Plains Exploration & Production 10-Q 5 Nov 09 2009 Q3 Quarterly report Financial data

Statement Of Financial Position

Statement Of Financial Position Classified (USD $)
In Thousands	9 Months Ended Sep. 30, 2009	9 Months Ended Dec. 31, 2008
Current Assets
Cash and cash equivalents	$3,601	$311,875
Accounts receivable	159,107	175,896
Commodity derivative contracts	63,913	945,838
Inventories	20,491	23,368
Prepaid expenses and other current assets	29,514	19,464
Assets, Current, Total	276,626	1,476,441
Oil and natural gas properties - full cost method
Subject to amortization	8,661,710	7,106,785
Not subject to amortization	3,346,861	2,513,424
Other property and equipment	123,157	110,990
Property, Plant and Equipment, Gross, Total	12,131,728	9,731,199
Less allowance for depreciation, depletion, amortization and impairment	(5,491,734)	(5,217,803)
Property, Plant and Equipment, Net, Total	6,639,994	4,513,396
Goodwill	535,265	535,265
Commodity Derivative Contracts	0	530,181
Other Assets	59,994	56,632
Assets, Total	7,511,879	7,111,915
Current Liabilities
Accounts payable	361,041	363,713
Royalties and revenues payable	73,579	87,874
Interest payable	33,548	20,843
Income taxes payable	0	102,948
Deferred income taxes	131,716	285,426
Other current liabilities	126,426	132,841
Liabilities, Current, Total	726,310	993,645
Long-Term Debt	2,493,583	2,805,000
Other Long-Term Liabilities
Asset retirement obligation	169,287	159,473
Other	34,746	32,061
Total Other Long-term Liabilities, Total	204,033	191,534
Deferred Income Taxes	926,124	744,456
Commitments and Contingencies (Note 6)	-	-
Stockholders' Equity
Common stock, $0.01 par value, 250.0 million shares authorized, 143.9 million and 112.9 million shares issued at September 30, 2009 and December 31, 2008, respectively	1,439	1,129
Additional paid-in capital	3,400,559	2,739,625
Retained earnings (deficit)	3,072	(85,101)
Accumulated other comprehensive loss	0	(684)
Treasury stock, at cost, 4.7 million shares and 5.3 million shares at September 30, 2009 and December 31, 2008, respectively	(243,241)	(277,689)
Stockholders' Equity, Total	3,161,829	2,377,280
Liabilities and Stockholders' Equity, Total	$7,511,879	$7,111,915

1_Statement Of Financial Positi

Statement Of Financial Position Classified (Parenthetical) (USD $)
Share data in Millions, except Per Share data	Sep. 30, 2009	Dec. 31, 2008
Common stock, par value	0.01	0.01
Common stock, shares authorized	250	250
Common stock, shares issued	143.9	112.9
Treasury stock, shares	4.7	5.3

Statement Of Income Alternative

Statement Of Income Alternative (USD $)
In Thousands, except Per Share data	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Revenues
Oil sales	$249,619	$528,787	$625,822	$1,531,138
Gas sales	62,428	181,971	192,233	528,374
Other operating revenues	141	8,779	1,326	15,805
Revenues, Total	312,188	719,537	819,381	2,075,317
Costs and Expenses
Lease operating expenses	60,276	76,943	194,564	236,699
Steam gas costs	10,956	37,418	37,425	110,175
Electricity	10,585	14,367	33,895	36,665
Production and ad valorem taxes	7,917	27,348	29,995	77,757
Gathering and transportation expenses	10,349	4,405	25,667	15,356
General and administrative	36,419	29,374	111,066	114,505
Depreciation, depletion and amortization	101,755	139,956	280,691	411,558
Accretion	3,541	3,258	10,628	9,868
Legal recovery	0	0	(87,272)	0
Other operating (income) expense	(4,403)	0	1,553	0
Costs and Expenses, Total	237,395	333,069	638,212	1,012,583
Income from Operations	74,793	386,468	181,169	1,062,734
Other Income (Expense)
Gain on sale of assets	0	0	0	34,658
Interest expense	(16,355)	(32,994)	(54,287)	(87,114)
Debt extinguishment costs	(1,183)	(3,138)	(12,093)	(13,401)
Gain on mark-to-market derivative contracts	14,795	451,083	13,217	390,175
Other income (expense)	569	(13,842)	761	(12,181)
Income Before Income Taxes	72,619	787,577	128,767	1,374,871
Income tax expense
Current	(21,696)	(210,023)	(33,757)	(312,276)
Deferred	(11,597)	(84,409)	(6,837)	(203,031)
Net Income	$39,326	$493,145	$88,173	$859,564
Earnings per Share
Basic	0.3	4.58	0.74	7.87
Diluted	0.3	4.5	0.73	7.72
Weighted Average Shares Outstanding
Basic	131,701	107,725	119,288	109,195
Diluted	132,725	109,617	120,003	111,297

