UPDATE 1-Plains Exploration Q3 beats Street on higher oil sales

* Q3 EPS $0.29 vs est $0.23

* Q3 rev $387.8 mln vs est $380.6 mln

* Q3 Average oil sales volumes up 9 pct

Nov 5 (BestGrowthStock) – Independent oil and gas company Plains
Exploration & Production Co (PXP.N: ) posted third-quarter profit (Read more your timing to make a profit.)
that beat analysts’ estimates on higher daily sales volume of
oil.

The company, which is valued at $3.99 billion, said its
2011 outlook will reflect the impact of its Eagle Ford
acquisition and Gulf of Mexico divestments.

In August, Plains said it would shift away from offshore
properties to onshore fields because of the new wave of
regulations expected following the oil spill in the Gulf of
Mexico. [ID:nSGE6740J6]

It spent $578 million to buy property in Texas’ Eagle Ford
shale, making good on its plan to shift focus onshore, in
October. [ID:nN05172185]

For the July-September quarter, the company earned $18.8
million, on 13 cents a share, down from $39.3 million, or 30
cents a share, a year-ago.

Excluding items, the company earned 29 cents per share.

Revenue rose 24 percent to $387.8 million.

Analysts on an average were expecting the company to earn
23 cents a share, on revenue of $380.6 million, according to
Thomson Reuters I/B/E/S.

Average oil sales volumes rose 9 percent to 90,600 barrels
of oil equivalent per day in the quarter, and revenue from oil
rose 11 percent to $276.4 million.

However, oil production rose only 9 percent to 90,591
billion of oil equivalent, whereas gas production rose 23
percent to 270,072 million cubic feet.

Shares of the company closed at $29.55 on Thursday on the
New York Stock Exchange. They have gained about 6 percent since
its Eagle Ford shale acquisition in early October.
(Reporting by Vaishnavi Bala in Bangalore; Editing by Roshni
Menon)

UPDATE 1-Plains Exploration Q3 beats Street on higher oil sales