This Day On The Street
Continue to site
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

Cobalt International Energy, Inc. Announces Second Quarter 2013 Results And Provides Operational Update On Its Gulf Of Mexico And West Africa Drilling Operations

Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today announced a net loss of $79 million, or $0.19 per basic and diluted share for the second quarter of 2013, compared to a net loss of $141 million, or $0.35 per basic and diluted share, for the second quarter of 2012. The current quarter included $17 million, or $0.04 per share for the impairment of expenditures associated with the Diaman #1 well, and $16 million, or $0.04 per share for the impairment of expenditures associated with the Cameia-2 DST.

Expenditures (excluding changes in working capital) for the quarter ending June 30, 2013 were approximately $204 million. These expenditures are consistent with previously announced 2013 cash expenditures of between $750 and $900 million for the year 2013. Cobalt’s cash, cash equivalents, and investments at the end of the second quarter were approximately $2.3 billion. This includes about $400 million designated for future operations held in escrow and collateralizing letters of credit, but excludes approximately $117 million in the TOTAL drilling fund for the Gulf of Mexico.

Operational Update

Cobalt today provided an update on its drilling operations. In the deepwater Gulf of Mexico, Cobalt is continuing its drilling operations on the Ardennes #1 exploratory well in Green Canyon 896. Ardennes #1 is targeting both Miocene and Inboard Lower Tertiary reservoirs. Results are expected in the third quarter of 2013. Cobalt, as operator, owns a 42 percent working interest in the Ardennes #1 well.

In West Africa, Cobalt is drilling two deepwater wells offshore Angola. On Angola Block 21, Cobalt commenced drilling the Mavinga #1 Pre-salt exploratory well with the Diamond Ocean Confidence rig on May 3, 2013. Additionally, Cobalt commenced drilling the Lontra #1 Pre-salt exploratory well on Angola Block 20 with the new-build Petroserv SSV Catarina rig on May 21, 2013. Results from both of these wells are expected in the second half of 2013. Cobalt, as operator, owns a 40 percent working interest in both the Mavinga #1 and the Lontra #1 wells.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.49 2.00%
FB $117.87 -0.59%
GOOG $695.15 -0.44%
TSLA $233.64 -3.40%
YHOO $36.06 -1.30%


Chart of I:DJI
DOW 17,749.54 -141.62 -0.79%
S&P 500 2,065.29 -16.14 -0.78%
NASDAQ 4,775.8330 -41.7610 -0.87%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs