Plains Exploration & Production 1st-quarter profit rises

Net income for the three months ended March 31 rose to $163.5 million, or $1.43 per share, from $20.6 million, or 28 cents per share, during the same period a year earlier.

Analysts predicted the company would earn 99 cents per share, according to a survey by Thomson Financial.

Revenue rose to $623.1 million from $224.7 million. Analysts forecast revenue of $566.7 million.

Plains attributed the increase to its 2007 acquisitions of Pogo Producing Company and properties in the Piceance Basin, as well as sharply higher commodity prices. The company collected an average of $71.27 per barrel of oil equivalent during the quarter, up from $47.72 in the same period a year earlier.

Plains Exploration shares fell 8 cents to $65.31 in midday trading Thursday, but earlier hit a 52-week high of $68.57. The stock has ranged from $35.31 to $67 over the past year.