PLAINS RESOURCES' EFFORT TO SEPARATE E&P, MIDSTREAM UNITS MOVES FORWARD

Hart's Petroleum Finance Week | July 1, 2002 | Copyright

Plains Resources Inc. (NYSE: PLX) announced a series of moves that will facilitate its division into two separate companies. The Houston independent producer and crude oil pipeline and storage company received a private letter ruling from the Internal Revenue Service (IRS) that will allow distribution of substantially all of its exploration and production (E&P) assets to shareholders through a subsidiary, Plains Exploration and Production Co. (PXP). Currently a California limited partnership, PXP will convert to a Delaware corporation prior to such a distribution, which Plains expects ...

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