Cobalt International Energy, Inc. Announces Second Quarter 2016 Results and Provides Operational Update
Capital and operating expenditures (excluding changes in working
capital) from continuing operations for the quarter ending
Angola Sale Update
In late July, Cobalt’s Chief Executive Officer,
Commenting on this
Operational Update
Cobalt announced that the Anchor #3 appraisal well in the deepwater Gulf
of
Cobalt also announced appraisal success at Shenandoah, where the
Shenandoah #5 appraisal well encountered approximately 1,000 feet of net
pay in multiple high quality Inboard Lower Tertiary sands. This well was
the fourth appraisal well at Shenandoah and was drilled to a total depth
of 31,100 feet. Following drilling operations, approximately 80 feet of
conventional core was acquired in the upper
Cobalt commenced the
Once operations are completed at
Operations also continue at the
Conference Call
A conference call for investors will be held today at
The call can be accessed live over the telephone by dialing (877)
407-9039, or for international callers (201) 689-8470. 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 13640971. 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
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, | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
($ in thousands except per share data) | |||||||||||||||||
Oil and gas revenue | |||||||||||||||||
Oil sales | $ | 3,077 |
$ |
- |
$ | 4,688 |
$ |
- |
|||||||||
Natural gas sales | 40 |
- |
65 |
- |
|||||||||||||
Natural gas liquids sales | 56 |
- |
56 |
- |
|||||||||||||
Total revenue | 3,173 |
- |
4,809 |
- |
|||||||||||||
Operating costs and expenses | |||||||||||||||||
Seismic and exploration | 6,335 | 11,267 | 5,081 | 25,334 | |||||||||||||
Lease operating expense | 1,703 |
- |
2,658 |
- |
|||||||||||||
Dry hole expense and impairment | 157,492 | 7,533 | 153,515 | 27,430 | |||||||||||||
General and administrative | 19,174 | 20,437 | 38,311 | 38,167 | |||||||||||||
Accretion expense | 102 |
- |
204 |
- |
|||||||||||||
Depreciation and amortization | 4,290 | 367 | 7,459 | 779 | |||||||||||||
Total operating costs and expenses | 189,096 | 39,604 | 207,228 | 91,710 | |||||||||||||
Operating income (loss) | (185,923 | ) | (39,604 | ) | (202,419 | ) | (91,710 | ) | |||||||||
Other income (expense) | |||||||||||||||||
Gain on sale of assets |
- |
2,625 |
- |
2,625 | |||||||||||||
Interest income | 1,453 | 1,451 | 2,791 | 3,111 | |||||||||||||
Interest expense | (15,975 | ) | (17,841 | ) | (31,616 | ) | (37,861 | ) | |||||||||
Total other income (expense) | (14,522 | ) | (13,765 | ) | (28,825 | ) | (32,125 | ) | |||||||||
Net income (loss) from continuing operations before income tax | (200,445 | ) | (53,369 | ) | (231,244 | ) | (123,835 | ) | |||||||||
Income tax expense |
- |
- |
- |
- |
|||||||||||||
Net income (loss) from continuing operations | (200,445 | ) | (53,369 | ) | (231,244 | ) | (123,835 | ) | |||||||||
Net income (loss) from discontinued operations | (5,104 | ) | (13,441 | ) | (20,918 | ) | (24,593 | ) | |||||||||
Net income (loss) | $ | (205,549 | ) | $ | (66,810 | ) | $ | (252,162 | ) | $ | (148,428 | ) | |||||
|
|||||||||||||||||
Basic and diluted income (loss) per share from continuing operations | $ | (0.49 | ) | $ | (0.13 | ) | $ | (0.56 | ) | $ | (0.30 | ) | |||||
Basic and diluted income (loss) per share from discontinued operations | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.05 | ) | $ | (0.06 | ) | |||||
Basic and diluted income (loss) per share | $ | (0.50 | ) | $ | (0.16 | ) | $ | (0.61 | ) | $ | (0.36 | ) | |||||
Weighted average common shares outstanding | 409,920,869 | 408,521,844 | 409,590,679 | 408,515,037 | |||||||||||||
Consolidated Balance Sheet Information:
June 30, | December 31, | |||
2016 | 2015 | |||
($ in thousands) | ||||
Cash and cash equivalents | $131,661 | $71,593 | ||
Restricted cash, cash equivalents and investments | 252,200 | 252,950 | ||
Short-term investments | 440,866 | 885,994 | ||
Current assets held for sale | 1,873,514 | 1,811,051 | ||
Total current assets | 2,817,863 | 3,146,291 | ||
Total property, plant and equipment | 1,006,274 | 895,936 | ||
Total assets | 3,842,012 | 4,061,219 | ||
Total current liabilities | 609,222 | 628,018 | ||
Total long-term liabilities | 2,035,989 | 1,987,064 | ||
Total stockholders’ equity (410,054,961 and 408,740,182 shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively) | 1,196,801 | 1,446,137 | ||
Total liabilities and stockholders’ equity | $3,842,012 | $4,061,219 | ||
Consolidated Statement of Cash Flows Information:
Six Months Ended June 30, | ||||||
2016 | 2015 | |||||
($ in thousands) | ||||||
Net cash provided by (used in): | ||||||
Operating activities – continuing operations | $1,592 | $(122,272 | ) | |||
Investing activities – continuing operations | 269,486 | 210,731 | ||||
Financing activities – continuing operations |
- |
(4,025 | ) | |||
View source version on businesswire.com: http://www.businesswire.com/news/home/20160802005754/en/
Source:
Cobalt International Energy, Inc.
Investor Relations:
Rob
Cordray, +1 713-579-9126
Director, Investor Relations
or
Media
Relations:
Lynne L. Hackedorn, +1 713-579-9115
Vice President,
Government and Public Affairs