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Plains Exploration & Production Company Message Board

  • alex.datig alex.datig Aug 27, 2008 7:17 PM Flag

    Message to PXP CEO Continued

    As it stands, you seem to have the community “over the barrel.” The county can’t buy the land from the owners under eminent domain, because PXP will make it impossible due to loss of oil revenue, therefore setting the price beyond what the county can afford so that it can be made into a park, as it should be for that area.

    It amazes me how an oil company can slowly get away with poisoning and killing a community, all in the name of oil profits. All of PXPs environmental press online is nothing more than a way to lie to PXP shareholders, making PXP look like a “green” oil company.

    As the CEO of PXP, you must be a very busy man and probably don’t spend enough time thinking about making sacrifices in such a booming oil market. The communities surrounding the Inglewood Oil Field are making ultimate sacrifices, all unbeknownst to them - until now. I ask you, how can you allow for this to continue? How can one sleep at night knowing that many people suffer from toxic gas escaping into the air? Toxic dust going into their lungs?

    Did you know that the brush on the Inglewood Oil Field is 75% dry and subject to a major fire hazard? All of Los Angeles is required to clear dry brush. Why not PXP? All of Los Angeles has to have a proper drainage system for storm water. Why not PXP? Why are the roads on the Inglewood oil field dusty dirt roads, like they were back in 1924? Does PXP believe in preserving L.A.’s precious groundwater resources?

    PXP rejects all complaints made against them without the courtesy of an explanation. As if this is some kind of game. Lives are at stake!

    PXP has only been a California Corporation for six years. I have read PXPs annual reports online and I can see you have great plans for the Inglewood oil field and no plan for the surrounding community. Shame on PXP!

    As a human being, I ask you Mr. Flores: At your $20 Million dollar salary, would you live right by the fence line of the Inglewood oil field? If your answer is no, then I ask you to put yourself into the position of the community. They are losing value in their home, their health is at risk as well as their quality of life. What will PXP do to change this?

    Your response will be appreciated.

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    • I couldnt have said it any better Smiley! Here is some more factual information that just came out today;

      Plains Exploration Looks Strong
      Thursday September 11, 12:43 pm ET
      By Neil Malkin

      We are maintaining our Buy recommendation on Plains Exploration & Production Co. (NYSE: PXP - News) and increasing our target price from $84 to $91 per share. The company is poised for solid growth over the next several years with Piceance, Panhandle and Gulf Basin assets helping to drive production in a meaningful way.

      However, the recent 20% acquisition of Chesapeake Energy Corp.'s (NYSE: CHK - News) Haynesville Shale play will likely be the cornerstone of the company's long-term growth story, as there are more than 20 Tcfe of reserves in place on its gross acreage. Additionally, the company has hedged a meaningful portion of its oil and gas production for '09 at favorable pricing, thus mitigating the risk of volatile prices.

      We estimate that even if crude prices fell to $85/Bbl and natural gas prices fell to $6.50/Mcf, PXP would still realize oil and gas prices around $100 per barrel and $8 per Mcf in 2009, respectively. Based off of data taken in late Q2'08, we feel that on an enterprise-value-per-barrel-of-oil-proved reserves (EV/BOE proved) basis PXP is undervalued.

      Its peer group averages approximately $22.50 per barrel of oil equivalent (BOE) while the company trades at an enterprise value of $17.37 per BOE proved reserves. Taking the peer average EV/BOE proved value of $22.50 with an assumed 600 MMBOE proved reserve base we arrive at a value of $91.00 per share. PXP usually has a forward P/E multiple that trades between 12x-14x while its peer group has a historical forward P/E of around 13x - 14x.

    • Yes, one would "think" Nothing Nate would have authored another day off for himself and his cohorts. HOWEVER again your lying rants are just proven as such.
      After Martin Luther King Jr.'s assassination in 1968, Rep. John Conyers introduced the first bill in Congress to make King's birthday a national holiday. After that first attempt failed. It was actually former Pennsylvania U.S. Senator Harris Wofford and Atlanta Congressman John Lewis, who co-authored the King Holiday and Service Act. Not Nothing Nate as you tried to give credit to. Then on August 2, 1983, the U.S. House of Representatives finally passed a bill creating a legal public holiday in honor of the Rev. Martin Luther King, Jr.
      Very much like you, your Nothing Nate is only known to spew out ignorant statements. Like one of your neighbors pointed out, you give the people of California a bad name.

