Summary: Plains Exploration & Production Co. Oct 11
Standard & Poors, October 2011
Abstract
Standard & Poor's Ratings Services' ratings on Texas-based Plains Exploration & Production Co. (PXP) reflect its participation in the highly cyclical exploration and production (E&P) segment of the oil and gas industry, its historically aggressive capital and acquisition spending, and its moderate hedge protection for natural gas production. Our assessment also incorporates PXP's midsize and geographically diversified oil and gas reserve base and its significant exposure to oil production volumes. PXP has a midsize and geographically diversified reserve base, supported by its more stable oil reserves in California. At year-end 2010, PXP had 416 million barrels of oil equivalent (mmboe), 57% proved developed, with a reserve life of about seven years on a total proved developed basis. Aside from its...
Companies mentioned in this report are: Plains Exploration & Production Co.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Plains Exploration & Production Co.
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