Cobalt International Reports '09 Financial Results
Cobalt International announced a net loss of $81.3 million, or ($0.33) per pro forma basic and diluted share for the twelve months ended December 31, 2009, compared with a net loss of $71.6 million for the same period in 2008. There were no common shares outstanding during 2008.
Operating costs and expenses increased due to an impairment charge to dry hole expense for portions of the Ligurian and Criollo wells drilled in 2009 and due to a small increase in G&A expense. This was offset by decreased seismic and exploration costs attributable to a reimbursement of such costs as a result of a partnership entered into during 2009.
Joseph H. Bryant, Cobalt's Chairman and Chief Executive Officer, said, “We couldn't be more pleased with the result of our IPO at the end of 2009. We have a portfolio that is difficult to replicate and are well-positioned to unlock the potential of and de-risk its prospects on an accelerated basis. This, we believe, will create significant shareholder value from 2009 and beyond."
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