Cobalt International Energy, Inc. Announces Fourth Quarter and Year-End 2012 Results and Provides Operational Update on its Gulf of Mexico and West Africa Drilling Operations
Cash expenditures (excluding changes in working capital) for the year
2012 were approximately
Cash, cash equivalents and investments at year-end 2012 were
approximately
Operational Update
Cobalt today provided an update regarding its Shenandoah #2R appraisal
well, located in
The Shenandoah #2R appraisal well was drilled as a straight hole to a
total depth of 31,400 feet in approximately 5,800 feet of water, about
1.3 miles southwest of the Shenandoah #1 discovery well. The Shenandoah
#1 discovery well was drilled in early 2009 on
“We are extremely pleased with the results of the Shenandoah appraisal
well to date, as they provide further evidence that Shenandoah has the
potential to hold significant Inboard Lower Tertiary oil resources”,
said
“It is particularly gratifying to share the encouraging results of the
Shenandoah appraisal well so soon after announcing our North Platte
Inboard Lower Tertiary discovery”, said
Cobalt holds a 20 percent working interest in Shenandoah. Co-owners in
Shenandoah include
Cobalt also continues to ramp-up its Pre-salt program 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 408620. 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 December 31, | Year Ended December 31, | |||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Oil and gas revenue | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Operating costs and expenses | ||||||||||||||||||||
Seismic and exploration | 25,901 | 20,229 | 61,583 | 32,239 | ||||||||||||||||
Dry hole expense and impairment | 2,365 | 8,874 | 134,085 | 45,732 | ||||||||||||||||
General and administrative | 35,724 | 23,015 | 87,963 | 59,130 | ||||||||||||||||
Depreciation and amortization | 415 | 185 | 1,197 | 735 | ||||||||||||||||
Total operating costs and expenses | 64,405 | 52,303 | 284,828 | 137,836 | ||||||||||||||||
Operating income (loss) | (64,405 | ) | (52,303 | ) | (284,828 | ) | (137,836 | ) | ||||||||||||
Other income (expense) | ||||||||||||||||||||
Interest income | 1,086 | 1,189 | 5,041 | 4,199 | ||||||||||||||||
Interest expense | (3,212 | ) | — | (3,212 | ) | — | ||||||||||||||
Total other income (expense) | (2,126 | ) | 1,189 | 1,829 | 4,199 | |||||||||||||||
Net income (loss) before income tax | (66,531 | ) | (51,114 | ) | (282,999 | ) | (133,637 | ) | ||||||||||||
Income tax expense | — | — | — | — | ||||||||||||||||
Net income (loss) | $ | (66,531 | ) | $ | (51,114 | ) | $ | (282,999 | ) | $ | (133,637 | ) | ||||||||
Basic and diluted income (loss) per share | $ | (0.16 | ) | $ | (0.13 | ) | $ | (0.70 | ) | $ | (0.35 | ) | ||||||||
Weighted average common shares outstanding | 406,583,154 | 387,079,046 | 403,356,174 | 376,603,520 | ||||||||||||||||
Consolidated Balance Sheet Information: |
||||||||
As of December 31, | ||||||||
2012 | 2011 | |||||||
($ in thousands) | ||||||||
Cash and cash equivalents | $ | 1,425,815 | $ | 292,546 | ||||
Short-term restricted cash | 90,440 | 69,009 | ||||||
Short-term investments | 789,668 | 858,293 | ||||||
Total current assets | 2,456,742 | 1,335,094 | ||||||
Total property, plant and equipment | 1,099,756 | 863,326 | ||||||
Long-term restricted cash | 395,652 | 270,235 | ||||||
Long-term investments | 36,267 | 47,232 | ||||||
Total assets | 4,011,459 | 2,527,944 | ||||||
Total current liabilities | 160,956 | 238,069 | ||||||
Total long-term liabilities | 1,161,285 | 210,961 | ||||||
Total stockholders’ equity (406,596,884 and 387,531,630 shares issued and outstanding as of December 31, 2012 and 2011, respectively) | 2,689,218 | 2,078,914 | ||||||
Total liabilities and stockholders’ equity | 4,011,459 | 2,527,944 | ||||||
Consolidated Statement of Cash Flows Information: |
||||||||
Year Ended December 31, | ||||||||
2012 | 2011 | |||||||
($ in thousands) | ||||||||
Net cash provided by (used in): | ||||||||
Operating activities | $ | (140,397 | ) | $ | (57,795 | ) | ||
Investing activities | (564,761 | ) | (430,391 | ) | ||||
Financing activities | 1,838,427 | 478,012 |
Source:
Cobalt
Investor Relations:
Richard A. Smith, +1 713-579-9141
Vice
President, Investor Relations and Planning
or
Media Relations:
Lynne
L. Hackedorn, +1 713-579-9115
Vice President, Government and Public
Affairs