NEW YORK (TheStreet) -- Shares of Cobalt Int'l Energy (CIE) are plummeting 26.1% to $1 late Tuesday morning after the company reported a bigger-than-expected loss for the 2016 second quarter.

Before today's market open, the Houston-based oil and gas company posted a net loss of 49 cents per share, while analysts were projecting a loss of 11 cents per share.

Last year, the company had a loss of 13 cents per share for the same quarter.

Revenue for the most recent quarter was $3.17 million, below Wall Street's forecasts of $5.23 million.

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The larger loss is mainly due to the write off associated with its exploration well Goodfellow, totaling approximately $149.9 million or 37 cents per share, Cobalt said.

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