Cobalt International Energy (CIE) Rises Despite Earnings Miss

NEW YORK (TheStreet) -- Cobalt International Energy  (CIE) was rising 6.07% to $19.39 on Thursday despite the company's announcement of fourth-quarter results.

Cobalt reported a loss of 21 cents a share, excluding items, which was 6 cents worse than the Capital IQ consensus estimate of a loss of 15 cents a share. The company did not report revenue for the quarter.

The company reported a net loss of $222 million, or 55 cents per basic and diluted share, significantly wider than the net loss of $67 million, or 16 cents per basic and diluted share, in the same period one year earlier. The fourth quarter included $139 million, or 34 cents a share, for the impairment of expenditures, including approximately $107 million tied to the company's Aegean #1 exploratory well, Aegean-related prospect leases and other Gulf of Mexico leases. The loss also included approximately $32 million associated with exploration in Angola.

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