PXP Announces 2010 First Quarter Net Income of $58.5 Million or 41 Cents Per Share on Higher Year-Over-Year Production and Commodity Prices
HOUSTON, May 6 /PRNewswire-FirstCall/ — Plains Exploration & Production Company (NYSE: PXP) (“PXP” or the “Company”) announces 2010 first quarter financial and operating results.
FINANCIAL SUMMARY
For the first quarter 2010, revenues of $384.1 million generated $58.5 million of net income, or $0.41 per diluted share compared to revenues of $228.5 million and net income of $5.2 million, or $0.05 per diluted share, for the first quarter 2009. These results include certain items affecting comparability of operating results. Those items consist of realized and unrealized gains and losses on our mark-to-market derivative contracts, which exclude the impact of the derivatives monetized in the first quarter 2009, and other items. When considering these items, net income for the first quarter 2010 was $43.5 million, or $0.31 per diluted share, compared to $10.0 million, or $0.09 per diluted share, for the first quarter 2009 (a non-GAAP measure).
For the first quarter 2010, net cash provided by operating activities was $221.8 million and operating cash flow was $226.2 million compared to net cash used in operating activities of $29.4 million and operating cash flow of $164.7 million for the first quarter 2009 (a non-GAAP measure).
A reconciliation of non-GAAP financial measures used in this release to comparable GAAP financial measures is included with the financial tables.
OPERATIONAL HIGHLIGHTS
Average daily sales volumes for the first quarter 2010 were 85.1 thousand barrels of oil equivalent (BOE) or 5% higher than 80.9 thousand BOE in the first quarter 2009. Oil represented approximately 53% of the first quarter 2010 daily volumes.
Total production costs per BOE were $14.37 in the first quarter 2010 or 10% lower than $15.89 per BOE in the first quarter 2009.
In California, PXP continues to expand the development of incremental Diatomite, Non-Diatomite and Miocene projects to maintain production volumes. The 2010 plan includes drilling over 100 onshore wells compared to 12 wells in 2009.
In the Haynesville Shale, first quarter average daily production increased 19% to approximately 89 million cubic feet equivalent (MMcfe) net to PXP from approximately 75 MMcfe net per day during the fourth quarter 2009. Production is expected to continue to increase to approximately 125 MMcfe net per day by year-end 2010.
In the Gulf of Mexico, an active appraisal and exploration drilling program is underway.
Gulf of Mexico – Shallow Water
The Davy Jones offset appraisal well (Davy Jones #2), operated by McMoRan Exploration Co. (NYSE: MMR) and located on South Marsh Island Block 234, is currently drilling towards a proposed total depth of approximately 29,950 feet. Davy Jones #2 is expected to test similar sections up-dip to the discovery well located on South Marsh Island Block 230. In March 2010, a production liner was set and the discovery well was temporarily abandoned until necessary equipment for the completion is available. PXP’s working interest is 27.7%.
The Blackbeard East exploration well, operated by McMoRan and located on South Timbalier Block 144, is currently drilling towards a proposed total depth of approximately 29,950 feet targeting Middle and Lower Miocene objectives. In addition to drilling the objective section previously seen below 30,000 feet in the Blackbeard West well, Blackbeard East is designed to test a younger Miocene section due to a shallower salt exit point. PXP’s working interest is 31.5%.
The Lafitte exploration well is expected to commence drilling in 2010. Lafitte, operated by McMoRan and located on Eugene Island Block 223, will target Middle and Lower Miocene objectives. PXP’s working interest is 26.25%.
The 2010 shallow water exploratory drilling plan includes sidetracking operations at Blueberry Hill and re-drilling of Hurricane Deep. The Blueberry Hill sidetrack well, operated by McMoRan and located on State Lease Block 340, is currently drilling towards a proposed total depth of 24,000 feet. PXP’s working interest is 47.9%. The Hurricane Deep sidetrack well, operated by Chevron Corporation and located on South Marsh Island Block 217, will be re-drilled during 2010. The operator encountered an underground flow in the well at approximately 18,450 feet, and PXP anticipates insurance will cover its share of costs to re-drill to 18,450 feet. PXP’s working interest is 30%.
