PXP
Plains Exploration & Production CompanyNYSE
PXP is defunct.
  • May 21, 2014, 10:11 AM
    • U.S. energy authorities have slashed by 96% the estimated amount of recoverable oil in California's Monterey Shale deposits, deflating its potential as a national "black gold mine" of petroleum, the LA Times reports.
    • Just 600M barrels of oil can be extracted with existing technology, far below the 13.7B barrels once thought recoverable; the new estimate is expected to be released publicly next month.
    • The Monterey Shale formation contains about two-thirds of U.S. shale oil reserves, and had been seen as an enormous bonanza for California's economy and U.S. energy security.
    • Potential tickers of interest include OXY, CNQ, PXP.
    | May 21, 2014, 10:11 AM | 21 Comments
  • May 28, 2013, 6:17 PM
    After-hours top gainers, as of 5:45 p.m.: GWRE +5.7%. WLH +4.7%. WTSL +4.2%. IVC +4.1%. MYGN +3.8%.
    After-hours top losers: PRXI -5.2%. BKS -4.6%. PXP -4.2%. IRC -3.4%. AEC -2.5%.
    | May 28, 2013, 6:17 PM
  • May 23, 2013, 8:23 AM

    Domino's Pizza (DPZ) +3.3% premarket on news it will replace Plains Exploration (PXP) in the S&P MidCap 400 after the close on May 30. Cynosure (CYNO), which will replace NCI Building Systems (NCS), +4.3%. NCS -5.5%.

    | May 23, 2013, 8:23 AM
  • May 20, 2013, 2:16 PM

    Plains Exploration (PXP +7.5%) shareholders vote to approve Freeport McMoRan’s (FCX -0.2%) acquisition of PXP at today's special meeting. The transaction is expected to close on May 31. Following completion of the transaction, there are expected to be ~1B shares of FCX outstanding. Earlier today, PXP declared a $3/share special dividend conditioned upon the completed merger.

    | May 20, 2013, 2:16 PM
  • May 20, 2013, 10:07 AM

    Paulson & Co., whose funds own ~9.9% of the outstanding shares (12.8M) of Plains Exploration (PXP +7%), says it will vote in favor of Freeport McMoRan's (FCX -0.9%) proposed takeover of PXP and McMoRan Exploration (MMR) as it "adds another avenue for growth, diversifies its cash flows, and increases the proportion of earnings from the United States."

    | May 20, 2013, 10:07 AM
  • May 20, 2013, 9:10 AM
    Premarket gainers: AQ +116%. MEAD +97%. PACT +38%. WBSN +28%. RSOL +26%. ROSG +16%. JASO +16%. JRCC +14%. QIHU +12%. LDK +9%. PXP +7%. IQNT +5%. VOYA +5%. DANG +5%.
    Losers: XNPT -26%. NBG -8%.
    | May 20, 2013, 9:10 AM
  • May 20, 2013, 8:29 AM

    Sweetening the pot ahead of today's shareholder vote deciding the fate of Freeport McMoRan's (FCX) proposed takeover of Plains Exploration (PXP), PXP declares a special $3/share dividend and FCX announces a $1/share supplemental dividend to be paid upon closing the acquisition. With a close vote expected, the moves may well tip support in favor of the deal. PXP +6.2%, FCX +0.8% premarket.

    | May 20, 2013, 8:29 AM | 5 Comments
  • May 17, 2013, 11:23 AM

    While a razor-thin margin one way or the either is anticipated in next Monday's vote on Freeport McMoRan's (FCX) takeover bid for Plains Exploration (PXP), FCX shares could be poised to rise on either outcome. But all bets are off if FCX sees the bid on the verge of defeat and decides to sweeten the pot after saying it wouldn't do so. A higher offer could further pressure shares, already -16% since the deal was announced.

    | May 17, 2013, 11:23 AM
  • May 13, 2013, 9:09 AM

    Plains Exploration (PXP) CEO James Flores urges shareholders to back the proposed merger with Freeport McMoRan (FCX) ahead of the May 20 shareholder meeting, citing the strategic nature of the transaction, the financial and operational strength of the combined businesses, and the expected lower borrowing cost. Flores also criticizes analyses provided by ISS and Glass Lewis, which oppose the merger.

    | May 13, 2013, 9:09 AM | 1 Comment
  • May 9, 2013, 8:25 AM

    Freeport McMoRan (FCX) reiterates its support for its proposed acquisition of Plains Exploration (PXP) and that the agreed terms are the "best and final" offer. PXP says the financial and operational strength of the combined businesses will allow for accelerated value creation across the entire asset portfolio. FCX +1.3%, PXP -2.6% premarket.

    | May 9, 2013, 8:25 AM
  • May 8, 2013, 3:18 PM

    Freeport McMoRan's (FCX +2.7%) planned acquisition of Plains Exploration (PXP) likely will close in June despite objections, Morgan Stanley predicts as it maintains an Outperform rating on the shares. Long-term FCX shareholders should be rewarded with strong growth through 2015 and lower political uncertainty, the firm says, adding that copper inventories are starting to decline.

    | May 8, 2013, 3:18 PM | 1 Comment
  • May 7, 2013, 2:29 PM

    Freeport McMoRan (FCX +0.2%) will not boost its offer for Plains Exploration (PXP +1.6%), according to sources cited by Dealreporter. Earlier today, ISS recommended shareholders vote against the deal as it believes the stock should trade higher based on intrinsic value alone.

    | May 7, 2013, 2:29 PM
  • May 7, 2013, 12:13 PM

    Proxy advisory firm ISS becomes the third financial outfit to come out against the proposed $6B takeover of Plains Exploration (PXP +2.2%) by Freeport McMoRan (FCX +0.4%). The FCX offer is too low, ISS says, adding that "even at the announcement day valuation of $49.55, the transaction would offer little or no takeover premium to the current stand-alone value." (earlier)

    | May 7, 2013, 12:13 PM | 3 Comments
  • May 6, 2013, 2:12 PM

    SAC Capital unit CR Intrinsic says it will vote against Freeport McMoRan's (FCX +1.2%) pending acquisition of Plains Exploration (PXP +1.1%) because it undervalues the company. CR says shares of PXP's peers have risen since the deal was announced, and that PXP has reported two operationally strong quarters. CR says its affiliates and funds it manages own ~3.8% of PXP.

    | May 6, 2013, 2:12 PM
  • May 3, 2013, 11:21 AM

    Month-long maintenance at BP's gas processing plant in Pascagoula, Miss., will shut in a "tremendous" amount of Gulf of Mexico production, Plains Exploration (PXP) CEO Jim Flores says. BP-operated Thunder Horse is the world's biggest platform, with the capacity to produce 250K bbl/day and 200M cf/day. Net Q1 sales volumes from Horn Mountain and Marlin Hub, which PXP bought from BP last year, was 44K boe/day.

    | May 3, 2013, 11:21 AM
  • May 2, 2013, 8:58 AM

    More on Plains Exploration's (PXPQ1 results: Sales volumes averaged 170.4K boe/day, up 92% Y/Y; oil sales volumes averaged 129.2K boe/day, up 158%. Production gains are attributable to Gulf of Mexico assets acquired from BP last November and higher Eagle Ford output. Operating cash flow was $789M vs. $329M in the year-ago quarter.

    | May 2, 2013, 8:58 AM