Summary of PLAINS EXPLORATION & PRODUCTION CO

Item 7.01 Regulation FD Disclosure

On November 1, 2012, Plains Exploration & Production Company ("PXP") issued a press release announcing third quarter 2012 results. The press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein. In connection with such release, PXP has prepared investor slides, which will be available on our website at www.pxp.com under Investor Relations.

In addition, pursuant to Item 7.01, PXP is updating its guidance for the year ended December 31, 2012.

For the full-year of 2012, PXP's total capital spending is expected to be approximately $2.0 billion of which approximately $180 million is funded by Plains Offshore Operations Inc. The increase in PXP's capital spending over its base plan is attributed to oil & gas capital and seismic data acquisition capital for development and drilling activities of the Gulf of Mexico deepwater assets to be acquired and to accelerated development activity in the Eagle Ford Shale. Higher spending in the Eagle Ford Shale is leading to an approximate 78% increase in wells drilled and a 25% increase in average daily sales volumes over the 2012 base plan. PXP's 2013 capital spending is expected to be approximately $2.0 billion, including capitalized interest and general and administrative expenses.

PXP expects full-year 2012 average sales volumes, excluding sales volumes associated with the Gulf of Mexico acquisition, to be slightly above the revised guidance range of 95 - 97 thousand barrels of oil equivalent ("BOE") per day. PXP revised its sales volume guidance in August 2012 from original guidance of 92 - 96 thousand BOE due to anticipated sales volume increases at the Eagle Ford Shale. Including one month of sales volumes associated with the Gulf of Mexico acquisition, PXP now anticipates full-year 2012 sales volumes to be approximately 103 thousand BOE per day.

The information presented herein under Item 2.02 and Item 7.01 shall not be deemed "filed" under the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in such a filing.