Cobalt International Energy, Inc. Announces Fourth Quarter and Year- End 2013 Results and Provides Operational Update on its West Africa Drilling Operations
Capital and operating expenditures (excluding changes in working
capital) for the quarter ended
Operational Update
Cobalt provided an update on its Orca #1 deepwater pre-salt exploratory
well in Block 20, offshore
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 13575798. The replay will be available until
Interested parties may also listen to a simultaneous webcast of the conference call by accessing the Newsroom-Events & Speeches 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 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, |
||||||||||||||
2013 | 2012 |
2013 |
2012 |
||||||||||||
($ in thousands) | |||||||||||||||
Oil and gas revenue | $ | — | $ | — | $ | — | $ | — | |||||||
Operating costs and expenses | |||||||||||||||
Seismic and exploration | 32,783 | 25,901 | 74,213 | 61,583 | |||||||||||
Dry hole expense and impairment | 138,852 | 2,365 | 351,050 | 134,085 | |||||||||||
General and administrative | 37,040 | 35,724 | 105,547 | 87,963 | |||||||||||
Depreciation and amortization | 529 | 415 | 1,874 | 1,197 | |||||||||||
Total operating costs and expenses | 209,204 | 64,405 | 532,684 | 284,828 | |||||||||||
Operating income (loss) | (209,204 | ) | (64,405 | ) | (532,684 | ) | (284,828 | ) | |||||||
Other income (expense) | |||||||||||||||
Gain on sale of assets | — | — | 2,993 | — | |||||||||||
Interest income | 1,434 | 1,086 | 6,043 | 5,041 | |||||||||||
Interest expense | (14,349 | ) | (3,212 | ) | (65,376 | ) | (3,212 | ) | |||||||
Total other income (expense) | (12,915 | ) | (2,126 | ) | (56,340 | ) | 1,829 | ||||||||
Net income (loss) before income tax | (222,119 | ) | (66,531 | ) | (589,024 | ) | (282,999 | ) | |||||||
Income tax expense | — | — | — | — | |||||||||||
Net income (loss) | $ | (222,119 | ) | $ | (66,531 | ) | $ | (589,024 | ) | $ | (282,999 | ) | |||
Basic and diluted income (loss) per share | $ | (0.55 | ) | $ | (0.16 | ) | $ | (1.45 | ) | $ | (0.70 | ) | |||
Weighted average common shares outstanding | 406,949,828 | 406,583,154 | 406,839,997 | 403,356,174 |
Consolidated Balance Sheet Information:
As of December 31, | |||||
2013 | 2012 | ||||
($ in thousands) | |||||
Cash and cash equivalents | $ | 192,460 | $ | 1,425,815 | |
Short-term restricted cash | 200,339 | 90,440 | |||
Short-term investments | 1,319,380 | 789,668 | |||
Total current assets | 1,967,443 | 2,456,742 | |||
Total property, plant and equipment | 1,476,275 | 1,099,756 | |||
Long-term restricted cash | 104,496 | 395,652 | |||
Long-term investments | 14,661 | 36,267 | |||
Total assets | 3,633,673 | 4,011,459 | |||
Total current liabilities | 340,967 | 160,956 | |||
Total long-term liabilities | 1,163,560 | 1,161,285 | |||
Total stockholders’ equity (406,949,839 and 406,596,884 shares issued and outstanding as of December 31, 2013 and 2012, respectively) | 2,129,146 | 2,689,218 | |||
Total liabilities and stockholders’ equity | 3,633,673 | 4,011,459 |
Consolidated Statement of Cash Flows Information:
Year Ended December 31, | |||||||
2013 | 2012 | ||||||
($ in thousands) | |||||||
Net cash provided by (used in): | |||||||
Operating activities | $ | (216,368 | ) | $ | (140,397 | ) | |
Investing activities | (1,015,995 | ) | (564,761 | ) | |||
Financing activities | (992 | ) | 1,838,427 |
Source:
Cobalt International Energy, Inc.
Investor Relations: John P.
Wilkirson, Chief Financial Officer, +1 (713) 452-2322
Media
Relations: Lynne L. Hackedorn, Vice President, Government and Public
Affairs, +1 (713) 579-9115