Plains Exploration & Production Company (PXP) filed Quarterly Report for the period ended 2010-09-30.

Plains Exploration & Production Company has a market cap of $4.05 billion; its shares were traded at around $29.55 with a P/E ratio of 8.7 and P/S ratio of 3.5.

PXP is in the portfolios of George Soros of Soros Fund Management LLC, Westport Asset Management, T Boone Pickens of BP Capital, Daniel Loeb of Third Point, LLC, Stanley Druckenmiller of Duquesne Capital Management, LLC, Louis Moore Bacon of Moore Capital Management, LP, Steven Cohen of SAC Capital Advisors, PRIMECAP Management, John Keeley of Keeley Fund Management, Eric Mindich of Eton Park Capital Management, L.P., Bruce Kovner of Caxton Associates, Jim Simons of Renaissance Technologies LLC, Jeremy Grantham of GMO LLC.

Highlight of Business Operations:

Oil revenues increased $26.8 million to $276.4 million for 2010 from $249.6 million for 2009 reflecting higher average realized prices ($32.2 million) partially offset by lower sales volumes ($5.4 million). Our average realized price for oil increased $7.39 to $64.65 per Bbl for 2010 from $57.26 per Bbl for 2009. Oil sales volumes decreased 0.9 MBbls per day to 46.5 MBbls per day in 2010 from 47.4 MBbls per day in 2009, primarily reflecting lower production from our California properties partially offset by increased production from our Panhandle properties.

Gas revenues increased $48.1 million to $110.5 million in 2010 from $62.4 million in 2009 reflecting higher average realized prices ($26.8 million) and increased sales volumes ($21.3 million). Our average realized price for gas was $4.54 per Mcf in 2010 compared to $3.18 per Mcf in 2009. Gas sales volumes increased 51.0 MMcf per day to 264.7 MMcf per day in 2010 from 213.7 MMcf per day in 2009, primarily reflecting increased production from our Haynesville Shale properties.

Depreciation, depletion and amortization. DD&A expense increased $31.4 million, to $133.2 million in 2010 from $101.8 million in 2009. The increase is attributable to our oil and gas depletion, primarily due to a higher per unit rate ($20.7 million) and increased production ($10.4 million). Our oil and gas unit of production rate increased to $15.33 per BOE in 2010 compared to $12.66 per BOE in 2009.

Oil revenues increased $202.9 million to $828.7 million for 2010 from $625.8 million for 2009 reflecting higher average realized prices ($254.0 million), partially offset by lower sales volumes ($51.1 million). Our average realized price for oil increased $19.18 to $66.42 per Bbl for 2010 from $47.24 per Bbl for 2009. The increase is primarily attributable to an increase in the NYMEX oil price, which averaged $77.69 per Bbl in 2010 versus $57.32 per Bbl in 2009. Oil sales volumes decreased 2.8 MBbls per day to 45.7 MBbls per day in 2010 from 48.5 MBbls per day in 2009, primarily reflecting decreased production from our California properties.

Gas revenues increased $113.7 million to $305.9 million in 2010 from $192.2 million in 2009 due to an increase in sales volumes ($61.1 million) and an increase in realized prices ($52.6 million). Gas sales volumes increased 49.4 MMcf per day to 247.3 MMcf per day in 2010 from 197.9 MMcf per day in 2009, primarily reflecting increased production from our Haynesville Shale properties. Our average realized price for gas was $4.53 per Mcf in 2010 compared to $3.56 per Mcf in 2009.

Depreciation, depletion and amortization. DD&A expense increased $98.7 million, to $379.4 million in 2010 from $280.7 million in 2009. The increase is attributable to our oil and gas depletion, primarily due to a higher per unit rate ($77.6 million) and increased production ($21.7 million). Our oil and gas unit of production rate increased to $15.33 per BOE in 2010 compared to $11.89 per BOE in 2009.

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