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PXP announces support for merger with Freeport-McMoRan

Plains Exploration & Production (PXP) announced its continued support for the strategic merger of PXP with Freeport-McMoRan (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 have been informed both by FCX and by the Special Committee of the FCX board 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 and management continue to believe that the transaction is in the best interests of PXP's stockholders. The PXP board recommends that PXP stockholders vote in favor of the transaction at the upcoming Special Meeting of PXP stockholders to be held on May 20.