Cobalt International Energy, Inc. Announces Second Quarter 2014 Results and Provides Operational Update
Operational Update
Cobalt also announced that it is finalizing operations on its successful Cameia #3 appraisal well and will move the Petroserv SSV Catarina rig to drill the Loengo #1 Pre-salt exploration well on Block 9. Cobalt, as operator, owns a 40% working interest in Block 9.
In addition, Cobalt announced that it is moving forward on the Cobalt operated Cameia project development, targeting the formal sanction of the Cameia project by the end of 2014 and first production from the development in 2017.
Cobalt also announced that it is participating as non-operator in the
first
Also in the Gulf of
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 13586892. 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.
For more information about these announcements, see Cobalt’s
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: |
||||||||||||||||||||
For Three Months Ended June 30, | For Six Months Ended June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
($ in thousands except per share data) | ||||||||||||||||||||
Oil and gas revenue | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Operating costs and expenses | ||||||||||||||||||||
Seismic and exploration | 11,983 | 4,557 | 20,958 | 26,875 | ||||||||||||||||
Dry hole expense and impairment | 42,440 | 35,709 | 55,481 | 103,877 | ||||||||||||||||
General and administrative | 22,093 | 24,652 | 46,262 | 46,159 | ||||||||||||||||
Depreciation and amortization | 1,075 | 447 | 2,182 | 906 | ||||||||||||||||
Total operating costs and expenses | 77,591 | 65,365 | 124,883 | 177,817 | ||||||||||||||||
Operating income (loss) | (77,591 | ) | (65,365 | ) | (124,883 | ) | (177,817 | ) | ||||||||||||
Other income (expense) | ||||||||||||||||||||
Gain on sale of assets | — | 1,496 | — | 2,993 | ||||||||||||||||
Interest income | 1,435 | 1,619 | 2,379 | 3,144 | ||||||||||||||||
Interest expense | (18,600 | ) | (16,568 | ) | (29,167 | ) | (35,225 | ) | ||||||||||||
Total other income (expense) | (17,165 | ) | (13,453 | ) | (26,788 | ) | (29,088 | ) | ||||||||||||
Net income (loss) before income tax | (94,756 | ) | (78,818 | ) | (151,671 | ) | (206,905 | ) | ||||||||||||
Income tax expense | — | — | — | — | ||||||||||||||||
Net income (loss) | $ | (94,756 | ) | $ | (78,818 | ) | $ | (151,671 | ) | $ | (206,905 | ) | ||||||||
Basic and diluted income (loss) per share | $ | (0.23 | ) | $ | (0.19 | ) | $ | (0.37 | ) | $ | (0.51 | ) | ||||||||
Weighted average common shares outstanding | 407,088,848 | 406,916,569 | 407,039,193 | 406,733,954 | ||||||||||||||||
Consolidated Balance Sheet Information: |
||||||||
June 30, 2014 | December 31, 2013 | |||||||
($ in thousands) | ||||||||
Cash and cash equivalents | $ | 237,685 | $ | 192,460 | ||||
Short-term restricted funds | — | 200,339 | ||||||
Short-term investments | 1,474,767 | 1,319,380 | ||||||
Total current assets | 1,886,485 | 1,967,443 | ||||||
Total property, plant and equipment | 1,757,646 | 1,476,275 | ||||||
Long-term restricted funds | 149,971 | 104,496 | ||||||
Long-term investments | 783,960 | 14,661 | ||||||
Total assets | 4,684,891 | 3,633,673 | ||||||
Total current liabilities | 255,715 | 340,967 | ||||||
Total long-term liabilities | 1,972,245 | 1,163,560 | ||||||
Total stockholders’ equity (407,095,514 and 406,949,839 shares issued and outstanding as of June 30, 2014 and December 31, 2013, respectively) | 2,456,931 | 2,129,146 | ||||||
Total liabilities and stockholders’ equity | 4,684,891 | 3,633,673 | ||||||
Consolidated Statement of Cash Flows Information: |
||||||||||
Six Months Ended June 30, | ||||||||||
2014 | 2013 | |||||||||
($ in thousands) | ||||||||||
Net cash provided by (used in): | ||||||||||
Operating activities | $ | (42,677 | ) | $ | (233,124 | ) | ||||
Investing activities | (1,181,278 | ) | (900,248 | ) | ||||||
Financing activities | 1,269,180 | (1,095 | ) |
Source:
Cobalt International Energy, Inc.
Investor Relations:
John P.
Wilkirson, +1 713-452-2322
Chief Financial Officer
or
Media
Relations:
Lynne L. Hackedorn, +1 713-579-9115
Vice President,
Government and Public Affairs