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Last $10.23 USD
Change Today -0.27 / -2.57%
Volume 2.6M
CIE On Other Exchanges
Symbol
Exchange
New York
As of 8:04 PM 04/21/15 All times are local (Market data is delayed by at least 15 minutes).

cobalt international energy (CIE) Key Developments

Cobalt International Energy, Inc. Provides Update on Its Gulf of Mexico Drilling Operations

Cobalt International Energy, Inc. announced that it has plugged and abandoned its North Platte #2 appraisal well in the deepwater Gulf of Mexico due to a seal failure in the riser connection system. The well, which was being drilled with the Rowan Reliance drillship, was at a depth of 20,701 feet when the problem with the riser was detected. The well was permanently abandoned prior to reaching any geological targets. Cobalt is currently permitting the North Platte #3 well approximately 200 feet from the surface location of the North Platte #2 well. Assuming timely receipt of permit approval, Cobalt anticipates spudding the North Platte #3 well within two weeks and continues to expect well results in the second half of 2015. The North Platte #1 discovery well was drilled in 2012 and encountered over 550 net feet of oil pay in multiple high-quality Inboard Lower Tertiary reservoirs. Cobalt, as operator, holds a 60% working interest in North Platte.

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.

 

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