By OGJ editors
HOUSTON, May 17 -- Plains Exploration & Production Co., Houston, said that with the closing of its purchase of Nuevo Energy Co., effective May 14, 2004, it ranked in the top 11 US independents based on proved reserves.
In announcing the acquisition earlier this year, PXP said its proved reserves post-acquisition would total 489 million boe, 97% in the US, including 349 million boe of proved developed reserves (OGJ Online, Feb. 13, 2004). Plains also acquired 3TEC Energy Corp. in 2003.
PXP's US reserves at the end of 2002 were 240 million bbl of liquids and 77 bcf of gas (OGJ, Sept. 15, 2003, p. 52).
PXP, also one of the largest producers in California, reported upgrades in debt ratings as of the closing of the Nuevo transaction.