Gulf of Mexico – Deepwater
The Lucius #2 appraisal well, operated by Anadarko Petroleum Corporation (NYSE: APC) and located on Keathley Canyon Block 875, is currently drilling towards a proposed total depth of 20,256 feet. The Lucius discovery well was announced in December 2009, followed by a successful appraisal sidetrack in late January 2010, which confirmed a major oil discovery. PXP’s working interest is 33.3%.
Gulf of Mexico – Lease Sale 213
PXP and its partners are apparent high bidders on 44 blocks on which they bid at the U.S. Minerals Management Service (MMS) Central Gulf of Mexico Oil and Gas Lease Sale 213 in March 2010. PXP’s apparent high bids include interests in 16 shelf blocks and 28 deepwater blocks. The Company’s working interests on the blocks range from 25%-100%, with a net exposure of approximately $34 million. PXP and its partners expect the leases to be awarded over the next several months subject to MMS review and approval.
In the Texas Panhandle, PXP recently finished drilling and set completion liners on two Granite Wash horizontal test wells, one in the Wheeler Field and one in the Marvin Lake Field. Hydrocarbon shows during drilling operations for both wells were in-line with pre-drill expectations. PXP expects first production from these wells by the end of the second quarter. The 2010 plan includes drilling 13 Granite Wash wells from an inventory of over 100 potential locations.
In the Gulf Coast, drilling operations are underway at the Big Mac project in Southeast Texas. The proposed total depth on the first well is approximately 14,770 feet and results are expected by the end of the second quarter. PXP has approximately 30 to 40 leads, all amplitude driven, associated with its Big Mac project.
DERIVATIVE SUMMARY
As previously reported, PXP acquired crude oil put option spread contracts on 31,000 barrels of oil per day in 2011 and 40,000 barrels of oil per day in 2012. Both the 2011 and 2012 put options have a floor price of $80 with a limit of $60 per barrel. If the index price is below $80 per barrel, PXP will receive the difference between $80 and the index price up to a maximum of $20 per barrel less the option premium. If the index price is at or above $80 per barrel, PXP pays only the option premium.
PXP also acquired crude oil three-way collars that have a floor price of $80 with a limit of $60 and a ceiling price of $110 on 9,000 barrels of oil per day for 2011. If the index price is below $80 per barrel, PXP will receive the difference between $80 and the index price up to a maximum of $20 per barrel less the option premium. If the index price is greater than $110 per barrel, PXP will pay the difference between the index price and $110 per barrel plus the option premium. If the index price is at or above $80 per barrel but at or below $110 per barrel, PXP pays only the option premium.
PXP has elected not to use hedge accounting for these derivatives and consequently the derivatives will be marked-to-market each quarter with fair value gains and losses recognized currently as a gain or loss on mark-to-market derivative contracts on the income statement. A summary of PXP’s open commodity derivative positions is included with the financial tables in this release.
CONFERENCE CALL
PXP will host a conference call today, Thursday, May 6, 2010 at 8:00 a.m. Central time. Investors wishing to participate in the conference call may dial 1-800-567-9836 or 1-973-935-8460. The conference call and replay ID is: 63883713. The replay will be available through Thursday, May 20, 2010 and can be accessed by dialing 1-800-642-1687 or 1-706-645-9291. A live webcast of the conference call will be available in the Investor Information section of PXP’s website at www.pxp.com.
PXP is an independent oil and gas company primarily engaged in the activities of acquiring, developing, exploring and producing oil and gas in California, Texas, Louisiana and the Gulf of Mexico. PXP is headquartered in Houston, Texas.
ADDITIONAL INFORMATION & FORWARD-LOOKING STATEMENTS
This press release contains forward-looking information regarding PXP that is intended to be covered by the safe harbor “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. All statements included in this press release that address activities, events or developments that PXP expects, believes or anticipates will or may occur in the future are forward-looking statement. These include statements regarding:
* reserve and production estimates,
* oil and gas prices,
* the impact of derivative positions,
* production expense estimates,
* cash flow estimates,
* future financial performance,
* capital and credit market conditions,
* planned capital expenditures, and
* other matters that are discussed in PXP's filings with the SEC.
These statements are based on our current expectations and projections about future events and involve known and unknown risks, uncertainties, and other factors that may cause our actual results and performance to be materially different from any future results or performance expressed or implied by these forward-looking statements. Please refer to our filings with the SEC, including our Form 10-K, for a discussion of these risks.