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect (USD $)
In Thousands	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$88,173	$859,564
Items not affecting cash flows from operating activities
Gain on sale of assets	0	(34,658)
Depreciation, depletion, and amortization	280,691	411,558
Accretion	10,628	9,868
Deferred income tax expense	6,837	203,031
Debt extinguishment costs	12,093	13,401
Gain on mark-to-market derivative contracts	(13,217)	(390,175)
Noncash compensation	47,816	38,931
Other noncash items	4,479	4,230
Change in assets and liabilities from operating activities
Accounts receivable and other assets	29,586	(65,749)
Accounts payable and other liabilities	(30,682)	(50,317)
Stock appreciation rights	(327)	(59,056)
Income taxes receivable/payable	(126,191)	206,311
Net cash provided by operating activities	309,886	1,146,939
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to oil and gas properties	(1,242,698)	(688,205)
Acquisition of oil and gas properties	(1,137,142)	(2,012,969)
Payment of accrued merger costs	0	(76,645)
Proceeds from sales of oil and gas properties and related assets, net of costs and expenses	0	1,736,059
Derivative settlements	1,457,232	(36,212)
Decrease in restricted cash	0	59,092
Additions to other property and equipment	(12,167)	(34,448)
Other	162	(1,671)
Net cash used in investing activities	(934,613)	(1,054,999)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from revolving credit facilities	2,315,090	11,501,352
Repayments of revolving credit facilities	(3,545,090)	(11,672,221)
Proceeds from issuance of Senior Notes	916,439	400,000
Cost incurred in connection with financing arrangements	(19,441)	(25,448)
Derivative settlements	1,392	(24,097)
Issuance of common stock	648,035	0
Purchase of treasury stock	0	(304,192)
Other	28	9,647
Net cash provided by (used in) financing activities	316,453	(114,959)
Net decrease in cash and cash equivalents	(308,274)	(23,019)
Cash and cash equivalents, beginning of period	311,875	25,446
Cash and cash equivalents, end of period	$3,601	$2,427

Statement Of Shareholders Equit

Statement Of Shareholders Equity And Other Comprehensive Income (USD $)
In Thousands		Common Stock Amount	Additional Paid-in Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)		Treasury Stock Amount	Total
Beginning Balance at Dec. 31, 2008		$1,129	$2,739,625	($85,101)	($684)		($277,689)	$2,377,280
Beginning Balance at Dec. 31, 2008	112,874					(5,283)
Net income				88,173				88,173
Issuance of common stock	31,050
Issuance of common stock		310	647,725					648,035
Restricted stock awards			47,615					47,615
Issuance of treasury stock for restricted stock awards			(34,434)				34,448	14
Issuance of treasury stock for restricted stock awards						624
Other comprehensive income					684			684
Exercise of stock options and other			28					28
Ending Balance at Sep. 30, 2009	143,924					(4,659)
Ending Balance at Sep. 30, 2009		$1,439	$3,400,559	$3,072	$0		($243,241)	$3,161,829

