Plains Exploration & Production Company Valuation Report, June 2010 - Strategic and Operational Analysis


#29977

115pages

GlobalData

$ 3500

In Stock


The Plains Exploration & Production Company is an independent energy company engaged in the acquisition, development, exploitation, exploration, and production of crude oil and natural gas assets in the US. The companys principal operations are in Los Angeles and the San Joaquin basins onshore California, Santa Maria basin offshore California, the GoM, and Gulf Coast region. The major assets of the company include the Haynesville Shale of South and East Texas, the Mid-Continent region in Texas and Oklahoma, and the Wind River Basin in the Rocky Mountains. In addition, the company also holds interests in an exploration prospect in offshore Vietnam. As of December 31, 2009, the company had estimated proved reserves of 359.5 million barrels of oil equivalent (MMboe), of which 60% was crude oil, and 64% was proved and developed. The company was founded in 2002 and is headquartered in Texas in the US.

Scope

  • Investment Thesis: This section highlights the companies new ventures, liquidity issues, assets analysis, hedging, new projects details, capex funding, geographical results of oil and gas operations, and other related analysis. 
  • Goals and Strategies: Provide highlights on their existing and upcoming challenges with the possible strategies. 
  • SWOT: This section highlights the companies internal strength, weakness, opportunities and threats to better understand their position in the market
  • Production and Development profile: This section highlights the companies forecasted crude oil and natural gas production from their existing and upcoming assets. It also covers the detailed information and analysis on the producing and development assets. 
  • Exploration and M&A trends: This section includes exploration assets information resulted due to new discoveries, new drilling and other activities. Additionally, M&A section highlights the companies recent assets transactions, joint ventures, acquisition, and divestment activities during the specified period. 
  • Financial Forecast and Valuation: This section highlights the detailed financial forecast of the companies for coming five years. This section also provides intrinsic value of the companies by using different valuation techniques. 
  • Peer Group: This section compares peer group performance with the main companies on the basis of share prices, financial ratios, operational and financial parameters and other related activities. 
Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to:

  • Provide detailed analysis to those who are interested in knowing the companies existing and future business strategies.
  • Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates. 
  • Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies. 
  • Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Table Of Contents

1 Table of contents
1 Table of contents 3
1.1 List of Tables 6
1.2 List of Figures 8

2 Plains Exploration & Production Company, Company Overview 11

3 Plains Exploration & Production Company, Watchlist for 2010 15

4 Plains Exploration & Production Company, Investment Summary 16
4.1 Plains is Relying on the Gulf of Mexico Region for Future Growth 16
4.2 Haynesville: A Move Towards the Tapping of Unconventional Resources Through Joint Venture with Chesapeake 18
4.3 Californian Assets: Holding Reserves for Future Growth of Company 20
4.4 Plains has Sufficient Liquidity to Support its 2010 Capex Plan 21

5 Plains Exploration & Production Company, SWOT Analysis 24
5.1 Strengths 24
5.1.1 Large number of upcoming projects 24
5.1.2 Strong financial position 24
5.1.3 High Reserve/Production (R/P) ratio 24
5.1.4 Strong Hedging Strategy 24
5.2 Weaknesses 24
5.2.1 Limited Geographical Asset Base 24
5.2.2 High Lifting and Oil & Gas Finding & Development Cost per boe 24
5.3 Opportunities 25
5.3.1 Capitalize on other markets 25
5.3.2 Making Strategic Acquisitions 25
5.4 Threats 25
5.4.1 Stringent Regulations 25
5.4.2 Unfavorable Results from the California Legislative for T-Ridge Project 25
5.4.3 Delay in Execution of ExplorationProjects in Vietnam 25

6 Plains Exploration & Production Company, Goal and Strategies 26
6.1 To Maintain Target of 10%-15% Annual Growth in Production and 20% Annual Growth in Reserves Base To 2014 : Keeping Upcoming Assets in Focus 26
6.2 To Expand the Development of Diatomite, Non-Diatomite and Miocene Projects to Maintain Oil Production Volumes 26
6.3 Further Development of Haynesville to Increase Natural Gas Production 26
6.4 Development of the High Potential Deepwater Gulf of Mexico Discoveries to Increase Future Production of Oil 27

