 PXP Plains Exploration & Production Company 2013 Credit Suisse Energy Summit February 2013 Filed by Plains Exploration & Production Company pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 under the Securities Exchange Act of 1934 Subject Company: Plains Exploration & Production Company Commission File No.: 001-31470 Date: February 5, 2013 |
 2 PXP Plains Exploration & Production Company Corporate Headquarters Contacts Plains Exploration & Production Company 700 Milam, Suite 3100 Houston, Texas 77002 Forward-Looking Statements This presentation is not for reproduction or distribution to others without PXP’s consent. Corporate Information James C. Flores – Chairman, President & CEO Winston M. Talbert – Exec. Vice President & CFO Hance V. Myers, III – Vice President Corporate Information Director Joanna Pankey – Manager, Shareholder Services Phone: 713-579-6000 Toll Free: 800-934-6083 Email: investor@pxp.com Web Site: www.pxp.com Except for the historical information contained herein, the matters discussed in this presentation are “forward-looking statements” as defined by the Securities and Exchange Commission. These statements involve 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. The forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially. These risks and uncertainties include, among other things, uncertainties inherent in the exploration for and development and production of oil and gas and in estimating reserves, the timing and closing of acquisitions and divestments, unexpected future capital expenditures, general economic conditions, oil and gas price volatility, the success of our risk management activities, competition, regulatory changes and other factors discussed in PXP’s filings with the SEC. References to quantities of oil or natural gas may include amounts that the Company believes will ultimately be produced, but that are not yet classified as "proved reserves" under SEC definitions. |
 3 PXP Plains Exploration & Production Company Asset Overview Core Asset Areas Madden Haynesville Gulf of Mexico San Joaquin Valley Arroyo Grande Santa Maria Basin Los Angeles Basin Eagle Ford California • • • Eagle Ford • • • • Gulf of Mexico • • • Madden • • • Haynesville • • • (1) Includes near-term PXP exploration. 482 MMBOE total resource potential 2,300+ future locations Brent based pricing 200 BCFE total resource potential 30+ future locations NYMEX pricing 5,475 BCFE total resource potential 11,000+ future locations NYMEX Pricing 1,269 MMBOE total resource potential (1) 145+ future locations LLS Pricing 172 MMBOE total resource potential 60,000 net acres 500+ future locations LLS pricing |
 4 PXP Plains Exploration & Production Company Asset Intensity Substantial Oil Exposure • High Margins • Durability 2P Reserves R/P 15 years Total Resource R/P 48 years Onshore Oil Margin 12/31/2011 2P R/P Resource Potential R/P Gross Locations Total Resource Potential California Brent Based Pricing 26 yr 38 yr 2,300+ 436 MMBOE Eagle Ford LLS Pricing 7 yr 52 yr 500+ 172 MMBOE Offshore Oil California Brent Based Pricing 5 yr 14 yr 8+ 46 MMBOE Gulf of Mexico LLS Pricing 10 yr 59 yr 145+ 1,269 MMBOE Onshore Gas Madden NYMEX 16 yr 20 yr 30+ 200 BCFE Haynesville NYMEX 24 yr 75 yr 11,000+ 5,475 BCFE |
 5 PXP Plains Exploration & Production Company Leading Value Creating Characteristics (1) Free cash flow, a non-GAAP measure, is defined as net cash provided by operating activities minus capital expenditures. • Increasing Oil Production Per Share • Strong Oil Growth Assets with Premium Pricing • Higher-Margin Barrels Increasing Income from Operations Per Share • Increasing Cash Flow Growth Driving Improved Free Cash Flow (1) Potential |
 6 PXP Plains Exploration & Production Company Production Target Profile Haynesville/Madden Haynesville/Madden California California Eagle Ford Eagle Ford 62% Increase in 2013 Production; 87% of the Increase is Oil GOM Risked Exploration Success GOM-Acquired Assets GOM-Acquired Assets 0 50 100 150 200 250 300 350 400 0 50 100 150 200 250 300 350 400 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E |
 7 PXP Plains Exploration & Production Company Deepwater Gulf of Mexico East Breaks Alaminos Canyon Garden Banks Keathley Canyon Green Canyon Walker Ridge Lund Atwater Valley Mississippi Canyon Viosca Knoll Holstein Horn Mountain Marlin Ram Powell Diana Hoover PXP Operated PXP Non-Op Texas Louisiana Lucius Phobos Prospect PXP Leases |
 FCX Transaction PXP Plains Exploration & Production Company |
 9 PXP Plains Exploration & Production Company Transaction Highlights • Each PXP Share Receives .6531 Shares of FCX Common Stock and $25 in Cash • Creates a Premier U.S. Based Natural Resource Company • Adds High Quality U.S. Oil & Gas Assets to World-Class Mining Portfolio • Asset Quality Consistent with Characteristics Sought in Mining Business: Large, Long Life, Low Cost, Expandable • Enhances Exploration Leverage with Significant Value Potential • Complementary Commodity Exposure to Long-Term Global Growth Trends • Combined Asset Portfolio Expands Reinvestment Opportunities to Drive Future Growth |
 10 PXP Plains Exploration & Production Company IMPORTANT ADDITIONAL INFORMATION WILL BE FILED WITH THE SEC In connection with the proposed business combination transaction between PXP and FCX, FCX has filed with the SEC a registration statement on Form S-4 that contains a proxy statement/prospectus to be mailed to the PXP stockholders in connection with the proposed transaction. THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS CONTAIN IMPORTANT INFORMATION ABOUT PXP, FCX, THE PROPOSED TRANSACTION AND RELATED MATTERS. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS CAREFULLY WHEN THEY BECOME AVAILABLE. Investors and security holders may obtain free copies of the registration statement and the proxy statement/prospectus and other documents filed with the SEC by PXP and FCX through the web site maintained by the SEC at www.sec.gov. In addition, investors and security holders may obtain free copies of the registration statement and the proxy statement/prospectus by phone, e-mail or written request by contacting the investor relations department of PXP or FCX at the following: PARTICIPANTS IN THE SOLICITATION PXP and FCX, and their respective directors and executive officers, may be deemed to be participants in the solicitation of proxies in respect of the proposed transactions contemplated by the merger agreement. Information regarding directors and executive officers of PXP is contained in the proxy statement/prospectus dated December 28, 2012, which is filed with the SEC. Information regarding FCX’s directors and executive officers is contained in FCX’s definitive proxy statement dated April 27, 2012, which is filed with the SEC. Corporate Information Plains Exploration & Production Company Freeport-McMoRan Copper & Gold Inc. 700 Milam, Suite 3100 Houston, TX 77002 Attention: Investor Relations Phone: (713) 579-6000 Email: investor@pxp.com 333 N. Central Ave. Phoenix, AZ 85004 Attention: Investor Relations Phone: (602) 366-8400 Email: ir@fmi.com |