PXP Announces 2010 Third Quarter EPS of $.29

Plains Exploration & Production Company

announces 2010 third quarter results and updates drilling activities. For the third quarter 2010, revenues of $387.8 million generated $18.8 million of net income, or $0.13 per diluted share, compared to revenues of $312.2 million and net income of $39.3 million, or $0.30 per diluted share, for the third quarter 2009. Net income includes certain items affecting the comparability of operating results. Those items consist of realized and unrealized gains and losses on our mark-to-market derivative contracts, which exclude the impact of the derivatives monetized in 2009, and other items. When considering these items, net income for the third quarter 2010 was $41.4 million, or $0.29 per diluted share, compared to $79.3 million, or $0.60 per diluted share, for the same period in 2009 (a non-GAAP measure). Income from operations was $97.1 million for the third quarter 2010, a 30% increase over third quarter 2009. On a unit of production basis, income from operations increased 19% per barrel oil equivalent (

) compared to the third quarter 2009.