My title is Tiffany, and I will be your convention operator these days. At this time, I would like to welcome everyone to PXP's 2011 First Quarter Earnings Outcomes Convention Call. [ Instructions] I would now like to turn the conference over to Scott Winters, Vice President of Company Communications. Make sure you go forward, sir.Tiffany, thank you. Great early morning, everybody, and welcome to our convention contact. Earlier this morning, we issued tiffany outlet
our earnings release and filed our ten Q. We have posted a slide presentation to complement our tiffany and co bracelet
feedback this morning, and we might refer to these slides throughout the call. The webcast, slides, 10 Q and present day press launch are available on our web site in the Investor Information section.Prior to we start present day comments, I'd like to remind everyone that during this call, there will be forward looking statements as defined by the SEC. These statements are primarily based on our current expectations and projections about future occasions and involve particular assumptions, known, as well as unidentified risks, uncertainties and other elements that could cause our actual results to vary materially. Please refer to our filings with the SEC, such as our Type ten K for a discussion of these risks. In our press launch, slide tiffany and co outlet
presentation and our ready feedback this morning, we current non GAAP measures. A reconciliation of non GAAP financial measures to similar GAAP financial measures is included with the press launch.On the call today is Jim Flores, our Chairman, President, Chief Government Officer Doss Bourgeois, Government Vice President of Exploration and Manufacturing Winston Talbert, Executive Vice President and Main Financial Officer John Wombwell, our Government Vice President and General Counsel and Hance Myers, our Vice President of Investor Relations.For the initial quarter of 2011, PXP noted net earnings of $71 million or $.forty nine per diluted share, compared to internet income of $58.5 million or $.41 per diluted share for the first quarter of 2010. Internet income consists of the influence of recognized and unrealized gains and losses on our mark to marketplace by-product contracts and unrealized acquire on investment and other products, which impact the comparability of operating results.When contemplating these products, PXP reported net earnings of $52.four million or $.37 for each diluted share compared to net earnings of $43.5 million or $.31 per diluted share for the same time period in 2010.First quarter earnings from operations was $133.eight million and internet money provided by operating actions was $290 million, symbolizing a thirteen% and a 31% increase more than first quarter 2010, respectively.2011 initial quarter daily revenue volumes averaged roughly 88,000 barrels of tiffany and co rings
oil for each day, that is a 3% improve over initial quarter 2010 typical every day sales volume, regardless of shut in volumes from prepared facility upgrades, climate interruptions and the sale of all of our Gulf of Mexico production in the fourth quarter of 2010.Pro forma for the asset sale, 2011 initial quarter revenue volumes increased 19%. With the downtime related with the