7 Plains Exploration & Production Company, Production Overview 28
7.1 Production Profile 28
7.2 The US and The GOM: The Major Revenue And Reserve Generating Areas Forming An Important Part Of Plains Strategy To Double Production And Reserves By 2014 29
7.2.1 Onshore California: The Biggest Prospect to Catapult Production and Reserves Going Forwards 29
7.2.2 Offshore California 29
7.2.3 Gulf Coast Region: The Major Gas Production Areas for the Company and a Big Future Prospect. 29
7.2.4 Gulf of Mexico 30
7.2.5 MidContinent Region 30
7.2.6 Rocky Mountains 30
7.3 Vietnam 30

8 Cost Incurred and Acreage Position 32

9 Plains Exploration & Production Company, Development Overview 34
9.1 Development Profile 34
9.2 The US and the GoM 35
9.3 New Zealand 36
9.4 Vietnam 36

10 Plains Exploration & Production Company, Exploration and M&A Highlights 37
10.1 M&A Activity 38

11 Plains Exploration & Production Company, Outlook 40

12 Plains Exploration & Production Company, Forecast Production and Financial Statements 41
12.1 Income Statement (20072014) 43
12.2 Balance Sheet (20072014) 44
12.3 Cash Flow Statement (20072014) 45
12.4 Financial Ratios 46

13 Plains Exploration & Production Company, Valuation 48
13.1 Net Asset Value 48
13.2 Valuation Horizon 51

14 Plains Exploration & Production Company, Peer Comparision 52
14.1 Share Price Performance 52
14.2 Operational and Financial Performance 53
14.3 Key Financial and Operational Ratios 56

15 Plains Exploration & Production Company, Key Risks 58
15.1 Volatile Commodity Prices 58
15.2 Competition with Peers 58
15.3 Hedging and Legal Risks 58

