Plains Exploration's (PXP -10%) debt-fueled $5.5B purchase of BP assets isn't seen as cheap by...

|About: Plains Exploration & Produc... (PXP)|By:, SA News Editor

Plains Exploration's (PXP -10%) debt-fueled $5.5B purchase of BP assets isn't seen as cheap by analysts, but PXP likely will pursue development options with the fields that could justify "a value above what the fields would be worth if left in BP's hands," Tudor Pickering says. CEO James Flores sees the chance to pick up assets BP didn't want to redevelop as a "once-in-a-cycle opportunity."