Cobalt International Energy, Inc. Announces First Quarter 2013 Results and Provides Operational Update on Its Gulf of Mexico and West Africa Drilling Operations
Expenditures (excluding changes in working capital but including the
payment of accrued contractual obligations for Block 20, offshore
Operational Update
Cobalt today provided an update on its drilling operations. In the
deepwater Gulf of
In
Conference Call
A conference call for investors will be held today at
The call can be accessed live over the telephone by dialing (877)
705-6003, or for international callers, (201) 493-6725. A replay will be
available shortly after the call and can be accessed by dialing (877)
870-5176, or for international callers, (858) 384-5517. The passcode for
the replay is 412489. The replay will be available until
Interested parties may also listen to a simultaneous webcast of the conference call by accessing the Investors-Presentations and Publications section of Cobalt’s website at www.cobaltintl.com. A replay of the webcast will also be available for approximately 30 days following the call.
About Cobalt
Cobalt is an independent oil exploration and production company active
in the deepwater U.S. Gulf of
Forward-Looking Statements
This press release includes “forward-looking statements” within the
meaning of the safe harbor provisions of the Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934 — that is, statements related to future, not past, events.
Forward-looking statements are based on current expectations and include
any statement that does not directly relate to a current or historical
fact. In this context, forward-looking statements often address Cobalt’s
expected future business and financial performance, and often contain
words such as “anticipate,” “believe,” “intend,” “expect,” “plan,”
“will” or other similar words. These forward-looking statements involve
certain risks and uncertainties that ultimately may not prove to be
accurate. Actual results and future events could differ materially from
those anticipated in such statements. For further discussion of risks
and uncertainties, individuals should refer to Cobalt’s
Consolidated Statement of Operations Information: |
||||||||||||||||
Quarter Ending March 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
($ in thousands) | ||||||||||||||||
Oil and gas revenue | $ | — | $ | — | ||||||||||||
Operating costs and expenses | ||||||||||||||||
Seismic and exploration | 22,318 | 17,350 | ||||||||||||||
Dry hole expense and impairment | 68,168 | 5,324 | ||||||||||||||
General and administrative | 21,507 | 14,840 | ||||||||||||||
Depreciation and amortization | 459 | 201 | ||||||||||||||
Total operating costs and expenses | 112,452 | 37,715 | ||||||||||||||
Operating income (loss) | (112,452 | ) | (37,715 | ) | ||||||||||||
Other income (expense) | ||||||||||||||||
Gain on sale of assets | 1,497 | — | ||||||||||||||
Interest income | 1,525 | 1,184 | ||||||||||||||
Interest expense | (18,657 | ) | — | |||||||||||||
Total other income (expense) | (15,635 | ) | 1,184 | |||||||||||||
Net income (loss) before income tax | (128,087 | ) | (36,531 | ) | ||||||||||||
Income tax expense | — | — | ||||||||||||||
Net income (loss) | $ | (128,087 | ) | $ | (36,531 | ) | ||||||||||
Basic and diluted income (loss) per share | $ | (0.31 | ) | $ | (0.09 | ) | ||||||||||
Weighted average common shares outstanding | 406,651,869 | 394,058,437 |
Consolidated Balance Sheet Information: |
|||||||||
March 31, 2013 | December 31, 2012 | ||||||||
($ in thousands) | |||||||||
Cash and cash equivalents | $ | 325,756 | $ | 1,425,815 | |||||
Short-term restricted funds | 90,449 | 90,440 | |||||||
Short-term investments | 1,287,298 | 789,668 | |||||||
Total current assets | 1,868,099 | 2,456,742 | |||||||
Total property, plant and equipment | 1,129,714 | 1,099,756 | |||||||
Long-term restricted funds | 305,208 | 395,652 | |||||||
Long-term investments | 512,754 | 36,267 | |||||||
Total assets | 3,841,313 | 4,011,459 | |||||||
Total current liabilities | 144,525 | 160,956 | |||||||
Total long-term liabilities | 1,129,300 | 1,161,285 | |||||||
Total stockholders’ equity (406,707,716 and 406,596,884 |
2,567,488 | 2,689,218 | |||||||
Total liabilities and stockholders’ equity | 3,841,313 | 4,011,459 |
Consolidated Statement of Cash Flows Information: |
|||||||||||||||
Quarter Ending March 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||
($ in thousands) | |||||||||||||||
Net cash provided by (used in): | |||||||||||||||
Operating activities | $ | (104,584 | ) | $ | (57,444 | ) | |||||||||
Investing activities | (994,359 | ) | (444,411 | ) | |||||||||||
Financing activities | (1,116 | ) | 489,317 | ||||||||||||
Source:
Investor Relations:
Richard A. Smith, +1 713-579-9141
Vice
President, Investor Relations, Compliance and Risk Management
or
Media
Relations:
Lynne L. Hackedorn, +1 713-579-9115
Vice President,
Government and Public Affairs