Plains E&P misses Q3 target, hikes spending

摘要

Houston-Shares of Plains Exploration & Production tumbled 4% November 10 after the company fell short of its third-quarter earnings target and boosted its planned 2007 spending by 50% in a move one analyst said would wipe out free cash flow. In addition, the company also announced an agreement with McMoRan Exploration for participation in at least nine exploratory wells next year.