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Plains Exploration reports 3Q loss on hedges

HOUSTON (AP) -- Plains Exploration posted a third-quarter loss on Thursday because of energy hedges and other one-time items.

The company's oil price bets were underwater by $100.2 million after oil prices rose. Companies with a stake in energy prices, such as transportation or energy companies, will often bet on the price of oil, natural gas or other commodities.

The company also had a $43.1 million unrealized loss on its investment in McMoRan Exploration Co.

The loss was $53.1 million, or 41 cents per share, for the quarter that ended Sept. 30. During the same period last year, it earned $87.8 million, or 67 cents per share.

Revenue rose 20.6 percent to $605.1 million, from $501.8 million a year ago.

Adjusted profit was $51.6 million, or 39 cents per share, down from an adjusted profit of $64.9 million, or 45 cents per share, a year ago.

Analysts surveyed by FactSet had been expecting a profit of 41 cents per share on revenue of $609.3 million.

The company did manage an average price for a barrel of of $96.74, up 14 percent from a year ago, even though benchmark oil prices fell.

Sales volumes for 2012 will be slightly above its previous guidance of 95,000 to 97,000 barrels of oil equivalent per day, not counting the addition of a Gulf of Mexico acquisition. Including one month's worth of results from that acquisition, it expects volume of 103,000 barrels of oil equivalent per day.

Plains also landed $8 billion in debt financing for the $6.11 billion Gulf of Mexico acquisition Monday. It expects to close the deal by the end of November.

Shares of Plains Exploration & Production Co. rose 82 cents, or 2.3 percent, to $36.48 in afternoon trading.