PLAINS EXPLORATION & PRODUCTION COMPANY
(in thousands, except per share and percentage information)
2011
2010
2009
2008
2007
Reserve Data:
Total oil reserves (barrels)
244,030
223,268
214,030
177,707
436,533
Total gas reserves (Mcf)
1,001,311
1,157,070
873,108
686,357
1,519,976
Total barrels of oil equivalent (BOE)
410,915
416,113
359,548
292,100
689,862
Percentage proved developed volume
55%
57%
64%
72%
51%
Estimated future net cash flows
$ 10,942,358
$ 6,743,128 $ 4,542,695 $ 2,489,612 $ 18,042,121
Standardized measure
$ 5,134,181
$ 3,093,135 $ 2,224,839 $ 1,136,374 $ 7,623,323
Percentage proved developed present value
73%
77%
80%
96%
67%
Operating Data:
Oil production (barrels)
17,872
16,769
17,560
20,294
18,124
Average oil price (per barrel)
1
$ 85.53
$ 68.14 $ 51.43 $ 87.05 $ 61.60
Gas production (Mcf)
111,577
95,047
78,184
79,254
29,312
Average gas price (per Mcf)
1
$
3.91
$ 4.29 $ 3.72 $
8.05 $
5.68
BOE production
36,468
32,610
30,591
33,503
23,010
Average BOE price
1
$ 54.18
$ 47.77 $ 39.25 $ 72.03 $ 56.12
Production expense per BOE
$ 15.47
$ 14.00 $ 14.03 $ 18.91 $ 18.25
Selected Financial Data:
Total revenue
$ 1,964,488
$ 1,544,595 $ 1,187,130 $ 2,403,471 $ 1,272,840
Income (loss) from operations
2
$ 590,549
$ 358,216 $ 282,133 $ (2,627,413) $ 419,634
Net income (loss)
$ 206,679
$ 103,265 $ 136,305 $ (709,094) $ 158,751
Net income attributable to noncontrolling interest in
the form of preferred stock of subsidiary
$
(1,400)
Net income (loss) attributable to common stockholders
$ 205,279
$ 103,265 $ 136,305 $ (709,094) $ 158,751
Earnings (loss) per diluted common share
$
1.44
$ 0.73 $ 1.09 $
(6.52) $
1.99
Weighted average common shares outstanding
Basic
141,227
140,438
124,405
108,828
78,627
Diluted
142,999
141,897
125,288
108,828
79,808
Total assets
$ 9,791,472
$ 8,894,937 $ 7,734,731 $ 7,111,915 $ 9,693,351
Long-term debt
$ 3,760,952
$ 3,344,717 $ 2,649,689 $ 2,805,000 $ 3,305,000
Total stockholders’ equity
$ 3,264,636
$ 3,382,965 $ 3,198,981 $ 2,377,280 $ 3,338,247
Noncontrolling interest – preferred stock of subsidiary
$ 430,596
Total equity
$ 3,695,232
$ 3,382,965 $ 3,198,981 $ 2,377,280 $ 3,338,247
1
Average realized sales price before derivative transactions.
2
We are required to perform a full cost ceiling test each quarter. At December 31, 2008, our capitalized costs of oil and gas properties exceeded the ceiling, and we
recorded a pre-tax non-cash impairment of oil and gas properties of $3.6 billion.
FINANCIAL HIGHLIGHTS