Cobalt International Energy, Inc. Announces Second Quarter 2014rnResults and Provides Operational Update

摘要

2014 AUG 22 (VerticalNews) -- By a News Reporter-Staff News Editor at Energy Business Journal -- Cobalt International Energy, Inc. ("Cobalt") (NYSE:CIE) announced a net loss of $95 million, or $0.23 per basic and diluted share for the second quarter of 2014, compared to a net loss of $79 million, or $0.19 per basic and diluted share, for the second quarter of 2013. The net loss for the second quarter of 2014 includes $42 million of impairment charges associated primarily with wells drilled in the U.S. Gulf of Mexico, $12 million for seismic and exploration expenses, and $22 million for general and administrative expenses. Capital and operating expenditures (excluding changes in working capital) for the quarter ending June 30, 2014 were approximately $193 million. Cash, cash equivalents, and investments at the end of the second quarter were approximately $2.6 billion. This includes about $150 million designated for future operations held in escrow and collateralizing letters of credit, but excludes approximately $76 million in the TOTAL drilling fund for the Gulf of Mexico. Operational Update Cobalt also announced that it is finalizing operations on its successful Cameia #3 appraisal well and will move the Petroserv SSV Catarina rig to drill the Loengo #1 Pre-salt exploration well on Block 9. Cobalt, as operator, owns a 40% working interest in Block 9.