Cobalt reported a loss of 35 cents a share for the quarter, below the loss of 18 cents a share analysts surveyed by Zacks Investment Research expected. The loss includes $55 million of impairment costs that are mostly associated with the Loenga well drilled offshore Angola, and the previously announced well in the Gulf of Mexico.
Adjusted for the impairment costs, Cobalt had a loss of 21 cents a share for the third quarter.
The company said cash and operating expenditures were about $189 million for the quarter, excluding changes in working capital. Cash, cash equivalents, and investments at the end of the quarter were about $2.4 billion.