HOUSTON--(BUSINESS WIRE)--May 31, 2016--
Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today announced
the appointment of Timothy J. Cutt as Chief Executive Officer and as a
Class I member of the Board of Directors, each effective July 2, 2016.
Mr. Cutt brings over 30 years of oil and gas experience, most recently
as President, Petroleum of BHP Billiton where he was accountable for its
global oil and gas business. Mr. Cutt assumes the CEO role from Joseph
H. Bryant who has resigned as the Company’s Chairman of the Board and
Chief Executive Officer, and as a member of the Board of Directors, each
effective June 1, 2016. In connection with Mr. Bryant’s resignation,
William P. Utt, the Company’s lead independent director, has been
appointed as Interim Chairman of the Board of Directors and Van P.
Whitfield, the Company’s Executive Vice President and Chief Operating
Officer, has been appointed as Interim Chief Executive Officer, each
effective June 1, 2016. In addition, Mr. Whitfield has been appointed as
a Class II member of the Board of Directors.
Interim Chairman Mr. Utt said: “We thank Joe for his vision and
leadership since Cobalt’s founding in 2005. As Cobalt transitions from a
preeminent exploration company to one combining significant exploration
and production capabilities, on behalf of all of Cobalt, I welcome Tim
as our new CEO and as a member of the Board. Tim is the right executive
to come aboard at a critical time for the company. I also want to thank
Van Whitfield for agreeing to serve as Cobalt’s Interim Chief Executive
Officer with Joe’s resignation. As Chief Operating Officer, Van has the
operating experience and deep institutional knowledge of Cobalt to
assume the reins before Tim joins Cobalt. We look forward to working
with both of these executives during this transition as we continue the
journey to best position Cobalt for the future.”
“I am honored and very excited to join the Cobalt team,” said Mr. Cutt.
“Cobalt has been able to achieve exceptional exploration success over
the years, competing with the largest companies in the world in a very
capital intensive industry. I look forward to taking Cobalt into its
next chapter by driving our discoveries to meaningful production and
solidifying Cobalt’s future as a leading independent E&P company. What
the Cobalt team has accomplished is outstanding and I very much look
forward to building upon these achievements.”
Mr. Cutt, 56, served as President, Petroleum of BHP Billiton,
accountable for its global oil and gas business from July 2013 until
March 2016. Mr. Cutt joined BHP Billiton in 2007 as the President of the
Production Division in the Petroleum business where he was accountable
for running operations in the UK, Pakistan, Trinidad & Tobago, Algeria,
Australia and the US. During this time, he was instrumental in building
the operating capacity for BHP Billiton’s Deepwater Business. Before
joining BHP Billiton, Mr. Cutt held positions in engineering, operations
and senior management for 25 years with Mobil Oil Corporation and then
ExxonMobil. During this time he spent 10 years supporting exploration
and production activities in the Gulf of Mexico and held positions of
President Hibernia Management and Development Co. and President of
ExxonMobil de Venezuela. Mr. Cutt is a graduate of Louisiana Tech
University with a Bachelor of Science Degree in Petroleum Engineering.
In connection with Mr. Cutt’s employment and in accordance with New York
Stock Exchange rules regarding employment inducement awards, Cobalt will
grant Mr. Cutt a one-time initial equity award of service-based
restricted shares of the Company’s common stock with a value on grant
date of $4 million. The award of service-based restricted stock will
vest in three equal installments on each of the first three
anniversaries of the grant date, subject to Mr. Cutt’s continued
employment with Cobalt on each such date or a qualifying termination of
employment. The award was granted outside of Cobalt’s current equity
compensation plan and is intended to qualify as an “employment
inducement award” within the meaning of New York Stock Exchange Listing
Rule 303A.08, which rule requires public announcement of inducement
awards. Except as described above, the inducement award has
substantially the same terms and conditions as other awards granted by
Cobalt to its executive officers.
Conference Call
A conference call for investors will be held Tuesday, May 31, 2016 at
9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss the
Company’s Chief Executive Officer transition. Hosting the call will be
Mr. William P. Utt, Interim Chairman, and Mr. Van P. Whitfield, Interim
Chief Executive Officer.
The call can be accessed live over the telephone by dialing (855)
327-6837, or for international callers (631) 891-4304. 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 10001300. The replay will be available until June
14, 2016.
About Cobalt
Cobalt International Energy, Inc. (NYSE: CIE) is an independent
exploration and production company active in the deepwater U.S. Gulf of
Mexico and offshore West Africa. Cobalt was formed in 2005 and is
headquartered in Houston, Texas.
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 SEC filings.
Cobalt undertakes no obligation and does not intend to update these
forward-looking statements to reflect events or circumstances occurring
after this press release, other than as required by law. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release. All
forward-looking statements are qualified in their entirety by this
cautionary statement.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160531005456/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