Plains Exploration & Production Co.

Transaction Type
Sellers
Marketers
Basin
Gulf of Mexico
Post Date
Estimated Price
MM
Description

Plains Exploration & Production Co. has retained Barclays Capital and Jefferies & Co. Inc. to sell or find joint-venture partners for certain assets in the Gulf of Mexico, the company reported in its second-quarter filings.

According to a statement, "PXP has studied its Gulf of Mexico operations over the past few months and now plans to reduce its Gulf of Mexico exposure and related capital spending…PXP's goals are to secure $1- to $2 billion of value from its Gulf of Mexico assets through third-party joint ventures or asset sales and to align capital spending with operating cash flow."

The packages have not yet been released. Contact Barclay's Greg Pipkin, 713-236-3954, gpipkin@barcap.com, or Jefferies' Bill Marko, 281-774-2000, wmarko@jefferies.com.