Cobalt Announces First Quarter 2014 Results
Provides Operational Update on its West Africa and Gulf of Mexico Operations
Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today announced a net loss of $57 million, or $0.14 per basic and diluted share for the first quarter of 2014, compared to a net loss of $128 million, or $0.31 per basic and diluted share, for the first quarter of 2013. Capital and operating expenditures (excluding changes in working capital) for the quarter ending March 31, 2014 were approximately $178 million. Cash, cash equivalents, and investments at the end of the first quarter were approximately $1.6 billion. This includes about $262 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.