Note 1-Organization and Signifi

Note 1-Organization and Significant Accounting Policies
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 1-Organization and Significant Accounting Policies	Note 1Organization and Significant Accounting Policies The accompanying consolidated financial statements of Plains Exploration Production Company, a Delaware corporation (PXP, us, our or we), include the accounts of all its wholly owned subsidiaries. All significant intercompany transactions have been eliminated. Certain reclassifications have been made to prior year statements to conform to the current year presentation. All adjustments, consisting only of normal recurring adjustments that in the opinion of management were necessary for a fair statement of the results for the interim periods, have been reflected. The results of our operations for the nine months ended September30,2009 are not necessarily indicative of the results to be expected for the full year. These consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December31, 2008. We are an independent energy company that is engaged in the upstream oil and gas business. The upstream business acquires, develops, explores for and produces oil and gas. Our upstream activities are primarily located in the United States. We also have interests in an exploration prospect offshore Vietnam. Asset Retirement Obligation.The following table reflects the changes in our asset retirement obligation during the nine months ended September30,2009 (in thousands): Asset retirement obligation - December31, 2008 $ 169,809 Settlements (2,740) Accretion expense 10,628 Additions 1,185 Asset retirement obligation - September 30, 2009 (1) $ 178,882 (1) $9.6 million is included in other current liabilities. Earnings Per Share.For the three and nine months ended September30,2009 and 2008, the weighted average shares outstanding for computing basic and diluted earnings per share were (in thousands): ThreeMonths EndedSeptember30, Nine Months EndedSeptember30, 2009 2008 2009 2008 Weighted average common shares outstanding - basic 131,701 107,725 119,288 109,195 Unvested restricted stock, restricted stock units and stock options 1,024 1,892 715 2,102 Weighted average common shares outstanding - diluted 132,725 109,617 120,003 111,297 In the three and nine months ended September30, 2009, 2.6million and 3.0million restricted stock units, respectively, were excluded in computing diluted earnings per share because they were antidilutive due to the impact of the unrecognized compensation cost on the calculation of assumed proceeds in the application of the treasury stock method. In computing earnings per share, no adjustments were made to reported net incom

Note 2-Long-Term Debt

Note 2-Long-Term Debt
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 2-Long-Term Debt	Note 2Long-Term Debt At September30,2009 and December31,2008, long-term debt consisted of (in thousands): September30, 2009 December31, 2008 Senior revolving credit facility $ 75,000 $ 1,305,000 73/4% Senior Notes due 2015 600,000 600,000 10% Senior Notes due 2016 (less unamortized discount of $39.8 million) 525,221 - 7% Senior Notes due 2017 500,000 500,000 75/8% Senior Notes due 2018 400,000 400,000 85/8% Senior Notes due 2019 (less unamortized discount of $6.6 million) 393,362 - $ 2,493,583 $ 2,805,000 On March13, 2009, we entered into an amendment to our senior revolving credit facility. The amendment reduced the borrowing base and commitments from $2.7 billion and $2.3 billion, respectively, to $1.5 billion. This reduction gives consideration to our derivative monetization (See Note 3 Derivative Instruments). Our borrowing base and commitments were then reduced to $1.34 billion in recognition of our issuances of $565 million of 10% Senior Notes due 2016, in March and April 2009 (10% Senior Notes), and further reduced to $1.22 billion in recognition of our issuance of $400 million of 85/8% Senior Notes due 2019, in September 2009 (85/8% Senior Notes). During 2009, we have recognized $12.1 million of debt extinguishment costs in connection with the reductions in our borrowing base and commitments. In addition, the amendment increased the cost of borrowings under our senior revolving credit facility. Amounts borrowed under our senior revolving credit facility bear an interest rate, at our election, equal to either: (i)the Eurodollar rate, which is based on LIBOR, plus an additional variable amount ranging from 2.00% to 2.75%; (ii)the greater of (1)the prime rate, as determined by JPMorgan Chase Bank, (2)the federal funds rate, plus 1/2 of 1%, and (3)the adjusted LIBOR rate plus 1%; or (iii)the over-night federal funds rate plus an additional variable amount ranging from 2.00% to 2.75% for swingline loans. The additional variable amount of interest payable on outstanding borrowings is based on (1)the utilization rate as a percentage of the total amount of funds borrowed under our senior revolving credit facility to the conforming borrowing base, and (2)our long-term debt ratings. Letter of credit fees under our senior revolving credit facility are based on the utilization rate and our long-term debt rating and range from 2.0% to 2.75%. Commitment fees are 0.50% of the amount available for borrowing. Our senior revolving credit facility is secured by 100% of the shares of stock in certain of our domestic and 65% of the shares of stock in certain foreign subsidiaries and mortgages covering at least 75% of the total present value of our domestic oil and gas properties. Our senior revolving credit facility, as amended, contains negative covenants that limit our ability, as well as the ability of our restricted subsidiaries, among other things, to incur additional debt, pay dividends on stock, make distributions of cash or property, change the nature of our business or operations, redeem stock or redeem