References to quantities of oil or natural gas may include amounts that the Company believes will ultimately be produced, but that are not yet classified as “proved reserves” under SEC definitions.
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. Except as required by law, we do not intend to update these forward-looking statements and information.
Plains Exploration & Production Company
Consolidated Statements of Income
(in thousands, except per share data)
Three Months Ended
March 31,
---------
2010 2009
---- ----
(Unaudited)
Revenues
Oil sales $276,004 $156,614
Gas sales 107,739 71,264
Other operating revenues 307 634
--- ---
384,050 228,512
------- -------
Costs and Expenses
Lease operating expenses 62,503 70,884
Steam gas costs 19,663 15,557
Electricity 10,034 10,942
Production and ad valorem taxes 8,447 11,621
Gathering and transportation expenses 9,419 6,647
General and administrative 37,390 37,093
Depreciation, depletion and amortization 122,393 88,114
Accretion 4,411 3,531
Legal recovery (8,423) -
Other operating (income) expense (569) 4,457
---- -----
265,268 248,846
------- -------
Income (Loss) from Operations 118,782 (20,334)
Other (Expense) Income
Interest expense (21,053) (21,997)
Debt extinguishment costs (728) (10,243)
Gain on mark-to-market derivative
contracts 7,856 88,139
Other income (expense) 1,306 (707)
----- ----
Income Before Income Taxes 106,163 34,858
Income tax (expense) benefit
Current (4,738) (55,791)
Deferred (42,897) 26,131
------- ------
Net Income $58,528 $5,198
======= ======
Earnings Per Share
Basic $0.42 $0.05
Diluted $0.41 $0.05
Weighted Average Shares Outstanding
Basic 139,741 107,755
======= =======
Diluted 141,940 108,224
======= =======
Plains Exploration & Production Company
Operating Data (Unaudited)
Three Months Ended
March 31,
---------
2010 2009
---- ----
Daily Average Volumes
Oil and liquids sales (Bbls) 45,217 49,394
Gas (Mcf)
Production 244,594 195,943
Used as fuel 5,313 7,175
Sales 239,281 188,768
BOE
Production 85,983 82,052
Sales 85,097 80,856
Unit Economics (in dollars)
Average NYMEX Prices
Oil $78.88 $43.31
Gas 5.27 4.87
Average Realized Sales Price Before
Derivative Transactions
Oil (per Bbl) $67.82 $35.23
Gas (per Mcf) 5.00 4.19
Per BOE 50.11 31.31
Cash Margin per BOE (1)
Oil and gas revenues $50.11 $31.31
Costs and expenses
Lease operating expenses (8.16) (9.74)
Steam gas costs (2.57) (2.14)
Electricity (1.31) (1.50)
Production and ad valorem taxes (1.10) (1.60)
Gathering and transportation (1.23) (0.91)
Oil and gas related DD&A (15.33) (11.49)
------ ------
Gross margin (GAAP) 20.41 3.93
Oil and gas related DD&A 15.33 11.49
Realized (losses) gains on derivative
instruments(2) (1.62) 12.34
----- -----
Cash margin (Non-GAAP) $34.12 $27.76
====== ======
Oil and gas capital expenditures (in
thousands) (3) $223,416 $350,358
(1) Cash margin per BOE (a non-GAAP measure) is calculated by
adjusting gross margin per BOE (a GAAP measure) to include realized
gains and losses on derivative instruments and to exclude DD&A.
Management believes this presentation may be helpful to investors as
it represents the cash generated by our oil and gas production that
is available for, among other things, capital expenditures and debt
service. PXP management uses this information to analyze operating
trends for comparative purposes within the industry. This measure
is not intended to replace the GAAP statistic but rather to provide
additional information that may be helpful in evaluating trends and
performance.
(2) The 2009 realized gain excludes all cash settlements for the
$106 crude oil puts and the $54 crude oil swaps monetized in the
first quarter of 2009. Cash receipts on these instruments were
$121.4 million prior to the $1.1 billion monetization in the first
quarter 2009.
(3) Additions to oil and gas properties reported in our consolidated
statement of cash flows differ from the accrual basis amounts
reflected above due to the timing of cash payments. Excludes
acquisitions.
