Freeport-McMoRan Oil & Gas (formerly Plains Exploration & Production) targets offshore and onshore areas to acquire, develop, and produce oil and natural gas. It operates in the Los Angeles and San Joaquin basins of California, the Santa Maria Basin offshore California, South Texas, the Gulf Coast region, and the Gulf of Mexico, as well as in the Rockies and the Mid-Continent. In 2013 it reported proved reserves of 464 million barrels of oil equivalent. That year the company was acquired by Freeport-McMoRan Copper & Gold in a $16.3 billion transaction.