Note 3-Derivative Instruments

Note 3-Derivative Instruments
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 3-Derivative Instruments	Note 3Derivative Instruments General We are exposed to various market risks, including volatility in oil and gas commodity prices, interest rates and foreign currency exchange rates. The level of derivative activity we engage in depends on our view of market conditions, available derivative prices and operating strategy. A variety of derivative instruments, such as swaps, collars, puts, calls and various combinations of these instruments, may be utilized to manage our exposure to the volatility of oil and gas commodity prices. Currently, we do not use derivatives to manage our interest rate or foreign currency risk. The interest rate on our senior revolving credit facility is variable, while our senior notes are fixed interest rates, thereby mitigating our interest rate risk exposure. Our foreign currency risk in Vietnam has been minimal due to the size of our operations. All derivative instruments are recorded on the balance sheet at fair value. If a derivative does not qualify as a hedge or is not designated as a hedge, the changes in fair value, both realized and unrealized, are recognized in our income statement as a gain or loss on mark-to-market derivative contracts. Cash flows are only impacted to the extent the actual settlements under the contracts result in making a payment to or receiving a payment from the counterparty. We do not currently use hedge accounting for our derivative instruments. Cash settlements with respect to derivatives, which contain a significant financing element, are reflected as financing activities in the Statement of Cash Flows. Cash settlements with respect to derivatives that are not accounted for under hedge accounting and do not have a significant financing element are reflected as investing activities in the Statement of Cash Flows. For put options, we pay a premium to the counterparty in exchange for the sale of a put option. If the index price is below the strike price of the put option, we receive the difference between the strike price and the index price multiplied by the contract volumes less the premium. If the market price settles at or above the strike price of the put option, we pay only the option premium. In a typical collar transaction, if the floating price based on a market index is below the floor price in the derivative contract, we receive from the counterparty an amount equal to this difference multiplied by the specified volume. If the floating price exceeds the floor price and is less than the ceiling price, no payment is required by either party. If the floating price exceeds the ceiling price, we must pay the counterparty an amount equal to the difference multiplied by the specified quantity. We may pay a premium to the counterparty in exchange for a certain floor or ceiling. Any premium reduces amounts we would receive under the floor or increases amounts we would pay above the ceiling. If the floating price exceeds the floor price or is less than the ceiling price, then no payment, other than the premium, is required. If we have less production than the volumes specified under the collar transaction when the floating price exceeds the ceiling price, we must m

Note 4-Fair Value Measurements

Note 4-Fair Value Measurements of Assets and Liabilities
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 4-Fair Value Measurements of Assets and Liabilities	Note 4Fair Value Measurements of Assets and Liabilities Our financial assets and liabilities are measured at fair value on a recurring basis. We disclose or recognize our nonfinancial assets and liabilities, such as asset retirement obligations, goodwill and other property and equipment, at fair value on a nonrecurring basis. For nonfinancial assets and liabilities, we are required to disclose information that enables users of our financial statements to assess the inputs used to develop those measurements. As none of our nonfinancial assets and liabilities were impaired at the end of the third quarter and no other fair value measurements were required to be recognized on a nonrecurring basis, no additional disclosures were provided at September30, 2009. Fair Value of Derivative Instruments Fair value is the amount that would be received from the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants. A liability is quantified at the price it would take to transfer the liability to a new obligor, not at the amount that would be paid to settle the liability with the creditor. We follow a three-level hierarchy, prioritizing and defining the types of inputs used to measure fair value. Level 1 inputs consist of unadjusted quoted prices for identical instruments in active markets. Level 2 inputs consist of quoted prices for similar instruments which are directly or indirectly observable for substantially the full term of the asset or liability. Level 3 valuations are derived from significant inputs which are unobservable. The following table presents, for each fair value hierarchy level, our commodity derivative assets measured at fair value on a recurring basis as of September30, 2009 (in thousands): Fair Value (1) FairValueMeasurementsatReportingDateUsing QuotedPrices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level2) Significant Unobservable Inputs (Level 3) September30, 2009 Commodity derivative assets $ 128,660 $ - $ 49,674 $ 78,986 (1) Option premium, interest and settlement payable are not included in the fair value of derivatives. The fair value amounts of our derivative instruments are estimated using an option-pricing model, which uses various inputs including NYMEX price quotations, volatilities, interest rates and contract terms. We adjust the valuations from the model for credit quality, using the counterpartys credit quality for asset balances and our credit quality for liability balances. For asset balances, we use the credit default swap value for counterparties when available, or the spread between the risk-free interest rate and the yield on the counterpartys publicly-traded debt for similar maturities. We consider the impact of netting agreements on counterparty credit risk, including whether the position with the counterparty is a net asset or net liability. We classify derivatives that have identical assets or liabilities with quoted, unadjusted prices in active markets as Level 1. We classify our derivatives as Level 2 if

