Oil and gas major,
Plains Exploration & Production Co.
) revealed preliminary second quarter 2012 results. The company is
scheduled to release its earnings before the bell on August 2,
The daily sales volume during the second quarter 2012 averaged
98,000 barrels of oil equivalent ("Boe") per day, 11% higher than
87,873 Boe per day reported in the preceding quarter. The sales
volume remained almost flat with 97,700 Boe per day recorded in the
year-ago quarter. 61% of the sales volume in the second quarter
came from oil and liquid sales while natural gas contributed the
Average realized crude oil, before derivative transactions, on a
per Boe basis, was $99.29 in the second quarter 2012, up 9.8% from
$90.42 per barrel in the year-ago quarter. However, natural gas
realized prices, before derivative transactions, continued to slide
to $2.18 per thousand cubic feet (Mcf) from $4.23 per Mcf in the
Total revenue in the second quarter is expected to supersede the
year-ago figure, despite the flattish sales volume. We
believe revenue will be boosted by higher liquid volume in the
sales mix and better realized price of liquids sold.
The Zacks Consensus earnings per share estimates for the second
quarter and fiscal 2012 are presently pegged at 67 cents and $2.81,
The company reported earnings of 58 cents per share in the first
quarter 2012, higher than the prior-year figure of 37 cents per
share. However, earnings were a penny lower than the Zacks
Plains Exploration & Production's first quarter 2012 revenue
increased 21.8% year over year to $524.3 million from $430.3
million in the year-ago quarter. The quarterly revenue missed the
Zacks Consensus Estimate of $547 million.
Plains Exploration & Production retains a short-term Zacks
#3 Rank which translates into a Hold rating. The Zacks #3 Rank is
also shared by the company's peer,
Newfield Exploration Co.
Based in Houston, Texas, Plains Exploration & Production
engages in the acquisition, development, exploration, and
production of oil and gas properties primarily in the United
NEWFIELD EXPL (NFX): Free Stock Analysis Report
PLAINS EXPL&PRD (PXP): Free Stock Analysis
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