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Plains Exploration & Production Company | Johnson Rice 4th Annual Energy Conference | James C. flores | Page 31 of 11 | November 24, 2024

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31PXPPlains Exploration & Production Company Year EndedYear Ended 12/31/201312/31/2014 Estimated Sales Volumes: Oil -mmbbls 40 -4243 -46 NGL -mmbbls 3 -43 -4 Natural gas -bcf 31 -3333 -35 Barrels of oil equivalent -mmboe 48 -5152 -55 Daily barrels of oil equivalent midpoi nt -mboe (Pro-forma asset sales)136147 Natural gas assets held for sale -mmcfe per day 124- Year over year estimated production increase including asset sales22%8% Brent Price (for calculation of realized hedging effects only): Oil -$/bbl $110.00$110.00 NYMEX Price (for calculation of realized hedging effects only): Natural gas -$/mcf $3.00$4.00 Estimated Realized Hedging Effects (based on assumed Brent/NY MEX prices above): Oil -$/bbl(1)($0.26)$0.00 Natural gas -$/mcf $1.57$0.09 Estimated Realized Price Differentials to Brent/NYMEX Prices: Oil -% of Brent 90% -94%89% -93% NGL -% of NYMEX 38% -42%38% -42% Natural gas -% Henry Hub 98% -102%98% -102% Operating Costs per mboe of Projected Sales Volumes: Production expense (2)$13.00 -$14.00$12.50 -$13.50 Production and ad valorem taxes (3)$1.50 -$2.00$2.00 -$2.50 Gathering and tran sportation costs $0.95 -$1.15$1.50 -$1.70 General and administrative $2.40 -$2.60$2.50 -$2.70 Stock-based compensation (noncash) (4)$0.80 -$1.00$0.80 -$1.00 Depreciation, depletion, amortization and accretion$36.00 -$38.00$36.00 -$38.00 Interest expense $7.00 -$10.00$5.00 -$8.00 Effective Tax Rate 52% -54%37% -39% Weighted average shares outstanding (in millions): Basic 125 -130128 -132 Diluted 128 -132130 -132 ($ in millions) Operating Cash Flow (non-GAAP) (5)$3,000 -$3,200$3,100 -$3,500 Capital spending on proved and unproved properties (6)($1,800 -$2,000)($2,000 -$2,200) Asset sales and other transactions $1,400 -$1,600$0 Total budgeted cash flow surplus $2,600 -$2,800$1,100 -$1,300Full-Year 2013-2014 Operating and Financial Guidance (1) The Company currently has deferred premiums and interest of approximately $70 million and $110 million in 2013 and 2014, respec tively. PXP currently plans to offset the put spreads by selling calls to cover the estimated deferred premiums and interest.(2) Includes LOE, steam gas costs and electricity. Steam gas costs assume a base SoCal Border index price of $3.08 per MMBtu for20 13 and $4.12 per MMBtu for 2014. The purchased volumes are anticipated to be 50,000 MMBtu per day for 2013 and 55,000 MMBtu for 2014 .(3)Production and ad valorem taxes assume base index prices of $110.00 per barrel and $3.00 per MMBtu for 2013 and $4.00 per MMBtu for 2014. (Note: Brent index price for Oil)(4)Based on current outstanding and projected awards and current stock price.(5)Operating Cash Flow is a non-GAAP measure calculated by adjusting net income to add back certain non-cash and non-operating ite ms, including the unrealized gain and loss on mark-to-market derivative contracts, to include derivative cash settlements for the realized gain and loss on mark-to-market derivative contracts that are classified as invest ing activities for GAAP purposes, to include distributions to holders of noncontrolling interest in the form of preferred stock of subsidiary that are classified as financ ing activities for GAAP purposes and to exclude certain other item s. We are unable to pr ovide a reconciliation to projected Cash Flow Provided by Operating Activities, the most comparable GAAP measure, because of uncertainties associated wit h the most significant component of the reconcilia tion, projected future changes in assets and liabilities. Distributions to hol dersof noncontrolling interest in the form of pref erred stock of subsidiary is projected to b e approximately $27 million for 2013 and 2014 and derivative cash settlements for the realized net gains on mark-to-market der ivative contracts is projected to be appro ximately $40 million and $5 million in 2013 a nd 2014.(6) Includes capitalized interest and general and administrative expenses.