16 Plains Exploration & Production Company, Detailed Financial & Operational Metrics 59
16.1 Plains Exploration & Production Company, Quarterly Results of Oil & Gas Operations per boe Produced 59
16.1.1 Results of Oil & Gas Operations per boe Produced, Q4, 2008Q4, 2009 59
16.1.2 Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2008Q4, 2009 59
16.2 Plains Exploration & Production Company, Quarterly E&P Costs Trends 60
16.2.1 Upstream Capital Expenditure, Q4, 2008Q4, 2009 60
16.3 Plains Exploration & Production Company, Quarterly Production Trends 61
16.3.1 Total Crude Oil and Natural Gas Production Trend, Q4, 2008Q4, 2009 61
16.3.2 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2008Q4, 2009 62
16.3.3 Total Crude Oil and Natural Gas Production Per Share, Q4, 2008Q4, 2009 62
16.4 Plains Exploration & Production Company Crude Oil Production 63
16.4.1 Total Crude Oil Production Trend, Q4, 2008Q4, 2009 63
16.4.2 Crude Oil Production, By Country/Region, Q4, 2008Q4, 2009 64
16.5 Plains Exploration & Production Company Natural Gas Production 64
16.5.1 Total Natural Gas Production Trend, Q4, 2008Q4, 2009 64
16.5.2 Natural Gas Production, By Country/Region, Q4, 2008Q4, 2009 65
16.6 Plains Exploration & Production Company, Production and Reserve Trends 66
16.6.1 Total Crude Oil and Natural Gas Production and Reserve Trend, 20042009 66
16.6.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 20042009 67
16.6.3 Total Crude Oil and Natural Gas Reserve Changes, 20042009 68
16.7 Plains Exploration & Production Company, Crude Oil/Liquids Production and Reserves 69
16.7.1 Crude Oil/Liquids Production and Reserve Trend, 20042009 69
16.7.2 Crude Oil Production and Reserves By Country/Region, 20042009 70
16.7.3 Crude Oil/Liquids Reserve Changes, 20042009 71
16.8 Plains Exploration & Production Company, Natural Gas Production and Reserve 72
16.8.1 Natural Gas Production and Reserve Trend, 20042009 72
16.8.2 Natural Gas Production and Reserves, By Country/Region, 20042009 73
16.8.3 Natural Gas Reserve Changes, 20042009 74
16.9 Plains Exploration & Production Company, Total Crude Oil and Natural Gas Reserves Life Index 75
16.9.1 Total Crude Oil and Natural Gas Reserves Life Index, 20042009 75
16.9.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 20042009 76
16.10 Plains Exploration & Production Company, Allocation of the Upstream Capital Expenditure 78
16.10.1 Upstream Capital Expenditure, 20042009 78
16.10.2 Acquisition Costs By Country/Region, 20042009 79
16.10.3 Exploration and Development Costs, By Country/Region, 20042009 80
16.11 Plains Exploration & Production Company, Oil and Gas Cost Per Boe, $/boe 81
16.11.1 Oil and Gas Cost Per Boe, $/boe, 20042009 81
16.11.2 Oil and Gas Cost Per Boe, $/boe, By Country/Region, 20042009 82
16.12 Plains Exploration & Production Company, Reserve Replacement Ratio 84
16.12.1 Oil and Gas Production Replacement Ratio, 20042009 84
16.12.2 Oil and Gas Production Replacement Ratio, By Country/Region, 20042009 86
16.13 Plains Exploration & Production Company, Results of Oil & Gas Operations Trend 89
16.13.1 Oil and Gas Revenue and Expenses, 20042009 89
16.13.2 Oil and Gas Revenue and Expenses, By Country/Region, 20042009 90
16.14 Oil and Gas Revenue and Expenses, Per Boe 94
16.14.1 Oil and Gas Revenue and Expenses, By Boe, 20042009 94
16.14.2 Oil and Gas Revenue and Expenses Per Boe, By Country/Region, 20042009 95
16.15 Oil and Gas Performance Metrics 99
16.16 Plains Exploration & Production Company, Land Holdings and Well Data 100
16.16.1 Gross and Net Developed and Undeveloped Acreage, 20042009 100
16.16.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 20042009 101
16.17 Plains Exploration & Production Company, Well Statistics 103
16.17.1 Producible Oil and Gas Wells, 20042009 103
16.17.2 Producible Oil and Gas Wells, By Country/Region, 20042009 104
16.17.3 Exploration and Development Wells Drilled, 20042009 108
16.17.4 Exploration and Development Wells Drilled, By Country/Region, 20042009 109
16.17.5 Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 20042009 109
16.17.6 Developed Reserves per Well, By Country/Region, 20042009 110

17 Appendix 112
17.1 Methodology 112
17.1.1 Coverage 112
17.1.2 Secondary Research 112
17.1.3 Primary Research 112
17.2 Data Sources 113
17.2.1 Company Source 113
17.2.2 SEC/Other Regulatory Filings 113
17.2.3 Agency Reports 113
17.2.4 Other Sources 113
17.3 Methodology for Company Valuation 113
17.4 Expert Panel Validation 114
17.5 Definitions 114
17.6 Units of Measure 115
17.7 About GlobalData 115
17.8 Disclosure 115
17.9 Disclaimer 115
 
