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PLAINS PETROLEUM REPORTS INCREASED PROFITS

 LAKEWOOD, Colo., July 27 /PRNewswire/ -- Plains Petroleum Company (NYSE: PLP) today reported an increase in earnings for the second quarter due to higher revenues generated by increased oil and gas volumes sold and higher natural gas prices. Plains' earnings for the quarter were $2.4 million or 25 cents per share, up 66 percent from last year's results of $1.5 million (15 cents per share).
 Gas production for the quarter was 5.8 billion cubic feet (Bcf), 35 percent higher than 1992s second quarter. Revenues increased 42 percent to $16.5 million and cash flow of $7.2 million was up 67 percent from the prior year.
 For the six months, operating earnings were up 33 percent to $5.2 million, 53 cents per share, from $3.9 million (40 cents per share) for last year's first half. Revenues at $33.7 million were 31 percent higher and cash flow of $14.6 million increased by 42 percent. Reported net earnings for the first half of 1993 included nonrecurring items recorded in the first quarter relating to a one-time charge against certain oil properties and the effect of two mandated accounting changes for deferred income taxes and accumulated retiree benefits. Reported net earnings after these three extraordinary items were $3.9 million or 39 cents per share.
 Plains produces, develops and explores for oil and gas in the Mid-Continent, Permian Basin, Gulf Coast and Rocky Mountain regions of the United States. The company is Colorado-based with additional offices in Midland, Texas; Lakin, Kan.; and Gillette, Wyo.
 PLAINS PETROLEUM COMPANY
 Digest of Earnings
 Second Quarter Ended June 30 1993 1992
 Oil and gas revenues $16,487,000 $11,632,000
 Net earnings 2,451,000 1,497,000
 Earnings per share $.25 $.15
 Shares outstanding 9,794,000 9,798,000
 Six Months Ended June 30 1993 1992
 Oil and gas revenues $33,702,000 $25,785,000
 Earnings before accounting
 changes 2,526,000(A) 3,932,000
 Accounting changes:
 Deferred income taxes (FAS109) 2,000,000 ---
 {postretirement benefits (FAS106) (656,000) ---
 Net credit 1,344,000 ---
 Net earnings 3,870,000 3,932,000
 Earnings per share:
 Before accounting changes $.26(A) $.40
 Accounting changes .13 ---
 Net earnings .39 .40
 Shares outstanding 9,794,000 9,798,000
 (A) Includes an extraordinary one-time charge of $3.3 million (pretax) for impairment of properties. Before the impairment charge, operating earnings were $5,233,000, or 53 cents per share.
 -0- 7/27/93
 /CONTACT: Darrel Reed of Plains Petroleum Company, 303-969-9325, or Jim Fingeroth or Tracey Stearns of Kekst and Company, 212-593-2655, for Plains Petroleum Company/
 (PLP)


CO: Plains Petroleum Company ST: Colorado IN: OIL SU: ERN

PS-MP -- NY016 -- 6117 07/27/93 09:53 EDT
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Publication:PR Newswire
Date:Jul 27, 1993
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