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Plains Exploration & Production Company (NYSE:PXP) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.42%.
Plains Exploration & Production Company Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 105% to $0.41 in the quarter versus EPS of $0.20 in the year-earlier quarter.
Revenue: Rose 67.95% to $869.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Plains Exploration & Production Company reported adjusted EPS income of $0.41 per share. By that measure, the company missed the mean analyst estimate of $0.47. It beat the average revenue estimate of $774.64 million.
Quoting Management: James C. Flores, Chairman, President and CEO of PXP commented, “PXP delivered exceptional quarterly results and ended the year ahead of expectations. For the year, PXP attained record sales volumes, increased its oil margins and cash flow, preserved commodity price upside through its hedging program and acquired high-margin offshore deepwater Gulf of Mexico assets to ensure long-term sustainable growth. PXP begins 2013 with a durable onshore and offshore oil business, increasing oil production per share, strong oil growth assets with premium pricing, and increasing cash flow growth potential. These characteristics complement the large, long-life, low cost, and expandable asset base characteristics of Freeport-McMoRan Copper & Gold Inc. with whom we have entered into a transaction to merge our operations.”
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