This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Cobalt International Energy, Inc. Announces Fourth Quarter And Year-End 2012 Results And Provides Operational Update On Its Gulf Of Mexico And West Africa Drilling Operations

Stocks in this article: CIE

Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today announced a net loss of $67 million, or $0.16 per basic and diluted share for the fourth quarter of 2012, compared to a net loss of $51 million, or $0.13 per basic and diluted share, for the fourth quarter of 2011. Cobalt reported a net loss of $283 million, or $0.70 per basic and diluted share, for the year ended December 31, 2012, compared to a net loss of $134 million, or $0.35 per basic and diluted share, for the same period in 2011.

Cash expenditures (excluding changes in working capital) for the year 2012 were approximately $620 million. Cobalt estimates cash expenditures will be between $750 and $900 million for the year 2013. The range is primarily dependent on the appraisal and development activity associated with the existing discoveries.

Cash, cash equivalents and investments at year-end 2012 were approximately $2.7 billion. This includes about $500 million designated for future operations held in escrow and collateralizing letters of credit, but excludes approximately $95 million in the TOTAL drilling fund for the U.S. Gulf of Mexico.

Operational Update

Cobalt today provided an update regarding its Shenandoah #2R appraisal well, located in Walker Ridge Block 51 in the deepwater Gulf of Mexico. While evaluation operations are still ongoing in this well, wireline evaluation results received thus far are very encouraging.

The Shenandoah #2R appraisal well was drilled as a straight hole to a total depth of 31,400 feet in approximately 5,800 feet of water, about 1.3 miles southwest of the Shenandoah #1 discovery well. The Shenandoah #1 discovery well was drilled in early 2009 on Walker Ridge Block 52 and encountered nearly 300 net feet of Inboard Lower Tertiary oil pay.

“We are extremely pleased with the results of the Shenandoah appraisal well to date, as they provide further evidence that Shenandoah has the potential to hold significant Inboard Lower Tertiary oil resources”, said James H. Painter, Executive Vice President, Gulf of Mexico. “We look forward to providing additional information regarding Shenandoah’s resource potential and reservoir quality once the operator has completed well evaluation operations.”

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs