Cobalt International Energy, Inc.
Notes to Consolidated Financial Statements (Continued)
23. Supplemental Information on Oil and Gas Exploration and Production Activities (Unaudited)
(Continued)
and 2012, there will be no disclosures on results of operations related to oil and gas producing
activities.
Capitalized Costs Related to Oil and Gas Activities
U.S. Gulf
of Mexico West Africa
Total
($ in thousands)
As of December 31, 2014
Unproved properties(1) . . . . . . . . . . . . . . . . $ 699,426 $1,249,556 $1,948,982
Accumulated valuation allowance . . . . . . . . .
(208,724)
(2,500) (211,224)
490,702 1,247,056 1,737,758
Proved properties . . . . . . . . . . . . . . . . . . . .
183,221
— 183,221
Net capitalized costs . . . . . . . . . . . . . . . . . . . . $ 673,923 $1,247,056 $1,920,979
As of December 31, 2013
Unproved properties . . . . . . . . . . . . . . . . . . $ 605,658 $ 927,059 $1,532,717
Accumulated valuation allowance . . . . . . . . .
(160,913)
— (160,913)
444,745 927,059 1,371,804
Proved properties . . . . . . . . . . . . . . . . . . . .
92,579
— 92,579
Net capitalized costs . . . . . . . . . . . . . . . . . . . . $ 537,324 $ 927,059 $1,464,383
(1) Unproved properties include capitalized costs net of sale/like-kind exchange of leasehold
interest transactions that occurred in 2014 and 2013 of approximately $5.6 million and
$10.7 million, respectively, for the U.S. Gulf of Mexico. No gain or loss was recognized
for these transactions for the years ended December 31, 2014 and 2013.
F-39
