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Summary: Plains Exploration & Production Co. Oct 11
Standard & Poors, October 2011
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.
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Plains Exploration & Production Co.