Plains Exploration & Production Company
Reconciliation of GAAP to Non-GAAP Measure
Three Months Ended March 31,
2010
----
Oil Gas BOE
--- --- ---
(per Bbl) (per Mcf)
Average Realized Sales
Price
Average realized price
before derivative
instruments (GAAP) (1) $67.82 $5.00 $50.11
Realized (losses) gains on
derivative instruments (4.29) 0.24 (1.62)
----- ---- -----
Realized cash price
including derivative
settlements (non-GAAP) $63.53 $5.24 $48.49
====== ===== ======
Three Months Ended March 31,
2009
----
Oil Gas BOE
--- --- ---
(per Bbl) (per Mcf)
Average Realized Sales
Price
Average realized price
before derivative
instruments (GAAP) (1) $35.23 $4.19 $31.31
Realized gains on
derivative instruments (2) 5.73 3.79 12.34
---- ---- -----
Realized cash price
including derivative
settlements (non-GAAP) $40.96 $7.98 $43.65
====== ===== ======
(1) Excludes the impact of production costs and expenses and DD&A.
(2) The 2009 realized gain excludes all cash settlements for the
$106 crude oil puts and the $54 crude oil swaps monetized in the
first quarter of 2009. Cash receipts on these instruments were
$121.4 million prior to the $1.1 billion monetization in the first
quarter 2009.
Plains Exploration & Production Company
Consolidated Statements of Cash Flows
(in thousands of dollars)
Three Months Ended
March 31,
---------
2010 2009
---- ----
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $58,528 $5,198
Items not affecting cash flows from
operating activities
Depreciation, depletion, amortization and
accretion 126,804 91,645
Deferred income tax expense (benefit) 42,897 (26,131)
Debt extinguishment costs 728 10,243
Gain on mark-to-market derivative
contracts (7,856) (88,139)
Noncash compensation 16,900 14,499
Other noncash items 1,371 1,826
Change in assets and liabilities from
operating activities (17,594) (38,492)
------- -------
Net cash provided by (used in) operating
activities 221,778 (29,351)
------- -------
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to oil and gas properties (267,015) (416,350)
Acquisition of oil and gas properties (1) 51,065 -
Derivative settlements (9,460) 1,294,157
Additions to other property and equipment (2,137) (5,819)
------ ------
Net cash (used in) provided by investing
activities (227,547) 871,988
-------- -------
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from revolving credit
facilities 625,935 2,240,090
Repayments of revolving credit facilities (855,935) (3,545,090)
Proceeds from issuance of Senior Notes 300,000 337,161
Costs incurred in connection with
financing arrangements (5,344) (6,541)
Derivative settlements - 1,392
--- -----
Net cash provided by (used in) financing
activities 64,656 (972,988)
------ --------
Net increase (decrease) in cash and cash
equivalents 58,887 (130,351)
Cash and cash equivalents, beginning of
period 1,859 311,875
----- -------
Cash and cash equivalents, end of period $60,746 $181,524
======= ========
(1) Cash inflow in 2010 is associated with an adjustment to the
final settlement of the $1.1 billion payment in September 2009
related to the prepayment of the Haynesville drilling carry.
