The Houston-based company reported a net loss of $216.6 million, or 53 cents a share for the quarter, compared to $222.1 million, or 55 cents a share, in the same quarter one year ago. The net loss includes $126 million in impairment charges tied mostly to the Mupa and Loengo exploration wells drilled offshore Angola, as well as $50 million for leasehold properties in the Gulf of Mexico.
Cobalt posted a net loss of $511 million, or $1.25 a share, for the full year ended December 31, 2014, compared to a net loss of $589 million, or $1.45 a share, in the full year 2013.
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Capital and operating expenditure, excluding changes in working capital, for the full year were approximately $829 million. Cobalt expects 2015 capital and operating expenditures to be essentially flat and issued guidance in a range of $800 million to $900 million. More than 80% of this, however, is directed toward appraisal and development projects, compared to less than 40% in 2014.
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