Plains Exploration to Buy BP Wells for $5.5 Billion

Reuters reported that Plains Exploration & Production Co. (NYSE:PXP) plans to borrow $7 billion so that it can purchase BP plc's (LSE:BP) stake in some deepwater wells in the Gulf of Mexico. Since the announcement, PXP shares have dropped over 10 percent due to investors worrying about how the company will deal with the debt load it has taken on.