Plains Exploration & Production Company
Consolidated Balance Sheets
(in thousands of dollars)
March 31, December 31,
2010 2009
---- ----
ASSETS (Unaudited)
Current Assets
Cash and cash equivalents $60,746 $1,859
Accounts receivable 193,368 258,585
Commodity derivative contracts 24,728 11,952
Inventories 17,871 19,934
Prepaid expenses and other current assets 25,626 14,305
------ ------
322,339 306,635
------- -------
Property and Equipment, at cost
Oil and natural gas properties -full cost
method
Subject to amortization 9,403,577 9,044,146
Not subject to amortization 3,143,352 3,279,537
Other property and equipment 127,804 125,667
------- -------
12,674,733 12,449,350
Less allowance for depreciation,
depletion, amortization and impairment (5,736,965) (5,616,628)
---------- ----------
6,937,768 6,832,722
--------- ---------
Goodwill 535,237 535,237
------- -------
Other Assets 61,314 60,137
------ ------
$7,856,658 $7,734,731
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $196,662 $248,454
Commodity derivative contracts 54,322 59,176
Royalties and revenues payable 77,351 78,590
Interest payable 50,542 45,743
Deferred income taxes 109,126 153,473
Other current liabilities 87,320 97,115
------ ------
575,323 682,551
------- -------
Long-Term Debt 2,720,962 2,649,689
--------- ---------
Other Long-Term Liabilities
Asset retirement obligation 218,634 214,231
Other 50,578 55,531
------ ------
269,212 269,762
------- -------
Deferred Income Taxes 1,020,719 933,748
--------- -------
Stockholders' Equity
Common stock 1,439 1,439
Additional paid-in capital 3,361,383 3,381,566
Retained earnings 106,517 51,204
Treasury stock, at cost (198,897) (235,228)
-------- --------
3,270,442 3,198,981
--------- ---------
$7,856,658 $7,734,731
========== ==========
Plains Exploration & Production Company
Summary of Open Derivative Positions
At April 30, 2010
Instrument Daily
Period (1) Type Volumes
Sales of Crude
Oil
Production
2010
Apr - Dec Put options 40,000 Bbls
2011
Jan - Dec Put options (4) 31,000 Bbls
Three-way
Jan - Dec collars (5) 9,000 Bbls
2012
Jan - Dec Put options (4) 40,000 Bbls
Sales of
Natural Gas
Production
2010
Three-way
Apr - Dec collars (6) 85,000 MMBtu
Average
Period (1) Price (2)
Sales of Crude
Oil
Production
2010
Apr - Dec $55.00 Strike price
2011
Jan - Dec $80.00 Floor with a $60.00 Limit
Jan - Dec $80.00 Floor with a $60.00 Limit
$110.00 Ceiling
2012
Jan - Dec $80.00 Floor with a $60.00 Limit
Sales of
Natural Gas
Production
2010
Apr - Dec $6.12 Floor with a $4.64 Limit
$8.00 Ceiling
Average
Deferred
Period (1) Premium Index
Sales of Crude
Oil
Production
2010
Apr - Dec $5.00 per Bbl (3) WTI
2011
Jan - Dec $5.023 per Bbl WTI
Jan - Dec $1.00 per Bbl WTI
2012
Jan - Dec $6.087 per Bbl WTI
Sales of
Natural Gas
Production
2010
Henry
Apr - Dec $0.034 per MMBtu Hub
(1) All of our derivative instruments are settled monthly.
(2) The average strike prices do not reflect the cost to purchase
the put options or collars.
(3) In addition to the deferred premium, a premium averaging $3.86
per barrel was paid upon entering into these derivative contracts.
(4) If the index price is less than the $80 per barrel floor, we
receive the difference between the $80 per barrel floor and the
index price up to a maximum of $20 per barrel less the option
premium. If the index price is at or above $80 per barrel, we pay
only the option premium.
(5) If the index price is less than the $80 per barrel floor, we
receive the difference between the $80 per barrel floor and the
index price up to a maximum of $20 per barrel less the option
premium. We pay the difference between the index price and $110 per
barrel plus the option premium if the index price is greater than
the $110 per barrel ceiling. If the index price is at or above $80
per barrel but at or below $110 per barrel, we pay only the option
premium.
(6) If the index price is less than the $6.12 per MMBtu floor, we
receive the difference between the $6.12 per MMBtu floor and the
index price up to a maximum of $1.48 per MMBtu less the option
premium. We pay the difference between the index price and $8.00
per MMBtu plus the option premium if the index price is greater than
the $8.00 ceiling.
Plains Exploration & Production Company
Reconciliation of GAAP to Non-GAAP Measure
The following table reconciles net income (GAAP) to adjusted net income (non-GAAP) for the three months ended March 31, 2010 and 2009. Adjusted net income excludes certain items affecting the comparability of operating results and the related tax effects. Management believes this presentation may be helpful to investors. PXP management uses this information to analyze operating trends and for comparative purposes within the industry. This measure is not intended to replace the GAAP statistic but rather to provide additional information that may be helpful in evaluating the Company’s operational trends and performance.
