Cobalt Announces 3Q Net Loss of $39 Mln (USA)

Houston-based Cobalt International Energy, Inc. today announced a net loss of $39 million, or $0.10 per basic and diluted share, for the third quarter of 2012, compared to a net loss of $47 million, or $0.12 per basic and diluted share, for the third quarter of 2011.

Total expenditures (excluding changes in working capital) for the quarter ending September 30, 2012 were approximately $129 million. These expenditures are consistent with previously announced 2012 estimated total expenditures of between $550 and $650 million. Cobalt’s cash, cash equivalents, and investments position at the end of the third quarter was approximately $1.5 billion. This included about $485 million designated for future operations held in escrow and collateralizing letters of credit, but excluded approximately $110 million in the TOTAL drilling fund for the U.S. Gulf of Mexico. Cobalt continues to have no outstanding debt.

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Press Release, October 30, 2012