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Actionable news in CIE: COBALT INTERNATIONAL ENERGY Inc,

Cobalt International Energy, Inc. Announces Third Quarter 2016 Results and Provides Operational Update

HOUSTON--(BUSINESS WIRE)--

Cobalt International Energy, Inc. (“Cobalt”) (CIE) today announced a net loss from continuing operations of $213.7 million, or $0.52 per basic and diluted share for the third quarter of 2016, compared to a net loss from continuing operations of $49.7 million, or $0.12 per basic and diluted share, for the third quarter of 2015. The increase in loss is mainly attributable to the Rowan contract amendment of $95.9 million and the additional write off associated with the Goodfellow exploration well of $42.0 million, which together resulted in a $0.34 per share loss during the quarter.

Cobalt updated its full year guidance for capital expenditures for continuing operations in the U.S. Gulf of Mexico to be between $525-575 million in 2016, of which approximately $380 million has been spent as of September 30, 2016. These amounts exclude general and administrative and interest expenses. Total cash uses for 2016 for continuing operations in the U.S. Gulf of Mexico are currently expected to be between $725-775 million. The increase in the total cash outlay range is attributable to the early termination of the Rowan rig contract. In addition, Cobalt expects to spend approximately $130-140 million on a net basis for operations on Angola Blocks 20 and 21, of which approximately $130...


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