EXHIBIT 99.1
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 | | Plains Exploration & Production Company 700 Milam, Suite 3100 Houston, TX 77002 |
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NEWS RELEASE
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| Contact: | | Scott D. Winters |
| | | Director - Investor Relations |
| | | (832) 239-6190 or (800) 934-6083 |
FOR IMMEDIATE RELEASE
NUEVO ENERGY COMPANY ANNOUNCES CALL FOR REDEMPTION
OF OUTSTANDING 5.75% CONVERTIBLE SUBORDINATED DEBENTURES
DUE 2026 AND RELATED $2.875 TRUST PREFERRED SECURITIES
HOUSTON, Texas, June 4, 2004 – Nuevo Energy Company (“Nuevo”), a wholly owned subsidiary of Plains Exploration & Production Company (NYSE:PXP) (“PXP”), announced today that it has called for redemption its outstanding 5.75% Convertible Subordinated Debentures due 2026, all of which are held by its subsidiary, Nuevo Financing I (the “TECON Trust”), and the $2.875 Trust Preferred Securities (the “TECONs”) issued by the TECON Trust.
The TECONs will be redeemed in full on June 29, 2004 at an aggregate price equal to 101.726% of their stated principal amount plus accrued and unpaid distributions thereon to the date of redemption.
PXP is an independent oil and gas company primarily engaged in the upstream activities of acquiring, exploiting, developing and producing oil and gas in its core areas of operation: onshore and offshore California, West Texas, East Texas and the Gulf Coast region of the United States. PXP is headquartered in Houston, Texas.
ADDITIONAL INFORMATION & FORWARD LOOKING STATEMENTS
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission (“SEC”). Such statements include those concerning PXP’s strategic plans, expectations and objectives for future operations. 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 statements. These include:
| | • | reliability of reserve and production estimates, |
| | • | production expense estimates, |
| | • | future financial performance, and |
| | • | other matters that are discussed in PXP’s filings with the SEC. |
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These statements are based on certain assumptions PXP made based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond PXP’s control. Statements regarding future production are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling risks and regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Please refer to our filings with the SEC, including our Form 10-K for the year ended December 31, 2003, for a further discussion of these risks.
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