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
PXP REPORTS SIGNIFICANTLY INCREASED PRODUCTION, EARNINGS AND
CASH FLOW IN SECOND QUARTER
Houston, Texas – August 5, 2004 – Plains Exploration & Production Company (NYSE: PXP) (“PXP” or the “Company”) today reported record oil production of 41.2 thousand barrels per day compared to second quarter 2003 production of 25.1 thousand barrels per day and record gas production of 104.0 million cubic feet per day compared to 30.2 million cubic feet per day in 2003. Net income for the second quarter 2004 was $18.9 million, or 32 cents per diluted share, compared to net income of $8.9 million, or 31 cents per diluted share, for the second quarter of 2003. Second quarter 2004 net income includes an after-tax $12.1 million (20 cents per diluted share) charge related to early extinguishment of debt and an after-tax $1.8 million (3 cents per diluted share) charge attributable to outstanding stock appreciation rights (“SARS”). Net cash flow provided by operating activities was $88.5 million compared to 2003 second quarter comparable operating cash flow of $24.6 million.
Results for the second quarter and the first six months include the impact from the Nuevo Energy acquisition effective May 14, 2004 and the 3TEC acquisition effective June 1, 2003.
“It’s been a very busy quarter and our performance lays the foundation for an outstanding year,” commented PXP Chairman, President & Chief Executive Officer James C. Flores. “All major initiatives are proceeding successfully, including our drilling programs in California, Texas and Louisiana. In June we completed the refinancing of Nuevo’s debt to lower interest expense and are on track to achieve previously announced cost savings connected with the Nuevo acquisition. Additionally, in July we closed the previously announced sale of our interests in the Republic of Congo and received cash proceeds of $60 million.”
Total revenues for the second quarter were $152.8 million compared to second quarter 2003 revenues of $63.9 million. The average realized oil price was $26.58 per barrel compared to $20.78 per barrel the same period a year ago. The average realized gas price was $5.57 per Mcf compared to $5.88 per Mcf a year ago. Operating income for the quarter was $58.6 million compared to second quarter 2003 operating income of $19.1 million. The Company’s average realized prices are net of location and quality differentials and the impact of hedges.
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For the first six months of 2004, the Company reported oil production of 32.6 thousand barrels per day compared to 24.7 thousand barrels per day in 2003 and gas production of 92.7 million cubic feet per day compared to 19.2 million cubic feet per day in 2003. Net income for the first six months of 2004 was $29.3 million, or 58 cents per diluted share, compared with net income of $29.8 million, or $1.12 per diluted share, for the same 2003 period. Net income for the first six months of 2003 includes a $12.3 million credit, related to the adoption of Statement of Financial Accounting Standards No. 143, “Accounting for Assets Retirement Obligations” or 46 cents per diluted share. Net cash flow provided by operating activities was $118.9 million for the first half of 2004, compared with $42.6 million for the 2003 period.
Total revenues for the first six months of 2004 were $245.7 million compared to revenues of $115.6 million for the same 2003 period. For the first six months of 2004, the average realized oil price was $25.05 per barrel compared to $21.26 per barrel for the same period a year ago. The average realized gas price was $5.70 per Mcf compared to $5.83 per Mcf a year ago. The Company’s average realized prices are net of location and quality differentials and the impact of hedges. Year-to-date operating income was $84.0 million compared to $38.4 million for the first half of 2003.
Oil and gas capital expenditures for the second quarter of 2004 were $56.5 million as compared to $37.1 million in the same period in 2003. For the six month period capital expenditures were $88.7 million as compared to $54.2 million in 2003.
Long term debt totaled $878.5 million at the end of the quarter, resulting in a debt to total capital ratio of 49%, compared to 58% as of March 31, 2004. During the second quarter PXP successfully tendered for $150 million of 9 3/8% subordinated notes and called $115 million of 5 3/4% convertible preferred securities. Additionally, the Company issued $250 million of 7 1/8% senior notes due 2014 in June. Subsequent to the end of the second quarter the Company received cash proceeds of $60 million from the sale of its Republic of Congo interests and the proceeds were used to reduce bank debt.
