F-8
Cobalt International Energy, Inc.
Consolidated Statements of Cash Flows
Year Ended December 31,
2015
2014
2013
($ in thousands)
Cash flows provided from operating activities
Net income (loss) .............................................................................................. $ (694,426) $
(510,763) $ (589,024)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization.....................................................................
1,403
1,694
1,328
Accretion expense........................................................................................
99
—
—
Loss from discontinued operations ..............................................................
195,881
193,515
184,512
Dry hole expense and impairment ...............................................................
308,960
133,223
224,105
Gain on sale of assets...................................................................................
(1,555)
—
(2,996)
Equity based compensation .........................................................................
26,297
31,742
28,754
Amortization of premium (accretion of discount) on investments ..............
14,323
19,538
22,351
Amortization of debt discount .....................................................................
89,662
71,330
46,847
Changes in operating assets and liabilities:
Joint interest and other receivables ........................................................
(41,134)
46,177
(714)
Inventory ................................................................................................
6,895
(6,143)
9,203
Prepaid expense and other current assets ...............................................
(40,039)
36,326
(22,331)
Deferred charges ....................................................................................
(2,187)
9,731
(21,600)
Trade and other accounts payable ..........................................................
785
(19,849)
(22,593)
Accrued liabilities and other ..................................................................
(388)
3,465
2,236
Net cash provided by (used in) operating activities – continuing operations....
(135,424)
9,986
(139,922)
Net cash provided by (used in) operating activities – discontinued operations....
(116,518)
(74,510)
(76,446)
Net cash provided by (used in) operating activities ..........................................
(251,942)
(64,524)
(216,368)
Cash flows from investing activities
Capital expenditures for oil and gas properties .................................................
(35,190)
(27,784)
(37,584)
Capital expenditures for other property and equipment ....................................
(188)
(544)
(1,981)
Exploration wells drilling in process.................................................................
(421,036)
(209,283)
(241,312)
Proceeds from sale of oil and gas properties.....................................................
—
—
3,006
Change in restricted funds.................................................................................
(48,999)
(112,434)
(205)
Proceeds from maturity of investment securities ..............................................
1,894,562
1,700,123
1,366,977
Purchase of investment securities .....................................................................
(892,577)
(2,129,453)
(1,896,591)
Net cash provided by (used in) investing activities – continuing operations ....
496,572
(779,375)
(807,690)
Net cash provided by (used in) investing activities – discontinued operations ....
(415,673)
(344,240)
(185,724)
Net cash provided by (used in) investing activities...........................................
80,899
(1,123,615)
(993,414)
Cash flows from financing activities
Proceeds from public offering, net of costs.......................................................
—
—
—
Payment of debt issuance costs .........................................................................
(4,068)
—
—
Proceeds from debt offering, net of costs..........................................................
—
1,269,778
—
Proceeds from exercise of stock options ...........................................................
—
33
(992)
Payments for common stock withheld for taxes on equity based
compensation .................................................................................................
—
(631)
—
Net cash provided by (used in) financing activities ..........................................
(4,068)
1,269,180
(992)
Net increase (decrease) in cash and cash equivalents .......................................
(175,111)
81,041
(1,210,774)
Cash and cash equivalents, beginning of period ...............................................
246,704
165,663
1,376,437
Cash and cash equivalents, end of period ......................................................... $
71,593 $
246,704 $
165,663
Cash paid for interest
..................................................................................... $
78,410 $
56,764 $
34,615
Non-Cash Disclosures
Change in accrued capital expenditures....................................................... $
(47,580) $
(56,129) $
58,769
Transfer of investment securities to and from restricted funds.................... $
46,049 $
112,434 $
26
See accompanying notes.
