Cobalt International Energy (CIE) Posts Q3 Loss of 52c/Share
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Cobalt International Energy (NYSE: CIE) reported Q3 EPS of ($0.52), which may not compare with the analyst estimate of ($0.15). Revenue for the quarter came in at $4.23 million versus the consensus estimate of $6.31 million.
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 million has been spent as of September 30, 2016. Cash, cash equivalents, investments, and restricted cash at the end of the third quarter were approximately $683 million. This includes $250 million of Angolan sale proceeds received prior to the close of the sale, but excludes approximately $17 million held in discontinued operations.
For earnings history and earnings-related data on Cobalt International Energy (CIE) click here.
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