The Company will host a conference call to provide an operational update and discuss the quarterly results and other forward-looking items at 10:00 a.m. Central on Thursday, August 5, 2004. Investors wishing to participate may dial 1-877-692-2588 or international: 1-973-582-2745. The replay will be available through 8/19/04 and can be accessed by dialing 1-877-519-4471 or international: 1-973-341-3080, Replay ID: 5015225.
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.
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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, |
| | • | other matters that are discussed in PXP’s filings with the SEC, and |
| | • | planned capital expenditures. |
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 Forms 10-K and 10-K/A for the year ended December 31, 2003, for a further discussion of these risks.
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Plains Exploration & Production Company
Consolidated Statements of Income
(amounts in thousands, except per share data)
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| | | Three Months Ended June 30,
| | | Six Months Ended June 30,
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| | | 2004 (1)
| | | 2003 (2)
| | | 2004 (1)
| | | 2003 (2)
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Revenues | | | | | | | | | | | | | | | | |
Oil sales | | $ | 99,564 | | | $ | 47,534 | | | $ | 148,835 | | | $ | 94,961 | |
Gas sales | | | 52,708 | | | | 16,124 | | | | 96,162 | | | | 20,228 | |
Other operating revenues | | | 498 | | | | 200 | | | | 734 | | | | 407 | |
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| | | | 152,770 | | | | 63,858 | | | | 245,731 | | | | 115,596 | |
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Costs and Expenses | | | | | | | | | | | | | | | | |
Production costs | | | | | | | | | | | | | | | | |
Lease operating expenses | | | 28,604 | | | | 16,290 | | | | 47,565 | | | | 30,562 | |
Steam gas costs | | | 7,354 | | | | 767 | | | | 8,311 | | | | 1,461 | |
Electricity | | | 6,751 | | | | 5,316 | | | | 12,513 | | | | 10,328 | |
Production and ad valorem taxes | | | 4,580 | | | | 1,821 | | | | 8,553 | | | | 2,856 | |
Gathering and transportation expenses | | | 1,790 | | | | 327 | | | | 2,986 | | | | 327 | |
General and administrative | | | | | | | | | | | | | | | | |
G&A excluding items below | | | 9,312 | | | | 4,561 | | | | 18,843 | | | | 8,757 | |
Stock appreciation rights | | | 2,865 | | | | 4,010 | | | | 13,426 | | | | 2,647 | |
Merger related costs | | | 1,045 | | | | 854 | | | | 1,045 | | | | 1,097 | |
Depletion, depreciation, amortization and accretion | | | 31,868 | | | | 10,821 | | | | 48,435 | | | | 19,126 | |
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| | | | 94,169 | | | | 44,767 | | | | 161,677 | | | | 77,161 | |
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Income from Operations | | | 58,601 | | | | 19,091 | | | | 84,054 | | | | 38,435 | |
Other Income (Expense) | | | | | | | | | | | | | | | | |
Gain (loss) on derivatives | | | 374 | | | | 1,466 | | | | (1,191 | ) | | | 1,466 | |
Loss on debt extinguishment | | | (19,691 | ) | | | — | | | | (19,691 | ) | | | — | |
Interest expense | | | (8,607 | ) | | | (5,338 | ) | | | (15,537 | ) | | | (10,194 | ) |
Interest and other income (expense) | | | 43 | | | | (200 | ) | | | 305 | | | | (167 | ) |
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Income Before Income Taxes and Cumulative Effect of Accounting Change | | | 30,720 | | | | 15,019 | | | | 47,940 | | | | 29,540 | |
Income tax expense | | | | | | | | | | | | | | | | |
Current | | | 44 | | | | (1,248 | ) | | | (144 | ) | | | (2,429 | ) |
Deferred | | | (11,871 | ) | | | (4,871 | ) | | | (18,505 | ) | | | (9,608 | ) |
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Income Before Cumulative Effect of Accounting Change | | | 18,893 | | | | 8,900 | | | | 29,291 | | | | 17,503 | |
Cumulative effect of accounting change, net of tax | | | — | | | | — | | | | — | | | | 12,324 | |
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Net Income | | $ | 18,893 | | | $ | 8,900 | | | $ | 29,291 | | | $ | 29,827 | |
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Earnings per Share | | | | | | | | | | | | | | | | |
Basic | | | | | | | | | | | | | | | | |
Income before cumulative effect of accounting change | | $ | 0.32 | | | $ | 0.31 | | | $ | 0.59 | | | $ | 0.66 | |
Cumulative effect of accounting change | | | — | | | | — | | | | — | | | | 0.47 | |
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Net income | | $ | 0.32 | | | $ | 0.31 | | | $ | 0.59 | | | $ | 1.13 | |
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Diluted | | | | | | | | | | | | | | | | |
Income before cumulative effect of accounting change | | $ | 0.32 | | | $ | 0.31 | | | $ | 0.58 | | | $ | 0.66 | |
Cumulative effect of accounting change | | | — | | | | — | | | | — | | | | 0.46 | |
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Net income | | $ | 0.32 | | | $ | 0.31 | | | $ | 0.58 | | | $ | 1.12 | |
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Weighted Average Shares Outstanding | | | | | | | | | | | | | | | | |
Basic | | | 59,602 | | | | 28,787 | | | | 49,925 | | | | 26,414 | |
Diluted | | | 59,925 | | | | 29,111 | | | | 50,207 | | | | 26,682 | |
| (1) | Reflects the acquisition of Nuevo Energy Company effective May 14, 2004. |
| (2) | Reflects the acquisition of 3TEC Energy effective June 1, 2003. |
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Plains Exploration & Production Company
Operating Data
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| | | Three Months Ended June 30,
| | | Six Months Ended June 30,
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| | | 2004 (1)
| | | 2003 (2)
| | | 2004 (1)
| | | 2003 (2)
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Total Period Production | | | | | | | | | | | | | | | | |
Oil and Liquids (MBbls) | | | 3,746 | | | | 2,287 | | | | 5,942 | | | | 4,468 | |
Gas (MMcf) | | | 9,464 | | | | 2,745 | | | | 16,868 | | | | 3,474 | |
MBOE | | | 5,323 | | | | 2,745 | | | | 8,753 | | | | 5,047 | |
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Average Daily Production | | | | | | | | | | | | | | | | |
Oil and Liquids (Bbls) | | | 41,165 | | | | 25,132 | | | | 32,648 | | | | 24,685 | |
Gas (Mcf) | | | 104,000 | | | | 30,165 | | | | 92,681 | | | | 19,193 | |
BOE | | | 58,498 | | | | 30,160 | | | | 48,093 | | | | 27,884 | |
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Unit Economics (in dollars) | | | | | | | | | | | | | | | | |
Average Oil & Liquids Sales Price ($/Bbl) | | | | | | | | | | | | | | | | |
Net realized price before hedging | | $ | 32.61 | | | $ | 24.70 | | | $ | 32.06 | | | $ | 27.14 | |
Hedging revenue (expense) | | | (6.03 | ) | | | (3.92 | ) | | | (7.01 | ) | | | (5.88 | ) |
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Net realized price | | $ | 26.58 | | | $ | 20.78 | | | $ | 25.05 | | | $ | 21.26 | |
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Average Gas Sales Price ($/Mcf) | | | | | | | | | | | | | | | | |
Net realized price before hedging | | $ | 5.79 | | | $ | 5.88 | | | $ | 5.76 | | | $ | 5.83 | |
Hedging revenue (expense) | | | (0.22 | ) | | | — | | | | (0.06 | ) | | | — | |
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Net realized price | | $ | 5.57 | | | $ | 5.88 | | | $ | 5.70 | | | $ | 5.83 | |
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Average realized price per BOE | | $ | 28.61 | | | $ | 23.19 | | | $ | 27.99 | | | $ | 22.82 | |
Production expenses per BOE | | | | | | | | | | | | | | | | |
Lease operating expenses | | | 5.37 | | | | 5.93 | | | | 5.43 | | | | 6.05 | |
Steam gas costs | | | 1.38 | | | | 0.28 | | | | 0.95 | | | | 0.29 | |
Electricity | | | 1.27 | | | | 1.94 | | | | 1.43 | | | | 2.05 | |
Production and ad valorem taxes | | | 0.86 | | | | 0.66 | | | | 0.98 | | | | 0.57 | |
Gathering and transportation expenses | | | 0.34 | | | | 0.12 | | | | 0.34 | | | | 0.06 | |
G&A per BOE | | | | | | | | | | | | | | | | |
G&A excluding items below | | | 1.75 | | | | 1.66 | | | | 2.15 | | | | 1.74 | |
Stock appreciation rights | | | 0.54 | | | | 1.46 | | | | 1.53 | | | | 0.52 | |
Merger related costs | | | 0.20 | | | | 0.31 | | | | 0.12 | | | | 0.22 | |
| (1) | Reflects the acquisition of Nuevo Energy Company effective May 14, 2004. |
| (2) | Reflects the acquisition of 3TEC Energy effective June 1, 2003. |
| (3) | Does not include $3.80 per barrel and $2.38 per barrel of cash settlement payments for the three and six months ended June 30, 2004, respectively, for hedges assumed in connection with the Nuevo and 3TEC mergers. Realized gains and losses on derivative instruments that are designated as a hedge and qualify for hedge accounting are generally included in oil and gas revenues in the period the hedged volumes are sold. However, in the case of the derivatives acquired in connection with our acquisitions of Nuevo and 3TEC, only changes in fair value subsequent to the acquisition date will be reflected in our oil and gas revenues. Cash settlements for the liability existing at the merger date are reflected as the payment of a liability. |
| (4) | Does not include $0.18 per Mcf and $0.53 per Mcf of cash settlement payments for the three months ended June 30, 2004 and 2003, respectively or $0.31 per Mcf and $0.42 per Mcf of cash settlement payments for the six months ended June 30, 2004 and 2003, respectively, for hedges assumed in connection with the Nuevo and 3TEC mergers. |
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PLAINS EXPLORATION & PRODUCTION COMPANY
CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands of dollars)
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| | | June 30,
2004
| | | December 31,
2003
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| ASSETS | | | | | | | | |
Current Assets | | | | | | | | |
Cash and cash equivalents | | $ | 8,683 | | | $ | 1,377 | |
Accounts receivable - Plains All American Pipeline, L.P. | | | 23,928 | | | | 25,344 | |
Other accounts receivable | | | 69,273 | | | | 25,267 | |
Inventories | | | 6,715 | | | | 5,318 | |
Deferred income taxes | | | 67,308 | | | | 21,807 | |
Assets held for sale | | | 98,933 | | | | — | |
Other current assets | | | 12,248 | | | | 3,019 | |
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| | | | 287,088 | | | | 82,132 | |
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Property and Equipment, at cost | | | | | | | | |
Oil and natural gas properties - full cost method | | | | | | | | |
Subject to amortization | | | 2,361,087 | | | | 1,074,302 | |
Not subject to amortization | | | 181,674 | | | | 63,658 | |
Other property and equipment | | | 9,716 | | | | 4,939 | |
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| | | | 2,552,477 | | | | 1,142,899 | |
Less allowance for depreciation, depletion and amortization | | | (230,796 | ) | | | (186,004 | ) |
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| | | | 2,321,681 | | | | 956,895 | |
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Goodwill | | | 215,164 | | | | 147,251 | |
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Other Assets | | | 29,974 | | | | 19,641 | |
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| | | $ | 2,853,907 | | | $ | 1,205,919 | |
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| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | |
Current Liabilities | | | | | | | | |
Accounts payable | | $ | 79,049 | | | $ | 41,736 | |
Commodity derivative contracts | | | 172,968 | | | | 55,123 | |
Royalties payable | | | 31,862 | | | | 19,080 | |
Stock appreciation rights | | | 20,450 | | | | 16,049 | |
Interest payable | | | 12,372 | | | | 622 | |
Deposit on assets held for sale | | | 40,711 | | | | — | |
Other current liabilities | | | 38,555 | | | | 22,476 | |
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| | | | 395,967 | | | | 155,086 | |
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Long-Term Debt | | | | | | | | |
8.75% Senior Subordinated Notes | | | 276,820 | | | | 276,906 | |
7.125% Senior Notes | | | 248,695 | | | | — | |
Revolving credit facility | | | 353,000 | | | | 211,000 | |
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| | | | 878,515 | | | | 487,906 | |
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Asset Retirement Obligation | | | 160,377 | | | | 33,235 | |
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Other Long-Term Liabilities | | | 104,235 | | | | 32,194 | |
