Billionaire hedge fund manager George Soros has taken a position in Plains Exploration & Production Company (NYS:PXP). According to the blurb on Google Finance (our homepage here at Notes):

Plains Exploration & Production Company (PXP) is an independent oil and gas company primarily engaged in the activities of acquiring, developing, exploring and producing oil and gas properties primarily in the United States. The Company owns oil and gas properties with principal operations in Onshore California; Offshore California; the Gulf of Mexico; the Gulf Coast Region; the Mid-Continent Region, and the Rocky Mountains. As of December 31, 2008, the Company had estimated proved reserves of 292.1 million barrels of oil equivalent, of which 61% was comprised of oil and 72% was proved developed.

According to a recent 13G filed with the SEC, Soros Fund Management has a 5.38% ownership stake in PXP as of April 21 2009. Soros’s company now owns 6,467,400 shares.

Soros is global macro investor with a stellar track record, both during the time he partnered with Jimmy Rogers in the Quantum Fund and one his own through Soros Fund Management. Soros Fund Management finished up 8% last year – one of the worst years on record for fund performances.