Plains Exploration & Production (PXP) reported 2010 results; Production up 7% over 2009; Plan to invest $1.2 billion in 2011

PXP reported 2010 daily sales volume of 88,500 BOE up 7% over 2009. The company reported full-year revenues of $1.5 billion and net income of $103.3 million, compared to revenues of $1.2 billion and net income of $136.3 million, for the full-year 2009. PXP plan to increase its production and reserves rate from 15% to 20% per year over the next 3 years.

Keypoints:

-- Average daily sales volumes of 88,500 BOE up 7% over 2009. Operating cash flow of $976.7 million up 4% over 2009.

-- Proved reserves of 416.1 million BOE up 16%  over 2009.

--- $1.2 billion capital allocated for 2011.