EXHIBIT 99.2
PLAINS EXPLORATION & PRODUCTION COMPANY
HEDGE SUMMARY
SEPTEMBER 21, 2004
| Open | commodity derivative positions designated as cash flow hedges: |
Period | Commodity | Instrument Type | Daily Volumes | Average Price | Index | |||||
Sales of Production | ||||||||||
2004 | ||||||||||
4th Quarter | Crude oil | Swap | 39,500 /Barrels | $25.00 | WTI | |||||
4th Quarter | Natural gas | Swap | 20,000 /MMBtu | $4.45 | Henry Hub | |||||
4th Quarter | Natural gas | Swap | 14,500 /MMBtu | $4.64 | Waha Socal | |||||
4th Quarter | Natural gas | Collar | 10,000 /MMBtu | $4.75 Floor—$5.67 Ceiling | Henry Hub | |||||
2005 | ||||||||||
1st Quarter | Crude oil | Swap | 13,000 /Barrels | $25.82 | WTI | |||||
2nd Quarter | Crude oil | Swap | 10,000 /Barrels | $25.80 | WTI | |||||
1st Quarter | Natural gas | Swap | 13,000 /MMBtu | $4.75 | Waha Socal | |||||
2nd Quarter | Natural gas | Swap | 9,500 /MMBtu | $4.66 | Waha | |||||
3rd Quarter | Natural gas | Swap | 5,000 /MMBtu | $4.40 | Waha | |||||
4th Quarter | Natural gas | Swap | 5,000 /MMBtu | $4.40 | Waha | |||||
2006 | ||||||||||
January—December | Crude oil | Swap | 15,000 /Barrels | $25.28 | WTI | |||||
Purchases of Natural Gas | ||||||||||
2004 | ||||||||||
4th Quarter | Natural gas | Swap | 8,000 /MMBtu | $3.91 | Socal | |||||
2005 | ||||||||||
January—December | Natural gas | Swap | 8,000 /MMBtu | $3.85 | Socal |
| Open | commodity derivative positions that are not designated as hedging instruments: |
Period | Commodity | Instrument Type | Daily Volumes | Average Price | Index | |||||
Sales of Production | ||||||||||
2004 | ||||||||||
4th Quarter | Crude oil | Three Way Collar | 8,000 /Barrels | $19.28—$24.00—$31.00 | WTI | |||||
4th Quarter | Natural gas | Collar | 20,000 /MMBtu | $4.00 Floor—$5.15 Ceiling | Henry Hub | |||||
2005 | ||||||||||
1st Quarter | Crude oil | Collar | 4,300 /Barrels | $27.00 Floor—$31.75 Ceiling | WTI | |||||
2nd Quarter | Crude oil | Collar | 6,800 /Barrels | $27.00 Floor—$30.40 Ceiling | WTI | |||||
3rd Quarter | Crude oil | Collar | 14,400 /Barrels | $26.00 Floor—$30.03 Ceiling | WTI | |||||
4th Quarter | Crude oil | Collar | 14,000 /Barrels | $26.00 Floor—$29.33 Ceiling | WTI | |||||
January—December | Crude oil | Collar | 22,000 /Barrels | $25.00 Floor—$34.76 Ceiling | WTI | |||||
2006 | ||||||||||
January—December | Crude oil | Collar | 22,000 /Barrels | $25.00 Floor—$34.76 Ceiling | WTI | |||||
2007 | ||||||||||
January—December | Crude oil | Collar | 22,000 /Barrels | $25.00 Floor—$34.76 Ceiling | WTI | |||||
2008 | ||||||||||
January—December | Crude oil | Collar | 22,000 /Barrels | $25.00 Floor—$34.76 Ceiling | WTI |
Contracts for the purchase of natural gas:
Period | Commodity | Instrument Type | Daily Volumes | Average Price | Index | |||||
Purchases of Natural Gas | ||||||||||
2004 | ||||||||||
4th Quarter | Natural gas | Physical purchase | 10,000 /MMBtu | $4.19 | Socal | |||||
2005 | ||||||||||
January—December | Natural gas | Physical purchase | 10,000 /MMBtu | $4.19 | Socal |
