Plains Exploration & Production (NYSE: PXP) reported earnings on May 2. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 31 (Q1), Plains Exploration & Production beat expectations on revenues and crushed expectations on earnings per share.

Compared to the prior-year quarter, revenue expanded significantly. Non-GAAP earnings per share expanded significantly. GAAP earnings per share expanded.

Margins expanded across the board.

Revenue details
Plains Exploration & Production chalked up revenue of $1.23 billion. The five analysts polled by S&P Capital IQ predicted net sales of $1.20 billion on the same basis. GAAP reported sales were much higher than the prior-year quarter's $524.3 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $1.05. The 12 earnings estimates compiled by S&P Capital IQ predicted $0.82 per share. Non-GAAP EPS of $1.05 for Q1 were 81% higher than the prior-year quarter's $0.58 per share. GAAP EPS were $0.17 for Q1 versus -$0.64 per share for the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 79.9%, 550 basis points better than the prior-year quarter. Operating margin was 32.3%, much better than the prior-year quarter. Net margin was 1.8%, much better than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
Next quarter's average estimate for revenue is $1.12 billion. On the bottom line, the average EPS estimate is $0.78.

Next year's average estimate for revenue is $4.56 billion. The average EPS estimate is $3.51.

Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 380 members out of 396 rating the stock outperform, and 16 members rating it underperform. Among 76 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 71 give Plains Exploration & Production a green thumbs-up, and five give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Plains Exploration & Production is hold, with an average price target of $48.05.

Is Plains Exploration & Production the right energy stock for you? Read about a handful of timely, profit-producing plays on expensive crude in "3 Stocks for $100 Oil." Click here for instant access to this free report.