Raymond leaves Plains E&P to focus on Plains Resources

By OGJ editors

HOUSTON, Mar. 5 -- Plains Exploration & Production Co. Wednesday reported that its president and chief operating officer, John T. Raymond, will step down.

The Houston-based independent said Raymond was leaving Plains E&P "to focus his attention on his duties as president and CEO" of oil and gas marketer and transporter Plains Resources Inc., also based in Houston.

At yearend 2002 Plains E&P was spun off from Plains Resources so that both firms could pursue their respective development strategies. Since the separation, "the stand-alone companies have aggressively pursued these strategies to the point where both companies are now of the scale that they require the full attention of their respective CEOs," Raymond said.