Table 1: Plains Exploration & Production Company, Key Events 20092010 14
Table 2: Plains Exploration & Production Company, Daily Production Volumes, Upstream Key Projects (Mboe), 2010 2014 31
Table 3: Plains Corporation, Recent Transactions As a Seller, 20052009 38
Table 4: Plains Corporation, Recent Transactions As A Buyer, 20072009 39
Table 5: Plains Exploration & Production Company, Forecast Production, 20072014 41
Table 6: GlobalData, Price Forecast, 20102014 41
Table 7: Plains Exploration & Production Company, Income Statement ($m), 20072014 43
Table 8: Plains Exploration & Production Company, Balance Sheet ($m), 20072014 44
Table 9: Plains Exploration & Production Company, Cash Flow Statement ($m), 20072014 45
Table 10: Plains Exploration & Production Company, Profitability Ratios, 20072014 46
Table 11: Plains Exploration & Production Company, Other Financial Ratios, 20072014 47
Table 12: GlobalData, Price Forecast, 20102014 48
Table 13: Plains Exploration & Production Company, Net Asset Valuation, 2010 49
Table 14: Plains Exploration & Production Company, Acreage and Resource Potential, 2010 49
Table 15: Plains Exploration & Production Company, NPV of Oil/NGL Reserves, $/bbl, 2010 49
Table 16: Plains Exploration & Production Company, NPV of Natural Gas Reserves, $/Mcf, 2010 50
Table 17: Plains Exploration & Production Company, NPV OF Total Oil and Natural Gas Reserves, $/boe, 2010 50
Table 18: Plains Exploration & Production Company, Sensitivity Analysis on Fair Value ($/share), 2010 50
Table 19: Plains Exploration & Production Company Vs. Peer Group, Operational and Financial Performance, 2009 53
Table 20: Plains Exploration & Production Company and its Peer Group Comparison, Profitability & Other Ratios, 2009 56
Table 21: Plains Exploration & Production Company and its Peer Group Comparison, Operational Ratios, 2009 56
Table 22: Plains Exploration& Production Company and its Peer Group Comparison, Liquidity Ratios, 2009 57
Table 23: Plains Exploration & Production Company, Results of Oil & Gas Operations Per boe Produced, $/boe, Q4, 2008Q4, 2009 59
Table 24: Plains Exploration & Production Company, Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2008Q4, 2009 59
Table 25: Plains Exploration & Production Company, Upstream Capital Expenditure, Q4, 2008Q4, 2009 60
Table 26: Plains Exploration & Production Company, Total Crude Oil and Natural Gas, Production, Q4, 2008Q4, 2009 61
Table 27: Plains Exploration & Production Company, Total Oil & Gas Production, By Country/Region, MMboe, Q4, 2008Q4, 2009 62
Table 28: Plains Exploration & Production Company, Total Crude Oil and Natural Gas Production Per Share, Q4, 2008Q4, 2009 63
Table 29: Plains Exploration & Production Company, Total Crude Oil Production, MMbbl, Q4, 2008Q4, 2009 63
Table 30: Plains Exploration & Production Company, Crude Oil Production, By Country/Region, MMbbl, Q4, 2008Q4, 2009 64
Table 31: Plains Exploration & Production Company, Total Natural Gas Production, Bcf, Q4, 2008Q4, 2009 65
Table 32: Plains Exploration & Production Company, Natural Gas Production, By Country/Region, Bcf, Q4, 2008Q4, 2009 65
Table 33: Plains Exploration & Production Company, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 20042009 66
Table 34: Plains Exploration & Production Company, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 20042009 68
Table 35: Plains Exploration & Production Company, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 20042009 68
Table 36: Plains Exploration & Production Company, Crude Oil Production and Reserve Metrics, MMbbl, 20042009 69
Table 37: Plains Exploration & Production Company, Crude Oil Production and Reserves, By Country/Region, MMbbl, 20042009 70
Table 38: Plains Exploration & Production Company, Crude Oil Reserve Changes, MMbbl, 20042009 71
Table 39: Plains Exploration & Production Company, Natural Gas Production and Reserve Metrics, Bcf, 20042009 72
Table 40: Plains Exploration & Production Company, Natural Gas Production and Reserves, By Country/Region, Bcf, 20042009 73
Table 41: Plains Exploration & Production Company, Natural Gas Reserve Changes, Bcf, 20042009 74
Table 42: Plains Exploration & Production Company, Oil and Gas Reserves Life Index, Years, 20042009 75
Table 43: Plains Exploration & Production Company, Oil and Gas Reserves Life Index, By Country/Region, Years, 20042009 77
