Plains Exploration Chairman Issues Letter Urging Shareholders to Support Freeport-McMoRan Merger

Plains Exploration & Production Company PXP Dear Shareholder, I would like to take this opportunity to urge your support of the merger of Plains Exploration & Production Company (PXP) with Freeport-McMoRan Copper & Gold Inc. FCX and to share why I believe that it is in the best interest of the PXP shareholder. There are several factors that positively favor the transaction. They include: The strategic nature of the transaction, including the fact that the combination of the PXP, FCX and McMoRan Exploration Co. (MMR) businesses is expected to (1) create the largest diversified U.S.-based natural resource company with an enterprise value in the top five among global mining peers, (2) increase geographic diversification of the combined company within the U.S. and (3) increase commodity diversification for the combined company. The scale of the combined company, which will enable it to compete more effectively than either PXP, FCX or MMR on a standalone basis, through increased cash flow and lower cost of capital investment in future development projects, exploration and acquisitions. The expected lower cost of borrowing, given the investment grade rating currently carried and expected to be maintained by FCX after completion of the merger, which See full press release