Plains Exploration & Production Co.'s (PXP) fourth-quarter net income attributable to common stockholders surged to $218.63 million, or $1.65 per share, from last year's $97.7 million, or $0.69 per share.
On a non-GAAP basis, net income attributable to common stockholders was $54.8 million, or $0.41 per share this quarter. On average, 12 analysts polled by Thomson Reuters expected earnings per share of $0.47 for the quarter. Analysts' estimates typically exclude one-time items. The adjusted fourth-quarter results include an increase in stock-based compensation expense which led to a $0.05 after-tax decrease in earnings per share, according to the company.
Quarterly total revenues stood at $869.2 million, a 68% increase from $517.54 million in the 2011 period, while it beat consensus estimates of $774.64 million.
The company said its quarterly results reflect the one month benefit of the Gulf of Mexico assets acquired on November 30, 2012.
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