Plains Exploration & Production Company (PXP)

[Picassa]

PXP liquidity position remains strong with no significant debt maturity approximately four years and pro forma for the Permian and Piceance property sale. PXP’s liquidity increases to approximately $1.3 billion and its new borrowing based is established at $2.7 billion. In addition PXP supported by derivative position which as of October 31, of this year and net value of approximately $930 million.

PXP’s derivatives remained unchanged providing downside commodity price per protection and supporting future cash flows.

On average 80% of our 2009 and 2010 estimated oil production is protected with floors above $100 and approximately 80% of our estimated natural gas production through year end 2009 is protected with either physical purchase used in our operation or $10 by all cause.