Cobalt International Energy, Inc. Announces Second Quarter 2013 Results and Provides Operational Update on its Gulf of Mexico and West Africa Drilling Operations
Expenditures (excluding changes in working capital) for the quarter ending
Operational Update
Cobalt today provided an update on its drilling operations. In the deepwater Gulf of
In
Cobalt is also participating in the Total-operated Diaman #1 Pre-salt exploratory well on the Diaba block offshore
In May, 2013, Cobalt, along with Anadarko, as operator, and its other partners in the
Cobalt continues its pre-development activities for its Cameia field in
With respect to appraisal and pre-development efforts on the Cobalt-operated North Platte discovery, Cobalt is in the process of acquiring a 5,200 square mile 3D seismic survey over the greater North Platte area and has begun the initial processing of this data. This 3D seismic survey is designed to further improve the sub-salt imaging over the North Platte discovery as well as several other Inboard Lower Tertiary prospects in which Cobalt has working interests. This newly acquired and re-processed 3D seismic data will be used to optimize potential appraisal and development well locations on North Platte. In addition, Cobalt is currently conducting a number of studies to support appraisal and pre-development efforts on North Platte. Cobalt is the operator of and owns a 60 percent working interest in the North Platte discovery.
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 417792. 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 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:
For Three Months Ended June 30, | For Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
($ in thousands except per share data) | |||||||||||||||
Oil and gas revenue | $ | — | $ | — | $ | — | $ | — | |||||||
Operating costs and expenses | |||||||||||||||
Seismic and exploration | 4,557 | 12,006 | 26,875 | 29,355 | |||||||||||
Dry hole expense and impairment | 35,709 | 111,355 | 103,877 | 116,679 | |||||||||||
General and administrative | 24,652 | 18,482 | 46,159 | 33,322 | |||||||||||
Depreciation and amortization | 447 | 312 | 906 | 513 | |||||||||||
Total operating costs and expenses | 65,365 | 142,155 | 177,817 | 179,869 | |||||||||||
Operating income (loss) | (65,365 | ) | (142,155 | ) | (177,817 | ) | (179,869 | ) | |||||||
Other income (expense) | |||||||||||||||
Gain on sale of assets | 1,496 | — | 2,993 | — | |||||||||||
Interest income | 1,619 | 1,432 | 3,144 | 2,615 | |||||||||||
Interest expense | (16,568 | ) | — | (35,225 | ) | — | |||||||||
Total other income (expense) | (13,453 | ) | 1,432 | (29,088 | ) | 2,615 | |||||||||
Net income (loss) before income tax | (78,818 | ) | (140,723 | ) | (206,905 | ) | (177,254 | ) | |||||||
Income tax expense | — | — | — | — | |||||||||||
Net income (loss) | $ | (78,818 | ) | $ | (140,723 | ) | $ | (206,905 | ) | $ | (177,254 | ) | |||
Basic and diluted income (loss) per share | $ | (0.19 | ) | $ | (0.35 | ) | $ | (0.51 | ) | $ | (0.44 | ) | |||
Weighted average common shares outstanding | 406,916,569 | 406,122,827 | 406,733,954 | 400,113,132 |
Consolidated Balance Sheet Information:
June 30, 2013 | December 31, 2012 | ||||
($ in thousands) | |||||
Cash and cash equivalents | $ | 291,348 | $ | 1,425,815 | |
Short-term restricted funds | 181,971 | 90,440 | |||
Short-term investments | 1,289,193 | 789,668 | |||
Total current assets | 1,979,534 | 2,456,742 | |||
Total property, plant and equipment | 1,274,035 | 1,099,756 | |||
Long-term restricted funds | 213,293 | 395,652 | |||
Long-term investments | 295,222 | 36,267 | |||
Total assets | 3,799,542 | 4,011,459 | |||
Total current liabilities | 164,138 | 160,956 | |||
Total long-term liabilities | 1,140,751 | 1,161,285 | |||
Total stockholders’ equity (406,920,372 and 406,596,884 |
2,494,653 | 2,689,218 | |||
Total liabilities and stockholders’ equity | 3,799,542 | 4,011,459 |
Consolidated Statement of Cash Flows Information:
For Six Months Ended June 30, | |||||||
2013 | 2012 | ||||||
($ in thousands) | |||||||
Net cash provided by (used in): | |||||||
Operating activities | $ | (233,124 | ) | $ | (75,164 | ) | |
Investing activities | (900,248 | ) | (464,798 | ) | |||
Financing activities | (1,095 | ) | 489,486 |
Source:
Cobalt International Energy, Inc.
Investor Relations:
Richard A. Smith
Vice President, Investor Relations, Compliance and Risk Management
+1 (713) 579-9141
or
Media Relations:
Lynne L. Hackedorn
Vice President, Government and Public Affairs
+1 (713) 579-9115