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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