Note 5-Income Taxes

Note 5-Income Taxes
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 5-Income Taxes	Note 5Income Taxes Income tax expense during interim periods is based on the estimated annual effective income tax rate plus any significant unusual or infrequently occurring items which are recorded in the period that the specific item occurs. For the three months ended September30, 2009, our income tax expense was approximately 46% of pre-tax income, and for the nine months ended September30, 2009, income tax expense was approximately 32% of pretax income. Variances in our estimated annual effective tax rate from the 35% federal statutory rate primarily result from the tax effects of estimated annual permanent differences, including (1)expenses that are not deductible because of Internal Revenue Service limitations, (2)the special deduction related to domestic production, and (3)state income taxes. Specific items affecting our income tax expense for the nine months ended September30, 2009 included significant changes to our balance of unrecognized tax positions and adjustments to deferred taxes for differences in certain expenses between our consolidated financial statements and tax amounts. In the second quarter of 2009, the IRS completed the field work related to its examination of certain of our federal income tax returns for 2000 through 2004 and issued revenue agent reports for all of these years. As a result of these second quarter events, we reduced the balance of our net unrecognized tax positions related to certain deductions and tax credits by approximately $29 million which positively impacted our net income by approximately $24 million in the second quarter. We had approximately $47.2 million of gross unrecognized tax benefits at December31, 2008. At September30, 2009, we had approximately $16.5 million of gross unrecognized tax benefits. If all of our unrecognized tax benefits are recognized in future periods, approximately $15.7 million will impact our effective tax rate.

Note 6-Commitments and Continge

Note 6-Commitments and Contingencies
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 6-Commitments and Contingencies	Note 6Commitments and Contingencies Environmental matters.As an owner or lessee and operator of oil and gas properties, we are subject to various federal, state, and local laws and regulations relating to discharge of materials into, and protection of, the environment. Often these regulations are more burdensome on older properties that were operated before the regulations came into effect such as some of our properties in California that have operated for over 90 years. We have established policies for continuing compliance with environmental laws and regulations. We also maintain insurance coverage for environmental matters, which we believe is customary in the industry, but we are not fully insured against all environmental risks. There can be no assurance that current or future local, state or federal rules and regulations will not require us to spend material amounts to comply with such rules and regulations. Plugging, Abandonment and Remediation Obligations. Consistent with normal industry practices, substantially all of our oil and gas leases require that, upon termination of economic production, the working interest owners plug and abandon non-producing wellbores, remove tanks, production equipment and flow lines and restore the wellsite. Typically, when producing oil and gas assets are purchased the purchaser assumes the obligation to plug and abandon wells that are part of such assets. However, in some instances, we receive an indemnity with respect to those costs. We cannot provide assurance that we will be able to collect on these indemnities. In connection with the sale of certain properties offshore California in December 2004 we retained the responsibility for certain abandonment costs, including removing, dismantling and disposing of the existing offshore platforms. The present value of such abandonment costs, $43 million ($84million undiscounted), is included in our asset retirement obligation as reflected on our consolidated balance sheet. In addition, we agreed to guarantee the performance of the purchaser with respect to the remaining abandonment obligations related to the properties (approximately $67million). To secure its abandonment obligations, the purchaser of the properties is required to periodically deposit funds into an escrow account. At September30,2009, the escrow account had a balance of $12million. The fair value of our guarantee at September30, 2009 was $0.9million and is included in other long-term liabilities in our consolidated balance sheet. Operating risks and insurance coverage.Our operations are subject to all of the risks normally incident to the exploration for and the production of oil and gas, including well blowouts, cratering, explosions, oil spills, releases of gas or well fluids, fires, pollution and releases of toxic gas, each of which could result in damage to or destruction of oil and gas wells, production facilities or other property, or injury to persons. Our operations in California, including transportation of oil by pipelines within the city and county of Los Angeles, are especially susceptible to damage from earthquakes and involve increased risks of personal injury, p

