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PXP Announces Continued Support For Merger With Freeport-McMoRan Copper & Gold

Stocks in this article: FCX PXP

HOUSTON, May 9, 2013 /PRNewswire/ -- Plains Exploration & Production Company (NYSE: PXP) announced its continued support for the strategic merger of PXP with Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) on the previously announced terms.  The financial and operational strength of the combined businesses will allow for accelerated value creation across the entire asset portfolio. PXP's Management and Board of Directors have been informed both by FCX and by the Special Committee of the FCX Board of Directors which was formed to consider the PXP acquisition that the current transaction consideration represents FCX's "best and final" offer and that FCX does not intend to increase the offer consideration to PXP stockholders.  The PXP Board of Directors and Management continue to believe that the transaction is in the best interests of PXP's stockholders.  The PXP Board of Directors recommends that PXP stockholders vote in favor of the transaction at the upcoming Special Meeting of PXP stockholders to be held on May 20, 2013. 

PXP is an independent oil and gas company primarily engaged in the activities of acquiring, developing, exploring and producing oil and gas in California, Texas, Louisiana, and the Gulf of Mexico. PXP is headquartered in Houston, Texas.

ADDITIONAL INFORMATION & FORWARD-LOOKING STATEMENTSThis press release contains forward-looking information regarding PXP that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. All statements included in this press release that address activities, events or developments that PXP expects, believes or anticipates will or may occur in the future are forward-looking statements.

These include statements regarding:* completion of the proposed merger,* reserve and production estimates,* oil and gas prices,* the impact of derivative positions,* production expense estimates,* cash flow estimates,* future financial performance,* capital and credit market conditions,* planned capital expenditures, and* other matters that are discussed in PXP's filings with the SEC.

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