Table 44: Plains Exploration & Production Company, Upstream Capital Expenditure, $m, 20042009 78
Table 45: Plains Exploration & Production Company, Proved and Unproved Acquisition Costs, By Country/Region, $m, 20042009 80
Table 46: Plains Exploration & Production Company, Exploration and Development Costs, By Country/Region, $m, 20042009 81
Table 47: Plains Exploration & Production Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 20042009 81
Table 48: Plains Exploration & Production Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, By Country/Region, 20042009 84
Table 49: Plains Exploration & Production Company, Oil and Gas Production Replacement Ratio, %, 20042009 84
Table 50: Plains Exploration & Production Company, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 20042009 89
Table 51: Plains Exploration & Production Company, Revenue and Expenses, $m, 20042009 90
Table 52: Plains Exploration & Production Company, Revenue and Expenses, By Country/Region, $m, 20042009 94
Table 53: Plains Exploration & Production Company, Oil and Gas Revenue and Expenses, $/Boe, 20042009 95
Table 54: Plains Exploration & Production Company, Oil and Gas Revenue and Expenses, $/Boe, By Country/Region, 20042009 98
Table 55: Plains Exploration & Production Company, Oil and Gas Performance Metrics, 20042009 99
Table 56: Plains Exploration & Production Company, Land Holdings (Developed and Undeveloped Acreage), Acres, 20042009 100
Table 57: Plains Exploration & Production Company, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 20042009 103
Table 58: Plains Exploration & Production Company, Producible Oil and Gas Wells, 20042009 104
Table 59: Plains Exploration & Production Company, Producible Oil and Gas Wells, By Country/Region, 20042009 107
Table 60: Plains Exploration & Production Company, Exploratory and Developed Wells, 20042009 108
Table 61: Plains Exploration & Production Company, Exploratory and Developed Wells, By Country/Region, 20042009 109
Table 62: Plains Exploration & Production Company, Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 20042009 109
Table 63: Plains Exploration & Production Company, Developed Reserves per Well, By Country/Region, Mboe per Well, 20042009 111 
Figure 1: Plains Exploration & Production Company, Operation Map, 2010 11
Figure 2: Plains Exploration & Production Company, Performance Charts, 20062009 12
Figure 3: Plains Exploration & Production Company, Share Price Performance, May 2009June 2010 13
Figure 4: Plains Exploration & Production Company New Exploration Assets, GoM 2010 16
Figure 5: Plains Exploration & Production Company, Friesian Field daily Production, 20122014 17
Figure 6: Plains Exploration & Production Company, Haynesville Shale Production Activities, 20092014 18
Figure 7: Plains Exploration & Production Company, California Overview, 2010 20
Figure 8: Plains Exploration & Production Company, California Daily Production, 20092014 20
Figure 9: Plains Exploration & Production Company, Capex Distribution Trend, 20062010 21
Figure 10: Plains Exploration & Production Company and Peer Group, Operating Cash Flows As % of Capital Expenditure, 20072009 22
Figure 11: Plains Exploration & Production Company and Peer Group, Debt/Capital Ratio, 20072009 23
Figure 12: Plains Exploration & Production Company, Total Daily Production From Upstream Assets, Mboe, 20072014 28
Figure 13: Plains Exploration & Production Company, Costs Incurred, 20042009 32
Figure 14: Plains Exploration & Production Company and its Peers Total Net Developed and Undeveloped Acreage (million), 2009 33
Figure 15: Plains Exploration & Production Company, Estimated Production by Type, 20102014 34
Figure 16: Plains Exploration & Production Company, Valuation Range, 2010 51
Figure 17: Plains Exploration & Production company Peer Group and WTI Price, Share Price Performance, 20092010 52
Figure 18: Plains Exploration & Production Company , F&D costs and Reserve Replacement Ratio, 2009 54
Figure 19: Plains Exploration & Production Company and Peer Group, Operational and Financial Parameters in $/boe, 2009 54
Figure 20: Plains Exploration & Production Company and Peer Group, Total Reserves and Production, MMboe, 2009 55
Figure 21: Plains Exploration & Production Company and Peer Group Comparison, Valuation Ratio, 2009 57
