Cobalt International Energy (CIE) Posts Q3 Loss of 52c/Share

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Go back to Cobalt International Energy (CIE) Posts Q3 Loss of 52c/Share

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

November 1, 2016 6:45 AM EDT

HOUSTON--(BUSINESS WIRE)-- Cobalt International Energy, Inc. (Cobalt) (NYSE: 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... More