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cobalt international energy (CIE) Key Developments

Cobalt International Energy, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Records Impairment Charges; Provides Earnings Guidance for Fiscal 2015

Cobalt International Energy, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. The company announced a net loss of $216,564,000, or $0.53 per basic and diluted share for the fourth quarter of 2014, compared to a net loss of $222,119,000, or $0.55 per basic and diluted share, for the fourth quarter of 2013. The company reported operating loss of $196,097,000, net loss before income tax of $216,564,000 against operating loss of $209,204,000, net loss before income tax of $222,119,000 a year ago. The company reported a net loss of $510,763,000, or $1.25 per basic and diluted share, for the year ending December 31, 2014 compared to a net loss of $589,024,000, or $1.45 per basic and diluted share, for the same period in 2013. The company reported operating loss of $441,941,000, net loss before income tax of $510,763,000 against operating loss of $532,684,000, net loss before income tax of $589,024,000 a year ago. Net cash used in operating activities was $64,526,000 against $216,368,000 a year ago. The net loss for the fourth quarter of 2014 includes $126 million of impairment charges associated primarily with the Mupa and Loengo exploration wells drilled offshore Angola and $50 million for leasehold properties in the Gulf of Mexico. The company anticipates its 2015 capital and operating expenditures to be essentially flat with a forecast of $800 to $900 million; over 80% of the 2015 capital program is directed toward appraisal and development projects, as compared to less than 40% for 2014. It expects full year capital and operating expenditures to be $800 million to $900 million. This significant shift in expenditures reflects the progression of the company's business and the company's intention to direct the majority of its capital toward turning the company's exploration successes into production and revenue while continuing to explore at a pace appropriate for its balance sheet.

Cobalt International Energy, Inc. to Report Q4, 2014 Results on Feb 23, 2015

Cobalt International Energy, Inc. announced that they will report Q4, 2014 results at 10:00 AM, US Eastern Standard Time on Feb 23, 2015

Cobalt International Energy, Inc., Q4 2014 Earnings Call, Feb 23, 2015

Cobalt International Energy, Inc., Q4 2014 Earnings Call, Feb 23, 2015

Cobalt International Energy, Inc. Appoints Shashank V. Karve as Executive Vice President, Cameia Development

Cobalt International Energy, Inc. appointed Shashank V. Karve as Executive Vice President, Cameia Development. Mr. Karve joined Cobalt in December 2014, and is accountable for execution of the Cameia Development Project to production, ensuring safe, cost efficient and timely delivery of Cobalt’s Cameia Project in Angola Block 21. Mr. Karve has vast experience in executive management and project delivery, having held the position of Chairman & CEO for MODEC International Inc. He was also the Managing Director and Chief Operating Officer of the publicly traded parent company in Tokyo, MODEC Inc.

Cobalt International Energy, Inc. Announces Termination of SEC Investigation

Cobalt International Energy, Inc. announced that it has received a termination letter from the United States Securities and Exchange Commission advising Cobalt that the SEC’s FCPA investigation relating to Cobalt’s operations in Angola has concluded and that the Staff does not intend to recommend any enforcement action by the SEC. This formally concludes the SEC’s investigation, which began in 2011 in response to allegations of a connection between senior Angolan government officials and Nazaki Oil and Gaz, S.A., an Angolan company that, until 2014, held a working interest alongside Cobalt on Blocks 9 and 21 offshore Angola. As previously disclosed, Cobalt received a formal investigative order from the SEC in November 2011 and a Wells Notice on August 4, 2014.

 

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