Figure 22: Plains Exploration & Production Company, Results of Oil & Gas Operations Per boe Produced, $/boe, Q4, 2008Q4, 2009 59
Figure 23: Plains Exploration & Production Company, Upstream Capital Expenditure, $m, Q4, 2008Q4, 2009 60
Figure 24: Plains Exploration & Production Company, Total Crude Oil and Natural Gas, Production, MMboe, Q4, 2008Q4, 2009 61
Figure 25: Plains Exploration & Production Company, Total Oil & Gas Production, By Country/Region, MMboe, Q4, 2008Q4, 2009 62
Figure 26: Plains Exploration & Production Company, Total Crude Oil and Natural Gas Production Per Share, Boe/Share, Q4, 2008Q4, 2009 62
Figure 27: Plains Exploration & Production Company, Total Crude Oil Production, MMbbl, Q4, 2008Q4, 2009 63
Figure 28: Plains Exploration & Production Company, Crude Oil Production, By Country/Region, MMbbl, Q4, 2008Q4, 2009 64
Figure 29: Plains Exploration & Production Company, Total Natural Gas Production, Bcf, Q4, 2008Q4, 2009 64
Figure 30: Plains Exploration & Production Company, Natural Gas Production, By Country/Region, Bcf, Q4, 2008Q4, 2009 65
Figure 31: Plains Exploration & Production Company, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 20042009 66
Figure 32: Plains Exploration & Production Company, Total Oil & Gas Production (Reserves Reconciliation), By Country/Region, MMboe, 20042009 67
Figure 33: Plains Exploration & Production Company, Total Proved Oil & Gas Reserves, By Country/Region, MMboe, 20042009 67
Figure 34: Plains Exploration & Production Company, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2009 68
Figure 35: Plains Exploration & Production Company, Crude Oil Production and Reserve Metrics, MMbbl, 20042009 69
Figure 36: Plains Exploration & Production Company, Oil Production (Reserves Reconciliation), By Country/Region, MMbbl, 20042009 70
Figure 37: Plains Exploration & Production Company, Total Proved Oil Reserves, By Country/Region, MMbbl, 20042009 70
Figure 38: Plains Exploration & Production Company, Crude Oil Reserve Changes, MMbbl, 2009 71
Figure 39: Plains Exploration & Production Company, Natural Gas Production and Reserve Metrics, Bcf, 20042009 72
Figure 40: Plains Exploration & Production Company, Gas Production (Reserves Reconciliation), By Country/Region, Bcf, 20042009 73
Figure 41: Plains Exploration & Production Company, Total Proved Gas Reserves, By Country/Region, Bcf, 20042009 73
Figure 42: Plains Exploration & Production Company, Natural Gas Reserve Changes, Bcf, 2009 74
Figure 43: Plains Exploration & Production Company, Oil and Gas Reserves Life Index, Years, 20042009 75
Figure 44: Plains Exploration & Production Company, Gas Reserve Life Index, By Country/Region, Ratio, 20042009 76
Figure 45: Plains Exploration & Production Company, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 20042009 76
Figure 46: Plains Exploration & Production Company, Oil Reserve Life Index, By Country/Region, Ratio, 20042009 77
Figure 47: Plains Exploration & Production Company, Upstream Capital Expenditure, $m, 20042009 78
Figure 48: Plains Exploration & Production Company, Proved Acquisition Costs, By Country/Region, $m, 20042009 79
Figure 49: Plains Exploration & Production Company, Unproved Acquisition Costs, By Country/Region, $m, 20042009 79
Figure 50: Plains Exploration & Production Company, Development Costs, By Country/Region, $m, 20042009 80
Figure 51: Plains Exploration & Production Company, Exploration Costs, By Country/Region, $m, 20042009 80
Figure 52: Plains Exploration & Production Company, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 20042009 81
Figure 53: Plains Exploration & Production Company, 3-Year Wt. Avg. Oil & Gas Finding & Development Cost per boe, By Country/Region, $/boe, 20042009 82
Figure 54: Plains Exploration & Production Company, 3-Year Wt. Avg. Oil & Gas Finding Cost per boe, By Country/Region, $/boe, 20042009 82
Figure 55: Plains Exploration & Production Company, 3-Year Wt. Avg. Reserve Replacement Cost per boe, By Country/Region, $/boe, 20042009 83
Figure 56: Plains Exploration & Production Company, 3-Year Wt. Avg. Proved Acquisition Cost per boe, By Country/Region, $/boe, 20042009 83
Figure 57: Plains Exploration & Production Company, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 20042009 84
Figure 58: Plains Exploration & Production Company, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 20042009 86
