PART II
Item 5.
Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
Price Range of Common Stock
Our common stock is listed on the New York Stock Exchange under the symbol “PXP”. The
following table sets forth the range of high and low sales prices for our common stock as reported on
the New York Stock Exchange Composite Tape for the periods indicated below:
High
Low
2011
1st Quarter . . . . . . . . . . . . . . . . . . . . . $ 40.06 $ 31.90
2nd Quarter . . . . . . . . . . . . . . . . . . . .
38.72
32.61
3rd Quarter . . . . . . . . . . . . . . . . . . . .
41.96
22.27
4th Quarter . . . . . . . . . . . . . . . . . . . . .
37.21
20.25
2010
1st Quarter . . . . . . . . . . . . . . . . . . . . . $ 36.60 $ 28.09
2nd Quarter . . . . . . . . . . . . . . . . . . . .
35.21
19.28
3rd Quarter . . . . . . . . . . . . . . . . . . . .
27.34
19.54
4th Quarter . . . . . . . . . . . . . . . . . . . . .
32.75
25.63
At January 31, 2012, we had approximately 2,338 shareholders of record.
Dividend Policy
We have not paid any cash dividends and do not anticipate declaring or paying any cash
dividends in the future. We intend to retain our earnings to finance the expansion of our business,
repurchase shares of our common stock and for general corporate purposes. Our Board of Directors
has the authority to declare and pay dividends on our common stock at their discretion, as long as we
have funds legally available to do so. As discussed in Item 7 – Management’s Discussion and Analysis
of Financial Condition and Results of Operations – Financing Activities, our senior revolving credit
facility and indentures restrict our ability to pay cash dividends.
Issuer Purchases of Equity Securities
On December 17, 2007, we announced that our Board of Directors had authorized the repurchase
of up to $1.0 billion of PXP common stock from time to time in open market transactions or privately
negotiated transactions at our discretion, subject to market conditions and other factors. The following
is a summary of our repurchases of common stock during the three-month period ended December 31,
2011 under this plan:
Period
Total Number
of Shares
Purchased
Average
Price Paid
Per Share
Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs
Approximate Dollar
Value of Shares that
May Yet Be Purchased
Under the Plans or
Programs
(in thousands, except per share data)
December 1 to
December 31, 2011 . . . . . . . . 10,415 $ 34.73
10,415
$ 334,079
In addition, we repurchased an additional 2,390 shares in January 2012. Subsequent to these
repurchases, our Board of Directors reset the authorization to $1.0 billion of PXP common stock and
extended the program until January 2016.
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