Operational Updates
Plains Exploration Provides Second-Quarter Operational and Financial Updates
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Plains Exploration & Production Company (NYSE:PXP) ("PXP" or the "Company") announces 2012 second quarter preliminary operational and financial results.
OPERATIONAL UPDATE
PXP's 2012 second-quarter daily sales volumes averaged approximately 98 thousand barrels of oil equivalent (BOE) per day of which oil/liquids volumes represent approximately 61% of total volumes (oil 57%, natural gas liquids 4%) and natural gas 39% of total volumes. Daily oil sales volumes increased 17% compared to first-quarter 2012.
FINANCIAL UPDATE
For the three months ended June 30, 2012, PXP expects to report an approximate $220 million pre-tax gain on mark-to-market derivative contracts of which approximately $20 million is a pre-tax realized gain, an approximate $85 million pre-tax gain on its investment in…
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