Three Months Ended
March 31,
---------
2010 2009
---- ----
(millions of dollars)
Net income (GAAP) $58.5 $5.2
Unrealized gain on mark-to-
market (7.9) (88.1)
derivative contracts
Realized (loss) gain on mark-to-
market (12.4) 89.8
derivative contracts (1) (2)
Legal recovery (8.4) -
Adjust income taxes (3) 13.7 3.1
---- ---
Adjusted net income (non-
GAAP) $43.5 $10.0
===== =====
(1) The 2009 realized gain excludes all cash settlements
for the $106 crude oil puts and the $54 crude oil swaps
monetized in the first quarter of 2009. Cash receipts on
these instruments were $121.4 million prior to the $1.1
billion monetization in the first quarter 2009.
(2) The amounts presented in the above table differ from
the adjustments reflected in the calculation of operating
cash flow on the following page due to the accrued amounts
reflected in the income statement versus the actual cash
received or paid reflected in the consolidated statement
of cash flows.
(3) Tax rates assumed based upon adjusted earnings are 44%
and 73% for the three months ended March 31, 2010 and
2009, respectively. Tax rates exclude the effects of
nonrecurring tax related expenses and benefits.
Plains Exploration & Production Company
Reconciliation of GAAP to Non-GAAP Measure
The following tables reconcile Net Cash Provided by Operating Activities (GAAP) to Operating Cash Flow (non-GAAP) for the three months ended March 31, 2010 and 2009. Management believes this presentation may be useful to investors. PXP management uses this information for comparative purposes within the industry and as a means of measuring the Company’s ability to fund capital expenditures and service debt. This measure is not intended to replace the GAAP statistic but rather to provide additional information that may be helpful in evaluating the Company’s operational trends and performance.
Operating cash flow is calculated by adjusting net income to add back certain non-cash and non-operating items, including unrealized gains on mark-to-market derivative contracts, to include derivative cash settlements for realized gains and losses on mark-to-market derivative contracts that are classified as either investing or financing activities for GAAP purposes and to exclude certain items.
Three Months Ended
March 31,
---------
2010 2009
---- ----
(millions of dollars)
Net income $58.5 $5.2
Items not affecting operating cash flows
Depreciation, depletion, amortization and
accretion 126.8 91.6
Deferred income tax expense (benefit) 42.9 (26.1)
Debt extinguishment costs 0.7 10.2
Unrealized gain on mark-to-market
derivative contracts (7.8) (88.1)
Noncash compensation 16.9 14.5
Other noncash items 1.4 1.8
Realized (loss) gain on mark-to-market
derivatives contracts (1) (9.5) 99.8
Other income items (8.4) -
Current income taxes attributable to
derivative contracts 4.7 55.8
--- ----
Operating cash flow (non-GAAP) $226.2 $164.7
====== ======
Reconciliation of non-GAAP to GAAP measure
Operating cash flow (non-GAAP) $226.2 $164.7
Other income items 8.4 -
Changes in assets and liabilities from
operating activities (17.6) (38.5)
Realized loss (gain) on mark-to-market
derivative contracts (1) 9.5 (99.8)
Current income taxes attributable to
derivative contracts (4.7) (55.8)
---- -----
Net cash provided by (used in) operating
activities (GAAP) $221.8 $(29.4)
====== ======
(1) The 2009 realized gain excludes all cash settlements for the
$106 crude oil puts and the $54 crude oil swaps monetized in the
first quarter of 2009. Cash receipts on these instruments were
$121.4 million prior to the $1.1 billion monetization in the first
quarter 2009.
Plains Exploration & Production Company
Derivative Settlements
(in thousands of dollars)
The following tables reflect cash (payments) receipts for
derivatives attributable to the stated
production periods.
Three Months Ended
March 31,
---------
2010 2009
---- ----
Oil sales (1) $(17,466) $25,492
Natural gas sales 5,089 64,312
$(12,377) $89,804
======== =======
Amortization of monetized
derivatives (2) 2010 2009
---- ----
First quarter $123,730 $57,211
Second quarter 125,105 167,943
Third quarter 126,479 169,788
Fourth quarter 126,479 169,788
------- -------
$501,793 $564,730
======== ========
(1) Excludes all cash settlements for the $106 crude oil puts and
the $54 crude oil swaps monetized in the first quarter of 2009. Cash
receipts on these instruments were $121.4 million prior to the $1.1
billion monetization in the first quarter 2009.
(2) Represents the net receipts for derivatives monetized in the
first quarter of 2009 attributable to these production periods, net
of accrued interest on our deferred premiums.
SOURCE Plains Exploration & Production Company