Figure 59: Plains Exploration & Production Company, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 20042009 86
Figure 60: Plains Exploration & Production Company, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 20042009 87
Figure 61: Plains Exploration & Production Company, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 20042009 87
Figure 62: Plains Exploration & Production Company, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 20042009 88
Figure 63: Plains Exploration & Production Company, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 20042009 88
Figure 64: Plains Exploration & Production Company, Revenue and Expenses, $m, 20042009 89
Figure 65: Plains Exploration & Production Company, Depreciation, Depletion & Amortization, By Country/Region, $m, 20042009 90
Figure 66: Plains Exploration & Production Company, Income Tax/(Benefit), By Country/Region, $m, 20042009 91
Figure 67: Plains Exploration & Production Company, Net Income/Loss, By Country/Region, $m, 20042009 91
Figure 68: Plains Exploration & Production Company, Oil & Gas Revenue, By Country/Region, $m, 20042009 92
Figure 69: Plains Exploration & Production Company, Pre-tax Profit, By Country/Region, $m, 20042009 92
Figure 70: Plains Exploration & Production Company, Production Expenses, By Country/Region, $m, 20042009 93
Figure 71: Plains Exploration & Production Company, Total Expenses, By Country/Region, $m, 20042009 93
Figure 72: Plains Exploration & Production Company, Oil and Gas Revenue and Expenses, $/Boe, 20042009 94
Figure 73: Plains Exploration & Production Company, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 20042009 95
Figure 74: Plains Exploration & Production Company, Lifting Cost per boe, By Country/Region, $/boe, 20042009 96
Figure 75: Plains Exploration & Production Company, Annual Net Income per boe, By Country/Region, $/boe, 20042009 96
Figure 76: Plains Exploration & Production Company, Oil & Gas Revenue per boe, By Country/Region, $/boe, 20042009 97
Figure 77: Plains Exploration & Production Company, Total DD&A per boe, By Country/Region, $/boe, 20042009 97
Figure 78: Plains Exploration & Production Company, Total Revenue per boe, By Country/Region, $/boe, 20042009 98
Figure 79: Plains Exploration & Production Company, Oil and Gas Performance Metrics, 20042009 99
Figure 80: Plains Exploration & Production Company, Land Holdings (Developed and Undeveloped Acreage), Acres, 20042009 100
Figure 81: Plains Exploration & Production Company, Total Gross Undeveloped Acreage, By Country/Region, Acres, 20042009 101
Figure 82: Plains Exploration & Production Company, Total Net Undeveloped Acreage, By Country/Region, Acres, 20042009 101
Figure 83: Plains Exploration & Production Company, Total Gross Developed Acreage, By Country/Region, Acres, 20042009 102
Figure 84: Plains Exploration & Production Company, Total Net Developed Acreage, By Country/Region, Acres, 20042009 102
Figure 85: Plains Exploration & Production Company, Producible Oil and Gas Wells, 20042009 103
Figure 86: Plains Exploration & Production Company, Gross Producible Gas Wells, By Country/Region, Number, 20042009 104
Figure 87: Plains Exploration & Production Company, Gross Producible Oil & Gas Wells, By Country/Region, Number, 20042009 104
Figure 88: Plains Exploration & Production Company, Gross Producible Oil Wells, By Country/Region, Number, 20042009 105
Figure 89: Plains Exploration & Production Company, Net Oil & Gas Wells as % of Gross Oil & Gas Wells, By Country/Region, %, 20042009 105
Figure 90: Plains Exploration & Production Company, Net Producible Gas Wells, By Country/Region, Number, 20042009 106
Figure 91: Plains Exploration & Production Company, Net Producible Oil & Gas Wells, By Country/Region, Number, 20042009 106
Figure 92: Plains Exploration & Production Company, Net Producible Oil Wells, By Country/Region, Number, 20042009 107
Figure 93: Plains Exploration & Production Company, Exploratory and Developed Wells, 20042009 108
Figure 94: Plains Exploration & Production Company, Developed Gas Reserves per Well (MMcf per Well), By Country/Region, 20042009 110
Figure 95: Plains Exploration & Production Company, Developed Oil & Gas Reserves per Well (Mboe per Well), By Country/Region, 20042009 110
Figure 96: Plains Exploration & Production Company, Developed Oil Reserves per Well (Mbbls per Well), By Country/Region, 20042009 111