports, proxy statements and
certain other information filed with the SEC, as well as amendments
thereto, free of charge from our website, www.pxp.com. These
documents are posted to our website as soon as reasonably practicable
after we have filed or furnished these documents with the SEC. We
have placed on our website copies of our Corporate Governance
Guidelines, charters of our Audit, Organization & Compensation
and Nominating & Corporate Governance Committees, and our
Policy Concerning Corporate Ethics and Conflicts of Interest. We
intend to post amendments to and waivers of our Policy Concerning
Corporate Ethics and Conflicts of Interest (to the extent applicable to
our directors, principal executive officer, principal financial officer,
principal accounting officer and other executive officers) on our
website. Stockholders may request a printed copy of these governance
materials by writing to the Corporate Secretary, Plains Exploration &
Production Company, 700 Milam, Suite 3100, Houston, TX 77002.
No information from our website or the SEC’s website is incorporated
by reference in this Annual Report.
PLAINS EXPLORATION & PRODUCTION COMPANY