PXP Announces Favorable Ruling in Shareholder Lawsuits

            PXP Announces Favorable Ruling in Shareholder Lawsuits

PR Newswire

HOUSTON, May 9, 2013

HOUSTON, May 9, 2013 /PRNewswire/ -- Plains Exploration & Production Company
(NYSE: PXP) announced that it received a favorable ruling today in the Court
of Chancery of the State of Delaware regarding shareholder lawsuits attempting
to enjoin the merger with Freeport-McMoRan Copper & Gold Inc. The
consolidated action is entitled In re Plains Exploration & Production Company
Stockholder Litigation, No. 8090-VCN. A hearing was held on May 1, 2013
concerning the plaintiffs' request for preliminary injunctive relief. The
Court ruled today that the plaintiffs "have not established a reasonable
probability of success on the merits" of their claim that the PXP Board of
Directors breached its fiduciary duties in connection with the proposed
merger, and denied their motion for a preliminary injunction. The stockholder
vote concerning the proposed merger remains scheduled for May 20, 2013. A copy
of the opinion can be found at
http://courts.delaware.gov/opinions/download.aspx?id=189160. 

The PXP Board of Directors and Management continue to believe that the
transaction is in the best interests of PXP's stockholders. The PXP Board of
Directors recommends that PXP stockholders vote in favor of the transaction at
the upcoming Special Meeting of PXP stockholders to be held on May 20, 2013.

PXP is an independent oil and gas company primarily engaged in the activities
of acquiring, developing, exploring and producing oil and gas in California,
Texas, Louisiana, and the Gulf of Mexico. PXP is headquartered in Houston,
Texas.

ADDITIONAL INFORMATION & FORWARD-LOOKING STATEMENTS
This press release contains forward-looking information regarding PXP that is
intended to be covered by the safe harbor for "forward-looking statements"
provided by the Private Securities Litigation Reform Act of 1995. All
statements included in this press release that address activities, events or
developments that PXP expects, believes or anticipates will or may occur in
the future are forward-looking statements.

These include statements regarding:
* completion of the proposed merger,
* reserve and production estimates,
* oil and gas prices,
* the impact of derivative positions,
* production expense estimates,
* cash flow estimates,
* future financial performance,
* capital and credit market conditions,
* planned capital expenditures, and
* other matters that are discussed in PXP's filings with the SEC.

These statements are based on our current expectations and projections about
future events and involve known and unknown risks, uncertainties, and other
factors that may cause our actual results and performance to be materially
different from any future results or performance expressed or implied by these
forward-looking statements. Please refer to our filings with the SEC,
including our Form 10-K and Forms 10-Q, for a discussion of these risks.

All forward-looking statements in this press release are made as of the date
hereof, and you should not place undue reliance on these statements without
also considering the risks and uncertainties associated with these statements
and our business that are discussed in this press release and our other
filings with the SEC. Moreover, although we believe the expectations reflected
in the forward-looking statements are based upon reasonable assumptions, we
can give no assurance that we will attain these expectations or that any
deviations will not be material. Except as required by law, we do not intend
to update these forward-looking statements and information.

IMPORTANT ADDITIONAL INFORMATION ABOUT THE PROPOSED MERGER AND WHERE TO FIND
IT:
In connection with the proposed business combination transaction between PXP
and FCX, FCX has filed with the SEC a registration statement on Form S-4 that
contains a definitive proxy statement of PXP that also constitutes a
prospectus of FCX. THE REGISTRATION STATEMENT AND THE PROXY
STATEMENT/PROSPECTUS CONTAIN IMPORTANT INFORMATION ABOUT PXP, FCX, THE
PROPOSED TRANSACTION AND RELATED MATTERS. INVESTORS AND SECURITY HOLDERS ARE
URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS
CAREFULLY. Investors and security holders may obtain free copies of the
registration statement and the proxy statement/prospectus and other documents
filed with the SEC by PXP and FCX through the web site maintained by the SEC
at www.sec.gov. In addition, investors and security holders may obtain free
copies of the registration statement and the proxy statement/prospectus by
phone, e-mail or written request by contacting the investor relations
department of PXP or FCX at the following:

Plains Exploration & Production Company
700 Milam, Suite 3100
Houston, TX 77002
Attention: Investor Relations
Phone: (713) 579-6000
Email: investor@pxp.com

Freeport-McMoRan Copper & Gold Inc.
333 N. Central Ave.
Phoenix, AZ 85004
Attention: Investor Relations
Phone: (602) 366-8400
Email: ir@fmi.com

PARTICIPANTS IN THE SOLICITATION
PXP and FCX, and their respective directors and executive officers, may be
deemed to be participants in the solicitation of proxies in  respect of the
proposed transactions contemplated by the merger agreement. Information
regarding directors and executive officers of PXP is contained in the proxy
statement/prospectus dated April 18, 2013, which is filed with the SEC.
Information regarding FCX's directors and executive officers is contained in
FCX's definitive proxy statement dated April 27, 2012, which is filed with the
SEC.

This document shall not constitute an offer to sell or the solicitation of an
offer to buy any securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
jurisdiction. No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the U.S. Securities Act
of 1933, as amended.

SOURCE Plains Exploration & Production Company

Website: http://www.pxp.com
Contact: Hance Myers, hmyers@pxp.com or 713.579.6291
 
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