Plains Exploration & Production

In 2002, the company was separated from Plains Resources Inc. via a corporate spin-off.{{cite news | url=https://www.bizjournals.com/houston/stories/2002/12/02/daily19.html | title=Plains Resources board approves spinoff | publisher=American City Business Journals | date=December 3, 2002}}

In 2003, the company acquired 3TEC for $313 million.{{cite news | url=http://www.ogj.com/articles/2003/06/plains-ep-completes-acquisition-of-3tec-energy-corp.html | title=Plains E&P completes acquisition of 3TEC Energy Corp. | publisher=Oil & Gas Journal | date=June 4, 2003}} In 2004, it and acquired Nuevo Energy for $945 million. These acquisitions gave the company petroleum-producing assets in the Southwestern United States and California.{{cite news | url=http://www.ogj.com/articles/print/volume-102/issue-8/general-interest/company-news-plains-exploration-to-acquire-nuevo-energy.html | title=Plains Exploration to acquire Nuevo Energy | publisher=Oil & Gas Journal | date=February 23, 2004}}

In 2007, the company acquired Pogo Producing for $3.6 billion in cash and stock.{{cite news | url=https://www.cnbc.com/id/19810808 | title=Plains Exploration Acquires Pogo for $3.6 Billion | agency=Associated Press | publisher=CNBC | date=July 17, 2007}}{{cite news | url=https://www.wsj.com/articles/SB118467789845768840 | title=Plains Exploration Agrees to Acquire Pogo | publisher=The Wall Street Journal | date=July 18, 2007}}{{subscription required}}

In 2008, the company formed a joint venture with Chesapeake Energy in the Haynesville Shale.{{cite press release | url=http://www.businesswire.com/news/home/20080701006524/en/Chesapeake-PXP-Announce-Haynesville-Shale-Joint-Venture | title=Chesapeake and PXP Announce Haynesville Shale Joint Venture | publisher=Business Wire | date=July 1, 2008 }}{{cite news | url=https://www.reuters.com/article/chesapeake-plains/chesapeake-plains-in-haynesville-shale-joint-venture-idUSWNAS999420080701 | title=Chesapeake, Plains in Haynesville Shale joint venture | first=Steve | last=James | publisher=Reuters | date=July 1, 2008}} To fund the venture, the company sold assets in the Permian Basin and the Piceance Basin to Occidental Petroleum for $1.3 billion.{{cite news | url=https://www.forbes.com/2008/09/25/plains-exploration-closer-markets-equity-cx_mp_0925markets40.html | title=Plains Passes Assets To Occidental | first=Melinda | last=Peer | publisher=Reuters | date=September 25, 2008}}{{cite news | url=https://www.upi.com/Plains-Exploration-sells-to-Occidental/96871197916186/ | title=Plains Exploration sells to Occidental | publisher=United Press International | date=December 17, 2007 }}

In 2011, the company sold natural gas assets for $785 million, including a $600 million sale of assets in the Granite Wash to Linn Energy.{{cite news | url=https://www.reuters.com/article/plainsexplorationproduction/update-3-plains-exploration-sells-gas-assets-for-785-mln-idUSL4E7M41RF20111104 | title=Plains Exploration sells gas assets for $785 mln | publisher=Reuters | date=November 4, 2011}}{{cite news | url=https://www.wsj.com/articles/SB10001424052970204190704577022431071724476 | title=Plains Exploration Reaches Deal to Sell Assets to Linn | first=Tess | last=Stynes | publisher=The Wall Street Journal | date=November 7, 2011}}{{subscription required}}

In 2012, the company acquired assets in the Gulf of Mexico from BP and Royal Dutch Shell.{{cite news | url=https://www.bizjournals.com/houston/news/2012/11/30/plains-exploration-production-closes.html | title=Plains Exploration & Production completes acquisitions of BP, Shell assets | first=Olivia | last=Pulsinelli | publisher=American City Business Journals | date=November 30, 2012}}

The company's operations were all in Wyoming, California, Texas, Louisiana, Wyoming, and offshore of California and in the Gulf of Mexico. The company had proved reserves of {{convert|440.4|e6BOE|lk=in}}, of which 82% was petroleum. It also had a prospect offshore of Vietnam.

In California, it was a principal operator on fields including Cymric Oil Field and the South Belridge Oil Field in Kern County and Inglewood Oil Field in Los Angeles County.

Approximately 39% of production was heavy crude oil, almost all of which was sold to Phillips 66. Valero Energy was also a major customer of the company, accounting for 17% of revenues in 2012.

File:LompocField.jpg

The company attempted to negotiate a complex compromise deal in Santa Barbara County with environmental groups and state regulators to allow for drilling into the undeveloped Tranquillon Ridge, off the western coast of the county, in return for the company decommissioning and doing environmental restoration on the old and mostly played-out Lompoc Oil Field, which consists of approximately {{convert|3700|acre|km2}} of ecologically-sensitive habitat adjacent to the Burton Mesa Ecological Preserve. As part of the deal, the company would have drilled into Tranquillon Ridge only from the existing Platform Irene and would have retired the platform entirely in 2022. The project would have given the state of California $2 billion and Santa Barbara County about $350 million in tax revenues during that time. The County Board of Supervisors voted to approve the project and sent it on to the State Lands Commission, which rejected it by a 2 to 1 vote on January 29, 2009, citing the unenforceability of the sunset clause.{{cite web | last=Stewart | first=Ethan | title=PXP Deal Defeated | publisher=Santa Barbara Independent | url=http://www.independent.com/news/2009/jan/29/pxp-deal-defeated/ | date=January 29, 2009}} In May 2009, California Governor Arnold Schwarzenegger revived the project by including it in a revised budget proposal.{{cite news | last=Roberts | first=Jerry | title=Tranquillon Ridge Project Returns | publisher=Santa Barbara Independent | url=http://www.independent.com/news/2009/may/14/tranquillon-ridge-project-returns/ | date=May 14, 2009}} However, the proposal did not pass.

{{Reflist|1}}

{{DEFAULTSORT:Plains Exploration and Production}}

Category:Companies established in 2002

Category:2002 establishments in Texas