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Deferred Income Taxes | | | 398,584 | | | | 143,242 | |
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Stockholders’ Equity | | | | | | | | |
Common stock | | | 769 | | | | 403 | |
Additional paid-in capital | | | 905,476 | | | | 322,856 | |
Retained earnings | | | 100,857 | | | | 71,566 | |
Accumulated other comprehensive income | | | (90,560 | ) | | | (40,439 | ) |
Treasury stock | | | (313 | ) | | | (130 | ) |
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| | | | 916,229 | | | | 354,256 | |
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| | | $ | 2,853,907 | | | $ | 1,205,919 | |
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Plains Exploration & Production Company
Consolidated Statements of Cash Flows
(thousands of dollars)
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| | | Quarter Ended June 30,
| | | Six Months Ended June 30,
| |
| | | 2004
| | | 2003
| | | 2004
| | | 2003
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CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | | | | |
Net income | | $ | 18,893 | | | $ | 8,900 | | | $ | 29,291 | | | $ | 29,827 | |
Items not affecting cash flows from operating activities | | | | | | | | | | | | | | | | |
Depreciation, depletion, amortization and accretion | | | 31,868 | | | | 10,821 | | | | 48,435 | | | | 19,126 | |
Deferred income taxes | | | 11,871 | | | | 4,871 | | | | 18,505 | | | | 9,608 | |
Debt extinguishment costs | | | (4,453 | ) | | | — | | | | (4,453 | ) | | | — | |
Cumulative effect of adoption of accounting change | | | — | | | | — | | | | — | | | | (12,324 | ) |
Gain (loss) on derivatives | | | (374 | ) | | | (1,466 | ) | | | 1,191 | | | | (1,466 | ) |
Noncash compensation | | | 4,802 | | | | 4,317 | | | | 17,873 | | | | 2,685 | |
Other noncash items | | | (35 | ) | | | 318 | | | | (79 | ) | | | 377 | |
Changes in assets and liabilities from operating activities | | | 25,919 | | | | (3,140 | ) | | | 8,110 | | | | (5,185 | ) |
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Net cash provided by operating activities | | | 88,491 | | | | 24,621 | | | | 118,873 | | | | 42,648 | |
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CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | | | | |
Acquisition, exploration, development and other costs | | | (46,311 | ) | | | (34,012 | ) | | | (78,416 | ) | | | (46,780 | ) |
Acquisition of Nuevo Energy Company | | | (13,744 | ) | | | — | | | | (13,744 | ) | | | — | |
Acquisition of 3TEC Energy Corporation | | | — | | | | (266,617 | ) | | | — | | | | (266,617 | ) |
Proceeds from property sales | | | 5,112 | | | | — | | | | 27,844 | | | | — | |
Other | | | (4,984 | ) | | | 1,632 | | | | (5,202 | ) | | | (740 | ) |
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Net cash used in investing activities | | | (59,927 | ) | | | (298,997 | ) | | | (69,518 | ) | | | (314,137 | ) |
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CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | |
Change in revolving credit facilities | | | 162,000 | | | | 200,500 | | | | 142,000 | | | | 197,200 | |
Proceeds from debt issuance | | | 248,695 | | | | 80,061 | | | | 248,695 | | | | 80,061 | |
Retirement of debt assumed in acquisition of Nuevo Energy Company | | | (405,000 | ) | | | — | | | | (405,000 | ) | | | — | |
Debt issuance costs | | | (7,799 | ) | | | (3,946 | ) | | | (7,799 | ) | | | (4,069 | ) |
Derivative settlement | | | (19,762 | ) | | | — | | | | (19,762 | ) | | | — | |
Other | | | — | | | | 225 | | | | (183 | ) | | | 735 | |
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Net cash provided by (used in) financing activities | | | (21,866 | ) | | | 276,840 | | | | (42,049 | ) | | | 273,927 | |
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Net increase (decrease) in cash and cash equivalents | | | 6,698 | | | | 2,464 | | | | 7,306 | | | | 2,438 | |
Cash and cash equivalents, beginning of period | | | 1,985 | | | | 1,002 | | | | 1,377 | | | | 1,028 | |
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Cash and cash equivalents, end of period | | $ | 8,683 | | | $ | 3,466 | | | $ | 8,683 | | | $ | 3,466 | |
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