Analysts say Freeport McMoRan ( FCX +1.4% ) may need to raise its buyout bid for Plains Exploration ( PXP +1.8% ) to secure support from PXP stockholders ahead of initial drilling results from the key Phobos project in the Gulf of Mexico. Since the ~$50/share buyout was announced, FCX shares have ... More on Plains Exploration's ( PXP )  Q1 results : Sales volumes averaged 170.4K boe/day, up 92% Y/Y; oil sales volumes averaged 129.2K boe/day, up 158%. Production gains are attributable to Gulf of Mexico assets acquired from BP last November and higher Eagle Ford output. Operating cash flow was ... It's official : Freeport McMoRan ( FCX ) will acquire Plains Exploration ( PXP ) for ~$6.9B in cash and stock, and acquire McMoran Exploration ( MMR ) for ~$3.4B in cash, or $2.1B net of 36% of the MMR interests currently owned by FCX and PXP. MMR +74.3% , PXP +25.2% , FXC -13.2% premarket. 8 ... Plains Exploration ( PXP ) will participate in the offshore Morocco exploration play , agreeing to pay $15M to farm-in to Pura Vida Energy's 75% working interest in the 2.7M acre Mazagan permit area. PXP will earn a 52% working interest and act as operator in exchange for funding 100% of the costs ... Freeport's ( FCX ) mega-deal for McMoRan ( MMR ) and Plains ( PXP ) looks " incestuous " to Jim Mueller: Just for starters, PXP owns 31.5% of MMR and CEO James Flores sits on its board; MMR CEO Jim Bob Moffett is chairman of FCX; B.M. Rankin, a co-founder of FCX with Moffett, sits on MMR’s board. ... Freeport McMoRan ( FCX +1.2% ) has been under pressure to raise its offer for Plains Exploration ( PXP -1.4% ), but Deutsche Bank's Jorge Beristain thinks that could change after Anadarko reported lower-than-expected results from its Phobos well. The announced 250 net feet for the project roughly ... Plains Exploration's ( PXP -10% ) debt-fueled $5.5B purchase of BP assets isn't seen as cheap by analysts, but PXP likely will pursue development options with the fields that could justify "a value above what the fields would be worth if left in BP's hands," Tudor Pickering says. CEO James Flores ... Premarket gainers: MMR +77% . PXP +25% . PPHM +21% . CIE +13% . UEPS +12% . OCZ +10% . FRAN +9% . SSRI +9% . EXXI +8% . TEA +7% . Losers: CHTP -31% . MFRM -20% . MIND -17% . P -15% . FCX -14% . TIBX -13% . JRCC -11% . Post your comment! Midday top 10 gainers: MMR +82% . EBOD +69% . MBLX +32% . PXP +26% . UEPS +25% . MITK +23% . AVAV +16% . CYCC +15% . CIE +15% . PLAB +13% . Midday top 10 Losers: CHTP -36% . LORL -35% . TIBX -21% . MFRM -21% . ANIK -20% . SINO -19% . BLIN -18% . P -17% . THQI -17% . FIZZ -15% . Post your comment! In addition to its $5.55B purchase of Gulf oilfields from BP, Plains Exploration ( PXP ) also will pay $560M to buy a 50% stake from Royal Dutch Shell ( RDS.A , RDS.B ) in the offshore Holstein field ~100 miles south of New Orleans. BP is the operator of the field, which produces 7,400 boe/day, but ...