31 Mar 2011agm notice● Neutral
PLAINS EXPLORATION & PRODUCTION CO shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Mar 2011material agreement● NeutralMajor
PXP sold $600 million of 6 5/8% Senior Notes due 2021 (priced March 24, completed March 29, 2011), with net proceeds of about $590 million to reduce revolver borrowings and for general corporate purposes. This adds to the senior note issues of 2009 and 2010 and increases fixed-rate debt.
25 Mar 2011securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed a prospectus supplement for an offering off its existing shelf.
24 Mar 2011securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed a free-writing prospectus - marketing material for an offering in progress.
24 Mar 2011securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed the final prospectus for a registered offering.
11 Mar 2011substantial holder notice● Neutral
BlackRock, Inc reported a PLAINS EXPLORATION & PRODUCTION CO shareholding of 14,283,981 shares (10.20% of votes) in a periodic institutional filing.
24 Feb 2011quarterly activities report▼ Bad
PLAINS EXPLORATION & PRODUCTION CO reported quarterly revenue of $408.1 million and a net loss of $19.5 million for the period ended 2010-12-31.
14 Feb 2011substantial holder notice● Neutral
SOROS FUND MANAGEMENT LLC, GEORGE SOROS, ROBERT SOROS, JONATHAN SOROS reported a PLAINS EXPLORATION & PRODUCTION CO shareholding of 1,250,000 shares (0.89% of votes) in a periodic institutional filing.
14 Feb 2011substantial holder notice● Neutral
S.A.C. Capital Advisors, L.P, S.A.C. Capital Advisors, Inc, S.A.C. Capital Associates, LLC, CR Intrinsic Investors, LLC, Sigma Capital Management, LLC, Steven A. Cohen reported a PLAINS EXPLORATION & PRODUCTION CO shareholding of 12,528,504 shares (8.90% of votes) in a periodic institutional filing.
8 Feb 2011substantial holder notice● Neutral
BlackRock, Inc reported a PLAINS EXPLORATION & PRODUCTION CO shareholding of 13,694,026 shares (9.77% of votes) in a periodic institutional filing.
31 Jan 2011quarterly activities report▼ Bad
PLAINS EXPLORATION & PRODUCTION CO reported quarterly revenue of $408.1 million and a net loss of $19.5 million for the period ended 2010-12-31.
10 Jan 2011quarterly activities report▼ Bad
PLAINS EXPLORATION & PRODUCTION CO reported quarterly revenue of $408.1 million and a net loss of $19.5 million for the period ended 2010-12-31.
6 Jan 2011asset acquisition disposition▲ GoodMajor
PXP closed the sale of its Gulf of Mexico shallow-water properties (under 500 feet) to McMoRan on December 30, 2010, receiving about $86 million cash (including $11 million of working capital adjustments) and 51 million McMoRan shares. This completes the deal announced in September 2010; the shares were valued at about $665.9 million (after a discount for sale restrictions) and the cash was mainly used to repay revolver borrowings. PXP can name two McMoRan directors and has named James Flores and John Wombwell; it cannot transfer the shares for one year.
5 Nov 2010quarterly activities report● Neutral
PLAINS EXPLORATION & PRODUCTION CO reported quarterly revenue of $387.8 million and net income of $18.8 million for the period ended 2010-09-30.
5 Nov 2010quarterly activities report● Neutral
PLAINS EXPLORATION & PRODUCTION CO reported quarterly revenue of $387.8 million and net income of $18.8 million for the period ended 2010-09-30.
12 Oct 2010debt financing● Neutral
On October 8, 2010 PXP's lenders approved Consent and Amendment No. 1 to its credit agreement, allowing PXP to acquire and hold McMoRan stock and consenting to the McMoRan merger agreement. Other terms are substantially the same. The filing calls it an Amended and Restated Credit Agreement that closed August 3, 2010, which differs from the November 2007 facility in earlier records, so a new or refinanced facility is likely (inference), though its terms are not stated here.
7 Oct 2010substantial holder notice● Neutral
SOROS FUND MANAGEMENT LLC, GEORGE SOROS, ROBERT SOROS, JONATHAN SOROS disclosed a new substantial PLAINS EXPLORATION & PRODUCTION CO shareholding (5.03% of votes).
20 Sept 2010material agreement● NeutralMajor
On September 19-20, 2010 PXP agreed to sell all its Gulf of Mexico leasehold in under 500 feet of water to McMoRan Exploration for $75 million cash plus 51 million McMoRan shares (the press release values the total at $818 million using the Sept 17 price of $14.57). The properties produce about 45 million cubic feet equivalent a day net to PXP, with proved reserves of about 63.9 billion cubic feet equivalent at June 30, 2010. Closing is expected by year-end 2010, needing McMoRan shareholder approval, McMoRan's $900 million financing and other conditions; PXP gets two McMoRan board seats and cannot transfer the shares for one year after closing. PXP also began marketing its Gulf of Mexico deepwater assets, with bids expected late October to mid-November and closing targeted by year-end 2010.
13 Sept 2010substantial holder notice● Neutral
S.A.C. Capital Advisors, L.P, S.A.C. Capital Advisors, Inc, S.A.C. Capital Associates, LLC, CR Intrinsic Investors, LLC, Sigma Capital Management, LLC, Steven A. Cohen disclosed a new substantial PLAINS EXPLORATION & PRODUCTION CO shareholding (6.20% of votes).
5 Aug 2010quarterly activities report● Neutral
PLAINS EXPLORATION & PRODUCTION CO reported quarterly revenue of $364.6 million and net income of $45.4 million for the period ended 2010-06-30.
6 May 2010quarterly activities report● Neutral
PLAINS EXPLORATION & PRODUCTION CO reported quarterly revenue of $384.1 million and net income of $58.5 million for the period ended 2010-03-31.
6 May 2010quarterly activities report● Neutral
PLAINS EXPLORATION & PRODUCTION CO reported quarterly revenue of $384.1 million and net income of $58.5 million for the period ended 2010-03-31.
12 Apr 2010debt financing▲ Good
On April 12, 2010 PXP signed Amendment No. 5 to its credit agreement, raising the borrowing base from $1.13 billion to $1.3 billion and allowing larger investments in certain subsidiaries and joint ventures. The first scheduled redetermination is now May 1, 2011, replacing the May 1, 2010 date set in Amendment No. 4.
29 Mar 2010material agreement● Neutral
PXP sold $300 million of 7 5/8% Senior Notes due 2020 on March 29, 2010, with net proceeds of about $294 million to reduce borrowings under its revolving credit facility and for general corporate purposes. This is another note issue following those of 2009.
25 Mar 2010securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed a prospectus supplement for an offering off its existing shelf.
24 Mar 2010securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed a free-writing prospectus - marketing material for an offering in progress.
24 Mar 2010securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed the final prospectus for a registered offering.
5 Mar 2010securities registration● Neutral
PLAINS EXPLORATION & PRODUCTION CO filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
16 Feb 2010substantial holder notice● Neutral
SOROS FUND MANAGEMENT LLC, GEORGE SOROS, ROBERT SOROS, JONATHAN SOROS reported a PLAINS EXPLORATION & PRODUCTION CO shareholding of 4,442,423 shares (3.19% of votes) in a periodic institutional filing.
8 Jan 2010substantial holder notice● Neutral
BlackRock, Inc reported a PLAINS EXPLORATION & PRODUCTION CO shareholding of 14,178,320 shares (10.18% of votes) in a periodic institutional filing.