    • and at 50 gallons per barrel that's 450,000 Gallons of Gasoline a day. 150,000,000 gallons a year.

    • this companys mkt cap is now under 5 Bil.

      That's not 'measley'

    • It is people like you that give Kalifornia a bad name.

    • Your point is well made. Oil workers or "rough necks" have a very dangerous and difficult job. Most of them would be doing something else if they knew how to beat the rat race. Large corporations make sure their employees don't tell stories, besides they are well insured and I hope to god that they insure those workers to the highest standards available. Any issues that arise, I strongly suspect are settled in arbitration to keep them out of the press.

      As for traffic pollution, it may surprise you to know that car emissions are not the major pollutant. The majority of the air pollution that makes us sick is tire rubber. I worked on a project with the AQMD and this was what the fact that we found.

      We need to take a look at how we treat our environment and that is all of our job. Yours, mine, everyone. If we ignore the environment, it will just go away.

      From our plastic, paint, engine oil, office products, dry cleaning, we need to look at these items as opportunities for a better future, not as something we throw away and forget about. We need to educate the people intelligently so they understand the procedures of oil drilling and recovery.

      The residents around the Inglewood Oil Field are not screaming mad because they have nothing better to do. The residents own from $300,000-$2 Million dollar homes. They are intelligent and capable and didn't get those homes by being pushed aside and ignored.

      PXP may not feel like it, however some of those people will not stop or go away until their issues and concerns are heard and seen to. PXP must educate the communities. Not with tiny fliers, but with the kind of insight and respect this community deserves.

    • Has there been a study of oil field workers and their breathing problems or cancer problems? They work with and in it every day. How about the pollution you and the people in Inglewood cause when you drive your cars or live in your homes? You are contributing to that young girls asthma. How about swimming pool chemicals and fertilizers for your yard? These wash down into the water supply and out into the ocean and kill the aquatic life. The grass that your yard crew blows down into the sewer drains. The plastics you don't recycle. The paints you use to paint your house. How many of you take those to be disposed of properly. The household cleaning chemicals that you just dump down the drain. The old computer equipment that you just trashed and didn't recycle. Maybe there needs to be a study done to see how environmentally clean you are.

    • The facts will be introduced into the record. Not on the yahoo message board where guilt ridden vultures like you peck them apart with meaningless accusations. Your scare tactics don't frighten me! PXP needs to leave the Inglewood Oil Field alone and have the county make it into a park as it should have been a long time ago.

      If you want to keep living a lie, telling yourself that what is happening at the Inglewood Oil Field is harmless, that is your prerogative. That is one drink of kool-aid anyone should stay away from. Good luck on your investment. Spend your profits by donating them to a worthy cause, like cancer due to toxic gas exposure.

      PXP would get oceans of support if they packed up and left to drill off the coast of Santa Barbara. I suggest you might read up on that. Poisoning a community with toxic substances and then doing good for underprivileged children does not make the community any less vulnerable to the to the toxins. Nice try!

      We need to help all the children. PXP is only interested in the ones they can get publicity with. What about the ones who have asthma from living by the Inglewood Oil Field? One of those children spoke at a hearing - on the record. Are you going to call her a liar too?

    • Move on my brother.... The CEO of PXP will consider your expert advice if you have PROVEN oil & gas background - that he/she knows about PRIOR to your advice.... Your words are wasted....

      Move On! Get a life! Go back to college and start afresh!

    • More Promulgation of lies, at least your consistant in your lying! Not only do I know who you are, I know what you are and watch you when you lie under oath!

      Secondly, PXP partner's with almost every Service company including Halliburton to give back to communities, plus since they are a Public Company and so is PXP, it would be required to be in that Corporate Report you quoted in your most recent lie! The Energy Industry is a family of giving people and they take care of each other, like they do those Foster Kids at KH Park and dozens of other Community Involvement Events, but I am sure you wont go or do your homework and find out what they do for all of their Neighbors. Also, there you go taking credit for an event you and your publicity seeking former Senator/Employer had zero to do with, it was the County Supervisor from the area working directly with PXP who created and invests into those kids lives, not lying thugs like you and your cronies.

      It still amazes me that after multiple emails from a number of intellegent people with basic questions, you wont address the Toxics issues raised by me and others, but then again, how could you argue with facts and the truth.

      You are exposed and cant find any cover, we know who you are and what you are, so your words are nothing more than a tinkling symbol and clanging brass in the wilderness where no one hears or cares about your lies.

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