Market Report -- In Play (PXP)
November 5, 2009 7:38 AM ET
Plains Exploration reports Q3 (Sep) results, misses on revs Reports Q3 (Sep) earnings of $0.30 per share, may not be comparable to the First Call consensus of $0.53; revenues fell 56.5% year/year to $312.9 mln vs the $375.6 mln consensus. "Our 2010 capital spending plan leverages on those strengths and allocates capital to asset areas with the greatest returns and highest growth prospects. PXP's Board of Directors approved a $900 million to $1.1 billion 2010 capital budget versus an estimated $1.55 billion 2009 capital budget. The 2010 capital investment is predominately focused on the continued development of our substantial Haynesville Shale acreage position, our large, high free-cash flow California oil business and our Texas Panhandle, South Texas and Gulf of Mexico asset areas'.
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