28 May 2009drilling progress report● Neutral
PXP filed investor slides for a June 2, 2009 London conference, updating its May 20 deck for Gulf of Mexico spud dates, removing the Ammazzo well because of temporary abandonment, and updating drilling progress on the Friesian well. The slides cite 122 million shares outstanding after the April offering of 13.8 million shares, $1.34 billion available under the revolver plus $500 million cash, a 2009 capital program of $1,050 million, and 80,900 BOE per day first-quarter production.