Cobalt International Energy (CIE) Misses Q1 EPS by 56c

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Go back to Cobalt International Energy (CIE) Misses Q1 EPS by 56c

Cobalt International Energy, Inc. Announces First Quarter 2017 Results and Provides Operational Update

May 8, 2017 6:45 AM EDT

HOUSTON--(BUSINESS WIRE)-- Cobalt International Energy, Inc. (Cobalt) (NYSE: CIE) today announced a net loss of $306.3 million, or $0.69 per basic and diluted share for the first quarter of 2017, compared to a net loss of $46.6 million, or $0.11 per basic and diluted share, for the first quarter of 2016. The increase in net loss is mainly associated with the write off of Shenandoah well costs and increased interest expense related to Cobalts December 2016 and January 2017 debt exchanges.

As of March 31, 2017, cash, cash equivalents, short term investments and restricted cash were approximately $770.4 million. This includes $250 million of... More