3
•
our ability to meet our obligations under our material agreements, including the agreements governing our
indebtedness; and
•
other risk factors discussed in the “Risk Factors” section of this Annual Report on Form 10-K.
The words “believe,” “may,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan” and similar words
are intended to identify estimates and forward-looking statements. Estimates and forward-looking statements speak only as of the date
they were made, and, except to the extent required by law, we undertake no obligation to update or to review any estimate and/or
forward-looking statement because of new information, future events or other factors. Estimates and forward-looking statements
involve risks and uncertainties and are not guarantees of future performance. As a result of the risks and uncertainties described above,
the estimates and forward-looking statements discussed in this Annual Report on Form 10-K might not occur and our future results
and our performance may differ materially from those expressed in these forward-looking statements due to, including, but not limited
to, the factors mentioned above. Because of these uncertainties, you should not place undue reliance on these forward-looking
statements.
Item 1.
Business
OVERVIEW
We are an independent exploration and production company with operations currently focused in the deepwater U.S. Gulf of
Mexico. In January 2016, we achieved initial production of oil and gas from the Heidelberg field. Our exploration efforts in the U.S.
Gulf of Mexico have resulted in four oil and gas discoveries including the North Platte, Shenandoah, Anchor, and Heidelberg fields,
each of which are in various stages of appraisal and development. We also have a non-operated interest in the Diaba Block offshore
Gabon.
In August 2015, we executed a purchase and sale agreement with Sociedade Nacional de Combustíveis de Angola—Empresa
Pública (“Sonangol”) for the sale of our working interests in Blocks 20 and 21 offshore Angola for aggregate gross consideration of
$1.75 billion before certain transaction expenses and other U.S. and Angolan taxes. The completion of this transaction is pending the
receipt of Angola government approvals. We are continuing to work with Sonangol regarding the closing of the transaction, but we
cannot make any assurances regarding the timing or occurrence of closing. Please see “Business—West Africa—Angola Transaction”
for further information.
