Plains Exploration & Production (PXP) announced Monday morning that it entered into a definitive agreement to acquire from Shell Offshore Inc. its 50% working interest in the Holstein Field for $560 million.
Plains Exploration & Production gapped open sharply lower Monday and declined further around midday. Shares finished down by 4.24 at $36.09 on the highest volume of the year. The stock dropped to over a 2-month low.
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