Note 7-Stockholders' Equity

Note 7-Stockholders' Equity
	1/1/2009 - 9/30/2009 USD / shares
Notes to Financial Statements [Abstract]
Note 7-Stockholders' Equity	Note 7Stockholders Equity During the second quarter of 2009, we sold 13.8million shares of our common stock at a price of $18.70 per share to the public and received $250.9 million of net proceeds after deducting the underwriting discounts and offering expenses. We used the net proceeds for general corporate purposes, including capital expenditures. In August 2009, we sold 17.25million shares of our common stock at a price of $24.00 per share to the public and received $397.1 million of net proceeds after deducting the underwriting discounts and offering expenses. We used the net proceeds for general corporate purposes, including to fund a portion of the $1.1 billion payment for the Haynesville Carry.

Note 8-Consolidating Financial

Note 8-Consolidating Financial Statements
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 8-Consolidating Financial Statements	Note 8Consolidating Financial Statements We are the issuer of $600 million of 73/4% Senior Notes, $565 million of 10% Senior Notes, $500 million of 7% Senior Notes, $400 million of 75/8% Senior Notes and $400 million of 85/8% Senior Notes as of September30, 2009, which are jointly and severally guaranteed on a full and unconditional basis by certain of our existing domestic subsidiaries (referred to as Guarantor Subsidiaries). Certain of our subsidiaries do not guarantee the Senior Notes (referred to as Non-Guarantor Subsidiaries). The following financial information presents consolidating financial statements, which include: PXP (the Issuer); the Guarantor Subsidiaries on a combined basis; the Non-Guarantor Subsidiaries on a combined basis; elimination entries necessary to consolidate the Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries; and PXP on a consolidated basis. PLAINS EXPLORATION PRODUCTION COMPANY CONDENSED CONSOLIDATING BALANCE SHEET (Unaudited) SEPTEMBER 30, 2009 (in thousands of dollars) Issuer Guarantor Subsidiaries Non- Guarantor Subsidiaries Intercompany Eliminations Consolidated ASSETS Current Assets Cash and cash equivalents $ 2,847 $ 11 $ 743 $ - $ 3,601 Accounts receivable and other current assets 203,469 86,831 1,966 (19,241 ) 273,025 206,316 86,842 2,709 (19,241 ) 276,626 Property and Equipment, at cost Oil and natural gas properties - full cost method 3,959,553 7,994,267 54,751 - 12,008,571 Other property and equipment 48,703 35,647 38,807 - 123,157 4,008,256 8,029,914 93,558 - 12,131,728 Less allowance for depreciation, depletion, amortization and impairment (2,157,133 ) (5,097,316 ) (39 ) 1,762,754 (5,491,734 ) 1,851,123 2,932,598 93,519 1,762,754 6,639,994 Investment in and Advances to Affiliates 4,777,849 (1,831,156 ) (56,129 ) (2,890,564 ) - Other Assets 20,140 575,119 - - 595,259 $ 6,855,428 $ 1,763,403 $ 40,099 $ (1,147,051 ) $ 7,511,879 LIABILITIES AND STOCKHOLDERS EQUITY Current Liabilities $ 440,654 $ 294,717 $ 10,180 $ (19,241 ) $ 726,310 Long-Term Debt 2,493,583 - - - 2,493,583 Other Long-Term Liabilities 143,341 60,692 - - 204,033 Deferred Income Taxes 616,021 (392,444 ) 1,750 700,797 926,124

Document Information

Document Information
	9 Months Ended Sep. 30, 2009 USD / shares
Document Information [Text Block]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2009-09-30

Entity Information

Entity Information (USD $)
	9 Months Ended Sep. 30, 2009	Oct. 30, 2009
Entity [Text Block]
Trading Symbol	PXP
Entity Registrant Name	PLAINS EXPLORATION & PRODUCTION CO
Entity Central Index Key	0000891456
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		139,300,000