Plains Exploration & Production Co. (PXP) reported that its third-quarter net income was $39.33 million or $0.30 per share, compared to $493.15 million or $4.50 per share in the same quarter last year. Adjusted net income for the quarter was $185.3 million, or $1.40 per share, compared to $196.3 million in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.53 per share. Analysts' estimates typically exclude special items.
Revenues for the quarter were $312.19 million, compared to $719.54 million in the prior year quarter. Eight analysts had consensus revenue estimate of $375.62 million for the quarter.
PXP's Board of Directors approved a $900 million to $1.1 billion 2010 capital budget versus an estimated $1.55 billion 2009 capital budget.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.