Plains

Plains Exploration & Production Co. (PXP) said Thursday the planned sale of its Gulf of Mexico (GOM) deepwater properties has been delayed because the uncertain regulatory environment for offshore producers has frightened away buyers.

Wyoming Gov. Matt Mead on Monday expressed concerns on Plains Exploration and Production Co.’s (PXP) master development plan for Eagle Prospect and Noble Basin, which calls for drilling 136 wells from 17 pads in the Bridger Teton National Forest. Mead sent a letter outlining his concerns to the supervisor for Bridger-Teton in the U.S. Forest Service (USFS).

Modest softness dominated at a solid majority of locations Friday as outside the Upper Plains and much of the Midwest weekend weather was expected to range from merely cold (a little above freezing) to cool. The relative lack of heating load was reflected in overall pricing.

Plains Exploration & Production Co. (PXP) said Thursday it had growth in 2010 in average daily sales volume and in proved reserves, while also posting net income of $103.3 million for the year.

Some market areas — such as from the Rockies and Western Canada through the Upper Plains and Midwest into the Northeast and Eastern Canada — had enough cold weather to justify the hefty price run-ups in Monday’s trading. Although some parts of the eastern South and Southwest would see lows approaching freezing Tuesday, their highs close to 50 or above made it a bit harder to rationalize their sizeable gains.

Moving forward with a plan to shift its focus from the Gulf of Mexico (GOM) to onshore oil assets, Plains Exploration & Production Co. (PXP) has agreed to acquire from multiple sellers interests in about 60,000 net acres in the Eagle Ford Shale in South Texas for $578 million in cash, the Houston-based independent said Tuesday.

Houston-based Plains Exploration & Production Co. (PXP) said Thursday it hopes to raise $1-2 billion by selling its Gulf of Mexico (GOM) portfolio either through third-party joint ventures or through asset sales “to align capital spending with operating cash flow.”

Houston-based Plains Exploration & Production Co. (PXP) said Thursday it hopes to raise $1-2 billion from its Gulf of Mexico (GOM) properties either through third-party joint ventures or through asset sales “to align capital spending with operating cash flow.”

A revised agreement that would allow offshore drilling in California — the first in 40 years — was agreed to last week by Plains Exploration & Production Co. (PXP) and environmental groups.